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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the Securities and
Exchange Commission on October 9, 2020.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 40pt 0pt 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>


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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt 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: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt 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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mudrick Capital Acquisition Corporation
II</B></P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt 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: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>85-2347188</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of<BR>
 incorporation or organization)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial <BR>
Classification Code Number)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer <BR>
Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>527 Madison Avenue, 6th Floor<BR>
New York, NY 10022<BR>
(646) 747-9500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt 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: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jason Mudrick<BR>
Chief Executive Officer<BR>
527 Madison Avenue, 6th Floor<BR>
New York, NY 10022<BR>
(646) 747-9500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address, Including Zip Code, and
Telephone Number, Including Area Code, of Agent For Service)</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt 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: 0pt 0; text-align: center">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%; padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Douglas S. Ellenoff, Esq.<BR>
        Stuart Neuhauser, Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>Jonathan H. Deblinger, Esq.</B> <B><BR>
        Ellenoff Grossman &amp; Schole LLP<BR>
        1345 Avenue of the Americas<BR>
        New York, NY10105<BR>
        (212) 370-1300</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 51%; padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Elliott M. Smith, Esq.<BR>
        Jessica Y. Chen, Esq.<BR>
        White &amp; Case LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1221 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 10020</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 819-8200</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt 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: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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. </FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.&nbsp;</FONT><FONT STYLE="font-family: Wingdings 2"><FONT STYLE="font-family: Wingdings">&#168;</FONT></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">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 12b-2 of the Exchange Act. (Check one):</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: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 30%; padding-top: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 26%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 19%; padding-top: 3pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</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"><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 7(a)(2)(B) of the Securities Act.&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid"> <FONT STYLE="font-size: 10pt"><B>Title of Each Class of
    Security Being Registered</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Amount&nbsp;Being&nbsp;Registered</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Proposed
    <BR>
    Maximum <BR>
    Offering Price <BR>
    per Security<SUP>(1)</SUP></B></FONT> </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Proposed
    <BR>
    Maximum <BR>
    Aggregate <BR>
    Offering Price<SUP>(1)</SUP></B></FONT> </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Amount
    of <BR>
    Registration <BR>
    Fee</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 49%; padding-left: 9pt; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Units, each consisting of one
    share<BR>
    of Class&nbsp;A common stock, <BR>
    $0.0001 par value, and one-half<BR>
    of one redeemable warrant<SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 11%; text-align: center"> <FONT STYLE="font-size: 10pt">34,500,000 Units</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; text-align: right"> <FONT STYLE="font-size: 10pt">10.00</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; text-align: right"> <FONT STYLE="font-size: 10pt">345,000,000</FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="width: 10%; text-align: right"> 37,639.50 </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Shares of Class A common stock <BR>
    included as part of the units<SUP>(3)</SUP></FONT> </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">34,500,000 Shares</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&mdash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&mdash;</FONT> </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">&mdash;</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Redeemable warrants
    included as<BR>
    part of the units<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"> <FONT STYLE="font-size: 10pt">17,250,000 Warrants</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> &nbsp; </TD>
    <TD STYLE="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="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; text-align: right"> <FONT STYLE="font-size: 10pt">&mdash;</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; text-align: right"> <FONT STYLE="font-size: 10pt">&mdash;</FONT> </TD>
    <TD STYLE="padding-bottom: 1pt"> <FONT STYLE="font-size: 10pt">(4)</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt"> <FONT STYLE="font-size: 10pt">Total</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> <FONT STYLE="font-size: 10pt">345,000,000</FONT> </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD>
    <TD STYLE="border-bottom: black 2.25pt double"> <FONT STYLE="font-size: 10pt">$</FONT> </TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"> 37,639.50 </TD>
    <TD STYLE="padding-bottom: 2.5pt"> &nbsp; </TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 97%"><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"> <FONT STYLE="font-size: 10pt">(2)</FONT> </TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"> <FONT STYLE="font-size: 10pt">Includes 4,500,000
    units, consisting of 4,500,000 shares of Class A common stock and 2,250,000 redeemable warrants, which may be issued upon
    exercise of a 45-day option granted to the underwriters to cover over-allotments, if any.</FONT> </TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-size: 10pt">Pursuant to Rule 416 under the Securities Act, 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.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;No fee pursuant to Rule 457(g) under the Securities Act.</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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 8(a) of the Securities
Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section 8(a), may determine.</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; color: #EB0029"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #EB0029"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #EB0029">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Red">The information in this prospectus
is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities
and Exchange Commission is effective. This&nbsp;prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</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="font-size: 9pt; width: 100%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red">SUBJECT
    TO COMPLETION, DATED OCTOBER 9, 2020</FONT> </TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRELIMINARY PROSPECTUS</B></FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>$300,000,000</B></FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Mudrick
    Capital Acquisition Corporation II</B></FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt; border-bottom: Black 1pt solid; padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>30,000,000
    Units</B></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">Mudrick Capital Acquisition Corporation II is a blank check
company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses, which we refer to herein as our initial business combination. We have
not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive
discussions, directly or indirectly, with any business combination target with respect to an initial business combination with
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> This
                                         is an initial public offering of our securities. Each unit has an offering price of $10.00
                                         and consists of one share of our Class A common stock and one-half of one redeemable
                                         warrant. Each whole warrant entitles the holder thereof to purchase one share of our
                                         Class A common stock at a price of $11.50 per share, subject to adjustment as described
                                         herein. Only whole warrants are exercisable. No fractional warrants will be issued upon
                                         separation of the units and only whole warrants will trade. The warrants will become
                                         exercisable on the later of 30 days after the completion of our initial business combination
                                         and 12 months from the closing of this offering, and will expire five years after the
                                         completion of our initial business combination or earlier upon redemption or our liquidation,
                                         as described in this prospectus. The underwriters have a 45-day option from the date
                                         of this prospectus to purchase up to an additional 4,500,000 units to cover over-allotments,
                                         if any. We will provide our public stockholders with the opportunity to redeem all or
                                         a portion of their shares of our Class A common stock, or public shares, upon the completion
                                         of our initial business combination, at a per-share price, payable in cash, equal to
                                         the aggregate amount then on deposit in the trust account described below as of two business
                                         days prior to the consummation of our initial business combination, including interest
                                         earned on the funds held in the trust account and not previously released to us to pay
                                         our taxes, divided by the number of then outstanding public shares, subject to the limitations
                                         and on the conditions described herein. If we are unable to complete our initial business
                                         combination within 24 months from the closing of this offering, we will redeem 100% of
                                         the public shares at a per-share price, payable in cash, equal to the aggregate amount
                                         then on deposit in the trust account, including interest earned on the funds held in
                                         the trust account and not previously released to us to pay our taxes (less up to $100,000
                                         of interest to pay dissolution expenses), divided by the number of then outstanding public
                                         shares, subject to applicable law and certain conditions 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"> Our sponsor, Mudrick Capital Acquisition Holdings II LLC,
has agreed to purchase an aggregate of 7,500,000 warrants (or 8,400,000 warrants if the over-allotment option is exercised in
full) at a price of $1.00 per warrant ($7,500,000 in the aggregate, or $8,400,000 if the over-allotment option is exercised in
full), each exercisable to purchase one share of our Class A common stock at a price of $11.50 per share, in a private placement
that will close simultaneously with 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">Our initial stockholders own an aggregate of 8,625,000 shares
of our Class B common stock (up to 1,125,000 shares of which are subject to forfeiture depending on the extent to which the underwriters&rsquo;
over-allotment option is exercised), which will automatically convert into shares of Class A common stock at the time of our initial
business combination, subject to adjustment pursuant to certain anti-dilution rights, as 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"> Currently, there is no public market for our units, Class
A common stock or warrants. We have applied to list our units on the Nasdaq Capital Market, or Nasdaq, under the symbol &ldquo;MUDSU&rdquo;
We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus. We cannot guarantee that our
securities will be approved for listing on Nasdaq. We expect the Class A common stock and warrants comprising the units will begin
separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless Jefferies LLC, the representative of
the underwriters, informs us of its decision to allow earlier separate trading, subject to our satisfaction of certain conditions
as described further herein. Once the securities comprising the units begin separate trading, we expect that the Class A common
stock and warrants will be listed on Nasdaq under the symbols &ldquo;MUDS&rdquo; and &ldquo;MUDSW,&rdquo; respectively. </P>

<P STYLE="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>We are an &ldquo;emerging growth company&rdquo; and a
 &ldquo;smaller reporting company&rdquo; under applicable federal securities laws and will be subject to reduced public
company reporting requirements. Investing in our securities involves a high degree of risk. See &ldquo;Risk Factors&rdquo;
beginning on page 28 for a discussion of information that should be considered in connection with an investment in our
securities. Investors will not be entitled to protections normally afforded to investors in Rule 419 blank check
offerings.</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">Neither the U.S. 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.</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 3%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">PER UNIT</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">TOTAL</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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; text-indent: -10pt; padding-left: 10pt">Public offering price</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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">10.00</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">300,000,000</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; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting discounts and commissions <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500,000</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: 10pt">Proceeds, before expenses, to Mudrick Capital Acquisition Corporation II</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.45</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">283,500,000</TD><TD STYLE="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"></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 3%; padding-top: 2pt; padding-left: 24pt; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.20
    per unit, or $6,000,000 in the aggregate (or $6,900,000 if the underwriters&rsquo; over-allotment option is exercised in
    full), is payable upon the closing of this offering. Includes $0.35 per unit, or $10,500,000 (or up to $12,075,000 if the
    underwriters&rsquo; over-allotment option is exercised in full) in the aggregate payable to the underwriters for deferred
    underwriting commissions to be placed in a trust account located in the United States as described herein. The deferred
    commissions will be released to the underwriters only on completion of an initial business combination, as described in this
    prospectus. See the section of this prospectus entitled &ldquo;Underwriting&rdquo; beginning on page 138 for a description of
    compensation and other items of value payable to the underwriters.</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">Of the proceeds we receive from this offering and the sale of
the private placement warrants described in this prospectus, $300.0 million or $345.0 million if the underwriters&rsquo; over-allotment
option is exercised in full ($10.00 per unit in either case) will be deposited into a trust account in the United States at J.P.
Morgan Chase Bank, N.A., with Continental Stock Transfer &amp; Trust Company acting as trustee, and $1.5 million will be available
to pay fees and expenses in connection with the closing of this offering and for working capital following 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">The underwriters are offering the units for sale on a firm commitment
basis. The underwriters expect to deliver the units to the purchasers on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020.</P>




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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jefferies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 93%; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY</FONT></A></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right"><A HREF="#a_001">1</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#d_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#d_001">28</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#f_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#f_001">60</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#f_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#f_002">61</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#f_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DIVIDEND POLICY</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#f_003">64</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#f_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DILUTION</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#f_004">65</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#g1"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#g1">67</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#g2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF<BR>
 OPERATIONS.</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#g2">68</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#g3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROPOSED BUSINESS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#g3">74</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#jf_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MANAGEMENT</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#jf_006">103</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#k_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRINCIPAL STOCKHOLDERS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#k_001">113</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#k_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#k_002">115</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#k_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#k_003">117</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_005">131</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNDERWRITING</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_006">138</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_007">146</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_008">146</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><A HREF="#a_009">146</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INDEX TO FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: right"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are responsible for the information contained in this
prospectus. We have not, and the underwriters have not, authorized anyone to provide you with different information, and neither
we nor the underwriters take responsibility for any other information others may give to you. We are not, and the underwriters
are not, making an offer to sell securities in any jurisdiction where the offer or sale is not permitted. You should not assume
that the information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus.</B></P>

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

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

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This summary only highlights the more detailed information appearing
elsewhere in this prospectus. You should read this entire prospectus carefully, including the information under the section of
this prospectus entitled &ldquo;Risk Factors&rdquo; and our financial statements and the related notes included elsewhere in this
prospectus, before investing. Unless otherwise stated in this prospectus, or the context otherwise requires, references to:</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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;common stock&rdquo; are to our Class A common
stock and our Class B common stock, collectively;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;founder shares&rdquo; are to shares of our Class
B common stock held by our initial stockholders prior to this offering, and the shares of our Class A common stock issued upon
the conversion thereof as provided herein;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;initial stockholders&rdquo; are to our sponsor
and any other holders of our founder shares prior to this offering (or their permitted transferees);</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;Jefferies&rdquo; are to Jefferies LLC, a Delaware
limited liability company, and the sole book-running manager of this offering;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;management&rdquo; or our &ldquo;management team&rdquo;
are to our officers and directors;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;Mudrick Capital&rdquo; are to Mudrick Capital
Management, L.P., a Delaware limited partnership, and its affiliates, an affiliate of our sponsor;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;private placement warrants&rdquo; are to the warrants
issued to our sponsor in a private placement simultaneously with the closing of this offering;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;public shares&rdquo; are to shares of our Class
A common stock sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open
market);</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;public stockholders&rdquo; are to the holders
of our public shares, including our initial stockholders and members&nbsp;of our management team to the extent our initial stockholders
and/or members of our management team purchase public shares; provided that each initial stockholder&rsquo;s and member of our
management team&rsquo;s status as a &ldquo;public stockholder&rdquo; shall only exist with respect to such public shares;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;public warrants&rdquo; are to our redeemable warrants
sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market), to
the private placement warrants if held by third parties other than our sponsor (or permitted transferees), and to any private
placement warrants issued upon conversion of working capital loans that are sold to third parties that are not initial purchasers
of our private placement warrants or executive officers or directors (or permitted transferees);</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;sponsor&rdquo; are to Mudrick Capital Acquisition
Holdings LLC, a Delaware limited liability company which is 100% owned by investment funds and separate accounts managed by Mudrick
Capital;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;specified future issuance&rdquo; are to an issuance
of a class of equity or equity-linked securities to specified purchasers, which may include affiliates of Mudrick Capital and/or
one or more investors in funds managed by Mudrick Capital, that we may determine to make in connection with financing our initial
business combination, to the extent permitted under applicable regulatory and contractual requirements related to those funds
and accounts;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;trust account&rdquo; are to the trust account
in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer &amp; Trust Company acting as trustee, into
which we will deposit certain proceeds from this offering and the sale of the private placement warrants;</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;warrants&rdquo; are to our redeemable warrants,
which includes the public warrants as well as the private placement warrants to the extent they are no longer held by the initial
purchaser of the private placement warrants or its permitted transferees; and</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;Company&rdquo;
or &ldquo;our company&rdquo; are to Mudrick Capital Acquisition Corporation II.</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">Unless we tell you otherwise, the information in this prospectus
assumes that the underwriters will not exercise their 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>

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</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 are a newly organized blank check company formed as a Delaware
corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business
combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated
any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination
with us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our sponsor was formed by Mudrick Capital, which was founded
in 2009 to focus on investment opportunities in distressed credit and post-restructured equities. As of September 18, 2020,
Mudrick Capital managed approximately $2.6 billion, primarily for institutional clients such as pension funds, endowments, foundations,
insurance companies, family offices, funds of funds and high net worth individuals. Mudrick Capital currently has 26 seasoned
employees, including 11 investment professionals with over 100 years of combined distressed and post-restructuring investment
experience. Mudrick Capital has been deploying capital for over 10 years across over 180 distressed or post-restructuring investments
since the fund&rsquo;s inception, including 27 investments with active involvement via board of directors and/or credit committee
representation. In addition, Mudrick Capital sponsored Mudrick Capital Acquisition Corporation, a prior special purpose acquisition
company that raised approximately $250 million in its initial public offering and which subsequently merged with Hycroft Mining
Corporation (&ldquo;Hycroft&rdquo;), a US-based, gold and silver producer with proven and probable mineral reserves of approximately
18 million gold equivalent ounces. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our management team is led by Jason Mudrick, our Chairman and
Chief Executive Officer. Mr. Mudrick is also the President of Mudrick Capital and has more than 18 years of experience investing
in the public and private markets for distressed debt and post-restructured equities. Mr. Mudrick has served on numerous ad hoc
creditors&rsquo; committees and corporate boards and has a long track record of creating value both through identifying undervalued
businesses for investment and working with management teams. Our management team and board of directors also include Victor Danh
and David Kirsch, both Managing Directors at Mudrick Capital. Mr. Danh and Mr. Kirsch have over 30 years of combined distressed
investing and restructuring experience. Our management team will be supported by and work closely with the rest of the Mudrick
Capital investment team, which consists of eight investment professionals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our management team and the investment professionals at Mudrick
Capital have extensive experience navigating balance sheet restructurings, corporate bankruptcies, and operational turnarounds.
We believe this experience to be a substantial competitive advantage in the current economic environment relative to other blank
check companies and sources of capital. The economic dislocation caused by Covid-19 has impacted the financial performance of a
large number of otherwise quality middle-market companies, many of which are highly levered due to either private equity ownership
or the general expansion of corporate borrowing over the most recent economic cycle. These companies will likely either require
comprehensive balance sheet restructurings to right-size their respective capital structures or incremental equity capital to support
liquidity and business investment. This process is already playing out across the U.S., as evidenced by the number of corporate
bankruptcies through July of 2020 &ndash; the highest since 2009.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investing in distressed companies, restructurings and post-restructured
companies is the primary investment strategy of the various investment funds and separate accounts managed by Mudrick Capital.
We believe that a key advantage in sourcing potential business combination targets is the network of contacts our management team
and Mudrick Capital have, which includes other distressed credit focused investment firms, financial and legal restructuring advisors,
post-restructuring specialized board of directors and turnaround focused executives. Specifically, because Mudrick Capital is the
investment advisor for investment vehicles that specialize in distressed credit investing, executives at Mudrick Capital are made
aware of potential opportunities with respect to many of the companies in North America that are going through a balance sheet
restructuring process. We believe that this specialization and network is a competitive advantage in allowing us to identify, analyze
and negotiate an initial business combination for the company with a post-restructured or restructuring 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">With respect to the foregoing descriptions, past
performance of Mudrick Capital and our management team is not a guarantee either (i) of success with respect to any business
combination we may consummate or (ii) that we will be able to identify a suitable candidate for our initial business
combination. You should not rely on the historical performance record of Mudrick Capital or our management team as indicative
of our future performance. In addition, our executive officers may have conflicts of interest with other entities to which
they owe fiduciary or contractual obligations with respect to initial business combination opportunities. For a list of our
executive officers and entities for which a conflict of interest may or does exist between such officers and the company, as
well as the priority and preference that such entity has with respect to performance of obligations and presentation of
business opportunities to us, please refer to the table and subsequent explanatory paragraph under &ldquo;Management &mdash;
Conflicts of Interest&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"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">Our business strategy is to identify, combine with and maximize
the value of a company that has either recently emerged from bankruptcy court protection or will require incremental capital as
part of a balance sheet restructuring. In particular, we believe that many post-restructured companies suffer from a valuation
discount due to their opaqueness, complexity, non-long term ownership base and overall illiquidity. We believe that our in depth
understanding of restructurings and post-restructuring company analysis, coupled with the more liquid publicly traded vehicle the
company offers in an initial business combination, could result in significant value creation for our stockholders. Creating value
for our stockholders is the ultimate goal of this business strategy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distressed and post-restructured companies can provide an attractive
investment opportunity due to the unique set of circumstances surrounding balance sheet restructurings and post-restructured equities.
Balance sheets are typically restructured by swapping old debt for new equity, and these restructurings often also require a capital
injection into the company to fund operations and pay down old debt. We believe that the swapping of old debt into equity often
results in an equity ownership base comprised of former creditors that may not be long-term holders of the new company&rsquo;s
equity, resulting in a technical overhang and valuation discount to publicly traded peers that will allow us to merge with a post-restructured
company on highly favorable terms. We also believe that the need for incremental funding during restructurings will position us
well to be a provider of capital as part of a balance sheet restructuring or recapitalization on highly favorable terms for our
shareholders. In addition, distressed and post-restructured companies are often difficult to analyze, as the company can have a
changing or entirely different balance sheet, different cost structure, different asset base and sometimes a different management
team relative to the pre-restructured company. Lastly, in many instances, a number of the turnaround initiatives undertaken before
and during the balance sheet restructuring have yet to manifest themselves in the operating results of the new company, resulting
in a valuation that may not fully reflect the future positive operating results of the 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"> We believe the following factors will lead to a significant
number of post-reorganized companies with unnatural equity holders which could be attractive combination targets: </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">&middot;</FONT> </TD><TD> According
                                         to S&amp;P, their leveraged loan &ldquo;Weakest Link&rdquo; count, which reflects companies
                                         with a B- or lower credit rating and a negative outlook, has more than doubled since
                                         2019, rising from 145 companies, or 11% of the S&amp;P coverage universe, to 329 companies
                                         as of June 2020, or 25% </TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> US default rates have risen sharply this year and are projected to continue to rise over the
    next 12 months. According to S&amp;P, the trailing 12 month default rate has doubled since the beginning of the year to 3.9%
    and is projected to reach over 10% within the next 12 months. Defaults have ranged across a large number of industries including
    Business Services, Consumer and Industrials, according to S&amp;P; </TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> The US leveraged
                                         loan market today is approximately $1.2 trillion, which is approximately double the size
                                         of the market during the 2008-2009 credit cycle. This means that similar default rates
                                         in today&rsquo;s market would imply a significantly larger volume of restructured liabilities; </TD></TR></TABLE>

<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"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Collateralized loan obligations, or CLOs, represent a much larger
    ownership of today&rsquo;s leveraged loan market compared to the leveraged loan market in 2008-2009. There has been almost
    2.5x the CLO issuance from 2013-2019 ($743 billion) compared to 2001-2007 ($302 billion). The increased CLO market share of
    the leverage loan market may lead to a larger number of post-restructured companies with equity ownership being held by CLOs,
    which could lead to attractive investment opportunities at relatively more favorable terms.</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">Investments in post-restructured or otherwise distressed businesses
are subject to various risks. Investments in such companies are speculative, prices are volatile, and market movements are difficult
to predict. Supply and demand for distressed securities change rapidly and are affected by a variety of market factors over which
we have no control and which may reduce the pool of profitable investment opportunities. Moreover, our ability to identify undervalued
investment opportunities that fit our business strategy involves a high degree of uncertainty, and no assurance can be given that
we will be able to identify such opportunities. In addition, such investments may take a substantial period of time before realizing
their anticipated value and returns generated from such investments may not adequately compensate for the business and financial
risks assumed. There is no guarantee that we will be able to achieve our investment objectives or provide any return on invested
capital.</P>

<P STYLE="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 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">Consistent with our business strategy, we have identified the
following general criteria that we believe are important in evaluating candidates for our initial business combination. While we
intend to utilize these criteria in evaluating business combination opportunities, we expect that no individual criterion will
entirely determine a decision to pursue a particular opportunity. Further, any particular initial business combination opportunity
that we ultimately determine to pursue may not meet one or more of these criteria.</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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Post-Restructured Companies. We intend to seek candidates that
                                                                                                               have recently restructured their balance sheet. We believe that post-restructured companies may be valued at a discount to
                                                                                                               their publicly traded peers due to the non-long term nature of their ownership base (former creditors are typically the new
                                                                                                               equity owners post-restructuring), the complexity in understanding their restructuring, the lack of clarity and information
                                                                                                               regarding their financial performance, the concentrated nature of their ownership base and the lack of a publicly traded
                                                                                                               equity, among other reasons. We also believe that post-restructured companies
are where we have the strongest network to identify opportunities and the greatest ability and experience to provide shareholder
value.</FONT></TD></TR></TABLE>




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

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

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Middle-Market Companies. We intend to seek candidates with an enterprise
value of approximately $750 million to $2.0 billion, determined in the sole discretion of our officers and directors according
to reasonably accepted valuation standards and methodologies. We believe that post-restructured middle-market companies suffer
from a larger valuation discount to their publicly traded peers than larger companies. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Companies with Stressed Capital Structures.&#9;We intend to target
companies that, due to the economic dislocation caused by COVID-19, have near-term earnings and cashflow profiles that cannot support
their pre-COVID-19 capital structures and will require incremental outside capital as part of a bankruptcy, out of court balance
sheet restructuring, or other recapitalization. We believe that middle-market companies in particular have a more difficult time
accessing the capital markets compared to their larger peers, and therefore could benefit more from an initial business combination
with our company. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Market Leaders with Defensible Business Models and Stable Cash Flows.
We intend to target companies that have restructured or need to restructure their balance sheets due to a bad balance sheet, and
not a bad business. We intend to seek candidates that are market leaders in their industry, have defensible business models, and
generate stable and predictable cash flows.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Discount to Publicly Traded Peers. We intend to seek candidates that
are valued in the private market at a significant discount to their publicly traded peers. We believe that this discount will facilitate
the initial business combination negotiation by allowing the opportunity for liquidity and multiple expansion for the targets&rsquo;
current shareholders, while at the same time allowing meaningful upside for our stockholders post-business combination.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Strong Management Teams. We will target businesses that have strong,
experienced management teams. We also may be able to assist with potential management additions from our network of experienced
turnaround professionals. Additionally, we may seek to optimize the management team of a potential target business by introducing
board members with relevant insight and experience.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Benefit from Being a Public Company. We intend to pursue a business
combination with a company that will benefit from being publicly traded and can effectively utilize the broader access to capital
and public profile that are associated with being a publicly traded company.</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">These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines
as well as other considerations, factors and criteria that our management team may deem relevant. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will
disclose that the target business does not meet the above criteria in our stockholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor may form, and our officers and directors may become
an officer or director of, another special purpose acquisition company with a class of securities intended to be registered under
the Securities Exchange Act of 1934, as amended, or the Exchange Act, prior to 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"><B>Initial Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Nasdaq rules require that we must consummate an initial
business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net
assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the
income earned on the trust account). Our board of directors will make the determination as to the fair market value of our initial
business combination. If our board of directors is not able to independently determine the fair market value of our initial business
combination, 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. While we consider it unlikely that our board of
directors will not be able to make an independent determination of the fair market value of our initial business combination,
it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a significant
amount of uncertainty as to the value of a target&rsquo;s assets or prospects. Additionally, pursuant to Nasdaq rules, any initial
business combination must be approved by a majority of our independent directors. </P>

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

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

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may, at our option, pursue a business combination opportunity
jointly with one or more entities affiliated with Mudrick Capital and/or one or more investors in funds or separate accounts managed
by Mudrick Capital, which we refer to as an &ldquo;Affiliated Joint Acquisition.&rdquo; Any such parties would co-invest only if&#8201;
(i) permitted by applicable regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction to be
mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the strategic
merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to fund the
initial business combination and/or the desire to obtain committed capital for closing the initial business combination. An Affiliated
Joint Acquisition may be effected through a co-investment with us in the target business at the time of our initial business combination,
or we could raise additional proceeds to complete the initial business combination by issuing to such parties a class of equity
or equity-linked securities. We refer to this potential future issuance, or a similar issuance to other specified purchasers, as
a &ldquo;specified future issuance&rdquo; throughout this prospectus. The amount and other terms and conditions of any such specified
future issuance would be determined at the time thereof. We are not obligated to make any specified future issuance and may determine
not to do so. This is not an offer for any specified future issuance. Pursuant to the anti-dilution provisions of our Class B common
stock, any such specified future issuance would result in an adjustment to the conversion ratio such that our initial stockholders
and their permitted transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of the total number
of all shares of common stock outstanding upon completion of this offering plus all shares issued in the specified future issuance,
unless the holders of a majority of the then-outstanding shares of Class B common stock agreed to waive such adjustment with respect
to the specified future issuance at the time thereof. We cannot determine at this time whether a majority of the holders of our
Class B common stock at the time of any such specified future issuance would agree to waive such adjustment to the conversion ratio.
They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement
for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial business combination;
(iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common stock;
or (iv) as part of the Affiliated Joint Acquisition. If such adjustment is not waived, the specified future issuance would not
reduce the percentage ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of
our Class A common stock. If such adjustment is waived, the specified future issuance would reduce the percentage ownership of
holders of both classes of our 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">We anticipate structuring our initial business combination
so that the post-transaction company in which our public stockholders own shares will own or acquire 100% of the equity
interests or assets of the target business or businesses. We may, however, structure our initial business combination such
that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business for the
post-acquisition company to meet certain objectives of the target management team or stockholders 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 an interest in the target or assets 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 initial business combination may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in the initial business combination. 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 would 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 net assets
test. If the initial business combination involves more than one target business, the 80% of net assets test will be based on
the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business
combination for the purposes of a tender offer or for seeking stockholder approval, as applicable.</P>

<P STYLE="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: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The net proceeds of this offering and the sale of the private
placement warrants released to us from the trust account upon the closing of our initial business combination may be used as consideration
to pay the sellers of a target business with which we complete our initial business combination. If our initial business combination
is paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the
consideration in connection with our initial business combination or used for redemption of our public shares, we may use the balance
of the cash released to us from the trust account following the closing for general corporate purposes, including for maintenance
or expansion of operations of the post-transaction businesses, the payment of principal or interest due on indebtedness incurred
in completing our initial business combination, to fund the purchase of other companies or for working capital. In addition, we
may be required to obtain additional financing in connection with the closing of our initial business combination to be used following
the closing for general corporate purposes as described above. There is no limitation on our ability to raise funds through the
issuance of equity or equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements we
may enter into following consummation of this offering. Subject to compliance with applicable securities laws, we would only complete
such financing simultaneously with the completion of our initial business combination. At this time, we are not a party to any
arrangement or understanding with any third party with respect to raising any additional funds through the sale of securities or
otherwise. None of our sponsor, officers, directors or stockholders is required to provide any financing to us in connection with
or after our initial business combination. We may also obtain financing prior to the closing of our initial business combination
to fund our working capital needs and transaction costs in connection with our search for and completion of our initial business
combination. Our amended and restated certificate of incorporation will provide that, following this offering and prior to the
consummation of our initial business combination, we will be prohibited from issuing additional securities that would entitle the
holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on any initial business
combination or (b) to approve an amendment to our amended and restated certificate of incorporation to (x) extend the time we have
to consummate a business combination beyond 24 months from the closing of this offering or (y) amend the foregoing provisions,
unless (in connection with any such amendment to our amended and restated certificate of incorporation) we offer our public stockholders
the opportunity to redeem their 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"><B>Our Business Combination Process</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">In evaluating prospective business combinations, we expect to
conduct a thorough due diligence review process that will encompass, among other things, a review of historical and projected financial
and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities and assets, discussion
with customers and suppliers, legal reviews and other reviews as we deem appropriate. We will also utilize the expertise of our
management team and other employees of Mudrick Capital in analyzing potential target companies and evaluating operating projections,
financial projections and determining the appropriate return expectations given the risk profile 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">We are not prohibited from pursuing an initial business combination
with a company that is affiliated with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our
sponsor, officers or directors. In the event we seek to complete our initial business combination with a company that is affiliated
with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment funds and separate accounts advised by Mudrick
Capital will indirectly own founder shares and/or private placement warrants following this offering. Additionally, Mr.
Mudrick and Mudrick Capital will be the beneficial owner of founder shares and/or private placement warrants following this
offering by virtue of exercising investment power of such shares or warrants on behalf of such investment funds and separate
accounts. Because of this ownership, Mudrick Capital, investment funds and separate accounts advised by Mudrick Capital and
our officers and directors 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, particularly because such funds and separate
accounts managed by Mudrick Capital invest in distressed and post-restructured companies as part of their investment
programs. 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 were to be 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"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of our executive officers are employed by Mudrick Capital.
Mudrick Capital is continuously made aware of potential business opportunities, one or more of which we may desire to pursue for
an initial business combination; we have not, however, selected any specific business combination target and we have not, nor has
anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mudrick Capital and each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his or her fiduciary or contractual
obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or contractual obligations
of Mudrick Capital and our officers or directors will not materially affect our ability to complete our initial business combination.
We may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity to which Mudrick Capital, investment funds
advised by Mudrick Capital or an officer or director has a fiduciary or contractual obligation. Any such entity may co-invest with
us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete the
initial business combination by making a specified future issuance to any such entity. Our amended and restated certificate of
incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless
such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and
such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue,
and to the extent the director or officer is permitted to refer that opportunity to us without violating another legal obligation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Information</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">Our offices are located at 527 Madison Avenue, 6th Floor, New
York, NY 10022, and our telephone number is&nbsp;(646) 747-9500.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will remain an emerging growth company until the
earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in
which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated
filer, which means the market value of our Class A common stock that is held by non-affiliates exceeds $700 million as of the
prior June 30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>th</SUP>, and (2) the date on
which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. References
herein to &ldquo;emerging growth company&rdquo; shall have the meaning associated with it in the JOBS Act.</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">Additionally, we are a &ldquo;smaller reporting company&rdquo;
as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations,
including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company
until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates exceeds $250 million
as of the prior June 30<SUP>th</SUP>, or (2) our annual revenues exceed $100 million during such completed fiscal year and the
market value of our common stock held by non-affiliates exceeds $700 million as of the prior June 30.</P>

<P STYLE="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: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In deciding whether to invest in our securities, you
should take into account not only the backgrounds of the members of our management team, but also the special risks we face
as a blank check company and the fact that this offering is not being conducted in compliance with Rule 419 promulgated under
the Securities Act. You will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings.
You should carefully consider these and the other risks set forth in the section below entitled &ldquo;Risk Factors&rdquo;
beginning on page 28 of this prospectus.</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: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities offered</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000,000<SUP>(1)</SUP> units, at $10.00 per unit, each unit consisting of:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-indent: -12pt; padding-left: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;one share of Class A common stock; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-indent: -12pt; padding-left: 24pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="text-indent: -12pt; padding-left: 24pt"> <FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;one-half
    of one redeemable warrant.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Nasdaq symbols</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Units: &ldquo;MUDSU&rdquo; </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Class A Common Stock: &ldquo;MUDS&rdquo; </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> Warrants: &ldquo;MUDSW&rdquo; </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading commencement and separation&nbsp;of&nbsp;Class A common stock&nbsp;and&nbsp;warrants</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"> The units are expected to begin trading on or promptly after the date of
        this prospectus. We expect the Class A common stock and warrants comprising the units will begin separate trading on the
        52<SUP>nd</SUP> day following the date of this prospectus unless Jefferies LLC 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 announcing when such separate trading will begin. Once the shares of Class A common stock and warrants commence
        separate trading, holders will have the option to continue to hold units or separate their units into the component securities.
        Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of Class
        A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants
        will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant. </P>
        <P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In no event will the Class A common stock and warrants be traded separately until we have filed a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering, which closing 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 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&rsquo; over-allotment option.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Units:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number&nbsp;outstanding&nbsp;before&nbsp;this&nbsp;offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number outstanding after this offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000,000<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common stock:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number&nbsp;outstanding&nbsp;before&nbsp;this&nbsp;offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,625,000 shares of Class B common stock<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number outstanding after this offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37,500,000 shares of Class A common stock and Class B common&nbsp;stock<SUP>(1)(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redeemable Warrants:</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of private placement warrants to be sold in a private placement simultaneously with this offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500,000<SUP>(1)</SUP></FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of warrants to be outstanding after this offering and the private placement</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> 22,500,000<SUP>(1)</SUP> </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercisability</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each whole warrant is exercisable to purchase one share of our Class A common stock. Only whole warrants are exercisable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fractional warrants will be issued upon separation of the units and only whole warrants will trade.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We structured each unit to contain one-half
    of one warrant, with each whole warrant exercisable for one share of Class A common stock, as compared to units issued by
    some other similar blank check companies that contain one whole warrant exercisable for one share, in order to reduce the
    dilutive effect of the warrants upon completion of our initial business combination as compared to units that each contain
    one warrant exercisable for one share, thus making us, we believe, a more attractive business combination partner for target
    businesses.</FONT> </TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Assumes no exercise of the underwriters&rsquo; over-allotment
option and the forfeiture by our sponsor of an aggregate of 1,125,000 founder shares.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(2)</TD><TD STYLE="text-align: justify">Includes up to an aggregate of 1,125,000 shares that
are subject to forfeiture by our sponsor depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(3)</TD><TD STYLE="text-align: justify">Comprised of 30,000,000 shares of Class A common stock
and 7,500,000 shares of Class B common stock. The Class B common stock is convertible into shares of our Class A common stock
on a one-for-one basis, subject to adjustment as described herein adjacent to the caption &ldquo;Founder shares conversion and
anti-dilution rights.&rdquo;</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$11.50 per share, subject to adjustment as described herein. In addition, if (x) we issue additional shares of Class A common stock or equity-linked securities 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 Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or its affiliates, prior to such issuance) (the &ldquo;Newly Issued Price&rdquo;), (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 &ldquo;Market Value&rdquo;) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under &ldquo;Redemption of warrants&rdquo; will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise period</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrants will become exercisable on the later of:</P>
        <P STYLE="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 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;30 days
        after the completion of our initial business combination, and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;12 months
        from the closing of this offering;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided, in each case, that we have an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are not registering the shares of Class A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 60<SUP>th</SUP> business day after the closing of our initial business combination, warrantholders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a &ldquo;cashless basis&rdquo; in accordance with Section 3(a)(9) of the Securities Act or another exemption. </FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the above, if our common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a &ldquo;covered security&rdquo; under Section&nbsp;18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The warrants will expire at 5:00 p.m., New York City time, five years after the completion of our initial business combination or earlier upon redemption or liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the trust account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption of warrants and cashless exercise</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private
        placement 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 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;in whole
        and not in part;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;at a price
        of $0.01 per warrant;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;upon a
        minimum of 30 days&rsquo; prior written notice of redemption, which we refer to as the 30-day redemption period; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;if, and
        only if, the reported closing price of our Class A common stock equals or exceeds $18.00&nbsp;per share (as adjusted for stock
        splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
        ending on the third trading day prior to the date on which we send the notice of redemption to the warrantholders.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in this offering.</FONT></TD></TR>
</TABLE>
<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">&nbsp;</P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a cashless basis. In determining whether to require all holders to exercise their warrants on a cashless basis, our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants multiplied by the excess of the &ldquo;fair market value&rdquo; (defined below) over the exercise price of the warrant by (y) the fair market value. The &ldquo;fair market value&rdquo; shall mean the average reported closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Please see the section of this prospectus entitled &ldquo;Description of Securities&nbsp;&mdash;&nbsp;Redeemable Warrants &mdash; Public Stockholders&rsquo; Warrants&rdquo; for additional information.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of the private placement warrants will be redeemable by us so long as they are held by our sponsor or its permitted transferees.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Founder shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of the date hereof, our sponsor holds 8,625,000 founder shares, 1,125,000 of which are subject to forfeiture if the underwriters&rsquo; over-allotment option is not exercised.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of founder shares issued and outstanding was determined based on the expectation that the founder shares would represent 20% of the outstanding shares after this offering. As such, our initial stockholders will collectively own 20% of our issued and outstanding shares after this offering (assuming they do not purchase any units in this offering). None of our sponsor, officers or directors have expressed an intention to purchase any units in this offering. Up to an aggregate 1,125,000 founder shares will be subject to forfeiture by our sponsor depending on the extent to which the underwriters&rsquo; over-allotment option is exercised so that our initial stockholders will maintain ownership of 20% of our common stock after this offering. We will effect a stock dividend or share contribution prior to this offering should the size of the offering change, in order to maintain such ownership percentage.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The founder shares are identical to the shares of Class A common
        stock included in the units being sold in this offering, except that:</P>
        <P STYLE="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 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;the founder
        shares are shares of Class B common stock that automatically convert into shares of our Class A common stock at the time of our
        initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights as described
        herein;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;the founder
        shares are subject to certain transfer restrictions, as described in more detail below;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;the founder
        shares are entitled to registration rights;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;our sponsor,
        officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (i)&nbsp;waive their
        redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business
        combination, (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder
        vote to approve an amendment to our amended and restated certificate of incorporation to (A)&nbsp;modify the substance or timing
        of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
        100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
        or (B) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination
        activity, (iii) waive their rights to liquidating distributions from the trust account with respect to their founder shares if
        we fail to complete our initial business combination within 24 months from the closing of this offering, although they will be
        entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete
        our initial business combination within the prescribed time frame and (iv) vote any founder shares held by them and any public
        shares purchased during or after this offering (including in open market and privately-negotiated transactions) in favor of our
        initial business combination.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we submit our initial business combination to our public stockholders for a vote, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. As a result of the agreement of our sponsor, officers and directors to vote their shares in favor of our initial business combination, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor of our initial business combination in order to have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised).</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer&nbsp;restrictions&nbsp;on&nbsp;founder&nbsp;shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial stockholders have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the reported closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property (except as described herein under the section of this prospectus entitled &ldquo;Principal Stockholders&nbsp;&mdash;&nbsp;Restrictions on Transfers of Founder Shares and Private Placement Warrants&rdquo;). Any permitted transferees will be subject to the same restrictions and other agreements of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Founder shares conversion and anti-dilution rights</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The founder shares are shares of Class B common
stock that will automatically convert into shares of our Class A common stock at the time of our initial business combination
on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein. In the case that
additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with our initial
business combination, including pursuant to a specified future issuance, the number of shares of Class A common stock issuable
upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number
of all shares of common stock outstanding upon the completion of this offering, plus the total number of shares of Class A common
stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed
issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any
shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock
issued, or to be issued, to any seller in the initial business combination and any private placement-equivalent warrants issued
to our sponsor, officers or directors upon conversion of working capital loans; provided that such conversion of founder shares
will never occur on a less than one for one basis; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting Rights</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders of record of the Class A common stock and holders of record of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each share of common stock entitling the holder to one vote except as required by law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Private placement warrants</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"> Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 7,500,000
    private placement warrants (or 8,400,000 if the over-allotment option is exercised in full), each exercisable to purchase
    one share of our Class A common stock at $11.50 per share, at a price of $1.00 per warrant ($7,500,000 in the aggregate or
    $8,400,000 in the aggregate if the over-allotment option is exercised in full) in a private placement that will occur simultaneously
    with the closing of this offering. A portion of the purchase price of the private placement warrants will be added to the
    proceeds from this offering to be held in the trust account such that, at the time of closing, $300.0 million (or $345.0 million
    if the underwriters exercise their over-allotment option in full) will be held in the trust account. If we do not complete
    our initial business combination within 24 months from the closing of this offering, the proceeds from the sale of the private
    placement warrants held in the trust account will be used to fund the redemption of our public shares (subject to the requirements
    of applicable law) and the private placement warrants will expire worthless. </TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The private placement warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer restrictions on private placement warrants</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The private placement warrants (including the
Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable
until 30 days after the completion of our initial business combination (except as described under the section of this prospectus
entitled &ldquo;Principal Stockholders &mdash; Restrictions on Transfers of Founder Shares and Private Placement Warrants&rdquo;).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cashless exercise of private placement warrants</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If holders of private placement warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares
of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock
underlying the warrants multiplied by the excess of the &ldquo;fair market value&rdquo; (defined below) over the exercise price
of the warrants by (y) the fair market value. The &ldquo;fair market value&rdquo; shall mean the average reported closing price
of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant
exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis
so long as they are held by the sponsor or its permitted transferees is because it is not known at this time whether they will
be affiliated with us following an initial business combination. If they remain affiliated with us, their ability to sell our
securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling
our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell
our securities, an insider cannot trade in our securities if he or she is in possession of material nonpublic information. Accordingly,
unlike public stockholders who could sell the shares of Class A common stock issuable upon exercise of the warrants freely in
the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders
to exercise such warrants on a cashless basis is appropriate.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proceeds to be held in trust account</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement warrants be deposited in a trust account. Of the net proceeds of this offering and the sale of the private placement warrants, $300,000,000, or $10.00 per unit ($345,000,000, or $10.00 per unit, if the underwriters&rsquo; over-allotment option is exercised in full) will be placed into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer &amp; Trust Company acting as trustee, and $1,500,000 (regardless of the extent to which the underwriters&rsquo; over-allotment option is exercised) will be used to pay expenses in connection with the closing of this offering and for working capital following this offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These proceeds include $10,500,000 (or $12,075,000 if the underwriters&rsquo; over-allotment option is exercised in full) in deferred underwriting commissions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, our amended and restated certificate of incorporation provides that the proceeds from this offering and the sale of the private placement warrants, will not be released from the trust account until the earliest of (a) the completion of our initial business combination, (b) the redemption of any public shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation to (i) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or (ii) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity, and (c)&nbsp;the redemption of our public shares if we are unable to complete our initial business combination within 24 months from the closing of this offering, subject to applicable law. The proceeds deposited in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public stockholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anticipated expenses and funding sources</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our
        use, except the withdrawal of interest to pay our taxes and/or to redeem our public shares in connection with an amendment to our
        amended and restated certificate of incorporation, as described above. The proceeds held in the trust account will be invested
        only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under
        Rule 2a-7 under the Investment Company Act that invest only in direct U.S. government treasury obligations. We will disclose in
        each quarterly and annual report filed with the SEC prior to our initial business combination whether the proceeds deposited in
        the trust account are invested in U.S. government treasury obligations or money market funds or a combination thereof. Based upon
        current interest rates, we expect the trust account to generate approximately $300,000 of interest annually assuming an interest
        rate of 0.1% per year; however, we can provide no assurances regarding this amount. Unless and until we complete our initial business
        combination, we may pay our expenses only from:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;the net
        proceeds of this offering and the sale of the private placement warrants not held in the trust account, which will be approximately
        $750,000 in working capital after the payment of approximately $750,000 in expenses relating to this offering; and</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -12pt; padding-left: 24pt; width: 63%"> <FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;any
    loans or additional investments from our sponsor, or an affiliate of our sponsor or certain of our officers and directors,
    although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any
    claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of our initial business
    combination. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant at the option
    of the lender.</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditions
    to completing our initial business combination</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Nasdaq rules require that we must consummate an initial business combination
    with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the
    trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned
    on the trust account). Our board of directors will make the determination as to the fair market value of our initial business
    combination. If our board of directors is not able to independently determine the fair market value of our initial business
    combination, 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. While we consider it unlikely that our board
    of directors will not be able to make an independent determination of the fair market value of our initial business combination,
    it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a
    significant amount of uncertainty as to the value of a target&rsquo;s assets or prospects. Additionally, pursuant to Nasdaq
    rules, any initial business combination must be approved by a majority of our independent directors. </TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    anticipate structuring our initial business combination so that the post-transaction company in which our public stockholders
    own shares will own or acquire 100% of the equity interests or assets of the target business or businesses. However, we may
    structure our initial business combination so that the post-transaction company owns or acquires less than 100% of such interests
    or assets of the target business in order to meet certain objectives of the target management team or stockholders, or for
    other reasons. However, we will only complete an initial 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 initial business
    combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to
    the target and us in the initial business combination. 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 would 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 taken into account for purposes of Nasdaq&rsquo;s 80% of net assets test. If the initial business combination
    involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the transactions
    and we will treat the target businesses together as our initial business combination for purposes of seeking stockholder approval
    or conducting a tender offer, as applicable.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Permitted purchases of public shares&nbsp;and&nbsp;public warrants by our&nbsp;affiliates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant
to the tender offer rules, our sponsor, initial stockholders, directors, officers, advisors or their affiliates may purchase public
shares or public warrants in privately-negotiated transactions or in the open market either prior to or following the completion
of our initial business combination. There is no limit on the number of shares or warrants our initial stockholders, directors,
officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and Nasdaq
rules. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any
terms or conditions for any such transactions. If they engage in such transactions, they will not make any such purchases when
they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited
by Regulation M under the Exchange Act. Subsequent to the consummation of this offering, we will adopt an insider trading policy
which will require insiders to: (i) refrain from purchasing our securities during certain blackout periods when they are in possession
of any material non-public information and (ii) clear all trades of company securities with a compliance officer prior to execution.
We cannot currently determine whether our insiders will make such purchases pursuant to a Rule 10b5-1 plan, as it will be dependent
upon several factors, including but not limited to, the timing and size of such purchases. Depending on such circumstances, our
insiders may either make such purchases pursuant to a Rule 10b5-1 plan or determine that such a plan is not necessary. We do not
currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the
Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers
determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such
rules. Any such purchases will be reported pursuant to Section&nbsp;13 and Section 16 of the Exchange Act to the extent such purchasers
are subject to such reporting requirements. None of the funds held in the trust account will be used to purchase shares or public
warrants in such transactions prior to completion of our initial business combination. See &ldquo;Proposed Business &mdash; Permitted
Purchases of Our Securities&rdquo; for a description of how our sponsor, initial stockholders, directors, officers, advisors or
any of their affiliates will select which stockholders to purchase securities from in any private transaction. Our sponsor, directors,
officers, advisors or any of their affiliates will not make any purchases if the purchases would violate Section 9(a)(2) or Rule
10b-5 of the Exchange Act.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purpose of any such purchases of shares could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection with our initial business combination. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public &ldquo;float&rdquo; of our shares of Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption rights for public stockholders&nbsp;upon completion of our&nbsp;initial business combination</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will provide our
public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial
business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
as of two business days prior to the consummation of our initial business combination, including interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public
shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per
public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by deferred
underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial
business combination with respect to our warrants. Our sponsor, officers and directors have entered into a letter agreement with
us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares held by them and any
public shares they may acquire during or after this offering in connection with the completion of our initial business combination
or otherwise.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Manner of conducting redemptions</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii)&nbsp;without a stockholder vote by means of a tender offer. The decision as to whether we will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek stockholder approval under applicable law or stock exchange listing requirements. Asset acquisitions and stock purchases would not typically require stockholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our amended and restated certificate of incorporation would require stockholder approval. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with the Nasdaq&rsquo;s stockholder approval rules.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirement that we provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above will be contained in provisions of our amended and restated certificate of incorporation and will apply whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq. Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we provide our public stockholders with the opportunity to redeem their public shares in connection with a stockholder meeting, we will:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;file proxy materials with the SEC.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the Company representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled to vote at such meeting. Our initial stockholders will count towards this quorum and, pursuant to the letter agreement, our sponsor, officers and directors have agreed to vote their founder shares and any public shares purchased during or after this offering (including in open market and privately-negotiated transactions) in favor of our initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. As a result, in addition to our initial stockholders&rsquo; founder shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised). We intend to give not less than 10 days&rsquo; nor more than 60 days&rsquo; prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate our initial business combination. Each public stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction or whether they were a stockholder on the record date for the stockholder meeting held to approve the proposed transaction.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a stockholder vote is not required and we do not decide to hold a stockholder vote for business or other legal reasons, we will:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;conduct
the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-indent: -12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 24pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;file tender offer documents with the SEC prior to completing our initial business combination, which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public stockholders not tendering more than a specified number of public shares, which number will be based on the requirement that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters&rsquo; fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to our initial business combination. If public stockholders tender more shares than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in accordance with Rule&nbsp;10b5-1 to purchase shares of our Class A common stock in the open market, in order to comply with Rule 14e-5 under the Exchange Act.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; to, at the holder&rsquo;s option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically using the Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements. We believe that this will allow our transfer agent to efficiently process any redemptions without the need for further communication or action from the redeeming public stockholders, which could delay redemptions and result in additional administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company, we will promptly return any certificates or shares delivered by public stockholders who elected to redeem their shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our amended and restated certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters&rsquo; fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed initial business combination may require: (i)&nbsp;cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class A common stock submitted for redemption will be returned to the holders thereof.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation on redemption rights of stockholders holding more than 15% of the shares sold in this offering&nbsp;if&nbsp;we&nbsp;hold stockholder vote</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing redemption rights, if we seek stockholder approval of our initial business combination and we do not conduct redemptions
in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of
incorporation will provide that a public stockholder, together with any affiliate of such stockholder or any other person with
whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section 13 of the Exchange Act), will
be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, without
our prior consent. We believe the restriction described above will discourage stockholders from accumulating large blocks of shares,
and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to
purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision,
a public stockholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its
redemption rights against an initial business combination if such holder&rsquo;s shares are not purchased by us or our management
at a premium to the then-current market price or on other undesirable terms. By limiting our stockholders&rsquo; ability to redeem
to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of stockholders
to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with an
initial business combination with a target that requires as a closing condition that we have a minimum net worth or a certain
amount of cash. However, we would not be restricting our stockholders&rsquo; ability to vote all of their shares (including all
shares held by those stockholders that hold more than 15% of the shares sold in this offering) for or against our initial business
combination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption rights in connection with proposed amendments to our certificate of incorporation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our amended and restated
certificate of incorporation will provide that any of its provisions related to pre-business combination activity (including the
requirement to deposit proceeds of this offering and the private placement of warrants into the trust account and not release
such amounts except in specified circumstances, and to provide redemption rights to public stockholders as described herein) may
be amended if approved by holders of 65% of our common stock entitled to vote thereon, and corresponding provisions of the trust
agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our common stock
entitled to vote thereon. In all other instances, our amended and restated certificate of incorporation may be amended by holders
of a majority of our outstanding common stock entitled to vote thereon, subject to applicable provisions of the Delaware General
Corporation Law (&ldquo;DGCL&rdquo;) or applicable stock exchange rules. Our amended and restated certificate of incorporation
will provide that we may not issue additional shares of capital stock that would entitle the holders thereof to receive funds
from the trust account or vote on any initial business combination or on matters related to our pre-initial business combination
activity. Our initial stockholders, who will collectively beneficially own 20% of our outstanding shares of common stock upon
the closing of this offering (assuming they do not purchase any units in this offering), will participate in any vote to amend
our amended and restated certificate of incorporation and/or trust agreement and will have the discretion to vote in any manner
they choose. Our sponsor, executive officers, and directors have agreed, pursuant to a written agreement with us, that they will
not propose any amendment to our amended and restated certificate of incorporation to (A) modify the substance or timing of our
obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
or (B) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination
activity, unless we provide our public stockholders with the opportunity to redeem their shares of Class A common stock upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest (which interest shall be net of taxes payable) divided by the number of then outstanding public shares. Our
sponsor, officers and directors have entered into a letter agreement with us pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our
initial business combination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release of funds in trust account on closing of our initial business combination</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the completion of our
initial business combination, the funds held in the trust account will be used to pay amounts due to any public stockholders who
exercise their redemption rights as described above under &ldquo;Redemption rights for public stockholders upon completion of
our initial business combination.&rdquo; We will use the remaining funds to pay the underwriters their deferred underwriting commissions,
to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination
and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using
equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in
connection with our initial business combination or used for redemption of our public shares, we may use the balance of the cash
released to us from the trust account following the closing for general corporate purposes, including for maintenance or expansion
of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing
our initial business combination, to fund the purchase of other companies or for working capital.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption of public shares and distribution and liquidation if no initial&nbsp;business combination</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our amended
and restated certificate of incorporation will provide that we will have only 24 months from the closing of this offering to complete
our initial business combination. If we are unable to complete our initial business combination within such 24-month period, we
will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released
to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right
to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case
to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will
be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete
our initial business combination within the 24-month time period.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within 24 months from the closing of this offering. However, if our initial stockholders acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the allotted 24-month time period. The underwriters have agreed to waive their rights to their deferred underwriting commission held in the trust account in the event we do not complete our initial business combination and subsequently liquidate and, in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of our public shares.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limited payments to insiders</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There will be no finder&rsquo;s fees, reimbursement, consulting
        fee, non-cash payments, monies in respect of any payment of a loan or other compensation paid by us to our sponsor, officers or
        directors, or any affiliate of our sponsor or officers, prior to, or in connection with any services rendered in order to effectuate,
        the consummation of our initial business combination (regardless of the type of transaction that it is). However, the following
        payments may be made to our sponsor, officers or directors, or our or their affiliates, none of which will be made from the proceeds
        of this offering held in the trust account prior to the completion of our initial business combination:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;Repayment
        of up to an aggregate of up to $300,000 in loans made to us by our sponsor to cover offering-related and organizational expenses;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;Payment
        to our sponsor of&#8201; $10,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative
        support;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;Reimbursement
        for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination;
        and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -12pt"> <FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;Repayment
        of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance
        transaction costs in connection with an intended initial business combination, the terms of which have not been determined
        nor have any written agreements been executed with respect thereto. Up to $1,500,000 of such loans may be convertible
        into warrants, at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the private
        placement warrants, including as to exercise price, exercisability and exercise period. The terms of such working capital
        loans by our sponsor or its affiliates, or our officers and directors, if any, have not been determined and no written
        agreements exist with respect to such loans. </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit Committee</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 63%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will establish and maintain an audit committee to, among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to immediately take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section of this prospectus entitled &ldquo;Management&nbsp;&mdash;&nbsp;Committees of the Board of Directors &mdash; Audit Committee.&rdquo;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conflicts</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mudrick Capital manages several investment vehicles. Funds and
        separate accounts managed by Mudrick Capital or its affiliates may compete with us for business combination opportunities. If these
        funds or separate accounts decide to pursue any such opportunity, we may be precluded from procuring such opportunities. In addition,
        investment ideas generated within Mudrick Capital may be suitable for both us and for a current or future Mudrick Capital fund
        or separate account and may be directed to such investment vehicle rather than to us. Neither Mudrick Capital nor members of our
        management team who are also employed by Mudrick Capital have any obligation to present us with any opportunity for a potential
        business combination of which they become aware, unless presented to such member solely in his or her capacity as an officer of
        the company. Mudrick Capital and/or our management, in their capacities as employees of Mudrick Capital or in their other endeavors,
        currently are required to present certain investment opportunities and potential business combinations to the various related entities
        described above, current Mudrick Capital investment vehicles, or third parties, before they present such opportunities to us. Mudrick
        Capital and our management may have similar obligations to future investment vehicles or third parties.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, we may, at our option, pursue
        an Affiliated Joint Acquisition opportunity with any such fund or other investment vehicle. Any such parties would co-invest only
        if&#8201; (i) permitted by applicable regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction
        to be mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the
        strategic merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to
        fund the initial business combination and/or the desire to obtain committed capital for closing the initial business combination.
        Such entity may co-invest with us in the target business at the time of our initial business combination, or we could raise additional
        proceeds to complete the initial business combination by making a specified future issuance to any such fund or vehicle.</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable), nor will it apply to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations, and believe that our sponsor&rsquo;s only assets are securities of our company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties, including, without limitation, claims by vendors and prospective target businesses.</FONT></TD></TR>
</TABLE>
<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="a_003"></A><B>RISKS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a blank check company that has conducted no
operations and has generated no revenues to date. Until we complete our initial business combination, we will have no
operations and will generate no operating revenues. In making your decision whether to invest in our securities, you should
take into account not only the background of our management team, but also the special risks we face as a blank check
company. This offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act. Accordingly,
you will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings. For additional
information concerning how Rule 419 blank check offerings differ from this offering, please see the section of this
prospectus entitled &ldquo;Proposed Business &mdash; Comparison of This Offering to Those of Blank Check Companies Subject to
Rule&nbsp;419.&rdquo; You should carefully consider these and the other risks set forth in the section of this prospectus
entitled &ldquo;Risk Factors&rdquo; beginning on page 28 of this prospectus.</P>

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

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

<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: center"><A NAME="a_004"></A><B>SUMMARY FINANCIAL DATA </B></P>

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

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

<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; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">August 3, 2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Balance Sheet Data:</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<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; text-indent: -10pt; padding-left: 10pt">Working capital (deficiency)</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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(18,500</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42,500</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: 10pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Stockholder&rsquo;s equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">24,000</TD><TD STYLE="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">If no business combination is completed within 24 months from
the closing of this offering, the proceeds then on deposit in the trust account including interest earned on the funds held in
the trust account and not previously released to us to pay our taxes (less $100,000 of interest to pay dissolution expenses),
will be used to fund the redemption of our public shares. Our sponsor, directors, director nominees and officers have entered
into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the
trust account with respect to any founder shares held by them if we fail to complete our initial business combination within such
time period.</P>

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

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

<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="d_001"></A>RISK FACTORS</B></P>

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

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

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

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

<P STYLE="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><I>Our public stockholders may not be afforded an opportunity
to vote on our proposed initial business combination, and even if we hold a vote, holders of our founder shares will participate
in such vote, which means we may complete our initial business combination even though a majority of our public stockholders do
not support such a 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">We may choose not to hold a stockholder vote to approve
our initial business combination unless the initial business combination would require stockholder approval under applicable
law or stock exchange listing requirements. In such case, the decision as to whether we will seek stockholder approval of a
proposed initial 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. Even if we seek stockholder approval,
the holders of our founder shares will participate in the vote on such approval. Accordingly, we may complete our initial
business combination even if holders of a majority of our outstanding public shares do not approve of the initial business
combination we complete. Please see the section of this prospectus entitled &ldquo;Proposed Business &mdash; Stockholders May
Not Have the Ability to Approve Our Initial Business Combination&rdquo; for additional information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we seek stockholder approval of our initial business
combination, our initial stockholders have agreed to vote in favor of such initial business combination, regardless of how our
public stockholders 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">Pursuant to a letter agreement, our sponsor, officers and directors
have agreed to vote their founder shares, as well as any public shares purchased during or after this offering (including in open
market and privately-negotiated transactions), in favor of our initial business combination. As a result, in addition to our initial
stockholders&rsquo; founder shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering
to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all
outstanding shares are voted and the over-allotment option is not exercised). Our initial stockholders will own shares representing
20% of our outstanding shares of common stock immediately following the completion of this offering (assuming they do not purchase
any units in this offering). Accordingly, if we seek stockholder approval of our initial business combination, the agreement by
our initial stockholders to vote in favor of our initial business combination will increase the likelihood that we will receive
the requisite stockholder approval for such 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"><B><I>Your only opportunity to affect the investment decision
regarding a potential business combination will be limited to the exercise of your redemption rights, unless we seek stockholder
approval of the 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">At the time of your investment in us, you will not be provided
with an opportunity to evaluate the specific merits or risks of our initial business combination. Accordingly, if we do not seek
stockholder approval, your only opportunity to affect the investment decision regarding a potential business combination may be
limited to exercising your redemption rights in connection with the closing 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"></P>

<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may seek to enter into an initial business combination agreement
with a prospective target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. If
too many public stockholders exercise their redemption rights, we would not be able to meet such closing condition and, as a result,
would not be able to proceed with the initial business combination. Furthermore, we will only redeem our public shares so long
as (after such redemption) our net tangible assets will be at least $5,000,001 as described above upon consummation of our initial
business combination and after payment of deferred underwriters&rsquo; fees and commissions (so that we are not subject to the
SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement that may be contained in the
agreement relating to our initial business combination. Consequently, if accepting all properly submitted redemption requests would
cause our net tangible assets to be less than $5,000,001 or such greater amount necessary to satisfy a closing condition, each
as described above, we would not proceed with such redemption and the related business combination and may instead search for an
alternate business combination. Prospective targets will be aware of these risks and, thus, may be reluctant to enter into an initial
business combination agreement 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"><B><I>The ability of our public stockholders to exercise redemption
rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or optimize
our capital structure.</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">At the time we enter into an agreement for our initial
business combination, we will not know how many stockholders may exercise their redemption rights, and therefore will need to
structure the transaction based on our expectations as to the number of shares that will be submitted for redemption. If our
initial business combination agreement requires us to use a portion of the cash in the trust account to pay the purchase
price, or requires us to have a minimum amount of cash at closing, we will need to reserve a portion of the cash in the trust
account to meet such requirements, or arrange for third-party financing. In addition, if a larger number of shares are
submitted for redemption than we initially expected, we may need to restructure the transaction to reserve a greater portion
of the cash in the trust account or arrange for third-party financing. Raising additional third-party financing may involve
dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels. Furthermore, this dilution would
increase to the extent that the anti-dilution provision of the Class B common stock results in the issuance of Class A shares
on a greater than one-to-one basis upon conversion of the Class B common stock at the time of our business combination. The
above considerations may limit our ability to complete the most desirable business combination available to us or optimize
our capital structure. The amount of the deferred underwriting commissions payable to the underwriters is not required to be
adjusted for any shares that are redeemed in connection with an initial business combination. The per-share amount we will
distribute to stockholders who properly exercise their redemption rights will not be reduced by deferred underwriting
commissions and after such redemptions, the per-share value of shares held by non-redeeming stockholders will reflect our
obligation to pay the deferred underwriting 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"><B><I>The ability of our public stockholders to exercise redemption
rights with respect to a large number of our shares could increase the probability that our initial business combination would
be unsuccessful and that you would have to wait for liquidation in order to redeem your stock.</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">If our initial business combination agreement requires us to
use a portion of the cash in the trust account to pay the purchase price, or requires us to have a minimum amount of cash at closing,
the probability that our initial business combination would be unsuccessful is increased. If our initial business combination is
unsuccessful, you would not receive your <I>pro rata </I>portion of the trust account until we liquidate the trust account. If
you are in need of immediate liquidity, you could attempt to sell your stock in the open market; however, at such time, our stock
may trade at a discount to the <I>pro rata </I>amount per share in the trust account. In either situation, you may suffer a material
loss on your investment or lose the benefit of funds expected in connection with your exercise of redemption rights until we liquidate
or you are able to sell your stock in the open market.</P>

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

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

<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The requirement that we complete our initial business
combination within the prescribed time frame may give potential target businesses leverage over us in negotiating an initial business
combination and may decrease our ability to conduct due diligence on potential business combination targets, in particular as we
approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that
would produce value for our 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">Any potential target business with which we enter into negotiations
concerning an initial business combination will be aware that we must complete our initial business combination within 24 months
from the closing of this offering. Consequently, such target business may have leverage over us in negotiating an initial business
combination, knowing that if we do not complete our initial business combination with that particular target business, we may be
unable to complete our initial business combination with any target business. This risk will increase as we get closer to the timeframe
described above. In addition, we may have limited time to conduct due diligence and may enter into our initial business combination
on terms that we would have rejected upon a more comprehensive investigation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able to complete our initial business combination
within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would
redeem our public shares and liquidate, in which case our public stockholders may receive only $10.00 per share, or less than such
amount in certain circumstances, and our warrants will expire 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">Our amended and restated certificate of incorporation will
provide that we must complete our initial business combination within 24 months from the closing of this offering. We may not
be able to find a suitable target business and complete our initial business combination within such time period. Our ability
to complete our initial business combination may be negatively impacted by general market conditions, political
considerations, volatility in the capital and debt markets and the other risks described herein. If we have not completed our
initial business combination within such time period, we will: (i) cease all operations except for the purpose of winding up,
(ii)&nbsp;as promptly as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of
interest to pay dissolution expenses), 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), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under
Delaware law to provide for claims of creditors and the requirements of other applicable law. In such case, our public
stockholders may receive only $10.00 per share, and our warrants will expire worthless. In certain circumstances, our public
stockholders may receive less than $10.00 per share on the redemption of their shares. See &ldquo;&mdash; If third parties
bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received
by stockholders may be less than $10.00 per share&rdquo; and other risk factors 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"><B><I>If we seek stockholder approval of our initial business
combination, our sponsor, directors, officers, advisors and their affiliates may elect to purchase shares or warrants from public
holders, which may influence a vote on a proposed initial business combination and reduce the public &ldquo;float&rdquo; of our
Class A common stock or public 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">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor,
directors, officers, advisors or their affiliates may purchase shares or public warrants or a combination thereof, in privately-negotiated
transactions or in the open market, either prior to or following the completion of our initial business combination, although they
are under no obligation to do so. However, they have no current commitments, plans or intentions to engage in such transactions
and have not formulated any terms or conditions for any such transactions. None of the funds in the trust account will be used
to purchase shares or public warrants in such transactions. See &ldquo;Proposed Business &mdash; Permitted Purchases of Our Securities&rdquo;
for a description of how our sponsor, initial stockholders, directors, officers, advisors or any of their affiliates will select
which stockholders to purchase securities from in any private transaction.</P>

<P STYLE="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: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such a purchase may include a contractual acknowledgement that
such stockholder, although still the record holder of our shares, is no longer the beneficial owner thereof and therefore agrees
not to exercise its redemption rights. In the event that our sponsor, directors, officers, advisors or their affiliates purchase
shares in privately-negotiated transactions from public stockholders who have already elected to exercise their redemption rights,
such selling stockholders would be required to revoke their prior elections to redeem their shares. The price per share paid in
any such transactions may be different than the amount per share a public stockholder would receive if such public stockholder
elected to redeem its shares in connection with our initial business combination. The purpose of such purchases could be to vote
such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval
of the initial business combination, or to satisfy a closing condition in an agreement with a target that requires us to have
a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such
requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of
public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection
with our initial business combination. Any such purchases of our securities may result in the completion of our initial business
combination that may not otherwise have been possible. Any such purchases will be reported pursuant to Section 13 and Section&nbsp;16
of the Exchange Act to the extent such purchasers are subject to such 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">In addition, if such purchases are made, the public &ldquo;float&rdquo;
of our Class A common stock or public warrants and the number of beneficial holders of our securities may be reduced, possibly
making it difficult to obtain or maintain the quotation, listing or trading of our securities on a national securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If a stockholder fails to receive notice of our offer
to redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for submitting
or tendering its shares, such shares may not be redeemed.</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">We will comply with the proxy rules or tender offer rules,
as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance with
these rules, if a stockholder fails to receive our proxy materials or tender offer documents, as applicable, such stockholder
may not become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents, as
applicable, that we will furnish to holders of our public shares in connection with our initial business combination will
describe the various procedures that must be complied with in order to validly tender or submit public shares for redemption.
For example, we intend to require our public stockholders seeking to exercise their redemption rights, whether they are
record holders or hold their shares in &ldquo;street name,&rdquo; to, at the holder&rsquo;s option, either deliver their
stock certificates to our transfer agent, or to deliver their shares to our transfer agent electronically prior to the date
set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be
up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we
conduct redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of
its public shares to also submit a written request for redemption to our transfer agent two business days prior to the vote
in which the name of the beneficial owner of such shares is included. In the event that a stockholder fails to comply with
these or any other procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not be
redeemed. See the section of this prospectus entitled &ldquo;Proposed Business &mdash; Submitting Stock Certificates in
Connection with Redemption Rights.&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><I>You will not have any rights or interests in funds from
the trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be forced to sell
your public shares or warrants, potentially at a loss.</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">Our public stockholders will be entitled to receive funds
from the trust account only upon the earliest to occur of: (i) our completion of an initial business combination, and then
only in connection with those shares of Class A common stock that such stockholder properly elected to redeem, subject to the
limitations described herein, (ii) the redemption of any public shares properly submitted in connection with a stockholder
vote to amend our amended and restated certificate of incorporation to (A) modify the substance or timing of our obligation
to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of
our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
or (B) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business
combination activity, and (iii) the redemption of our public shares if we are unable to complete an initial business
combination within 24 months from the closing of this offering, subject to applicable law and as further described herein. In
addition, if our plan to redeem our public shares if we are unable to complete an initial business combination within 24
months from the closing of this offering is not completed for any reason, compliance with Delaware law may require that we
submit a plan of dissolution to our then-existing stockholders for approval prior to the distribution of the proceeds held in
our trust account. In that case, public stockholders may be forced to wait beyond 24 months from the closing of this offering
before they receive funds from our trust account. In no other circumstances will a public stockholder have any right or
interest of any kind in the trust account. Holders of warrants will not have any right to the proceeds held in the trust
account with respect to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your public shares
or warrants, potentially at a loss.</P>

<P STYLE="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: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nasdaq may delist our securities from trading on its exchange,
which could limit investors&rsquo; ability to make transactions in our securities and subject us to additional trading restrictions.</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">We intend to apply to have our units listed on Nasdaq. We expect
that our units will be listed on Nasdaq on or promptly after the date of this prospectus. Following the date the shares of our
Class A common stock and warrants are eligible to trade separately, we anticipate that the shares of our Class A common stock
and warrants will be separately listed on Nasdaq. We cannot guarantee that our securities will be approved for listing on Nasdaq.
Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial listing standards set
forth in Nasdaq listing standards, we cannot assure you that our securities will be, or will continue to be, listed on Nasdaq
in the future or prior to our initial business combination. In order to continue listing our securities on Nasdaq prior to our
initial business combination, we must maintain certain financial, distribution and stock price levels. Generally, we must maintain
a minimum amount in stockholders&rsquo; equity ($2,500,000) and a minimum number of holders of our securities (generally 300 public
holders). Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with
Nasdaq&rsquo;s initial listing requirements, which are more rigorous than Nasdaq&rsquo;s continued listing requirements, in order
to continue to maintain the listing of our securities on Nasdaq. For instance, our stock price would generally be required to
be at least $4 per share, our stockholders&rsquo; equity would generally be required to be at least $5,000,000 and we would be
required to have 300 round lot holders (with at least 50% of such holders holding securities with a market value of at least $2,500).
We cannot assure you that we will be able to meet those initial listing requirements at that time. If Nasdaq delists our securities
from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our
securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences,
including:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&bull;
a limited availability of market quotations for our securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&bull;
reduced liquidity for our securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&bull;
a determination that our Class A common stock is a &ldquo;penny stock&rdquo; which will require brokers trading in our Class A
common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading
market for our securities;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&bull;
a limited amount of news and analyst coverage; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal; font-weight: normal">&bull;
a decreased ability to issue additional securities or obtain additional financing in the future.</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">The National Securities Markets Improvement Act of 1996, which
is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as
 &ldquo;covered securities.&rdquo; Because we expect that our units and eventually our Class A common stock and warrants will be
listed on Nasdaq, our units, Class A common stock and warrants will be covered securities. Although the states are preempted from
regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion
of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities
in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities
issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies
unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies
in their states. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be
subject to regulation in each state in which we offer our securities, including in connection with 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"><B><I>You will not be entitled to protections normally afforded
to investors of many 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">Since the net proceeds of this offering and the sale of
the private placement warrants are intended to be used to complete an initial 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 U.S. securities laws.
However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this offering and
the sale of the private placement warrants and will file a Current Report on Form 8-K, including an audited balance sheet
demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors in blank check companies, such
as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules. Among other things, this
means our units will be immediately tradable and we will have a longer period of time to complete our initial business
combination than companies subject to Rule 419. Moreover, if this offering were subject to Rule 419, that rule would prohibit
the release of any interest earned on funds held in the trust account to us unless and until the funds in the trust account
were released to us in connection with our completion of an initial business combination. For a more detailed comparison of
our offering to offerings that comply with Rule 419, please see the section of this prospectus entitled &ldquo;Proposed
Business &mdash; Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419.&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"></P>

<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we seek stockholder approval of our initial business
combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a &ldquo;group&rdquo; of stockholders
are deemed to hold in excess of 15% of our Class A common stock, you will lose the ability to redeem all such shares in excess
of 15% of our Class A common stock.</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">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated certificate of incorporation will provide that a public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section 13 of
the Exchange Act), will be restricted from seeking redemption rights with respect to more than an aggregate of 15% of the shares
sold in this offering without our prior consent, which we refer to as the &ldquo;Excess Shares.&rdquo; However, we would not be
restricting our stockholders&rsquo; ability to vote all of their shares (including Excess Shares) for or against our initial business
combination. Your inability to redeem the Excess Shares will reduce your influence over our ability to complete our initial business
combination and you could suffer a material loss on your investment in us if you sell Excess Shares in open market transactions.
Additionally, you will not receive redemption distributions with respect to the Excess Shares if we complete our initial business
combination. And as a result, you will continue to hold that number of shares exceeding 15% and, in order to dispose of such shares,
would be required to sell your stock in open market transactions, 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"><B><I>Because of our limited resources and the significant competition
for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we are
unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share on
our redemption of our public shares, or less than such amount in certain circumstances, and our warrants will expire 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">We expect to encounter competition from other entities having
a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other
blank check companies and other entities, domestic and international, competing for the types of businesses we intend to acquire.
Many of these individuals and entities are well-established and have extensive experience in identifying and effecting, directly
or indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess
similar or greater technical, human and other resources to ours, and our financial resources will be relatively limited when contrasted
with those of many of these competitors. While we believe there are numerous target businesses we could potentially acquire with
the net proceeds of this offering and the sale of the private placement warrants, our ability to compete with respect to the acquisition
of certain target businesses that are sizable will be limited by our available financial resources. This inherent competitive limitation
gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore, because we are obligated to pay
cash for the shares of Class A common stock which our public stockholders redeem in connection with our initial business combination,
target companies will be aware that this may reduce the resources available to us for our initial business combination. Any of
these obligations may place us at a competitive disadvantage in successfully negotiating an initial business combination. If we
are unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share
on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders
may receive less than $10.00 per share upon our liquidation. See &ldquo;&mdash; If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share&rdquo; and other risk factors below.</P>

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

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

<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the net proceeds of this offering and the sale of the
private placement warrants not being held in the trust account are insufficient to allow us to operate for at least the next 24
months, we may be unable to complete our initial business combination, in which case our public stockholders may only receive $10.00
per share, or less than such amount in certain circumstances, and our warrants will expire 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"> The funds available to us outside of the trust account may
not be sufficient to allow us to operate for at least the next 24 months following the closing of this offering, assuming that
our initial business combination is not completed during that time. We believe that, upon the closing of this offering, the funds
available to us outside of the trust account will be sufficient to allow us to operate for at least the next 24 months; however,
we cannot assure you that our estimate is accurate. Of the funds available to us, we could use a portion of the funds available
to us to pay fees to consultants to assist us with our search for a target business. We could also use a portion of the funds
as a down payment or to fund a &ldquo;no-shop&rdquo; provision (a provision in letters of intent or merger agreements designed
to keep target businesses from &ldquo;shopping&rdquo; around for transactions with other companies or investors on terms more
favorable to such target businesses) with respect to a particular proposed initial business combination, although we do not have
any current intention to do so. If we entered into a letter of intent or merger agreement where we paid for the right to receive
exclusivity from a target business and were subsequently required to forfeit such funds (whether as a result of our breach or
otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with respect to, a target business.
Of the net proceeds of this offering and the sale of the private placement warrants, only approximately $750,000 will be available
to us initially outside the trust account to fund our working capital requirements. In the event that our offering expenses exceed
our estimate of $750,000, we may fund such excess with funds not to be held in the trust account. In such case, the amount of
funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the
offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside the trust account would
increase by a corresponding amount. If we are required to seek additional capital, we would need to borrow funds from our sponsor,
management team or other third parties to operate or may be forced to liquidate. None of our sponsor, or any affiliate of our
sponsor or any of our officers and directors is under any obligation to advance funds to us in such circumstances. Any such advances
would be repaid only from funds held outside the trust account or from funds released to us upon completion of our initial business
combination. Up to $1,500,000 of such loans may be convertible into private placement-equivalent warrants at a price of $1.00
per warrant at the option of the lender. Prior to the completion of our initial business combination, we do not expect to seek
advances or loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be
willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account. If we
are unable to obtain these loans, we may be unable to complete our initial business combination. If we are unable to complete
our initial business combination, our public stockholders may receive only approximately $10.00 per share on the liquidation of
our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders may receive less than
$10.00 per share upon our liquidation. See &ldquo;&mdash; If third parties bring claims against us, the proceeds held in the trust
account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00 per share&rdquo;
and other risk factors 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"><B><I>Subsequent to the completion of our initial business combination,
we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant
negative effect on our financial condition, results of operations and our stock price, and 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">Even if we conduct extensive due diligence on a target
business with which we combine, we cannot assure you that this diligence will identify all material issues that may be
present within a particular target business, that it would be possible to uncover all material issues through a customary
amount of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a
result of these factors, we may be forced to later write-down or write-off assets, restructure our operations or incur
impairment or other charges that could result in our reporting losses. Even if our due diligence successfully identifies
certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with our
preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on our liquidity,
the fact that we report charges of this nature could contribute to negative market perceptions about us or our securities. In
addition, charges of this nature may cause us to violate net worth or other covenants to which we may be subject as a result
of assuming pre-existing debt held by a target business or by virtue of our obtaining debt financing to partially finance the
initial business combination or thereafter. Accordingly, any stockholders who choose to remain stockholders following the
initial business combination could suffer a reduction in the value of their shares. 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>

<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share.</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">Our placing of funds in the trust account may not protect those
funds from third-party claims against us. Although we will seek to have all vendors, service providers, prospective target businesses
and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind
in or to any monies held in the trust account for the benefit of our public stockholders, such parties may not execute such agreements,
or even if they execute such agreements, they may not be prevented from bringing claims against the trust account, including, but
not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging
the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including
the funds held in the trust account. If any third party refuses to enter into an agreement waiving such claims to the monies held
in the trust account, our management will consider whether competitive alternatives are reasonably available to us, and will only
enter into an agreement with such third party if our management believes that such third party&rsquo;s engagement would be in our
best interests under the circumstances. WithumSmith+Brown, PC, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Examples of possible instances where we may engage a third party
that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed
by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where
management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities
will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements
with us and will not seek recourse against the trust account for any reason. Upon redemption of our public shares, if we are unable
to complete our initial business combination within the prescribed timeframe, or upon the exercise of a redemption right in connection
with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that
may be brought against us within the 10 years following redemption. Accordingly, the per-share redemption amount received by public
stockholders could be less than the $10.00 per share initially held in the trust account, due to claims of such creditors. Pursuant
to the letter agreement, the form of which is filed as Exhibit 10.1 to the registration statement of which this prospectus forms
a part, our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered
or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of
(i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation
of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided
that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and
all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified
whether our sponsor has sufficient funds to satisfy its indemnity obligations, and believe that our sponsor&rsquo;s only assets
are securities of our company. As a result, if any such claims were successfully made against the trust account, the funds available
for our initial business combination and redemptions could be reduced to less than $10.00 per public share. In such event, we may
not be able to complete our initial business combination, and you would receive such lesser amount per share in connection with
any redemption of your public shares. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations.
None of our officers or directors will indemnify us for claims by third parties, including, without limitation, claims by vendors
and prospective target businesses.</P>

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

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

<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our directors may decide not to enforce the indemnification
obligations of our sponsor, resulting in a reduction in the amount of funds in the trust account available for distribution to
our public 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">In the event that the proceeds in the trust account are
reduced below the lesser of (i) $10.00 per share and (ii)&nbsp;the actual amount per share held in the trust account as of
the date of the liquidation of the trust account if less than $10.00 per share due to reductions in the value of the trust
assets, in each case net of the interest, which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to
satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent
directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we currently expect that our independent directors would
take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our independent
directors, in exercising their business judgment and subject to their fiduciary duties, may choose not to do so in any particular
instance if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount
recoverable or if the independent directors determine that a favorable outcome is not likely. If our independent directors choose
not to enforce these indemnification obligations, the amount of funds in the trust account available for distribution to our public
stockholders may be reduced below $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"><B><I>Members of our management team and board of directors
have significant experience as founders, board members, officers or executives of other companies. As a result, certain of those
persons have been, may be, or may become, involved in proceedings, investigations and litigation relating to the business affairs
of the companies with which they were, are, or may in the future be, affiliated. This may have an adverse effect on us, which may
impede our ability 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">During the course of their careers, members of our management
team and board of directors have had significant experience as founders, board members, officers or executives of other companies.
As a result of their involvement and positions in these companies, certain persons were, are now, or may in the future become,
involved in litigation, investigations or other proceedings relating to the business affairs of such companies or transactions
entered into by such companies. Any such litigation, investigations or other proceedings may divert our management team&rsquo;s
and board&rsquo;s attention and resources away from identifying and selecting a target business or businesses for our initial business
combination and may negatively affect our reputation, which may impede our ability to complete an initial business combination.</P>

<P STYLE="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><I>We may not have sufficient funds to satisfy indemnification
claims of our directors and executive 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">We have agreed to indemnify our officers and directors to the
fullest extent permitted by law. However, our officers and directors have agreed to waive (and any other persons who may become
an officer or director prior to the initial business combination will also be required to waive) any right, title, interest or
claim of any kind in or to any monies in the trust account and not to seek recourse against the trust account for any reason whatsoever.
Accordingly, any indemnification provided will be able to be satisfied by us only if (i) we have sufficient funds outside of the
trust account or (ii) we consummate an initial business combination. Our obligation to indemnify our officers and directors may
discourage stockholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such
an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder&rsquo;s investment may be
adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to
these indemnification provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If, after we distribute the proceeds in the trust account
to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not
dismissed, a bankruptcy court may seek to recover such proceeds, and we and our board may be exposed to claims of punitive damages.</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">If, after we distribute the proceeds in the trust account to
our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that 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. In addition, our board of directors may be viewed as having breached its fiduciary duty
to our creditors and/or having acted in bad faith, thereby exposing itself and us to claims of punitive damages, by paying public
stockholders from the trust account prior to addressing the 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"><B><I>If, before distributing the proceeds in the trust account
to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not
dismissed, the claims of creditors in such proceeding may have priority over the claims of our stockholders and the per-share amount
that would otherwise be received by our stockholders in connection with our liquidation may be reduced.</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">If, before distributing the proceeds in the trust account to
our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed,
the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate
and subject to the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims
deplete the trust account, the per-share amount that would otherwise be received by our stockholders in connection with our liquidation
may be reduced.</P>

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

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

<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The securities in which we invest the funds held in the
trust account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per-share
redemption amount received by public shareholders may be less than $10.00 per share.</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">The proceeds held in the trust account will be invested only
in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions
under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. While short-term
U.S. government treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates
in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee
of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States.
In the event that we are unable to complete our initial business combination or make certain amendments to our amended and restated
memorandum and articles of association, our public shareholders are entitled to receive their pro-rata share of the proceeds held
in the trust account, plus any interest income, net of taxes paid or payable (less, in the case we are unable to complete our initial
business combination, $100,000 of interest). Negative interest rates could reduce the value of the assets held in trust such that
the per-share redemption amount received by public shareholders may be less than $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"><B><I>If we are deemed to be an investment company under the
Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted,
which may make it difficult for us to complete our initial business combination.</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">If we are deemed to be an investment company under the Investment
Company Act, our activities may be restricted, including:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restrictions
on the nature of our investments; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restrictions
on the issuance of securities, each of which may make it difficult for us to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

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

<P STYLE="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 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;registration
as an investment company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adoption
of a specific form of corporate structure; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reporting,
record keeping, voting, proxy and disclosure requirements and other rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order not to be regulated as an investment company under
the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business
other than investing, reinvesting or trading in securities and that our activities do not include investing, reinvesting, owning,
holding or trading &ldquo;investment securities&rdquo; constituting more than 40% of our total assets (exclusive of U.S. government
securities and cash items) on an unconsolidated basis. Our business will be to identify and complete an initial business combination
and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets
with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not believe that our anticipated principal
activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only be
invested in U.S. &ldquo;government securities,&rdquo; within the meaning of Section 2(a)(16) of the Investment Company Act,
having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under
the Investment Company Act, which invest only in direct U.S. government treasury obligations. Pursuant to the trust
agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the
proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term
(rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid
being deemed an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act. This offering is not
intended for persons who are seeking a return on investments in government securities or investment securities. The trust
account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of our initial business
combination; (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend our
amended and restated certificate of incorporation to (A) modify the substance or timing of our obligation to provide for the
redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if
we do not complete our initial business combination within 24 months from the closing of this offering or (B) with respect to
any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity,; or (iii)
absent an initial business combination within 24 months from the closing of this offering, our return of the funds held in
the trust account to our public stockholders as part of our redemption of the public shares. If we do not invest the proceeds
as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed to be subject to the
Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we
have not allotted funds and may hinder our ability to complete an initial business combination or may result in our
liquidation. If we are unable to complete our initial business combination, our public stockholders may receive only
approximately $10.00 per share, or less in certain circumstances described herein, on the liquidation of our trust account
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"><B><I>Changes in laws or regulations, or a failure to comply
with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business
combination and results of operations.</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">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.</P>

<P STYLE="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: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Those laws and regulations and their interpretation and application
may also change from time to time and those changes could have a material adverse effect on our business, investments and results
of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material
adverse effect on our business, including our ability to negotiate and complete our initial business combination and results of
operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our stockholders may be held liable for claims by third
parties against us to the extent of distributions received by them upon redemption of their 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">Under the DGCL, 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 <I>pro rata </I>portion
of our trust account distributed to our public stockholders upon the redemption of our public shares in the event we do not complete
our initial business combination within 24 months from the closing of this offering may be considered a liquidating distribution
under Delaware law. If a corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that
it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims can
be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect
to a liquidating distribution is limited to the lesser of such stockholder&rsquo;s <I>pro rata </I>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.
However, it is our intention to redeem our public shares as soon as reasonably possible following the 24<SUP>th</SUP> month from
the closing of this offering in the event we do not complete our initial business combination and, therefore, we do not intend
to comply with the foregoing procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because we will not be complying with Section 280, Section
281(b) of the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of
all existing and pending claims or claims that may be potentially brought against us within the 10 years following our
dissolution. However, because we are a blank check company, rather than an operating company, and our operations will be
limited to searching for prospective target businesses to acquire, the only likely claims to arise would be from our vendors
(such as lawyers, investment bankers, etc.) or prospective target businesses. If our plan of distribution complies with
Section 281(b) of the DGCL, any liability of 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 likely be barred after the third anniversary of the dissolution. We cannot assure you that we will
properly assess all claims that may be potentially brought against us. As such, our 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
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">Furthermore, if the <I>pro rata </I>portion of our trust account
distributed to our public stockholders upon the redemption of our public shares in the event we do not complete our initial business
combination within 24 months from the closing of this offering is not considered a liquidating distribution under Delaware law
and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings that a party
may bring or due to other circumstances that are currently unknown), then pursuant to Section 174 of the DGCL, the statute of limitations
for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years, as in the case
of a liquidating distribution.</P>

<P STYLE="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><I>We may not hold an annual meeting of stockholders until
after the consummation of our initial business combination, which could delay the opportunity for our stockholders to elect 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">We may not hold an annual meeting of stockholders until after
we consummate a business combination (unless required by Nasdaq), and thus may not be in compliance with Section 211(b) of the
DGCL, which requires an annual meeting of stockholders be held for the purposes of electing directors in accordance with a company&rsquo;s
bylaws unless such election is made by written consent in lieu of such a meeting. Therefore, if our stockholders want us to hold
an annual meeting prior to our consummation of a business combination, they may attempt to force us to hold one by submitting an
application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.</P>

<P STYLE="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: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are not registering the shares of Class A common stock
issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time, and such registration
may not be in place when an investor desires to exercise warrants, thus precluding such investor from being able to exercise its
warrants except on a cashless basis. If the issuance of the shares upon exercise of warrants is not registered, qualified or exempt
from registration or qualification, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless.</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">We are not registering the shares of Class A common stock
issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time. However, under the
terms of the warrant agreement, we have agreed that as soon as practicable, but in no event later than 15 business days after
the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement
for the registration under the Securities Act of the shares of Class A common stock issuable upon exercise of the warrants
and thereafter will use our best efforts to cause the same to become effective within 60 business days following our initial
business combination and to maintain a current prospectus relating to the Class A common stock issuable upon exercise of the
warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement. We cannot assure
you that we will be able to do so if, for example, any facts or events arise which represent a fundamental change in the
information set forth in the registration statement or prospectus, the financial statements contained or incorporated by
reference therein are not current or correct or the SEC issues a stop order. If the shares issuable upon exercise of the
warrants are not registered under the Securities Act, we will be required to permit holders to exercise their warrants on a
cashless basis. However, no warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to
issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is
registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is
available. Notwithstanding the foregoing, if a registration statement covering the Class A common stock issuable upon
exercise of the warrants is not effective within a specified period following the consummation of our initial business
combination, warrantholders 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 &ldquo;cashless basis&rdquo;
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 no event will we be required to net cash settle any warrant, or issue securities or other compensation in exchange
for the warrants in the event that we are unable to register or qualify the shares underlying the warrants under applicable
state securities laws and there is no exemption available. If the issuance of the shares upon exercise of the warrants is not
so registered or qualified or exempt from registration or qualification, the holder of such warrant will not be entitled to
exercise such warrant and such warrant may have no value and expire worthless. In such event, holders who acquired their
warrants as part of a purchase of units will have paid the full unit purchase price solely for the shares of Class A common
stock included in the units. If and when the warrants become redeemable by us, we may not exercise our redemption right if
the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under
applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to
register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which
the warrants were initially offered by us in this offering. However, there may be instances in which holders of our public
warrants may be unable to exercise such public warrants but holders of our private warrants may be able to exercise such
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><I>If you exercise your public warrants on a &ldquo;cashless
basis,&rdquo; you will receive fewer shares of Class A common stock from such exercise than if you were to exercise such 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">Under the following circumstances, the exercise of the public
warrants may be required or permitted to be made on a cashless basis: (i) If a registration statement covering the shares of Class
A common stock issuable upon exercise of the warrants is not effective by the 60<SUP>th</SUP> business day after the closing of
our initial business combination, warrantholders 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 &ldquo;cashless basis&rdquo;
in accordance with Section 3(a)(9) of the Securities Act or another exemption; (ii) if our common stock is at the time of any
exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a &ldquo;covered security&rdquo;
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their
warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section 3(a)(9) of the Securities Act and, in the event
we so elect, we will not be required to file or maintain in effect a registration statement; and in the event we do not so elect,
we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not
available; and (iii) if we call the public warrants for redemption, our management will have the option to require all holders
that wish to exercise warrants to do so on a cashless basis. In the event of an exercise on a cashless basis, a holder would pay
the warrant exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants multiplied by the
excess of the &ldquo;fair market value&rdquo; (as defined in the next sentence) over the exercise price of the warrants by (y)
the fair market value. The &ldquo;fair market value&rdquo; is the average reported closing price of the Class A common stock for
the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant
agent or on which the notice of redemption is sent to the holders of warrants, as applicable. As a result, you would receive fewer
shares of Class A common stock from such exercise than if you were to exercise such warrants for cash.</P>

<P STYLE="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: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The grant of registration rights to our initial stockholders
may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect
the market price of our Class A common stock.</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">Pursuant to an agreement to be entered into concurrently with
the issuance and sale of the securities in this offering, our initial stockholders and their permitted transferees can demand that
we register the resale of private placement warrants, the shares of Class A common stock issuable upon exercise of the founder
shares and the private placement warrants held, or to be held, by them and holders of warrants that may be issued upon conversion
of working capital loans may demand that we register the resale of such warrants or the Class A common stock issuable upon exercise
of such warrants. We will bear the cost of registering these securities. The registration and availability of such a significant
number of securities for trading in the public market may have an adverse effect on the market price of our Class A common stock.
In addition, the existence of the registration rights may make our initial business combination more costly or difficult to conclude.
This is because the stockholders of the target business may increase the equity stake they seek in the combined entity or ask for
more cash consideration to offset the negative impact on the market price of our Class A common stock that is expected when the
securities owned by our initial stockholders or holders of working capital loans or their respective permitted transferees are
registered for resale.</P>

<P STYLE="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><I>Because we are neither limited to evaluating a target
business in a particular industry sector nor have we selected any specific target businesses with which to pursue our initial business
combination, you will be unable to ascertain the merits or risks of any particular target business&rsquo;s operations.</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">We will seek to complete an initial business combination with
companies in a variety of industries, except that we will not, under our amended and restated certificate of incorporation, be
permitted to effectuate our initial business combination with another blank check company or similar company with nominal operations.
Because we have not yet selected or approached any specific target business with respect to a business combination, there is no
basis to evaluate the possible merits or risks of any particular target business&rsquo;s operations, results of operations, cash
flows, liquidity, financial condition or prospects. To the extent we complete our initial business combination, we may be affected
by numerous risks inherent in the business operations with which we combine. For example, if we combine with a financially unstable
business or an entity lacking an established record of sales or earnings, we may be affected by the risks inherent in the business
and operations of a financially unstable or a development stage entity. Although our officers and directors will endeavor to evaluate
the risks inherent in a particular target business, we cannot assure you that we will properly ascertain or assess all of the significant
risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our
control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.
We also cannot assure you that an investment in our units will ultimately prove to be more favorable to investors than a direct
investment, if such opportunity were available, in a business combination target. Accordingly, any stockholders who choose to remain
stockholders 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>

<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Past performance by our management team, Mudrick Capital
and their affiliates 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">Information regarding performance by, or businesses associated
with, our management team, Mudrick Capital or businesses associated with them is presented for informational purposes only. Past
performance by our management team or Mudrick Capital is not a guarantee either (i) of success with respect to any business combination
we may consummate or (ii) that we will be able to locate a suitable candidate for our initial business combination. You should
not rely on the historical record of the performance of our management team or Mudrick Capital or businesses associated with them
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"><B><I>We may seek business combination opportunities in industries
or sectors that may or may not be outside of our management&rsquo;s area 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">Although our management team has expertise across a variety
of industries and sectors, we will consider an initial business combination outside of our management&rsquo;s area of expertise
if an initial business combination candidate is presented to us and we determine that such candidate offers an attractive business
combination opportunity for our company or we are unable to identify a suitable candidate in a sector or industry in which a member
of our management team has expertise after having expanded a reasonable amount of time and effort in an attempt to do so. Although
our management will endeavor to evaluate the risks inherent in any particular business combination candidate, we cannot assure
you that we will adequately ascertain or assess all of the significant risk factors. We also cannot assure you that an investment
in our units will not ultimately prove to be less favorable to investors in this offering than a direct investment, if such an
opportunity were available, in an initial business combination candidate. In the event we elect to pursue a business combination
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 ascertain or assess adequately all of the relevant risk factors. Accordingly, any stockholders who choose to remain stockholders
following our initial business combination could suffer a reduction in the value of their shares. 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"><B><I>Although we have identified general criteria and guidelines
that we believe are important in evaluating prospective target businesses, we may enter into our initial business combination with
a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our initial
business combination may not have attributes entirely consistent with our general criteria and guidelines.</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">Although we have identified general criteria and guidelines
for evaluating prospective target businesses, it is possible that a target business with which we enter into our initial business
combination will not have all of these positive attributes. If we complete our initial business combination with a target that
does not meet some or all of these guidelines, such combination may not be as successful as a combination with a business that
does meet all of our general criteria and guidelines. In addition, if we announce a prospective business combination with a target
that does not meet our general criteria and guidelines, a greater number of 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 law, or we decide to
obtain stockholder approval for business or other 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 receive only approximately $10.00 per share, or less in certain circumstances
as described herein, on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances,
our public stockholders may receive less than $10.00 per share on the redemption of their shares. See &ldquo;&mdash; If third parties
bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by
stockholders may be less than $10.00 per share&rdquo; and other risk factors 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"></P>

<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may seek business combination opportunities with a
financially unstable business or an entity lacking an established record of revenue, cash flow or earnings, which could subject
us to volatile revenues, cash flows or earnings or difficulty in retaining key personnel.</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">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 revenues or earnings, we
may be affected by numerous risks inherent in the operations of the business with which we combine. These risks include investing
in a business without a proven business model or with limited historic financial data, volatile revenues or earnings, intense competition
and difficulties in obtaining and retaining key personnel. Although our officers and directors will endeavor to evaluate the risks
inherent in a particular target business, we may not be able to properly ascertain or assess all of the relevant 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"><B><I>We are not required to obtain an opinion from an independent
investment banking firm or another independent entity that commonly renders valuation opinions, and consequently, you may have
no assurance from an independent source that the price we are paying for the target(s) of our initial business combination is fair
to our company from a financial point of view.</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">Unless we complete our initial business combination with an
affiliated entity or our board of directors cannot independently determine the fair market value of the target business or businesses
(including with the assistance of financial advisors), we are not required to obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions that the price we are paying is fair to our
company from a financial point of view. If no opinion is obtained, our stockholders will be relying on the judgment of our board
of directors, who will determine fair market value based on standards generally accepted by the financial community. Such standards
used will be disclosed in our proxy materials or tender offer documents, as applicable, related 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"><B><I>We may issue additional shares of Class A common
stock or preferred stock to complete our initial business combination or under an employee incentive plan after completion of
our initial business combination. We may also issue shares of Class A common stock upon the conversion of the Class B common
stock at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution
provisions contained in our amended and restated certificate of incorporation. Any such issuances would dilute the interest
of our stockholders and likely present other risks.</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">Our amended and restated certificate of incorporation authorizes
the issuance of up to 100,000,000 shares of Class A common stock, par value $0.0001 per share, 10,000,000 shares of Class B common
stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. Immediately after this
offering, there will be 70,000,000 and 2,500,000 (assuming, in each case, that the underwriters have not exercised their over-allotment
option) authorized but unissued shares of Class A common stock and Class B common stock, respectively, available for issuance,
which amount does not take into account the shares of Class A common stock reserved for issuance upon exercise of outstanding warrants
or the shares of Class A common stock issuable upon conversion of Class B common stock. Immediately after the consummation of this
offering, there will be no shares of preferred stock issued and outstanding. Shares of Class B common stock are convertible into
shares of our Class&nbsp;A common stock initially at a one-for-one ratio but subject to adjustment as set forth herein, including
in certain circumstances in which we issue Class A common stock or equity-linked securities related to our initial business combination.</P>

<P STYLE="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 may issue a substantial number of additional shares of
Class A common stock or preferred stock to complete our initial business combination (including pursuant to a specified
future issuance) or under an employee incentive plan after completion of our initial business combination (although our
amended and restated certificate of incorporation will provide that we may not issue additional shares of capital stock that
would entitle the holders thereof to receive funds from the trust account or vote on any initial business combination or on
matters related to our pre-initial business combination activity. We may also issue shares of Class A common stock upon
conversion of the Class B common stock at a ratio greater than one-to-one at the time of our initial business combination as
a result of the anti-dilution provisions contained in our amended and restated certificate of incorporation. However, our
amended and restated certificate of incorporation will provide, among other things, that prior to our initial business
combination, we may not issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds
from the trust account, (ii) vote on any initial business combination or (iii) vote on matters related to our pre-initial
business combination activity. These provisions of our amended and restated certificate of incorporation, like all provisions
of our amended and restated certificate of incorporation, may be amended with the approval of our stockholders. However, our
executive officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will not
propose any amendment to our amended and restated certificate of incorporation to (A) modify the substance or timing of our
obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this
offering or (B) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business
combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of common stock
upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then
outstanding public shares.</P>

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

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

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuance of additional shares of common or 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 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
significantly dilute the equity interest of investors in this offering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
subordinate the rights of holders of common stock if preferred stock is issued with rights senior to those afforded our common
stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could
cause a change of control if a substantial number of shares of our common stock are issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present
officers and directors; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
adversely affect prevailing market prices for our units, Class A common stock and/or warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Resources could be wasted in researching business combinations
that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another
business. If we are unable to complete our initial business combination, our public stockholders may receive only </I>approximately
$10.00 per share, or less than such amount in certain circumstances, on the liquidation of our trust account and our warrants
will expire worthless.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate that the investigation of each specific target
business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require
substantial management time and attention and substantial costs for accountants, attorneys, consultants and others. If we decide
not to complete a specific initial business combination, the costs incurred up to that point for the proposed transaction likely
would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may fail to complete
our initial business combination for any number of reasons, including those beyond our control. Any such event will result in a
loss to us of the related costs incurred, which could materially adversely affect subsequent attempts to locate and acquire or
merge with another business. If we are unable to complete our initial business combination, our public stockholders may receive
only approximately $10.00 per share on the liquidation of our trust account and our warrants will expire worthless. In certain
circumstances, our public stockholders may receive less than $10.00 per share on the redemption of their shares. See &ldquo;&mdash;
If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption
amount received by stockholders may be less than $10.00 per share&rdquo; and other risk factors 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"><B><I>Our ability to successfully effect our initial business
combination and to be successful thereafter will be totally dependent upon the efforts of our key personnel, some of whom may join
us following our initial business combination. The loss of key personnel could negatively impact the operations and profitability
of our post-combination business.</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">Our ability to successfully effect our initial business
combination is dependent upon the efforts of our key personnel. The role of our key personnel in the target business,
however, cannot presently be ascertained. Although some of our key personnel may remain with the target business in senior
management or advisory positions following our initial business combination, it is likely that some or all of the management
of the target business will remain in place. While we intend to closely scrutinize any individuals we engage after our
initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct. These
individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to have
to expend time and resources helping them become familiar with such requirements. In addition, the officers and directors of
an initial business combination candidate may resign upon completion of our initial business combination. The departure of an
initial business combination target&rsquo;s key personnel could negatively impact the operations and profitability of our
post-combination business. The role of an initial business combination candidate&rsquo;s key personnel upon the completion of
our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an
initial business combination candidate&rsquo;s management team will remain associated with the initial business combination
candidate following our initial business combination, it is possible that members of the management of an initial business
combination candidate will not wish to remain in place. The loss of key personnel could negatively impact the operations and
profitability of our post-combination business.</P>

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

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

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<!-- Field: Split-Segment; Name: a4 -->
<P STYLE="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><I>Mudrick Capital&rsquo;s financial position could change,
negatively impacting its role in helping us complete 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">Mudrick Capital&rsquo;s financial position could be negatively
impacted due to a variety of factors, including lower management fees and/or performance fees and higher operating expenses. From
time to time, Mudrick Capital may be a party to lawsuits, which if resolved in an unfavorable manner for Mudrick Capital, could
have a material impact on Mudrick Capital&rsquo;s financial position. To the extent Mudrick Capital&rsquo;s financial position
is less stable, it may have difficulty retaining certain key investment professionals, which could negatively impact Mudrick Capital&rsquo;s
ability to help us complete 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"><B><I>We are dependent upon our officers and directors and their
departure could adversely affect our ability to operate.</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">Our operations are dependent upon a relatively small group of
individuals and, in particular, our officers and directors. We believe that our success depends on the continued service of our
executive officers and directors, at least until we have completed our initial business combination. In addition, our officers
and directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest
in allocating management time among various their business activities, including identifying potential business combinations and
monitoring the related due diligence, negotiations and other activities. We do not have an employment agreement with, or key-man
insurance on the life of, any of our directors or officers. The unexpected loss of the services of one or more of our directors
or officers 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"><B><I>Our key personnel may negotiate employment or consulting
agreements as well as reimbursement of out-of-pocket expenses, if any, with a target business in connection with a particular business
combination. These agreements may provide for them to receive compensation or reimbursement for out-of-pocket expenses, if any,
following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether
a particular business combination is the most advantageous.</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">Our key personnel may be able to remain with the combined company
after the completion of our initial business combination only if they are able to negotiate employment or consulting agreements
in connection with the initial business combination. Additionally, they may negotiate reimbursement of any out-of-pocket expenses
incurred on our behalf prior to the consummation of our initial business combination, should they choose to do so. Such negotiations
would take place simultaneously with the negotiation of the initial business combination and could provide for such individuals
to receive compensation in the form of cash payments and/or our securities for services they would render to us after the completion
of the initial business combination, or as reimbursement for such out-of-pocket expenses. The personal and financial interests
of such individuals may influence their motivation in identifying and selecting a target business. However, we believe the ability
of such individuals to remain with us after the completion of our initial business combination will not be the determining factor
in our decision as to whether or not we will proceed with any potential business combination. There is no certainty, however, that
any of our key personnel will remain with us after the completion of our initial business combination. We cannot assure you that
any of our key personnel will remain in senior management or advisory positions with us. The determination as to whether any of
our key personnel will remain with us will be made at the time of our initial business combination.</P>

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

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

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

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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
conflict of interest could have a negative impact on our ability to complete 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">Our officers and directors are not required to, and will not,
commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations
and our search for an initial</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">business combination and their other businesses. Each of our
officers is engaged in other business endeavors for which he may be entitled to substantial compensation and our officers are not
obligated to contribute any specific number of hours per week to our affairs. Our independent directors may also serve as officers
or board members for other entities. If our officers&rsquo; and directors&rsquo; other business affairs require them to devote
substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote
time to our affairs which may have a negative impact on our ability to complete our initial business combination. For a complete
discussion of our officers&rsquo; and directors&rsquo; other business affairs, please see the section of this prospectus entitled
 &ldquo;Management &mdash; Directors and Officers.&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><I>Certain of our officers and directors are now, and all
of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted
by us and, accordingly, may have conflicts of interest in allocating their time and determining to which entity a particular business
opportunity should be presented.</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">Following the completion of this offering and until we consummate
our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses.
Our sponsor and officers and directors are, and may in the future become, affiliated with entities (such as operating companies
or investment vehicles) that are engaged in a similar business. Our sponsor may form, and our officers and directors may become
an officer or director of, another special purpose acquisition company with a class of securities intended to be registered under
the Exchange Act prior to 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">Our officers and directors also may become aware of business
opportunities that may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual
duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, they may have conflicts of interest in determining
to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential
target business may be presented to another entity prior to its presentation to us. Our amended and restated certificate of incorporation
will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity
is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity
is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent
the director or officer is permitted to refer that opportunity to us without violating another legal obligation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In particular, Mudrick Capital and its affiliates also are focused
on investments in the distressed debt and post-restructured company sector. As a result, there may be substantial overlap between
companies that would be a suitable business combination for us and companies that would make an attractive target for such other
affiliates.</P>

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

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

<P STYLE="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><I>Our officers, directors, security holders and their respective
affiliates may have competitive pecuniary interests that conflict with our interests.</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">We have not adopted a policy that expressly prohibits our directors,
officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to
be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into
an initial business combination with a target business that is affiliated with our sponsor, our directors or officers. We do not
have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types
conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The personal and financial interests of our directors and officers
may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently,
our directors&rsquo; and officers&rsquo; discretion in identifying and selecting a suitable target business may result in a conflict
of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and
in our stockholders&rsquo; best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter
of Delaware law and we or our stockholders might have a claim against such individuals for infringing on our stockholders&rsquo;
rights. However, we might not ultimately be successful in any claim we may make against them for such reason.</P>

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

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

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may engage in an initial business combination with
one or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors
or existing holders that may raise potential conflicts of interest.</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">In light of the involvement of our sponsor, officers and directors
with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, officers or directors. Our directors
also serve as officers and board members for other entities, including, without limitation, those described under the section of
this prospectus entitled &ldquo;Management &mdash; Conflicts of Interest.&rdquo; Such entities may compete with us for business
combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities for us to
complete our initial business combination with any entities with which they are affiliated, and there have been no substantive
discussions concerning an initial business combination with any such entity or entities. Although we will not be specifically focusing
on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated
entity met our criteria for an initial business combination as set forth in the section of this prospectus entitled &ldquo;Proposed
Business &mdash; Selection of a Target Business and Structuring of our Initial Business Combination&rdquo; and such transaction
was approved by a majority of our disinterested directors. Despite our agreement to obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions, regarding the fairness to the Company and
our stockholders from a financial point of view of an initial business combination with one or more domestic or international businesses
affiliated with our officers, directors or existing holders, potential conflicts of interest still may exist and, as a result,
the terms of the initial business combination may not be as advantageous to our public stockholders as they would be absent any
conflicts of interest. These risks may become more acute as the 24-month deadline for 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"><B><I>We may acquire a target business through an Affiliated
Joint Acquisition with one or more affiliates of Mudrick Capital. This may result in conflicts of interest as well as dilutive
issuances 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">We may, at our option, pursue an Affiliated Joint Acquisition
opportunity with an entity affiliated with Mudrick Capital. Any such parties would co-invest only if&#8201; (i) permitted by applicable
regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction to be mutually beneficial to us as
well as the affiliated entity; and (iii) other business reasons exist to do so, such as the strategic merits of including such
co-investors, the need for additional capital beyond the amount held in our trust account to fund the initial business combination
and/or the desire to obtain committed capital for closing the initial business combination. An Affiliated Joint Acquisition may
be effected through a co-investment with us in the target business at the time of our initial business combination, or we could
raise additional proceeds to complete the initial business combination by issuing to such parties a class of equity or equity-linked
securities. Accordingly, such persons or entities may have a conflict between their interests and ours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, any specified future issuance in connection with
Affiliated Joint Acquisition would trigger the anti-dilution provisions of our Class B common stock, which, unless waived, would
result in an adjustment to the conversion ratio of our Class B common stock such that our initial stockholders and their permitted
transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of the total number of all shares of common
stock outstanding upon completion of this offering plus all shares issued in the specified future issuance. If such adjustment
is not waived as described elsewhere in this prospectus, the specified future issuance would not reduce the percentage ownership
of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A 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"></P>

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Since our sponsor, officers and directors will lose
their entire investment in us if our initial business combination is not completed (except with respect to any public shares
the may hold), a conflict of interest may arise in determining whether a particular business combination target is
appropriate for 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"> In August 2020, our sponsor paid $25,000 to cover certain
offering costs on our behalf in consideration of 8,625,000 founder shares, 1,125,000 of which are subject to forfeiture if the
underwriters&rsquo; over-allotment option is not exercised. The number of founder shares issued was determined based on the expectation
that such founder shares would represent 20% of the outstanding shares after this offering. The founder shares will be worthless
if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 7,500,000
(or 8,400,000 if the underwriters&rsquo; over-allotment option is exercised in full) private placement warrants, each exercisable
for one share of our Class A common stock at $11.50 per share, for a purchase price of $7,500,000 (or $8,400,000 if the underwriters&rsquo;
over-allotment option is exercised in full), or $1.00 per warrant, that will also be worthless if we do not complete an initial
business combination. Holders of founder shares have agreed (A) to vote any shares owned by them in favor of any proposed initial
business combination and (B) not to redeem any founder shares in connection with a stockholder vote to approve a proposed initial
business combination or in connection with a stockholder vote to approve an amendment to our amended and restated certificate
of incorporation. In addition, we may obtain loans from our sponsor, affiliates of our sponsor or an officer or director. The
personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target
business combination, completing an initial business combination and influencing the operation of the business following the initial
business combination. </P>

<P STYLE="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><I>We may issue notes or other debt securities, or otherwise
incur substantial debt, to complete an initial business combination, which may adversely affect our leverage and financial condition
and thus negatively impact the value of our stockholders&rsquo; investment in 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">Although we have no commitments as of the date of this prospectus
to issue any notes or other debt securities, or to otherwise incur outstanding debt following this offering, we may choose to
incur substantial debt to complete our initial business combination. We have agreed that we will not incur any indebtedness unless
we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies held in the trust
account. As such, no issuance of debt will affect the per-share amount available for redemption from the trust account. Nevertheless,
the incurrence of debt could have a variety of negative effects, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
inability to pay dividends on our common stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general
corporate purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution
of our strategy; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
disadvantages compared to our competitors who have less debt.</P>

<P STYLE="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: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be able to complete only one business combination
with the proceeds of this offering and the sale of the private placement warrants, which will cause us to be solely dependent on
a single business, which may have a limited number of products or services and limited operating activities. This lack of diversification
may negatively impact our operating results and profitability.</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">Of the net proceeds from this offering and the sale of the private
placement warrants, $300,000,000 (or $345,000,000 if the underwriters&rsquo; over-allotment option is exercised in full) will be
available to complete our initial business combination and pay related fees and expenses (which includes up to $10,500,000, or
up to $12,075,000 if the over-allotment option is exercised in full, for the payment of deferred underwriting commissions being
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">We may effectuate our initial business combination with a single
target business or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate
our initial business combination with more than one target business because of various factors, including the existence of complex
accounting issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating
results and the financial condition of several target businesses as if they had been operated on a combined basis. By completing
our initial business combination with only a single entity, our lack of diversification may subject us to numerous economic, competitive
and regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible spreading of
risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in
different industries or different areas of a single industry. Accordingly, the prospects for our success may be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solely
dependent upon the performance of a single business, property or asset, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dependent
upon the development or market acceptance of a single or limited number of products, processes or 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">This lack of diversification may subject us to numerous economic,
competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which
we may operate subsequent to our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may attempt to simultaneously complete business combinations
with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased
costs and risks that could negatively impact our operations and profitability.</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">If we determine to simultaneously acquire several businesses
that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent
on the simultaneous closings of the other business combinations, which may make it more difficult for us, and delay our ability,
to complete our initial business combination. We do not, however, intend to purchase multiple businesses in unrelated industries
in conjunction with our initial business combination. With multiple business combinations, we could also face additional risks,
including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations (if there
are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or products
of the acquired companies in a single operating business. If we are unable to adequately address these risks, it could negatively
impact our profitability and results of operations.</P>

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

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

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

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

<!-- Field: Page; Sequence: 52; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our management may not be able to maintain control of
a target business after 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">We may structure an initial business combination so that the
post-transaction company in which our public stockholders own shares will own less than 100% of the equity interests or assets
of a target business, but we will only complete such business combination if the post-transaction company owns or acquires 50%
or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction
that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target,
our stockholders prior to the initial business combination may collectively own a minority interest in the post business combination
company, depending on valuations ascribed to the target and us in the initial business combination. For example, we could pursue
a transaction in which we issue a substantial number of new shares of Class A common stock in exchange for all of the outstanding
capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of
a substantial number of new shares of common stock, our stockholders immediately prior to such transaction could own less than
a majority of our outstanding shares of common stock subsequent to such transaction. In addition, other minority stockholders may
subsequently combine their holdings resulting in a single person or group obtaining a larger share of our stock than we initially
acquired. Accordingly, this may make it more likely that our management will not be able to maintain our control of the target
business. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills,
qualifications or abilities necessary to profitably operate such business.</P>

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

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

<P STYLE="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: 53; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>In order to effectuate an initial business combination,
blank check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including
their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated certificate of incorporation
or governing instruments in a manner that will make it easier for us to complete our initial business combination that our stockholders
may not support.</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">In order to effectuate an initial business combination, blank
check companies have, in the recent past, amended various provisions of their charters and modified governing instruments, including
their warrant agreements. For example, blank check companies have amended the definition of business combination, increased redemption
thresholds, changed industry focus and extended the time to consummate an initial business combination and, with respect to their
warrants, amended their warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending
our amended and restated certificate of incorporation will require the approval of holders of 65% of our common stock, and amending
our warrant agreement will require a vote of holders of at least a majority of the public warrants and, solely with respect to
any amendment to the terms of the private placement warrants or any provision of our warrant agreement with respect to the private
placement warrants, a majority of the number of the then outstanding private placement warrants. In addition, our amended and
restated certificate of incorporation will require us to provide our public stockholders with the opportunity to redeem their
public shares for cash if we propose an amendment to our amended and restated certificate of incorporation to (A) modify the substance
or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination
or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing
of this offering or (B) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business
combination activity. To the extent any such amendments would be deemed to fundamentally change the nature of any securities offered
through this registration statement, we would register, or seek an exemption from registration for, the affected securities. We
cannot assure you that we will not seek to amend our charter or governing instruments or extend the time to consummate an initial
business combination in order to effectuate 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"><B><I>The provisions of our amended and restated certificate
of incorporation that relate to our pre-business combination activity (and corresponding provisions of the agreement governing
the release of funds from our trust account), including an amendment to permit us to withdraw funds from the trust account such
that the per share amount investors will receive upon any redemption or liquidation is substantially reduced or eliminated, may
be amended with the approval of holders of 65% of our common stock, which is a lower amendment threshold than that of some other
blank check companies. It may be easier for us, therefore, to amend our amended and restated certificate of incorporation and the
trust agreement to facilitate the completion of an initial business combination that some of our stockholders may not support.</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">Our amended and restated certificate of incorporation will
provide that any of its provisions related to pre-initial business combination activity (including the requirement to deposit
proceeds of this offering and the private placement of warrants into the trust account and not release such amounts except in
specified circumstances, and to provide redemption rights to public stockholders as described herein and including to permit us
to withdraw funds from the trust account such that the per share amount investors will receive upon any redemption or liquidation
is substantially reduced or eliminated) may be amended if approved by holders of 65% of our common stock entitled to vote thereon,
and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved
by holders of 65% of our common stock entitled to vote thereon. In all other instances, our amended and restated certificate of
incorporation may be amended by holders of a majority of our outstanding common stock entitled to vote thereon, subject to applicable
provisions of the DGCL or applicable stock exchange rules. We may not issue additional securities that can vote on amendments
to our amended and restated certificate of incorporation. Our initial stockholders, who will collectively beneficially own up
to 20% of our common stock upon the closing of this offering (assuming they do not purchase any units in this offering), will
participate in any vote to amend our amended and restated certificate of incorporation and/or trust agreement and will have the
discretion to vote in any manner they choose. As a result, we may be able to amend the provisions of our amended and restated
certificate of incorporation, which govern our pre-initial business combination behavior more easily than some other blank check
companies, and this may increase our ability to complete an initial business combination with which you do not agree. Our stockholders
may pursue remedies against us for any breach of our amended and restated certificate of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor, officers and directors have agreed, pursuant to
a written agreement with us, that they will not propose any amendment to our amended and restated certificate of incorporation
to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with
an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders&rsquo;
rights or pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem
their shares of Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account (including interest, net of taxes), divided by the number of then outstanding public
shares. These agreements are contained in a letter agreement that we have entered into with our sponsor, officers and directors.
Our stockholders are not parties to, or third-party beneficiaries of, these agreements and, as a result, will not have the ability
to pursue remedies against our sponsor, officers or directors for any breach of these agreements. As a result, in the event of
a breach, our stockholders would need to pursue a stockholder derivative action, subject to 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>

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our letter agreement with our sponsor, director nominees,
and officers may be amended without stockholder approval.</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">Our letter agreement with our sponsor, directors, director nominees,
and officers contains provisions relating to transfer restrictions of our founder shares and sponsor warrants, indemnification
of the trust account, waiver of redemption rights and participation in liquidation distributions from the trust account. This letter
agreement may be amended without stockholder approval (although releasing the parties from the restriction not to transfer our
founder shares for 180 days following the date of this prospectus will require the prior written consent of the underwriters).
While we do not expect our board to approve any amendment to this agreement prior to our initial business combination, it may be
possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more
amendments to this agreement. Any such amendments to the letter agreement would not require approval from our stockholders and
may have an adverse effect on the value of an investment in 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"><B><I>We may be unable to obtain additional financing to complete
our initial business combination or to fund the operations and growth of a target business, which could compel us to restructure
or abandon a particular business combination.</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">We have not selected any specific business combination target
but intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering
and the sale of the private placement warrants. As a result, if the cash portion of the purchase price exceeds the amount available
from the trust account, net of amounts needed to satisfy any redemption by public stockholders, we may be required to seek additional
financing to complete such proposed initial business combination. We cannot assure you that such financing will be available on
acceptable terms, if at all. To the extent that additional financing proves to be unavailable when needed to complete our initial
business combination, we would be compelled to either restructure the transaction or abandon that particular business combination
and seek an alternative target business candidate. Further, we may be required to obtain additional financing in connection with
the closing of our initial business combination for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial
business combination, or to fund the purchase of other companies. If we are unable to complete our initial business combination,
our public stockholders may receive only approximately $10.00 per share plus any <I>pro rata </I>interest earned on the funds
held in the trust account and not previously released to us to pay our taxes on the liquidation of our trust account and our warrants
will expire worthless. In addition, even if we do not need additional financing to complete our initial business combination,
we may require such financing to fund the operations or growth of the target business. The failure to secure additional financing
could have a material adverse effect on the continued development or growth of the target business. None of our sponsor, officers,
directors or stockholders is required to provide any financing to us in connection with or after our initial business combination.
If we are unable to complete our initial business combination, our public stockholders may only receive approximately $10.00 per
share on the liquidation of our trust account, and our warrants will expire worthless. Furthermore, as described in the risk factor
entitled &ldquo;&mdash; If third parties bring claims against us, the proceeds held in the trust account could be reduced and
the per-share redemption amount received by stockholders may be less than $10.00 per share,&rdquo; under certain circumstances
our public stockholders may receive less than $10.00 per share upon the liquidation 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"><B><I>Our initial stockholders may exert a substantial influence
on actions requiring a stockholder vote, potentially in a manner that you do not support.</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">Upon the closing of this offering, our initial stockholders
will own shares representing 20% of our issued and outstanding shares of common stock (assuming they do not purchase any units
in this offering). Accordingly, they may exert a substantial influence on actions requiring a stockholder vote, potentially in
a manner that you do not support, including amendments to our amended and restated certificate of incorporation and approval of
major corporate transactions. If our initial stockholders purchase any units in this offering or if our initial stockholders purchase
any additional shares of common stock in the aftermarket or in privately-negotiated transactions, this would increase their control.
Factors that would be considered in making such additional purchases would include consideration of the current trading price of
our Class A common stock. In addition, our board of directors, whose members were elected by our initial stockholders, is and will
be divided into three classes, each of which will generally serve for a term of three years with only one class of directors being
elected in each year. We may not hold an annual meeting of stockholders to elect new directors prior to the completion of our initial
business combination, in which case all of the current directors will continue in office until at least the completion of the initial
business combination. If there is an annual meeting, as a consequence of our &ldquo;staggered&rdquo; board of directors, only a
minority of the board of directors will be considered for election and our initial 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 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"></P>

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our sponsor paid a nominal price for the founder shares,
and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B 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">The difference between the public offering price per share (allocating
all of the unit purchase price to the Class A common stock and none to the warrant included in the unit) and the pro forma net
tangible book value per share of our Class A common stock after this offering constitutes the dilution to you and the other investors
in this offering. Our sponsor acquired the founder shares at a nominal price, significantly contributing to this dilution. Upon
the closing of this offering, and assuming no value is ascribed to the warrants included in the units, you and the other public
stockholders will incur an immediate and substantial dilution of approximately 94.4% (or $9.44 per share, assuming no exercise
of the underwriters&rsquo; over-allotment option), the difference between the pro forma net tangible book value per share of $0.56
and the initial offering price of $10.00 per unit. In addition, because of the anti-dilution rights of the founder shares, any
equity or equity-linked securities issued or deemed issued in connection with our initial business combination, including pursuant
to a specified future issuance, would be disproportionately dilutive to our Class A common stock and would be exacerbated to the
extent the public stockholders seek redemptions from 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"><B><I>We may amend the terms of the warrants in a manner that
may be adverse to holders of public warrants with the approval by the holders of at least a majority of the then outstanding public
warrants. As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number
of shares of our Class A common stock purchasable upon exercise of a warrant could be decreased, all without your approval.</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">Our warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer &amp; Trust Company, as warrant agent, and us. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that
adversely affects the interests of the registered holders of public warrants. Accordingly, we may amend the terms of the public
warrants in a manner adverse to a holder of public warrants if holders of at least a majority of the then outstanding public warrants
approve of such amendment. Although our ability to amend the terms of the public warrants with the consent of at least a majority
of the then outstanding public warrants is unlimited, examples of such amendments could be amendments to, among other things,
increase the exercise price of the warrants, convert the warrants into cash or stock, shorten the exercise period or decrease
the number of shares of our Class A common stock purchasable upon exercise of a 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"> <B><I>Our warrant agreement will designate the courts of
the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum
for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of
warrant holders to obtain a favorable judicial forum for disputes with our company.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our warrant agreement will provide that, subject to applicable
law, (i) any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including
under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the
exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Notwithstanding the foregoing, these provisions of the warrant
agreement will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for
which the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing
or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and to have consented to the forum
provisions in our warrant agreement. If any action, the subject matter of which is within the scope the forum provisions of the
warrant agreement, is filed in a court other than a court of the State of New York or the United States District Court for the
Southern District of New York (a &ldquo;foreign action&rdquo;) in the name of any holder of our warrants, such holder shall be
deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in
connection with any action brought in any such court to enforce the forum provisions (an &ldquo;enforcement action&rdquo;), and
(y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder&rsquo;s
counsel in the foreign action as agent for such warrant holder. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> This choice-of-forum provision may limit a warrant holder&rsquo;s
ability to bring a claim in a judicial forum that it finds favorable for disputes with our company, which may discourage such
lawsuits. Alternatively, if a court were to find this provision of our warrant agreement inapplicable or unenforceable with respect
to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such
matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations
and result in a diversion of the time and resources of our management and board of directors. </P>

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

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

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">We have the ability to redeem outstanding warrants at any time
after they become exercisable and prior to their expiration, at a price of $0.01 per warrant; provided that the reported closing
price of our Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to
the date on which we give proper notice of such redemption to the warrant holders and provided certain other conditions are met.
If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common
stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we
are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares of common
stock under the blue sky laws of the state of residence in those states in which the warrants were initially offered by us in this
offering. 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) 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
placement warrants will be redeemable by us so long as they are held by the sponsor 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"><B><I>Our warrants and founder shares may have an adverse effect
on the market price of our Class A common stock and make it more difficult to effectuate 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"> We
                                         will be issuing warrants to purchase 15,000,000 shares of our Class A common stock (or
                                         up to 17,250,000 shares of Class A common stock if the underwriters&rsquo; over-allotment
                                         option is exercised in full) as part of the units offered by this prospectus and, simultaneously
                                         with the closing of this offering, we will be issuing in a private placement warrants
                                         to purchase an aggregate of 7,500,000 (or up to 8,400,000 if the underwriters&rsquo;
                                         over-allotment option is exercised in full) shares of Class A common stock at $11.50
                                         per share. Our initial stockholders currently own an aggregate of 8,625,000 founder shares,
                                         1,125,000 of which are subject to forfeiture if the underwriters&rsquo; over-allotment
                                         option is not exercised. The founder shares are convertible into shares of Class A common
                                         stock on a one-for-one basis, subject to adjustment as set forth herein. In addition,
                                         if our sponsor or an affiliate of our sponsor or certain of our officers and directors
                                         make any working capital loans, up to $1,500,000 of such loans may be converted into
                                         warrants, at the price of $1.00 per warrant at the option of the lender. Such warrants
                                         would be identical to the private placement warrants, including as to exercise price,
                                         exercisability and exercise 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">To the extent we issue shares of Class A common stock to effectuate
an initial business combination, the potential for the issuance of a substantial number of additional shares of Class A common
stock upon exercise of these warrants and conversion rights could make us a less attractive business combination vehicle to a target
business. Any such issuance will increase the number of issued and outstanding shares of our Class A common stock and reduce the
value of the shares of Class A common stock issued to complete the initial business combination. Therefore, our warrants and founder
shares may make it more difficult to effectuate an initial business combination or increase the cost of acquiring 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">The private placement warrants are identical to the warrants
sold as part of the units in this offering except that, so long as they are held by our sponsor or its permitted transferees, (i)
they will not be redeemable by us, (ii) they (including the Class A common stock issuable upon exercise of these warrants) may
not, subject to certain limited exceptions, be transferred, assigned or sold by our sponsor until 30 days after the completion
of our initial business combination, (iii) they may be exercised by the holders on a cashless basis and (iv) the holders thereof
(including with respect to shares of Class A common stock issuable upon exercise of such warrants) are entitled to registration
rights.</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"></P>

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <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"> 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
at least two units, you will not be able to receive or trade a whole warrant. This is different from other offerings similar to
ours whose units include one share of common stock and one warrant to purchase one 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 share, thus making us, we believe, a more attractive business combination 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 share. </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><I>A provision of our warrant agreement may make it more
difficult for use 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">Unlike some other blank check companies, if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(i)&nbsp;&nbsp;&nbsp;we issue
additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per share;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(iii)&nbsp;the Market Value
is below $9.20 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">then the exercise price of the warrants will be adjusted to
be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price
will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. This may
make it more difficult for us to consummate an initial business combination with a target business.</P>

<P STYLE="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><I>The determination of the offering price of our units,
the size of this offering and terms of the units is more arbitrary than the pricing of securities and size of an offering of an
operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly
reflects the value of such units than you would have in a typical offering of an operating company.</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">Prior to this offering there has been no public market for any
of our securities. The public offering price of the units and the terms of the warrants were negotiated between us and the underwriters.
In determining the size of this offering, management held customary organizational meetings with representatives of the underwriters,
both prior to our inception and thereafter, with respect to the state of capital markets, generally, and the amount the underwriters
believed they reasonably could raise on our behalf. Factors considered in determining the size of this offering, prices and terms
of the units, including the Class A common stock and warrants underlying the units, include:</P>

<P STYLE="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 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
history and prospects of companies whose principal business is the acquisition of other companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
offerings of those companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
prospects for acquiring an operating business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
review of debt to equity ratios in leveraged transactions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
capital structure;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
assessment of our management and their experience in identifying operating companies;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;general
conditions of the securities markets at the time of this offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
factors as were deemed relevant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although these factors were considered, the determination of
our offering size, price and terms of the units is more arbitrary than the pricing of securities of an operating company in a particular
industry since we have no historical operations or financial results.</P>

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

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

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">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"><B><I>Because we must furnish our stockholders with target business
financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective
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">The federal proxy rules require that the proxy statement with
respect to the vote on an initial business combination include historical and pro forma financial statement disclosure. We will
include the same financial statement disclosure in connection with our tender offer documents, whether or not they are required
under the tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled to,
accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;) or international financial reporting
standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;) 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) (&ldquo;PCAOB&rdquo;). These financial statement requirements may limit the pool of potential target
businesses we may acquire because some targets may be unable to provide such financial statements in time for us to disclose such
statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time frame.</P>

<P STYLE="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><I>We are an emerging growth company and a smaller reporting
company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available
to emerging growth companies and smaller reporting companies, this could make our securities less attractive to investors and may
make it more difficult to compare our performance with other public companies.</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">We are an &ldquo;emerging growth company&rdquo; within the meaning
of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As a
result, our stockholders may not have access to certain information they may deem important. We could be an emerging growth company
for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our Class
A common stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case we would no longer
be an emerging growth company as of the following December 31. We cannot predict whether investors will find our securities less
attractive because we will rely on these exemptions. If some investors find our securities less attractive as a result of our reliance
on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active
trading market for our securities and the trading prices of our securities may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, Section 102(b)(1) of the JOBS Act exempts emerging
growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth
companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period,
which means that when a standard is issued or revised and it has different application dates for public or private companies,
we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised
standard. This may make comparison of our financial statements with another public company which is neither an emerging growth
company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because
of the potential differences in accountant standards used.</P>

<P STYLE="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: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, we are a &ldquo;smaller reporting company&rdquo;
as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations,
including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company
until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates exceeds $250 million
as of the end of the prior June 30<SUP>th</SUP>, or (2) our annual revenues exceeded $100 million during such completed fiscal
year and the market value of our common stock held by non-affiliates exceeds $700 million as of the prior June 30<SUP>th</SUP>.
To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements
with other public companies difficult or impossible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Compliance obligations under the Sarbanes-Oxley Act may
make it more difficult for us to effectuate our initial business combination, require substantial financial and management resources,
and increase the time and costs of completing 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">Section 404 of the Sarbanes-Oxley Act requires that we evaluate
and report on our system of internal controls beginning with our Annual Report on Form 10-K for the year ending December 31, 2021.
Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth
company, will we be required to comply with the independent registered public accounting firm attestation requirement on our internal
control over financial reporting. Further, for as long as we remain an emerging growth company, we will not be required to comply
with the independent registered public accounting firm attestation requirement on our internal control over financial reporting.
The fact that we are a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome
on us as compared to other public companies because a target company with which we seek to complete our initial business combination
may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development
of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary
to complete any such 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><I>Provisions in our amended and restated certificate of
incorporation and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing to pay in the
future for our Class A common stock and could entrench management.</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">Our amended and restated certificate of incorporation contains
provisions that may discourage unsolicited takeover proposals that stockholders may consider to be in their best interests. These
provisions include a staggered board of directors and the ability of the board of directors to designate the terms of and issue
new series of preferred shares, which may make the removal of management more difficult and may discourage transactions that otherwise
could involve payment of a premium over prevailing market prices for our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are also subject to anti-takeover provisions under Delaware
law, which could delay or prevent a change of control. Together these provisions may make the removal of management more difficult
and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.</P>

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

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

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>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 our directors,
officers, other employees or stockholders for breach of fiduciary duty and certain other 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, subject to certain
exceptions, be deemed to have consented to service of process on such stockholder&rsquo;s counsel, which may have the effect of
discouraging lawsuits against our directors, officers, other 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">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 our directors, officers, other
employees or stockholders for breach of fiduciary duty and certain other 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) 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 or (C) for which the Court of
Chancery does not have subject matter 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 or make more costly 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, other employees or stockholders,
which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision
contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur
additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results
and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, subject to certain exceptions.
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. In addition, our amended and restated certificate of incorporation provides that, unless we consent in writing to
the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent
permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities
Act of 1933, as amended, or the rules and regulations promulgated thereunder. We note, however, that there is uncertainty as to
whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the
rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts
over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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
(&quot;COVID-19&quot;) outbreak and the status of debt and equity markets.</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">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 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, and on March 11,
2020 the World Health Organization characterized the outbreak as a &ldquo;pandemic&rdquo;. The COVID-19 outbreak has resulted
in, and a significant outbreak of other infectious diseases could result in, a widespread health crisis that could adversely affect
the economies and financial markets worldwide, and the business of any potential target business with which we consummate a business
combination could be materially and adversely affected. Furthermore, we may be unable to complete a business combination if continued
concerns relating to COVID-19 continue to restrict travel, limit the ability to have meetings with potential investors or the
target company&rsquo;s personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in
a timely manner. The extent to which COVID-19 impacts our search for a business combination will depend on future developments,
which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19
and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of
global concern continue for an extensive period of time, our ability to consummate a business combination, or the operations of
a target business with which we ultimately consummate a business combination, may be materially adversely affected.</P>

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

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

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our ability to consummate a transaction may be
dependent on the ability to raise equity and debt financing, which may be impacted by COVID-19 and other events, including increased
market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us 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"><B><I>Cyber incidents or attacks directed at us could result
in information theft, data corruption, operational disruption and/or financial loss.</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">We depend on digital technologies, including information systems,
infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated and
deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties
or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential
data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected
against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any
vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences
on our business and lead to financial loss.</P>

<P STYLE="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><I>If we effect our initial business combination with a company
with locations or operations or opportunities outside of the United States, 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">If we effect our initial business combination with a company
with locations or operations or opportunities outside of the United States, we would be subject to any special considerations or
risks associated with companies operating in an international setting, including any of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;higher
costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal
requirements of overseas markets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rules
and regulations regarding currency redemption;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;complex
corporate withholding taxes on individuals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;laws
governing the manner in which future business combinations may be effected;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tariffs
and trade barriers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;regulations
related to customs and import/export matters;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;longer
payment cycles and challenges in collecting accounts receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax
issues, including, but not limited to, tax law changes and variations in tax laws as compared to the United States;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;currency
fluctuations and exchange controls; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rates
of inflation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cultural
and language differences;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employment
regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;changes
in industry, regulatory or environmental standards within the jurisdictions where we operate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;crime,
strikes, riots, civil disturbances, terrorist attacks, natural disasters and wars;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deterioration
of political relations with the United States; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;government
appropriations of assets.</P>

<P STYLE="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 may not be able to adequately address these additional risks.
If we were unable to do so, our operations might suffer, which may adversely impact our results of operations and financial condition.</P>

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

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

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investments in post-restructured equities are subject
to various risks.</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">Business combinations with post-restructured entities entail
special considerations and risks. If we are successful in completing a business combination with such a target business, we may
be subject to, and possibly adversely affected by, the following risks:</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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">investments in such companies are speculative, prices are volatile,
and market movements are difficult to predict;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">supply and demand for distressed securities change rapidly and are
affected by a variety of market factors over which we have no control and which may reduce the pool of profitable investment opportunities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to identify undervalued investment opportunities that
fit our business strategy involves a high degree of uncertainty, and no assurance can be given that we will be able to identify
such opportunities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">such investments may take a substantial period of time before realizing
their anticipated value and returns generated from such investments may not adequately compensate for the business and financial
risks assumed; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">there is no guarantee that we will be able to achieve our investment
objectives or provide any return on invested capital.</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">&#8203;Any of the foregoing could have an adverse impact on
our operations following a business combination. However, our efforts in identifying prospective target businesses will not be
limited to post-restructured entities. Accordingly, if we acquire a target business that is not a post-restructured entity, it
is possible that these specific risks would not affect us in the same manner, but we would be subject to other risks attendant
with the specific industry in which we operate or target business which we acquire, none of which can be presently ascertained.</P>

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

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

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_001"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain statements in this prospectus may constitute &ldquo;forward-looking
statements&rdquo; for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to,
statements regarding our or our management team&rsquo;s expectations, hopes, beliefs, intentions or strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo;
 &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo;
 &ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example,
statements about:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
ability to select an appropriate target business or businesses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
ability to complete our initial business combination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
expectations around the performance of the prospective target business or businesses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
combination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
potential ability to obtain additional financing to complete our initial business combination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
pool of prospective target businesses;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
ability of our officers and directors to generate a number of potential acquisition opportunities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
public securities&rsquo; potential liquidity and trading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
lack of a market for our securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
use of proceeds not held in the trust account or available to us from interest income on the trust account balance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
trust account not being subject to claims of third parties; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
financial performance following this offering or 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">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 section of this prospectus entitled &ldquo;Risk Factors&rdquo; beginning
on page 28. 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; text-align: center"></P>

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


<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_002"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are offering 30,000,000 units at an offering price of $10.00
per unit. We estimate that the net proceeds of this offering together with the funds we will receive from the sale of the private
placement warrants will be used as set forth in the following table.</P>


<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: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; padding-top: 10pt">&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>Without <BR>
Over-Allotment <BR>
Option</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; 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>Over-Allotment <BR>
Option Fully <BR>
Exercised</B></FONT></TD>
    <TD>&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><I>Gross proceeds</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="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">Gross proceeds from units offered to public<SUP>(1)</SUP></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">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">345,000,000</FONT></TD>
    <TD>&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">Gross proceeds from private placement warrants offered in the private placement</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">7,500,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">8,400,000</FONT></TD>
    <TD>&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">Total gross proceeds</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">307,500,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">353,400,000</FONT></TD>
    <TD>&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>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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><I>Offering expenses<SUP>(2)</SUP></I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&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-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting commissions (2% of gross proceeds from units offered to public, excluding deferred portion)<SUP>(3)</SUP></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">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,900,000</FONT></TD>
    <TD>&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">Legal fees and expenses</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">250,000</FONT></TD>
    <TD>&nbsp;</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">250,000</FONT></TD>
    <TD>&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">Accounting fees and expenses</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">37,500</FONT></TD>
    <TD>&nbsp;</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">37,500</FONT></TD>
    <TD>&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">SEC/FINRA Expenses </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">100,000</FONT></TD>
    <TD>&nbsp;</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">100,000</FONT></TD>
    <TD>&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">Travel and road show </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">25,000</FONT></TD>
    <TD>&nbsp;</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">25,000</FONT></TD>
    <TD>&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">Nasdaq listing and filing fees</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">75,000</FONT></TD>
    <TD>&nbsp;</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">75,000</FONT></TD>
    <TD>&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">Director and Officer liability insurance premiums </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">100,000</FONT></TD>
    <TD>&nbsp;</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">100,000</FONT></TD>
    <TD>&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">Printing and engraving expenses</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">40,000</FONT></TD>
    <TD>&nbsp;</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">40,000</FONT></TD>
    <TD>&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">Miscellaneous</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">122,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">122,500</FONT></TD>
    <TD>&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">Total offering expenses (excluding underwriting commissions)</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">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</FONT></TD>
    <TD>&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 after offering expenses</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300,750,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">345,750,000</FONT></TD>
    <TD>&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">Held in trust account<SUP>(3)</SUP></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">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">345,000,000</FONT></TD>
    <TD>&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">% of public offering size</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">100</FONT></TD>
    <TD>%</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">100</FONT></TD>
    <TD>%</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">Not held in trust account</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">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">750,000</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">The following table shows the estimated use of the approximately
$750,000 of net proceeds not held in the trust account.<SUP>(4)</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>&nbsp;</SUP></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; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% of Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal, accounting, due diligence, travel, and other expenses in connection with any business combination<SUP>(5)</SUP></FONT></TD><TD STYLE="width: 1%; 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">315,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">42.0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</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: 10pt">Legal and accounting fees related to regulatory reporting obligations</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">50,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&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">6.7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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; text-align: left; text-indent: -10pt; padding-left: 10pt">Nasdaq continued listing fees</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">75,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&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">10.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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: 10pt">Payment for office space, utilities and secretarial and administrative support ($10,000 per month for up to 24 months)</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">240,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&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">32.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Working capital to cover miscellaneous expenses (including taxes)</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">70,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">9.3</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">Total</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">750,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&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">100.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Includes amounts payable to public stockholders who properly
redeem their shares in connection with our successful completion of our initial business combination. Includes gross proceeds
from this offering of $300,000,000 (or $345,000,000 if the underwriters&rsquo; overallotment option is exercised in full).</TD>
</TR></TABLE>

<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: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">A portion of the offering expenses will be paid from
the proceeds of loans from our sponsor of up to an aggregate of $300,000 as described in this prospectus. As of August 3, 2020,
we had borrowed $12,500 (of up to $300,000 available to us) under the promissory note with our sponsor to be used for a portion
of the expenses of this offering. These amounts will be repaid upon completion of this offering out of the offering proceeds that
has been allocated for the payment of offering expenses (other than underwriting commissions). In the event that offering expenses
are more than as set forth in this table, they will be repaid using a portion of the $750,000 of offering proceeds not held in
the trust account and set aside for post-closing working capital expenses. In the event that offering expenses are less than set
forth in this table, any such amounts will be used for post-closing working capital expenses.</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&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: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: left">The underwriters have agreed to defer underwriting commissions
equal to 3.5% of the gross proceeds of this offering. Upon completion of our initial business combination, $10,500,000, which
constitutes the underwriter&rsquo;s deferred commissions (or $12,075,000 if the underwriters&rsquo; over-allotment option is exercised
in full) will be paid to the underwriters from the funds held in the trust account, and the remaining funds, less amounts released
to the trustee to pay redeeming stockholders, will be released to us and can be used to pay all or a portion of the purchase price
of the business or businesses with which our initial business combination occurs or for general corporate purposes, including
payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases
of other companies or for working capital. The underwriters will not be entitled to any interest accrued on the deferred underwriting
discounts and commissions.</TD>
</TR></TABLE>

<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: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: left">These expenses are estimates only and do not include
interest which may be available to us from the trust account. 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 such business
combination. In the event we identify an initial business combination target in a specific industry subject to specific regulations,
we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition,
our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence.
We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated
expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be
available for our expenses.</TD>
</TR></TABLE>

<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: 0.25in; text-align: left">(5)</TD><TD STYLE="text-align: left">Includes estimated amounts that may also be used in connection
with our initial business combination to fund a &ldquo;no shop&rdquo; provision and commitment fees for financing.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may increase or decrease the total number of units sold to
the public in this offering. If we decide to proceed with an offering that results in an increase in the total number of units
sold to the public, we would have additional proceeds from the offering available to pursue an acquisition. If we proceed with
an offering that results in a decrease in the total number of shares sold to the public, we would have reduced proceeds from the
offering available to pursue an acquisition. Such an increase or decrease may impact the size of the initial business combination
we may pursue. In addition, the proceeds held in trust would correspondingly increase or decrease such that 100% of the gross proceeds
from this offering will be held in trust. The underwriter&rsquo;s option to purchase additional units to cover over-allotments&nbsp;and
the amount of private placement warrants that our sponsor will purchase will correspondingly increase or decrease. We would issue
additional founder shares in the event we increase the total number of units sold in this offering and our sponsor would forfeit
founder shares it holds in the event we decrease the total number of units sold in this offering so that the number of shares of
Class&nbsp;A common stock issuable upon conversion of all shares of Class&nbsp;B common stock will equal, in the aggregate, on
an&nbsp;as-converted&nbsp;basis, 20% of the sum of the total number of all shares of common stock outstanding upon completion of
this offering the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise
of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation
of the initial business combination, including pursuant to a specified future issuance, excluding any shares of Class A common
stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to
any seller in the initial business combination and any private placement-equivalent warrants issued to our sponsor, officers or
directors upon conversion of working capital loans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Of the net proceeds of this offering and the sale of the
private placement warrants, $300,000,000 (or $345,000,000 if the underwriters&rsquo; over-allotment option is exercised in
full), including $10,500,000 (or $12,075,000 if the underwriters&rsquo; over-allotment option is exercised in full) of
deferred underwriting commissions, will be placed in a trust account in the United States at J.P. Morgan Chase Bank, N.A.,
with Continental Stock Transfer &amp; Trust Company acting as trustee, and will be invested only in U.S. government treasury
bills with a maturity of 185&nbsp;days or less or in money market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act, which invest only in direct U.S. government treasury obligations. We estimate that the interest
earned on the trust account will be approximately $300,000 per year, assuming an interest rate of 0.1% per year; however, we
can provide no assurance regarding this amount. Except with respect to interest earned on the funds held in the trust account
that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private placement
warrants will not be released from the trust account until the earliest to occur of: (a) the completion of our initial
business combination, (b) the redemption of any public shares properly submitted in connection with a stockholder vote to
amend our amended and restated certificate of incorporation to (i) modify the substance or timing of our obligation to
provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our
public shares if we do not complete our initial business combination within 24 months from the closing of this offering or
(ii) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination
activity, and (c) the redemption of our public shares if we are unable to complete our initial business combination within 24
months from the closing of this offering, subject to 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>

<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The net proceeds released to us from the trust account upon
the closing of our initial business combination may be used as consideration to pay the sellers of a target business with which
we complete our initial business combination. If our initial business combination is paid for using equity or debt securities,
or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial
business combination or used for redemption of our public shares, we may use the balance of the cash released from the trust account
following the closing for general corporate purposes, including for maintenance or expansion of operations of the post-transaction
company, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund
the purchase of other companies or for working capital. There is no limitation on our ability to raise funds through the issuance
of equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness in connection
with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter
into following consummation of this offering. However, our amended and restated certificate of incorporation will provide that,
following this offering and prior to the consummation of our initial business combination, we will be prohibited from issuing additional
securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our
public shares (a) on any initial business combination or (b) to approve an amendment to our amended and restated certificate of
incorporation to (x) extend the time we have to consummate a business combination beyond 24 months from the closing of this offering
or (y) amend the foregoing provisions, unless (in connection with any such amendment to our amended and restated certificate of
incorporation) we offer our public stockholders the opportunity to redeem their 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">We believe that amounts not held in trust will be sufficient
to pay the costs and expenses to which such proceeds are allocated. This belief is based on the fact that while we may begin preliminary
due diligence of a target business in connection with an indication of interest, we intend to undertake in-depth due diligence,
depending on the circumstances of the relevant prospective business combination, only after we have negotiated and signed a letter
of intent or other preliminary agreement that addresses the terms of an initial business combination. However, if our estimate
of the costs of undertaking in-depth due diligence and negotiating an initial business combination is less than the actual amount
necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable.
If we are required to seek additional capital, we could seek such additional capital through loans or additional investments from
our sponsor, members of our management team or their affiliates, but such persons are not under any obligation to advance funds
to, or invest in, us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commencing on the date of this prospectus, we have agreed to
pay our sponsor a total of&#8201;$10,000 per month for office space, utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation, we will cease paying these monthly fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the closing of this offering, our sponsor has agreed
to loan us up to an aggregate of $300,000 to be used for a portion of the expenses of this offering. As of August 3, 2020, we had
borrowed $12,500 under the promissory note with our sponsor to be used for a portion of the expenses of this offering. These loans
are non-interest bearing, unsecured and are due at the earlier of March 31, 2021 or the closing of this offering. The loan will
be repaid upon the closing of this offering out of offering proceeds not 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"> In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans would be repaid only out of
funds held outside the trust account. In the event that our initial business combination does not close, we may use a portion
of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would
be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per
warrant at the option of the lender. The warrants would be identical to the private placement warrants, including as to exercise
price, exercisability and exercise period. The terms of such loans by our officers and directors, if any, have not been determined
and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor
or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against
any and all rights to seek access to funds in our trust account. </P>

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

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

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will only redeem our public shares so long as (after
such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our
initial business combination and after payment of deferred underwriters&rsquo; fees and commissions (so that we are not
subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) and the agreement for our initial business combination may
require as a closing condition that we have a minimum net worth or a certain amount of cash. If too many public stockholders
exercise their redemption rights so that we cannot satisfy the net tangible asset requirement or any net worth or cash
requirements, we would not proceed with the redemption of our public shares or the initial business combination, and instead
may search for an alternate business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A public stockholder will be entitled to receive funds from
the trust account only upon the earliest to occur of: (i) our completion of an initial business combination, (ii) the redemption
of any public shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate of
incorporation to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection
with an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders&rsquo;
rights or pre-initial business combination activity, and (iii) the redemption of our public shares if we are unable to complete
our initial business combination within 24 months following the closing of this offering, subject to applicable law and as further
described herein and any limitations (including, but not limited to, cash requirements) created by the terms of the proposed initial
business combination. 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">Our sponsor, officers and directors have entered into a letter
agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any
public shares held by them in connection with the completion of our initial business combination. In addition, our initial stockholders
have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by
them if we fail to complete our initial business combination within the prescribed time frame. However, if our sponsor or any of
our officers, directors or affiliates acquires public shares in or after this offering, they will be entitled to liquidating distributions
from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time frame.</P>

<P STYLE="font: 10pt 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="f_003"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not paid any cash dividends on our common stock to date
and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination
will be within the discretion of our board of directors at such time. If we increase or decrease the size of the offering we will
effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our
initial stockholders at 20% of the issued and outstanding shares of our common stock upon the consummation of this offering. Further,
if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited
by restrictive covenants we may agree to in connection therewith.</P>

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

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

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_004"></A>DILUTION </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">The difference between the public offering price per share of
Class A common stock, assuming no value is attributed to the warrants included in the units we are offering pursuant to this prospectus
or the private placement warrants, and the pro forma net tangible book value per share of our Class A common stock after this offering
constitutes the dilution to investors in this offering. Such calculation does not reflect any dilution associated with the sale
and exercise of warrants, including the private placement warrants, which would cause the actual dilution to the public stockholders
to be higher, particularly where a cashless exercise is utilized. Net tangible book value per share is determined by dividing our
net tangible book value, which is our total tangible assets less total liabilities (including the value of Class A common stock
which may be redeemed for cash), by the number of outstanding shares of our Class A common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At August 3, 2020, our net tangible book value was $(18,500),
or approximately $(0.00) per share of common stock. After giving effect to the sale of 30,000,000 shares of Class A common stock
included in the units we are offering by this prospectus (or 34,500,000 shares of Class A common stock if the underwriters&rsquo;
over-allotment option is exercised in full), the sale of the private placement warrants and the deduction of underwriting commissions
and estimated expenses of this offering, our pro forma net tangible book value at August 3, 2020 would have been $5,000,010, or
approximately $0.56 per share (or $0.49 per share if the underwriters&rsquo; over-allotment option is exercised in full), representing
an immediate increase in net tangible book value (as decreased by the value of the approximately 28,527,399 shares of Class A common
stock that may be redeemed for cash, or 32,869,899 shares of Class A common stock if the underwriters&rsquo; over-allotment option
is exercised in full) of $0.56 per share (or $0.49 per share if the underwriters&rsquo; over-allotment option is exercised in full)
to our initial stockholders as of the date of this prospectus and immediate dilution to public stockholders from this offering
will be $9.44 per share (or $9.51 if the underwriters&rsquo; over-allotment option is exercised in full).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">No exercise of <BR> over-allotment <BR> option</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Exercise of <BR> over-allotment <BR> option in full</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Public offering price</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">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10.00</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: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Net tangible book value before this offering</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Increase attributable to public stockholders and sale of the private placement warrants</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.56</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.49</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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Pro forma net tangible book value after this offering</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">0.56</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">.49</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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Dilution to public stockholders</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9.44</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9.51</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: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Percentage of dilution to public stockholders</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">94.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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">95.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of presentation, we have reduced our pro forma
net tangible book value after this offering (assuming no exercise of the underwriters&rsquo; over-allotment option) by $285,273,990
because holders of up to approximately 95.1% of our public shares may redeem their shares for a <I>pro rata</I> share of the aggregate
amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account as set forth
in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior to the commencement
of our tender offer or stockholders&rsquo; meeting, including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes), divided by the number of shares of Class A common stock sold in this offering.</P>

<P STYLE="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: 69; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">The following table sets forth information with respect to our
initial stockholders and the public stockholders:</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; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Shares Purchased</TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total Consideration</TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Average<BR> Price</TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number</TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage</TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage</TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Per Share</TD>
<TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initial Stockholders<SUP>(1)</SUP></FONT></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: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">7,500,000</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">20.000</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</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">$</TD>
<TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">.009</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.003</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-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>
<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>
<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: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Public Stockholders</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">30,000,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</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">80.000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</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">300,000,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</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">99.991</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">%</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">$</TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10.000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,500,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100.000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">300,025,000</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&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">100.00</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</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>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Assumes no exercise of the underwriters&rsquo; over-allotment
option and the corresponding forfeiture of an aggregate of 1,125,000 shares of Class B common stock held by our sponsor and conversion
of Class B common stock into Class A common stock on a one for-one basis. The dilution to public stockholders would increase to
the extent that the anti-dilution provisions of the Class B common shares result in the issuance of Class A common shares on a
greater than one-to-one basis upon such conversion.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The pro forma net tangible book value per share after this 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="padding-bottom: 1pt; background-color: White; padding-left: 10pt; text-indent: -10pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; white-space: nowrap"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: White; white-space: nowrap; text-align: center"><B>Without
    <BR> Over-allotment</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; white-space: nowrap; text-align: right"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; white-space: nowrap"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; background-color: White; white-space: nowrap; text-align: center"><B>With<BR>
    Over-allotment</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; white-space: nowrap; text-align: right"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 66%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Numerator:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</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%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</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</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">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,500</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,500</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus: Offering costs paid in advance, excluded from tangible book value before this offering</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">42,500</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">42,500</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">Net proceeds from this offering and sale of the private placement warrants, net of expenses<SUP>(1)</SUP></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">300,750,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">345,750,000</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-family: Times New Roman, Times, Serif; font-size: 10pt">Less: Deferred underwriting commissions</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">(10,500,000</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: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,075,000</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></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">Less: Proceeds held in trust subject to redemption to maintain net tangible assets of $5,000,001<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(285,273,990</FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top">)</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(328,698,990</FONT></TD>
    <TD STYLE="text-align: left; white-space: nowrap; vertical-align: top">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,010</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">5,000,010</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>

<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="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Without <BR> Over-allotment</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">With <BR> Over-allotment</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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-indent: -10pt; padding-left: 10pt">Denominator:</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: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Shares of Class B common stock outstanding prior to this offering</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: 13%; font: 10pt Times New Roman, Times, Serif; text-align: right">8,625,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">8,625,000</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; text-indent: -10pt; padding-left: 10pt">Shares of Class B common stock forfeited if over-allotment is not exercised</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">(1,125,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</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">&mdash;</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: 10pt">Shares of Class A common stock included in the units offered</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">30,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&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">34,500,000</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: 10pt">Less: Shares subject to redemption</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">(28,527,399</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</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">(32,869,899</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&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">8,972,601</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&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">10,255,101</TD><TD STYLE="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 0pt 24pt; text-indent: -24pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: left">Expenses applied against gross proceeds include offering
expenses of $750,000 and underwriting commissions of $6,000,000 (or $6,900,000 if the underwriters&rsquo; over-allotment option
is exercised in full) (excluding deferred underwriting fees). See &ldquo;Use of Proceeds.&rdquo;</TD>
</TR></TABLE>

<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: 0.25in; text-align: left">(2)</TD><TD STYLE="text-align: left">If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer
rules, our sponsor, initial stockholders, directors, executive officers, advisors or their affiliates may purchase shares or public
warrants&rsquo; in privately-negotiated transactions or in the open market, either prior to or following the completion of our
initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business
combination, the number of shares of Class A common stock subject to redemption will be reduced by the amount of any such purchases,
increasing the pro forma net tangible book value per share. See &ldquo;Proposed Business &mdash; Effecting Our Initial Business
Combination&rdquo; and &ldquo;Proposed Business &mdash; Permitted Purchases of Our Securities.&rdquo;</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="g1"></A><B>CAPITALIZATION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth our capitalization at August
3, 2020, and as adjusted to give effect to the sale of our units in this offering and the sale of the private placement warrants
and the application of the estimated net proceeds derived from the sale of such securities, assuming no exercise by the underwriters
of its over-allotment option:</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 STYLE="border-bottom: Black 1pt solid; white-space: nowrap; padding-top: 10pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>August 3, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Actual</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note payable</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,500</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</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">Deferred underwriting commissions</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">&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; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,500,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">Class A common stock, $0.0001 par value, 100,000,000 shares authorized; -0- and 28,527,399 shares are subject to possible redemption, actual and as adjusted, respectively(2)(3)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">&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; 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">285,273,990</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">Preferred stock, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and 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-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&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">&mdash;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</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">Class A common stock, $0.0001 par value, 100,000,000 shares authorized, -0- and 1,472,601 shares issued and outstanding (excluding-0- and 28,527,399 shares subject to redemption), actual and adjusted, respectively</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">&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; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">147</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 8,625,000 and 7,500,000 shares issued and outstanding, actual and as adjusted, respectively(3)</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">863</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">750</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">Additional paid-in capital</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">24,137</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">5,000,113</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">Accumulated deficit</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">(1,000</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; border-bottom: Black 1pt solid; 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">(1,000</FONT></TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</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">Total stockholders&rsquo; equity</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">24,000</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; 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">5,000,010</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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 capitalization</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">36,500</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">300,774,000</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 0pt 24pt; text-indent: -24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></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">Our sponsor has agreed to loan us up to an aggregate
of $300,000 to be used for a portion of the expenses of this offering. The &ldquo;as adjusted&rdquo; information gives effect
to the repayment of any loans made under this note out of the proceeds from this offering and the sale of the private placement
warrants. As of August 3, 2020, we had borrowed $12,500 under the promissory note with our sponsor to be used for a portion of
the expenses of this offering.</TD>
</TR></TABLE>

<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">Upon the completion of our initial business combination,
we will provide our public stockholders with the opportunity to redeem their public shares for cash equal to their <I>pro rata
</I>share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the
initial business combination, including interest earned on the funds held in the trust account and not previously released to
us to pay our taxes, subject to the limitations described herein whereby our net tangible assets will be maintained at a minimum
of $5,000,001 either immediately prior to or upon consummation of our initial business combination and any limitations (including,
but not limited to, cash requirements) created by the terms of the proposed initial business combination.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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">Actual share amount is prior to any forfeiture of founder
shares by our sponsor and as adjusted amount assumes no exercise of the underwriters&rsquo; over-allotment option.</TD>
</TR></TABLE>

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

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

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

<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="g2"></A>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL<BR>
CONDITION AND RESULTS OF 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"><B>Overview</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 are a blank check company whose business purpose is to effect
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or
more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated
any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination
with us. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the private
placement of the private placement warrants, the proceeds of the sale of our shares in connection with our initial business combination
(pursuant to forward purchase agreements or backstop agreements we may enter into following the consummation of this offering or
otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination
of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuance of additional shares in connection with an initial
business combination to the owners of the target or other investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">may significantly dilute the equity interest of investors
in this offering, which dilution would increase if the anti-dilution provisions in the Class B common stock resulted in the issuance
of Class A shares on a greater than one-to-one basis upon conversion of the Class B common stock;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">may subordinate the rights of holders of our common stock
if preferred stock is issued with rights senior to those afforded our common stock;</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">may have the effect of delaying or preventing a change
of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control of us; and</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">may adversely affect prevailing market prices for our
Class A common stock and/or 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">Similarly, if we issue debt securities or otherwise incur significant
debt to bank or other lenders or the owners of a target, it could result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">default and foreclosure on our assets if our operating
revenues after an initial business combination are insufficient to repay our debt obligations;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">acceleration of our obligations to repay the indebtedness
even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain
financial ratios or reserves without a waiver or renegotiation of that covenant;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">our immediate payment of all principal and accrued interest,
if any, if the debt is payable on demand;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">our inability to obtain necessary additional financing
if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">our inability to pay dividends on our common stock;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">using a substantial portion of our cash flow to pay principal
and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to
pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">limitations on our flexibility in planning for and reacting
to changes in our business and in the industry in which we operate;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">increased vulnerability to adverse changes in general
economic, industry and competitive conditions and adverse changes in government regulation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">limitations on our ability to borrow additional amounts
for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">other purposes and other disadvantages compared to our
competitors who have less debt.</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> As indicated in the accompanying financial statements, at
August 3, 2020, we had no cash, and will rely on loans from our sponsor for operating costs until the close of this offering.
Further, we expect to incur significant costs in the pursuit of our initial business combination plans. We cannot assure you that
our plans to raise capital or to complete our initial business combination will be successful&nbsp;. </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"><B>Results of Operations and Known Trends or Future Events</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 neither engaged in any operations nor generated any
revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare for this
offering. Following this offering, we will not generate any operating revenues until after completion of our initial business combination.
We will generate non-operating income in the form of interest income on cash and cash equivalents after this offering. There has
been no significant change in our financial or trading position and no material adverse change has occurred since the date of our
audited financial statements. After this offering, we expect to incur increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence on prospective
business combination candidates. We expect our expenses to increase substantially after the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"> Our liquidity needs will be satisfied prior to the completion
of this offering through up to an aggregate of $300,000 in loans available from our sponsor under unsecured promissory note. As
of August 3, 2020, we had borrowed $12,500 under such promissory note&nbsp;. We estimate that the net proceeds from (i) the sale
of the units in this offering, after deducting offering expenses of approximately $750,000, underwriting commissions of $6,000,000
($6,900,000 if the underwriters&rsquo; over-allotment option is exercised in full) (excluding deferred underwriting commissions
of $10,500,000 (or $12,075,000 if the underwriters&rsquo; over-allotment option is exercised in full)), and (ii) the sale of the
private placement warrants for a purchase price of $7,500,000 (or $8,400,000 if the over-allotment option is exercised in full),
will be $30,750,000 (or $345,750,000 if the underwriters&rsquo; over-allotment option is exercised in full). Of this amount, $300,000,000
(or $345,000,000 if the underwriters&rsquo; over-allotment option is exercised in full) will be held in the trust account, which
includes $10,500,000 (or $12,075,000 if the underwriters&rsquo; over-allotment option is exercised in full) of deferred underwriting
commissions. The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity
of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which
invest only in direct U.S. government treasury obligations. The remaining approximately $750,000 will not be held in the trust
account. In the event that our offering expenses exceed our estimate of $750,000, we may fund such excess with funds not to be
held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease by
a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate of $750,000, the amount
of funds we intend to be held outside the trust account would increase by a corresponding amount. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to use substantially all of the funds held in the
trust account, including any amounts representing interest earned on the trust account (less taxes paid and deferred underwriting
commissions) to complete our initial business combination. We may withdraw interest to pay taxes. We estimate our annual franchise
tax obligations, based on the number of shares of our common stock authorized and outstanding after the completion of this offering,
to be $200,000, which is the maximum amount of annual franchise taxes payable by us as a Delaware corporation per annum, which
we may pay from funds from this offering held outside of the trust account or from interest earned on the funds held in our trust
account and released to us for this purpose. Our annual income tax obligations will depend on the amount of interest and other
income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be
sufficient to pay our income taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration
to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital
to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.</P>

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

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

<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the completion of our initial business
combination, we will have available to us the approximately $750,000 of proceeds held outside the trust account. We will use
these funds to, among other expenditures described herein, identify and evaluate target businesses, perform business due
diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target
businesses or their representatives or owners, review corporate documents and material agreements of prospective target
businesses, and structure, negotiate and complete 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"> In order to fund working capital deficiencies or finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business
combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use
a portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from our trust account
would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant
at the option of the lender. The warrants would be identical to the private placement warrants, including as to exercise price,
exercisability and exercise period. The terms of such loans by our sponsor, officers and directors, if any, have not been determined
and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor
or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against
any and all rights to seek access to funds in our trust account. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect our primary liquidity requirements during that period
to include approximately $315,000 for legal, accounting, due diligence, travel and other expenses associated with structuring,
negotiating and documenting successful business combinations; $50,000 for legal and accounting fees related to regulatory reporting
requirements; and approximately; $75,000 for Nasdaq continued listing fees; $240,000 for office space, utilities and secretarial
and administrative support; and $70,000 for working capital that will be used for miscellaneous expenses and reserves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These amounts are estimates and may differ materially from our
actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees for financing,
fees to consultants to assist us with our search for a target business or as a down payment or to fund a &ldquo;no-shop&rdquo;
provision (a provision designed to keep target businesses from &ldquo;shopping&rdquo; around for transactions with other companies
or investors on terms more favorable to such target businesses) with respect to a particular proposed initial business combination,
although we do not have any current intention to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we entered into an agreement where we paid for the right
to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a &ldquo;no-shop&rdquo;
provision would be determined based on the terms of the specific business combination and the amount of our available funds at
the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our not having sufficient
funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not believe we will need to raise additional funds
following this offering in order to meet the expenditures required for operating our business. However, if our estimates of
the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business
combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our
business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete
our initial business combination or because we become obligated to redeem a significant number of our public shares upon
completion of our initial business combination, in which case we may issue additional securities or incur debt in connection
with such business combination, which may include a specified future issuance. In addition, we intend to target businesses
with enterprise values that are greater than we could acquire with the net proceeds of this offering and the sale of the
private placement warrants, and, as a result, if the cash portion of the purchase price exceeds the amount available from the
trust account, net of amounts needed to satisfy any redemptions by public stockholders, we may be required to seek additional
financing to complete such proposed initial business combination. We may also obtain financing prior to the closing of our
initial business combination to fund our working capital needs and transaction costs in connection with our search for and
completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of
equity or equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements
we may enter into following consummation of this offering. Subject to compliance with applicable securities laws, we would
only complete such financing simultaneously with the completion of our initial business combination. If we are unable to
complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease
operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is
insufficient, we may need to obtain additional financing in order to meet our obligations. Our amended and restated
certificate of incorporation will provide that, following this offering and prior to the consummation of our initial business
combination, we will be prohibited from issuing additional securities that would entitle the holders thereof to (i) receive
funds from the trust account or (ii) vote as a class with our public shares (a) on any initial business combination or (b) to
approve an amendment to our amended and restated certificate of incorporation to (x) extend the time we have to consummate a
business combination beyond 24 months from the closing of this offering or (y) amend the foregoing provisions, unless (in
connection with any such amendment to our amended and restated certificate of incorporation) we offer our public stockholders
the opportunity to redeem their 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"></P>

<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">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. Only in the event that we are deemed to be
a large accelerated filer or an accelerated filer and no longer an emerging growth company would we be required to comply with
the independent registered public accounting firm attestation requirement. Further, for as long as we remain an emerging growth
company as defined in the JOBS Act, we intend to take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the closing of this offering, we have not completed
an assessment, nor has our independent registered public accounting firm tested our systems, of internal controls. We expect to
assess the internal controls of our target business or businesses prior to the completion of our initial business combination and,
if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain an
effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley Act
regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider for our initial business
combination may have internal controls that need improvement in areas such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">staffing for financial, accounting and external reporting
areas, including segregation of duties;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">reconciliation of accounts;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">proper recording of expenses and liabilities in the period
to which they relate;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">evidence of internal review and approval of accounting
transactions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">documentation of processes, assumptions and conclusions
underlying significant estimates; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&bull;</TD><TD STYLE="text-align: justify">documentation of accounting policies and procedures.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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">Once our management&rsquo;s report on internal controls is complete,
we will retain our independent registered public accounting firm to audit and render an opinion on such report when required by
Section 404 of the Sarbanes-Oxley Act. The independent registered public accounting firm may identify additional issues concerning
a target business&rsquo;s internal controls while performing their audit of internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">The net proceeds of this offering and the sale of the private
placement warrants held in the trust account will be invested in U.S. government treasury bills with a maturity of 185 days or
less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in
direct U.S.</P>

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




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

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

<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</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">In August 2020, our sponsor paid $25,000 to cover certain offering
costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which are subject to
forfeiture depending on the extent to which the underwriters&rsquo; over-allotment option is exercised). The number of founder
shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon
completion of this offering. The per share purchase price of the founder shares was determined by dividing the amount of cash contributed
to the Company by the aggregate number of founder shares issued. If we increase or decrease the size of the offering, we will effect
a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to our Class
B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our initial
stockholders at 20% of the issued and outstanding shares of our common stock upon the 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">Commencing on the date of this prospectus, we have agreed to
pay our sponsor a total of&#8201; $10,000 per month for office space, utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation, we will cease paying these monthly fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor, officers and directors, or any of their respective
affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying
potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on
a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will determine
which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket
expenses incurred by such persons in connection with activities on our behalf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the consummation of this offering, our sponsor has
agreed to loan us up to an aggregate of $300,000 to be used for a portion of the expenses of this offering. As of August 3, 2020,
we had borrowed $12,500 under the promissory note with our sponsor to be used for a portion of the expenses of this offering. These
loans are non-interest bearing, unsecured and are due at the earlier of March 31, 2021 or the closing of this offering. The loans
will be repaid upon the closing of this offering out of the $750,000 offering proceeds that has been allocated to the payment of
offering expenses (other than underwriting commissions) not 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"> In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital
held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant at the option of the lender.
Such warrants would be identical to the private placement warrants, including as to exercise price, exercisability and exercise
period. The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist
with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor
as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek
access to funds in our trust account. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our sponsor has committed to purchase an aggregate of 7,500,000
private placement warrants (or 8,400,000 if the underwriters&rsquo; over-allotment option is exercised in full) at a price of
$1.00 per warrant ($7,500,000 in the aggregate or $8,400,000 if the underwriters&rsquo; over-allotment option is exercised in
full) in a private placement that will occur simultaneously with the closing of this offering. Each private placement warrant
entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share. Our sponsor will
be permitted to transfer the private placement warrants held by them to certain permitted transferees, including our officers
and directors and other persons or entities affiliated with or related to them, but the transferees receiving such securities
will be subject to the same agreements with respect to such securities as our sponsor. Otherwise, these warrants will not, subject
to certain limited exceptions, be transferable or salable until 30 days after the completion of our initial business combination.
The private placement warrants will be non-redeemable so long as they are held by our sponsor or its permitted transferees. The
private placement warrants may also be exercised by our sponsor and its permitted transferees for cash or on a cashless basis.
Otherwise, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as
part of the units in this offering, including as to exercise price, exercisability and exercise 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"></P>

<!-- Field: Page; Sequence: 76; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to a registration rights agreement we will enter into
with our initial stockholders on or prior to the closing of this offering, we may be required to register certain securities for
sale under the Securities Act. These holders, and holders of warrants issued upon conversion of working capital loans, if any,
are entitled under the registration rights agreement to make up to three demands that we register certain of our securities held
by them for sale under the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule 415
under the Securities Act. In addition, these holders have the right to include their securities in other registration statements
filed by us. We will bear the costs and expenses of filing any such registration statements. See the section of this prospectus
entitled &ldquo;Certain Relationships and Related Party Transactions.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations</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">As of August 3, 2020, 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.</P>

<P STYLE="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>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">On April 5, 2012, the JOBS Act was signed into law. The JOBS
Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will
qualify as an &ldquo;emerging growth company&rdquo; and under the JOBS Act will be allowed to comply with new or revised accounting
pronouncements based on the effective date for private (not publicly-traded) companies. We are electing to delay the adoption of
new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant
dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements
may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, we are in the process of evaluating the benefits
of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the
JOBS Act, if, as an &ldquo;emerging growth company,&rdquo; we choose to rely on such exemptions we may not be required to, among
other things, (i) provide an independent registered public accounting firm&rsquo;s attestation report on our system of internal
controls over financial reporting pursuant to Section 404 of the Sarbanes Oxley Act, (ii) provide all of the compensation disclosure
that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act,
(iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to
the report of independent registered public accounting firm providing additional information about the audit and the financial
statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the CEO&rsquo;s compensation to median employee compensation.
These exemptions will apply for a period of five years following the completion of this offering or until we are no longer an
emerging growth company, whichever is earlier.</P>

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

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

<!-- Field: Page; Sequence: 77; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="g3"></A><B>PROPOSED BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</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 are a newly organized blank check company formed as a
Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as
our initial business combination. We have not selected any specific business combination target and we have not, nor has
anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination
target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our sponsor was formed by Mudrick Capital, which was founded
in 2009 to focus on investment opportunities in distressed credit and post-restructured equities. As of September 18, 2020,
Mudrick Capital managed approximately $2.6 billion, primarily for institutional clients such as pension funds, endowments, foundations,
insurance companies, family offices, funds of funds and high net worth individuals. Mudrick Capital currently has 26 seasoned
employees, including 11 investment professionals with over 100 years of combined distressed and post-restructuring investment
experience. Mudrick Capital has been deploying capital for over 10 years across over 180 distressed or post-restructuring investments
since the fund&rsquo;s inception, including 27 investments with active involvement via board of directors and/or credit committee
representation. In addition, Mudrick Capital sponsored Mudrick Capital Acquisition Corporation, a prior special purpose acquisition
company that raised approximately $250 million in its initial public offering and which subsequently merged with Hycroft Mining
Corporation (&ldquo;Hycroft&rdquo;), a US-based, gold and silver producer with proven and probable mineral reserves of ~18 million
gold equivalent ounces. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our management team is led by Jason Mudrick, our Chairman
and Chief Executive Officer. Mr. Mudrick is also the President of Mudrick Capital and has in excess of 18 years of experience
investing in the public and private markets for distressed debt and post-restructured equities. Mr. Mudrick has served on numerous
ad hoc creditors&rsquo; committees and corporate boards and has a long track record of creating value both through identifying
undervalued businesses for investment and working with management teams. Our management team and board of directors also include
Victor Danh and David Kirsch, both Managing Directors at Mudrick Capital. Mr. Danh and Mr. Kirsch have over 30 years of combined
distressed investing and restructuring experience. Our management team will be supported by and work closely with the rest of
the Mudrick Capital investment team, which consists of eight investment professionals. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our management team and the investment professionals at
Mudrick Capital have extensive experience navigating balance sheet restructurings, corporate bankruptcies, and operational turnarounds.
We believe this experience to be a substantial competitive advantage in the current economic environment relative to other blank
check companies and sources of capital. The economic dislocation caused by Covid-19 has impacted the financial performance of
a large number of otherwise quality middle-market companies, many of which are highly levered due to either private equity ownership
or the general expansion of corporate borrowing over the most recent economic cycle. These companies will likely either require
comprehensive balance sheet restructurings to right-size their respective capital structures or incremental equity capital to
support liquidity and business investment. This process is already playing out across the U.S., as evidenced by the number of
corporate bankruptcies through July of 2020 &ndash; the highest since 2009. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investing in distressed companies, restructurings and post-restructured
companies is the primary investment strategy of the various investment funds and separate accounts managed by Mudrick Capital.
We believe that a key advantage in sourcing potential business combination targets is the network of contacts our management team
and Mudrick Capital have, which includes other distressed credit focused investment firms, financial and legal restructuring advisors,
post-restructuring specialized board of directors and turnaround focused executives. Specifically, because Mudrick Capital is the
investment advisor for investment vehicles that specialize in distressed credit investing, executives at Mudrick Capital are made
aware of potential opportunities with respect to many of the companies in North America that are going through a balance sheet
restructuring process. We believe that this specialization and network is a competitive advantage in allowing us to identify, analyze
and negotiate an initial business combination for the company with a post-restructured or restructuring 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">With respect to the foregoing descriptions, past performance
of Mudrick Capital and our management team is not a guarantee either (i) of success with respect to any business combination we
may consummate or (ii) that we will be able to identify a suitable candidate for our initial business combination. You should not
rely on the historical performance record of Mudrick Capital or our management team as indicative of our future performance. In
addition, our executive officers may have conflicts of interest with other entities to which they owe fiduciary or contractual
obligations with respect to initial business combination opportunities. For a list of our executive officers and entities for which
a conflict of interest may or does exist between such officers and the company, as well as the priority and preference that such
entity has with respect to performance of obligations and presentation of business opportunities to us, please refer to the table
and subsequent explanatory paragraph under &ldquo;Management &mdash; Conflicts of Interest&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"></P>

<!-- Field: Page; Sequence: 78; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">Our business strategy is to identify, combine with and maximize
the value of a company that has either recently emerged from bankruptcy court protection or will require incremental capital as
part of a balance sheet restructuring. In particular, we believe that many post-restructured companies suffer from a valuation
discount due to their opaqueness, complexity, non-long term ownership base and overall illiquidity. We believe that our in depth
understanding of restructurings and post-restructuring company analysis, coupled with the more liquid publicly traded vehicle the
company offers in an initial business combination, could result in significant value creation for our stockholders. Creating value
for our stockholders is the ultimate goal of this business strategy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distressed and post-restructured companies can provide an attractive
investment opportunity due to the unique set of circumstances surrounding balance sheet restructurings and post-restructured equities.
Balance sheets are typically restructured by swapping old debt for new equity, and these restructurings often also require a capital
injection into the company to fund operations and pay down old debt. We believe that the swapping of old debt into equity often
results in an equity ownership base comprised of former creditors that may not be long-term holders of the new company&rsquo;s
equity, resulting in a technical overhang and valuation discount to publicly traded peers that will allow us to merge with a post-restructured
company on highly favorable terms. We also believe that the need for incremental funding during restructurings will position us
well to be a provider of capital as part of a balance sheet restructuring or recapitalization on highly favorable terms for our
shareholders. In addition, distressed and post-restructured companies are often difficult to analyze, as the company can have a
changing or entirely different balance sheet, different cost structure, different asset base and sometimes a different management
team relative to the pre-restructured company. Lastly, in many instances, a number of the turnaround initiatives undertaken before
and during the balance sheet restructuring have yet to manifest themselves in the operating results of the new company, resulting
in a valuation that may not fully reflect the future positive operating results of the 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"> We believe the following factors will lead to a significant
number of post-reorganized companies with unnatural equity holders which could be attractive combination targets: </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">&middot;</FONT> </TD><TD> According
                                         to S&amp;P, their leveraged loan &ldquo;Weakest Link&rdquo; count, which reflects companies
                                         with a B- or lower credit rating and a negative outlook, has more than doubled since
                                         2019, rising from 145 companies, or 11% of the S&amp;P coverage universe, to 329 companies
                                         as of June 2020, or 25% </TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">US default rates have risen sharply this year and are projected
    to continue to rise over the next 12 months. According to S&amp;P, the trailing 12 month default rate has doubled since the
    beginning of the year to 3.9% and is projected to reach over 10% within the next 12 months. Defaults have ranged across a
    large number of industries including Business Services, Consumer and Industrials, according to S&amp;P;</FONT> </TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"> <FONT STYLE="font-family: Symbol">&middot;</FONT> </TD><TD> The US leveraged
                                         loan market today is approximately $1.2 trillion, which is approximately double the size
                                         of the market during the 2008-2009 credit cycle. This means that similar default rates
                                         in today&rsquo;s market would imply a significantly larger volume of restructured liabilities; </TD></TR></TABLE>

<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"> &nbsp; </TD>
    <TD STYLE="width: 24px; font-size: 10pt"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD>
    <TD STYLE="font-size: 10pt"> <FONT STYLE="font-size: 10pt">Collateralized loan obligations, or CLOs, represent a much larger
    ownership of today&rsquo;s leveraged loan market compared to the leveraged loan market in 2008-2009. There has been almost
    2.5x the CLO issuance from 2013-2019 ($743 billion) compared to 2001-2007 ($302 billion). The increased CLO market share of
    the leverage loan market may lead to a larger number of post-restructured companies with equity ownership being held by CLOs,
    which could lead to attractive investment opportunities at relatively more favorable terms.</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">Investments in post-restructured or otherwise distressed businesses
are subject to various risks. Investments in such companies are speculative, prices are volatile, and market movements are difficult
to predict. Supply and demand for distressed securities change rapidly and are affected by a variety of market factors over which
we have no control and which may reduce the pool of profitable investment opportunities. Moreover, our ability to identify undervalued
investment opportunities that fit our business strategy involves a high degree of uncertainty, and no assurance can be given that
we will be able to identify such opportunities. In addition, such investments may take a substantial period of time before realizing
their anticipated value and returns generated from such investments may not adequately compensate for the business and financial
risks assumed. There is no guarantee that we will be able to achieve our investment objectives or provide any return on invested
capital.</P>

<P STYLE="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 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">Consistent with our business strategy, we have identified the
following general criteria that we believe are important in evaluating candidates for our initial business combination. While we
intend to utilize these criteria in evaluating business combination opportunities, we expect that no individual criterion will
entirely determine a decision to pursue a particular opportunity. Further, any particular initial business combination opportunity
that we ultimately determine to pursue may not meet one or more of these criteria.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Post-Restructured Companies. We intend to seek candidates that have
recently restructured their balance sheet. We believe that post-restructured companies may be valued at a discount to their publicly
traded peers due to the non-long term nature of their ownership base (former creditors are typically the new equity owners post-restructuring),
the complexity in understanding their restructuring, the lack of clarity and information regarding their financial performance,
the concentrated nature of their ownership base and the lack of a publicly traded equity, among other reasons. We also believe
that post-restructured companies are where we have the strongest network to identify opportunities and the greatest ability and
experience to provide shareholder value.</FONT></TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Middle-Market Companies. We intend to seek candidates with an enterprise
value of approximately $750 million to $2.0 billion, determined in the sole discretion of our officers and directors according
to reasonably accepted valuation standards and methodologies. We believe that post-restructured middle-market companies suffer
from a larger valuation discount to their publicly traded peers than larger companies. </FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Companies with Stressed Capital Structures.&#9;We intend to target
companies that, due to the economic dislocation caused by COVID-19, have near-term earnings and cashflow profiles that cannot support
their pre-COVID-19 capital structures and will require incremental outside capital as part of a bankruptcy, out of court balance
sheet restructuring, or other recapitalization. We believe that middle-market companies in particular have a more difficult time
accessing the capital markets compared to their larger peers, and therefore could benefit more from an initial business combination
with our company. </FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Market Leaders with Defensible Business Models and Stable Cash Flows.
We intend to target companies that have restructured or need to restructure their balance sheets due to a bad balance sheet, and
not a bad business. We intend to seek candidates that are market leaders in their industry, have defensible business models, and
generate stable and predictable cash flows.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Discount to Publicly Traded Peers. We intend to seek candidates that
are valued in the private market at a significant discount to their publicly traded peers. We believe that this discount will facilitate
the initial business combination negotiation by allowing the opportunity for liquidity and multiple expansion for the targets&rsquo;
current shareholders, while at the same time allowing meaningful upside for our stockholders post-business combination.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Strong Management Teams. We will target businesses that have strong,
experienced management teams. We also may be able to assist with potential management additions from our network of experienced
turnaround professionals. Additionally, we may seek to optimize the management team of a potential target business by introducing
board members with relevant insight and experience.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" 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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Benefit from Being a Public Company. We intend to pursue a business
combination with a company that will benefit from being publicly traded and can effectively utilize the broader access to capital
and public profile that are associated with being a publicly traded company.</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">These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines
as well as other considerations, factors and criteria that our management team may deem relevant. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will
disclose that the target business does not meet the above criteria in our stockholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the U.S. Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor may form, and our officers and directors may become
an officer or director of, another special purpose acquisition company with a class of securities intended to be registered under
the Securities Exchange Act of 1934, as amended, or the Exchange Act, prior to 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"><B>Initial Business Combination </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Nasdaq rules require that we must consummate an initial
business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net
assets held in the trust account excluding the amount of deferred underwriting discounts held in trust and taxes payable on the
income earned on the trust account). Our board of directors will make the determination as to the fair market value of our initial
business combination. If our board of directors is not able to independently determine the fair market value of our initial business
combination, 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. While we consider it unlikely that our board of
directors will not be able to make an independent determination of the fair market value of our initial business combination,
it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a significant
amount of uncertainty as to the value of a target&rsquo;s assets or prospects. Additionally, pursuant to Nasdaq rules, any initial
business combination must be approved by a majority of our independent directors. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may, at our option, pursue a business combination opportunity
jointly with one or more entities affiliated with Mudrick Capital and/or one or more investors in funds or separate accounts managed
by Mudrick Capital, which we refer to as an &ldquo;Affiliated Joint Acquisition.&rdquo; Any such parties would co-invest only if&#8201;
(i) permitted by applicable regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction to be
mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the strategic
merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to fund the
initial business combination and/or the desire to obtain committed capital for closing the initial business combination. An Affiliated
Joint Acquisition may be effected through a co-investment with us in the target business at the time of our initial business combination,
or we could raise additional proceeds to complete the initial business combination by issuing to such parties a class of equity
or equity-linked securities. We refer to this potential future issuance, or a similar issuance to other specified purchasers, as
a &ldquo;specified future issuance&rdquo; throughout this prospectus. The amount and other terms and conditions of any such specified
future issuance would be determined at the time thereof. We are not obligated to make any specified future issuance and may determine
not to do so. This is not an offer for any specified future issuance. Pursuant to the anti-dilution provisions of our Class B common
stock, any such specified future issuance would result in an adjustment to the conversion ratio such that our initial stockholders
and their permitted transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of the total number
of all shares of common stock outstanding upon completion of this offering plus all shares issued in the specified future issuance,
unless the holders of a majority of the then-outstanding shares of Class B common stock agreed to waive such adjustment with respect
to the specified future issuance at the time thereof. We cannot determine at this time whether a majority of the holders of our
Class B common stock at the time of any such specified future issuance would agree to waive such adjustment to the conversion ratio.
They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement
for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial business combination;
(iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common stock;
or (iv) as part of the Affiliated Joint Acquisition. If such adjustment is not waived, the specified future issuance would not
reduce the percentage ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of
our Class A common stock. If such adjustment is waived, the specified future issuance would reduce the percentage ownership of
holders of both classes of our 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">We anticipate structuring our initial business combination so
that the post-transaction company in which our public stockholders own shares will own or acquire 100% of the equity interests
or assets of the target business or businesses. We may, however, structure our initial business combination such that the post-transaction
company owns or acquires less than 100% of such interests or assets of the target business for the post-acquisition company to
meet certain objectives of the target management team or stockholders 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 an interest in the target or assets 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 initial business combination may
collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in
the initial business combination. 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 would 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
net assets test. If the initial business combination involves more than one target business, the 80% of net assets test will be
based on the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business
combination for the purposes of a tender offer or for seeking stockholder approval, as applicable.</P>

<P STYLE="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: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The net proceeds of this offering and the sale of the
private placement warrants released to us from the trust account upon the closing of our initial business combination may be
used as consideration to pay the sellers of a target business with which we complete our initial business combination. If our
initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust
account are used for payment of the consideration in connection with our initial business combination or used for redemption
of our public shares, we may use the balance of the cash released to us from the trust account following the closing for
general corporate purposes, including for maintenance or expansion of operations of the post-transaction businesses, the
payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the
purchase of other companies or for working capital. In addition, we may be required to obtain additional financing in
connection with the closing of our initial business combination to be used following the closing for general corporate
purposes as described above. There is no limitation on our ability to raise funds through the issuance of equity or
equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness in
connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements we
may enter into following consummation of this offering. Subject to compliance with applicable securities laws, we would only
complete such financing simultaneously with the completion of our initial business combination. At this time, we are not a
party to any arrangement or understanding with any third party with respect to raising any additional funds through the sale
of securities or otherwise. None of our sponsor, officers, directors or stockholders is required to provide any financing to
us in connection with or after our initial business combination. We may also obtain financing prior to the closing of our
initial business combination to fund our working capital needs and transaction costs in connection with our search for and
completion of our initial business combination. Our amended and restated certificate of incorporation will provide that,
following this offering and prior to the consummation of our initial business combination, we will be prohibited from issuing
additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a
class with our public shares (a) on any initial business combination or (b) to approve an amendment to our amended and
restated certificate of incorporation to (x) extend the time we have to consummate a business combination beyond 24 months
from the closing of this offering or (y) amend the foregoing provisions, unless (in connection with any such amendment to our
amended and restated certificate of incorporation) we offer our public stockholders the opportunity to redeem their 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"><B>Our Business Combination Process</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">In evaluating prospective business combinations, we expect to
conduct a thorough due diligence review process that will encompass, among other things, a review of historical and projected financial
and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities and assets, discussion
with customers and suppliers, legal reviews and other reviews as we deem appropriate. We will also utilize the expertise of our
management team and other employees of Mudrick Capital in analyzing potential target companies and evaluating operating projections,
financial projections and determining the appropriate return expectations given the risk profile 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">We are not prohibited from pursuing an initial business combination
with a company that is affiliated with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our
sponsor, officers or directors. In the event we seek to complete our initial business combination with a company that is affiliated
with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment funds and separate accounts advised by Mudrick Capital
will indirectly own founder shares and/or private placement warrants following this offering. Additionally, Mr. Mudrick and Mudrick
Capital will be the beneficial owner of founder shares and/or private placement warrants following this offering by virtue of
exercising investment power of such shares or warrants on behalf of such investment funds and separate accounts. Because of this
ownership, Mudrick Capital, investment funds and separate accounts advised by Mudrick Capital and our officers and directors 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, particularly because such funds and separate accounts managed by Mudrick Capital invest in distressed
and post-restructured companies as part of their investment programs. 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 were to be 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"></P>

<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<!-- Field: Split-Segment; Name: a7 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of our executive officers are employed by Mudrick Capital.
Mudrick Capital is continuously made aware of potential business opportunities, one or more of which we may desire to pursue for
an initial business combination; we have not, however, selected any specific business combination target and we have not, nor has
anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mudrick Capital and each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his or her fiduciary or contractual
obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or contractual obligations
of Mudrick Capital and our officers or directors will not materially affect our ability to complete our initial business combination.
We may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity to which Mudrick Capital, investment funds
advised by Mudrick Capital or an officer or director has a fiduciary or contractual obligation. Any such entity may co-invest with
us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete the
initial business combination by making a specified future issuance to any such entity. Our amended and restated certificate of
incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless
such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and
such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue,
and to the extent the director or officer is permitted to refer that opportunity to us without violating another legal obligation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Management Team</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">Members of our management team are not obligated to devote any
specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to our affairs until
we have completed our initial business combination. The amount of time that any member of our management team will devote in any
time period will vary based on whether a target business has been selected for our initial business combination and the current
stage of the initial business combination process.</P>

<P STYLE="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 believe our management team&rsquo;s operating and transaction
experience and relationships with companies will provide us with a substantial number of potential business combination targets.
Over the course of their careers, the members of our management team have developed a broad network of contacts and corporate
relationships. This network has grown through the activities of our management team sourcing, acquiring and financing businesses,
our management team&rsquo;s relationships with sellers, financing sources and target management teams and the experience of our
management team in executing transactions under varying economic and financial market conditions. See the section of this prospectus
entitled &ldquo;Management&rdquo; for a more complete description of our management team&rsquo;s experience.</P>

<P STYLE="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>Status as a Public 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">We believe our structure will make us an attractive business
combination partner to target businesses. As a public company, we offer a target business an alternative to the traditional initial
public offering through a merger or other business combination with us. Following an initial business combination, we believe the
target business would have greater access to capital and additional means of creating management incentives that are better aligned
with stockholders&rsquo; interests than it would as a private company. A target business can further benefit by augmenting its
profile among potential new customers and vendors and aid in attracting talented employees. In a business combination transaction
with us, the owners of the target business may, for example, exchange their shares of stock in the target business for our shares
of Class A common stock (or shares of a new holding company) or for a combination of our shares of Class A common stock and cash,
allowing us to tailor the consideration to the specific needs of the sellers.</P>

<P STYLE="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: 83; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although there are various costs and obligations associated
with being a public company, we believe target businesses will find this method a more expeditious and cost-effective method to
becoming a public company than the typical initial public offering. The typical initial public offering process takes a significantly
longer period of time than the typical business combination transaction process, and there are significant expenses and market
and other uncertainties in the initial public offering process, including underwriting discounts and commissions, marketing and
road show efforts that may not be present to the same extent in connection with an initial 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">Furthermore, once a proposed initial business combination is
completed, the target business will have effectively become public, whereas an initial public offering is always subject to the
underwriters&rsquo; ability to complete the offering, as well as general market conditions, which could delay or prevent the offering
from occurring or could have negative valuation consequences. Following an initial business combination, we believe the target
business would then have greater access to capital and an additional means of providing management incentives consistent with stockholders&rsquo;
interests and the ability to use its shares as currency for acquisitions. Being a public company can offer further benefits by
augmenting a company&rsquo;s profile among potential new customers and vendors and aid in attracting talented employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we believe that our structure and our management team&rsquo;s
backgrounds will make us an attractive business partner, some potential target businesses may view our status as a blank check
company, such as our lack of an operating history and our ability to seek stockholder approval of any proposed initial business
combination, negatively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our offices are located at 527 Madison Avenue, 6th Floor, New
York, NY 10022, and our telephone number is&nbsp;(646) 747-9500.</P>

<P STYLE="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 are an &ldquo;emerging growth company,&rdquo; as defined
in Section 2(a) of the Securities Act, as modified by the the JOBS Act. As such, we are eligible to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions
from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active
trading market for our securities and the prices of our securities may be more volatile.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, we are a &ldquo;smaller reporting company&rdquo;
as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations,
including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company
until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates exceeds $250 million
as of the prior June 30<SUP>th</SUP>, or (2) our annual revenues exceed $100 million during such completed fiscal year and the
market value of our common stock held by non-affiliates exceeds $700 million as of the prior June 30.</P>

<P STYLE="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: 84; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Position</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">With funds available for an initial business combination initially
in the amount of $289,500,000, after payment of $10,500,000 of deferred underwriting fees (or $332,925,000 after payment of up
to $12,075,000 of deferred underwriting fees if the underwriters&rsquo; over-allotment option is exercised in full), in each case
before fees and expenses associated with our initial business combination, we offer a target business a variety of options such
as creating a liquidity event for its owners, providing capital for the potential growth and expansion of its operations or strengthening
its balance sheet by reducing its debt or leverage ratio. Because we are able to complete our initial business combination using
our cash, debt or equity securities, or a combination of the foregoing, we have the flexibility to use the most efficient combination
that will allow us to tailor the consideration to be paid to the target business to fit its needs and desires. However, we have
not taken any steps to secure third-party financing and there can be no assurance it will be available to us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not presently engaged in, and we will not engage in,
any operations for an indefinite period of time following this offering. We intend to effectuate our initial business combination
using cash from the proceeds of this offering and the private placement of the private placement warrants, the proceeds of the
sale of our shares in connection with our initial business combination (pursuant to forward purchase agreements or backstop agreements
we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued
to bank or other lenders or the owners of the target, or a combination of the foregoing. We may seek to complete our initial business
combination with a company or business that may be financially unstable or in its early stages of development or growth, which
would subject us to the numerous risks inherent in such companies and businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our initial business combination is paid for using equity
or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in connection
with our initial business combination or used for redemption of our public shares, we may use the balance of the cash released
to us from the trust account following the closing for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business
combination, to fund the purchase of other companies or for working capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may seek to raise additional funds through a private offering
of debt or equity securities in connection with the completion of our initial business combination, and we may effectuate our
initial business combination using the proceeds of such offering rather than using the amounts held in the trust account. In addition,
we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering
and the sale of the private placement warrants, and, as a result, if the cash portion of the purchase price exceeds the amount
available from the trust account, net of amounts needed to satisfy any redemptions by public stockholders, we may be required
to seek additional financing to complete such proposed initial business combination. Subject to compliance with applicable securities
laws, we would expect to complete such financing only simultaneously with the completion of our initial business combination.
In the case of an initial business combination funded with assets other than the trust account assets, our proxy materials or
tender offer documents disclosing the initial business combination would disclose the terms of the financing and, only if required
by law, we would seek stockholder approval of such financing. There is no limitation on our ability to raise funds through the
issuance of equity or equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements
we may enter into following consummation of this offering. At this time, we are not a party to any arrangement or understanding
with any third party with respect to raising any additional funds through the sale of securities or otherwise. None of our sponsor,
officers, directors or stockholders is required to provide any financing to us in connection with or after our initial business
combination. Our amended and restated certificate of incorporation will provide that, following this offering and prior to the
consummation of our initial business combination, we will be prohibited from issuing additional securities that would entitle
the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on any initial
business combination or (b) to approve an amendment to our amended and restated certificate of incorporation to (x) extend the
time we have to consummate a business combination beyond 24 months from the closing of this offering or (y) amend the foregoing
provisions, unless (in connection with any such amendment to our amended and restated certificate of incorporation) we offer our
public stockholders the opportunity to redeem their 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"></P>

<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sources of Target Businesses</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 anticipate that target business candidates will be brought
to our attention from various unaffiliated sources, including investment bankers and investment professionals. Target businesses
may be brought to our attention by such unaffiliated sources as a result of being solicited by us by calls or mailings. These sources
may also introduce us to target businesses in which they think we may be interested on an unsolicited basis, since many of these
sources will have read this prospectus and know what types of businesses we are targeting. Our officers and directors, as well
as our sponsor and its affiliates, may also bring to our attention target business candidates that they become aware of through
their business contacts as a result of formal or informal inquiries or discussions they may have, as well as attending trade shows,
conferences or conventions. In addition, we expect to receive a number of proprietary deal flow opportunities that would not otherwise
necessarily be available to us as a result of the business relationships of our officers and directors and our sponsor and their
respective industry and business contacts as well as their affiliates. While we do not presently anticipate engaging the services
of professional firms or other individuals that specialize in business acquisitions on any formal basis, we may engage these firms
or other individuals in the future, in which event we may pay a finder&rsquo;s fee, consulting fee, advisory fee or other compensation
to be determined in an arm&rsquo;s length negotiation based on the terms of the transaction. We will engage a finder only to the
extent our management determines that the use of a finder may bring opportunities to us that may not otherwise be available to
us or if finders approach us on an unsolicited basis with a potential transaction that our management determines is in our best
interest to pursue. Payment of finder&rsquo;s fees is customarily tied to completion of a transaction, in which case any such fee
will be paid out of the funds held in the trust account. In no event, however, will our sponsor or any of our existing officers
or directors, or any entity with which our sponsor or officers are affiliated, be paid any finder&rsquo;s fee, reimbursement, consulting
fee, monies in respect of any payment of a loan or other compensation by the Company prior to, or in connection with any services
rendered for any services they render in order to effectuate, the completion of our initial business combination (regardless of
the type of transaction that it is). Although none of our sponsor, executive officers or directors, or any of their respective
affiliates, will be allowed to receive any compensation, finder&rsquo;s fees or consulting fees from a prospective business combination
target in connection with a contemplated initial business combination, we do not have a policy that prohibits our sponsor, executive
officers or directors, or any of their respective affiliates, from negotiating for the reimbursement of out-of-pocket expenses
by a target business. We have agreed to pay our sponsor a total of&#8201; $10,000 per month for office space, utilities and secretarial
and administrative support and to reimburse our sponsor for any out-of-pocket expenses related to identifying, investigating and
completing an initial business combination. Some of our officers and directors may enter into employment or consulting agreements
with the post-transaction company following our initial business combination. The presence or absence of any such fees or arrangements
will not be used as a criterion in our selection process of an initial business combination candidate.</P>

<P STYLE="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 are not prohibited from pursuing an initial business combination
with an initial business combination target that is affiliated with our sponsor, officers or directors or making the initial business
combination through a joint venture or other form of shared ownership with our sponsor, officers or directors. In the event we
seek to complete our initial business combination with an initial business combination target that is affiliated with our sponsor,
officers or directors, we, or a committee of independent directors, would obtain an opinion from an independent investment banking
firm or another independent entity that commonly renders valuation opinions that such an initial business combination is fair to
our company from a financial point of view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As more fully discussed in the section of this prospectus entitled
 &ldquo;Management &mdash; Conflicts of Interest,&rdquo; if any of our officers or directors becomes aware of an initial business
combination opportunity that falls within the line of business of any entity to which he or she has then-existing fiduciary or
contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting
such business combination opportunity to us. Our officers and directors currently have certain relevant fiduciary duties or contractual
obligations that may take priority over their duties to us.</P>

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

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

<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Potential target companies with whom we may engage in discussions
after the closing of the offering may have had prior discussions with other blank check companies, bankers in the industry and/or
other professional advisors, including blank check companies with which our executive officers or board of directors were affiliated.
We have not contacted any of the prospective target businesses that Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition
Corporation) considered and rejected while it was a blank check company searching for target businesses with which to consummate
an initial business combination. However, we may contact such targets subsequent to the closing of this offering if we become
aware that such targets are interested in a potential initial business combination with us and such transaction would be attractive
to 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"><B>Selection of a Target Business and Structuring of our Initial
Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Nasdaq rules require that we must consummate an initial
business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net
assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the
income earned on the trust account). The fair market value of our initial business combination will be determined by our board
of directors based upon one or more standards generally accepted by the financial community, such as discounted cash flow valuation,
a valuation based on trading multiples of comparable public businesses or a valuation based on the financial metrics of M&amp;A
transactions of comparable businesses. If our board of directors is not able to independently determine the fair market value
of our initial business combination (including with the assistance of financial advisors), 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. While we consider it unlikely that our board of directors will not be able to make an independent determination
of the fair market value of our initial business combination, it may be unable to do so if it is less familiar or experienced
with the business of a particular target or if there is a significant amount of uncertainty as to the value of a target&rsquo;s
assets or prospects. We do not intend to purchase multiple businesses in unrelated industries in conjunction with our initial
business combination. Subject to this requirement, our management will have virtually unrestricted flexibility in identifying
and selecting one or more prospective target businesses, although we will not be permitted to effectuate our initial business
combination with another blank check company or a similar company with nominal operations. Additionally, pursuant to Nasdaq rules,
any initial business combination must be approved by a majority of our independent directors. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In any case, we will only complete an initial business combination
in which we own or acquire 50% or more of the outstanding voting securities of the target or otherwise acquire a controlling interest
in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. If we
own or acquire less than 100% of the equity interests or assets of a target business or businesses, the portion of such business
or businesses that are owned or acquired by the post-transaction company is what will be taken into account for purposes of Nasdaq&rsquo;s
80% of net assets test. There is no basis for investors in this offering to evaluate the possible merits or risks of any target
business with which we may complete 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">To the extent we effect our initial business combination with
a company or business that may be financially unstable or in its early stages of development or growth we may be affected by numerous
risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in a particular
target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In evaluating a prospective business target, we expect to conduct
a due diligence review, which may encompass, among other things, meetings with incumbent ownership, management and employees, document
reviews, interviews of customers and suppliers, inspection of facilities, as well as a review of financial and other information
that will be made 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">The time required to select and evaluate a target business
and to structure and complete our initial business combination, and the costs associated with this process, are not currently
ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation of, and negotiation
with, a prospective target business with which our initial business combination is not ultimately completed will result in our
incurring losses and will reduce the funds we can use to complete another business combination.</P>

<P STYLE="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: 87; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lack of Business Diversification</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">For an indefinite period of time after the completion of our
initial business combination, the prospects for our success may depend entirely on the future performance of a single business.
Unlike other entities that have the resources to complete business combinations with multiple entities in one or several industries,
it is probable that we will not have the resources to diversify our operations and mitigate the risks of being in a single line
of business. By completing our initial business combination with only a single entity, our lack of diversification may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on
the particular industry in which we operate after our initial business combination, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cause
us to depend on the marketing and sale of a single product or limited number of products or 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"><B>Limited Ability to Evaluate the Target&rsquo;s Management
Team</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we intend to closely scrutinize the management of
a prospective target business when evaluating the desirability of effecting our initial business combination with that business,
our assessment of the target business&rsquo; management may not prove to be correct. In addition, the future management may not
have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role of members of
our management team, if any, in the target business cannot presently be stated with any certainty. The determination as to whether
any of the members of our management team will remain with the combined company will be made at the time of our initial business
combination. While it is possible that one or more of our directors will remain associated in some capacity with us following
our initial business combination, it is unlikely that any of them will devote their full efforts to our affairs subsequent to
our initial business combination. Moreover, we cannot assure you that members of our management team will have significant experience
or knowledge relating to the operations of the particular target business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We cannot assure you that any of our key personnel will remain
in senior management or advisory positions with the combined company. The determination as to whether any of our key personnel
will remain with the combined company will be made at the time of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following our initial business combination, we may seek to recruit
additional managers to supplement the incumbent management of the target business. We cannot assure you that we will have the ability
to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience necessary to
enhance the incumbent management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stockholders May Not Have the Ability to Approve Our Initial
Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may conduct redemptions without a stockholder vote pursuant
to the tender offer rules of the SEC. However, we will seek stockholder approval if it is required by law or applicable stock exchange
rule, or we may decide to seek stockholder approval for business or other legal reasons. Presented in the table below is a graphic
explanation of the types of initial business combinations we may consider and whether stockholder approval is currently required
under Delaware law for each such transaction.</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: 85%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Transaction</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Whether Stockholder <BR>
Approval is Required </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase of assets</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">No</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase of stock of target not involving a merger with the company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger of target into a subsidiary of the company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger of the company with a target</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Under Nasdaq&rsquo;s listing rules, stockholder
approval would be required for our initial business combination if, for example:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we issue shares
of Class A common stock that will be equal to or in excess of 20% of the number of shares of our Class A common stock then 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"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any of our directors,
officers or substantial stockholders (as defined by Nasdaq rules) has a 5% or greater interest (or such persons collectively have
a 10% or greater interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present
or potential issuance of common stock could result in an increase in outstanding common shares or voting power of 5% or more; or</P>

<P STYLE="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-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the issuance
or potential issuance of common stock will result in our undergoing a change of control.</P>

<P STYLE="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>Permitted Purchases 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">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our
sponsor, initial stockholders, directors, officers, advisors or their affiliates may purchase public shares or public warrants
in privately-negotiated transactions or in the open market either prior to or following the completion of our initial business
combination. There is no limit on the number of shares or warrants our initial stockholders, directors, officers, advisors or
their affiliates may purchase in such transactions, subject to compliance with applicable law and Nasdaq rules. However, they
have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions
for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession
of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the
Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender
offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however,
if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will
comply with such rules. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent
such purchasers are subject to such reporting requirements. None of the funds held in the trust account will be used to purchase
shares or public warrants in such transactions prior to 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">Subsequent to the consummation of this offering, we will adopt
an insider trading policy which will require insiders to: (i) refrain from purchasing our securities during certain blackout periods
when they are in possession of any material non-public information and (ii) clear all trades of company securities with a compliance
officer prior to execution. We cannot currently determine whether our insiders will make such purchases pursuant to a Rule&nbsp;10b5-1
plan, as it will be dependent upon several factors, including but not limited to, the timing and size of such purchases. Depending
on such circumstances, our insiders may either make such purchases pursuant to a Rule&nbsp;10b5-1 plan or determine that such a
plan is not necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of any such purchases of shares could be to vote
such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval
of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have a
minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement
would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants
outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection with our initial
business combination. Any such purchases of our securities may result in the completion of our initial business combination that
may not otherwise have been possible. In addition, if such purchases are made, the public &ldquo;float&rdquo; of our shares of
Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may
make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.</P>

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

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

<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor, officers, directors and/or any of their affiliates
anticipate that they may identify the stockholders with whom our sponsor, officers, directors or their affiliates may pursue privately-negotiated
purchases by either the stockholders contacting us directly or by our receipt of redemption requests tendered by stockholders following
our mailing of proxy materials in connection with our initial business combination. To the extent that our sponsor, officers, directors,
advisors or their affiliates enter into a private purchase, they would identify and contact only potential selling stockholders
who have expressed their election to redeem their shares for a <I>pro rata</I> share of the trust account or vote against our initial
business combination, whether or not such stockholder has already submitted a proxy with respect to our initial business combination.
Such persons would select the stockholders from whom to acquire shares based on the number of shares available, the negotiated
price per share and such other factors as any such person may deem relevant at the time of purchase. The price per share paid in
any such transaction may be different than the amount per share a public stockholder would receive if it elected to redeem its
shares in connection with our initial business combination. Our sponsor, officers, directors, advisors or their affiliates will
only purchase shares if such purchases comply with Regulation M under the Exchange Act and the other federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any purchases by our sponsor, officers, directors and/or their
affiliates who are affiliated purchasers under Rule&nbsp;10b-18 under the Exchange Act will be made only to the extent such purchases
are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2)
and Rule&nbsp;10b-5 of the Exchange Act. Rule 10b-18 has certain technical requirements that must be complied with in order for
the safe harbor to be available to the purchaser. Our sponsor, officers, directors and/or their affiliates will not make purchases
of common stock if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act. Any such purchases will be reported
pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchases are subject to such reporting requirements.</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"><B>Redemption Rights for Public Stockholders upon Completion
of our Initial Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon the completion of our initial business combination at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior
to the consummation of the initial business combination including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be approximately $10.00 per public share. The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by deferred underwriting commissions
we will pay to the underwriters. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to
which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in
connection with the completion of our 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"><B>Manner of Conducting Redemptions</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 will provide our public stockholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination either (i) in connection
with a stockholder meeting called to approve the initial business combination or (ii) without a stockholder vote by means of a
tender offer. The decision as to whether we will seek stockholder approval of a proposed initial business combination or conduct
a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the
transaction and whether the terms of the transaction would require us to seek stockholder approval under applicable law or stock
exchange listing 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">Asset acquisitions and stock purchases would not typically require
stockholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than
20% of our outstanding common stock or seek to amend our amended and restated certificate of incorporation would require stockholder
approval. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with Nasdaq&rsquo;s
stockholder approval 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"></P>

<!-- Field: Page; Sequence: 90; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The requirement that we provide our public stockholders with
the opportunity to redeem their public shares by one of the two methods listed above will be contained in provisions of our amended
and restated certificate of incorporation and will apply whether or not we maintain our registration under the Exchange Act or
our listing on Nasdaq. Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we provide our public stockholders with the opportunity to
redeem their public shares in connection with a stockholder meeting, we will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conduct
the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation
of proxies, and not pursuant to the tender offer rules, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
proxy materials with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval, we will complete our initial
business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business
combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital
stock of the Company representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled
to vote at such meeting. Our initial stockholders will count towards this quorum and, pursuant to the letter agreement, our sponsor,
officers and directors have agreed to vote their founder shares and any public shares purchased during or after this offering
(including in open market and privately-negotiated transactions) in favor of our initial business combination. For purposes of
seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval
of our initial business combination once a quorum is obtained. As a result, in addition to our initial stockholders&rsquo; founder
shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor of
an initial business combination in order to have our initial business combination approved (assuming all outstanding shares are
voted and the over-allotment option is not exercised). We intend to give not less than 10 days&rsquo; nor more than 60 days&rsquo;
prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination.
These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will
consummate our initial business combination. Each public stockholder may elect to redeem its public shares irrespective of whether
they vote for or against the proposed transaction or whether they were a stockholder on the record date for the stockholder meeting
held to approve the proposed transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a stockholder vote is not required and we do not decide to
hold a stockholder vote for business or other legal reasons, we will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conduct
the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file
tender offer documents with the SEC prior to completing our initial business combination, which contain substantially the same
financial and other information about the initial business combination and the redemption rights as is required under Regulation
14A of the Exchange Act, which regulates the solicitation of proxies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event we conduct redemptions pursuant to the tender offer
rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange
Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period.
In addition, the tender offer will be conditioned on public stockholders not tendering more than a specified number of public shares,
which number will be based on the requirement that we will only redeem our public shares so long as (after such redemption) our
net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination
and after payment of deferred underwriters&rsquo; fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny
stock&rdquo; rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to our
initial business combination. If public stockholders tender more shares than we have offered to purchase, we will withdraw the
tender offer and not complete the initial business combination.</P>

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

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

<!-- Field: Page; Sequence: 91; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the public announcement of our initial business combination,
if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in
accordance with Rule 10b5-1 to purchase shares of our Class A common stock in the open market, in order to comply with Rule 14e-5
under the Exchange Act.</P>

<P STYLE="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 intend to require our public stockholders seeking to exercise
their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; to, at the holder&rsquo;s
option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically
using the Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy
materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior
to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with
a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written
request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such
shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public
shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy
such delivery requirements. We believe that this will allow our transfer agent to efficiently process any redemptions without the
need for further communication or action from the redeeming public stockholders, which could delay redemptions and result in additional
administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company,
we will promptly return any certificates or shares delivered by public stockholders who elected to redeem 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">Our amended and restated certificate of incorporation will provide
that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001
either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters&rsquo;
fees and commissions (so that we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible
asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the
proposed initial business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to
be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy
other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration
we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount required
to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash
available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class A common stock
submitted for redemption will be returned to the holders thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation on Redemption upon Completion of our Initial Business
Combination if we Seek Stockholder Approval</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">Notwithstanding the foregoing, if we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant
to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder, together
with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo;
(as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to more than
an aggregate of 15% of the shares sold in this offering, which we refer to as the &ldquo;Excess Shares.&rdquo; Such restriction
shall also be applicable to our affiliates. We believe this restriction will discourage stockholders from accumulating large blocks
of shares, and subsequent attempts by such holders to use their ability to exercise their redemption rights against a proposed
initial business combination as a means to force us or our management to purchase their shares at a significant premium to the
then-current market price or on other undesirable terms. Absent this provision, a public stockholder holding more than an aggregate
of 15% of the shares sold in this offering could threaten to exercise its redemption rights if such holder&rsquo;s shares are
not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting
our stockholders&rsquo; ability to redeem no more than 15% of the shares sold in this offering without our prior consent, we believe
we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete our initial
business combination, particularly in connection with an initial business combination with a target that requires as a closing
condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders&rsquo;
ability to vote all of their shares (including Excess Shares) for or against 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"></P>

<!-- Field: Page; Sequence: 92; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delivering Stock Certificates in Connection with the Exercise
of Redemption 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">As described above, we intend to require our public stockholders
seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo;
to, at the holder&rsquo;s option, either deliver their stock certificates to our transfer agent or deliver their shares to our
transfer agent electronically using the Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to
the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may
be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct
redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares
to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of
the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish
to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public
stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have up to two business days prior
to the vote on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer
materials until the close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise
its redemption rights. In the event that a stockholder fails to comply with these or any other procedures disclosed in the proxy
or tender offer materials, as applicable, its shares may not be redeemed. Given the relatively short exercise period, it is advisable
for stockholders to use electronic delivery of their 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">There is a nominal cost associated with the above-referenced
process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge
the broker submitting or tendering shares a fee of approximately $80.00 and it would be up to the broker whether or not to pass
this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking
to exercise redemption rights to submit or tender their shares. The need to deliver shares is a requirement of exercising redemption
rights regardless of the timing of when such delivery must be effectuated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any request to redeem such shares, once made, may be withdrawn
at any time up to the date set forth in the proxy materials or tender offer documents, as applicable. Furthermore, if a holder
of a public share delivered its certificate in connection with an election of redemption rights and subsequently decides prior
to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return the
certificate (physically or electronically). It is anticipated that the funds to be distributed to holders of our public shares
electing to redeem their shares will be distributed promptly after the completion of our 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">If our initial business combination is not approved or completed
for any reason, then our public stockholders who elected to exercise their redemption rights would not be entitled to redeem their
shares for the applicable <I>pro rata</I> share of the trust account. In such case, we will promptly return any certificates delivered
by public holders who elected to redeem their shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our initial proposed initial business combination is not
completed, we may continue to try to complete an initial business combination with a different target until 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"></P>

<!-- Field: Page; Sequence: 93; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption of Public Shares and Liquidation if no Initial
Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will
provide that we will have only 24 months from the closing of this offering to complete our initial business combination. If we
are unable to complete our initial business combination within such 24-month period, we will: (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000
of interest to pay dissolution expenses), 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), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to our warrants, which will expire worthless if we fail to complete our initial business combination within the 24-month
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">Our sponsor, officers and directors have entered into a letter
agreement with us, pursuant to which they have waived their rights to liquidating distributions from the trust account with respect
to any founder shares held by them if we fail to complete our initial business combination within 24 months from the closing of
this offering. However, if our sponsor, officers or directors acquire public shares in or after this offering, they will be entitled
to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business
combination within the allotted 24-month 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">Our sponsor, officers and directors have agreed, pursuant to
a written agreement with us, that they will not propose any amendment to our amended and restated certificate of incorporation
to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an
initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within
24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders&rsquo;
rights or pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem their
shares of Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, divided by the number of then outstanding public shares. However, we will only redeem our public
shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon
consummation of our initial business combination and after payment of deferred underwriters&rsquo; fees and commissions (so that
we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules). If this optional redemption right is exercised with respect
to an excessive number of public shares such that we cannot satisfy the net tangible asset requirement (described above), we would
not proceed with the amendment or the related redemption of our public shares at such 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">We expect that all costs and expenses associated with implementing
our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the approximately $750,000
of proceeds held outside the trust account, although we cannot assure you that there will be sufficient funds for such purpose.
We will depend on sufficient interest being earned on the proceeds held in the trust account to pay any tax obligations we may
owe. However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan of dissolution,
to the extent that there is any interest accrued in the trust account not required to pay taxes on interest income earned on the
trust account balance, we may request the trustee to release to us an additional amount of up to $100,000 of such accrued interest
to pay those costs and 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">If we were to expend all of the net proceeds of this offering
and the sale of the private placement warrants, other than the proceeds deposited in the trust account, and without taking into
account interest, if any, earned on the trust account, the per-share redemption amount received by stockholders upon our dissolution
would be approximately $10.00. The proceeds deposited in the trust account could, however, become subject to the claims of our
creditors which would have higher priority than the claims of our public stockholders. We cannot assure you that the actual per-share
redemption amount received by stockholders will not be substantially less than $10.00. Under Section&nbsp;281(b) of the DGCL,
our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be made in
full, as applicable, if there are sufficient assets. These claims must be paid or provided for before we make any distribution
of our remaining assets to our stockholders. While we intend to pay such amounts, if any, we cannot assure you that we will have
funds sufficient to pay or provide for all creditors&rsquo; claims.</P>

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

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

<!-- Field: Page; Sequence: 94; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we will seek to have all vendors, service providers,
prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title,
interest or claim of any kind in or to any monies held in the trust account for the benefit of our public stockholders, such parties
may not execute such agreements or even if they execute such agreements, they may not be prevented from bringing claims against
the trust account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims,
as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim
against our assets, including the funds held in the trust account. If any third party refuses to enter into an agreement waiving
such claims to the monies held in the trust account, our management will consider whether competitive alternatives are reasonably
available to the Company, and will only enter into an agreement with such third party if our management believes that such third
party&rsquo;s engagement would be in the best interests of the Company under the circumstances. Examples of possible instances
where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular
expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute
a waiver or in cases where management is unable to find a service provider willing to execute a waiver. WithumSmith+Brown, PC,
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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, there is no guarantee that such entities will agree
to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with
us and will not seek recourse against the trust account for any reason. Upon redemption of our public shares, if we are unable
to complete our initial business combination within the prescribed timeframe, or upon the exercise of a redemption right in connection
with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that
may be brought against us within the 10 years following redemption. Accordingly, the per-share redemption amount received by public
stockholders could be less than the $10.00 per share initially held in the trust account, due to claims of such creditors. Pursuant
to the letter agreement, the form of which is filed as Exhibit 10.1 to the registration statement of which this prospectus forms
a part, our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered
or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of
(i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation
of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided
that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and
all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified
whether our sponsor has sufficient funds to satisfy their indemnity obligations, and believe that our sponsor&rsquo;s only assets
are securities of our company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. As
a result, if any such claims were successfully made against the trust account, the funds available for our initial business combination
and redemptions could be reduced to less than $10.00 per public share. In such event, we may not be able to complete our initial
business combination, and you would receive such lesser amount per share in connection with any redemption of your public shares.
None of our officers or directors will indemnify us for claims by third parties, including, without limitation, claims by vendors
and prospective target businesses.</P>

<P STYLE="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: 95; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that the proceeds in the trust account are reduced
below (i) $10.00 per public share or (ii) such lesser amount per public share held in the trust account as of the date of the
liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the amount of interest which
may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy its indemnification obligations or that it
has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal
action against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors
would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that
our independent directors in exercising their business judgment may choose not to do so if, for example, the cost of such legal
action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors
determine that a favorable outcome is not likely. We have not asked our sponsor to reserve for such indemnification obligations
and we cannot assure you that our sponsor would be able to satisfy those obligations, and believe that our sponsor&rsquo;s only
assets are securities of our company. Accordingly, we cannot assure you that due to claims of creditors the actual value of the
per-share redemption price will not be less than $10.00 per public share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will seek to reduce the possibility that our sponsor will
have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service providers, prospective
target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest or
claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We will have
access to up to approximately $750,000 from the proceeds of this offering with which to pay any such potential claims (including
costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $100,000).
In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, stockholders
who received funds from our trust account could be liable for claims made by creditors. In the event that our offering expenses
exceed our estimate of $750,000, we may fund such excess with funds from the funds not to be held in the trust account. In such
case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely,
in the event that the offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside
the trust account would increase by a corresponding amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, 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 <I>pro rata</I> portion
of our trust account distributed to our public stockholders upon the redemption of our public shares in the event we do not complete
our initial business combination within 24 months from the closing of this offering may be considered a liquidating distribution
under Delaware law. If the corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure
that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims
can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect
to a liquidating distribution is limited to the lesser of such stockholder&rsquo;s <I>pro rata</I> 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, if the <I>pro rata</I> portion of our trust account
distributed to our public stockholders upon the redemption of our public shares in the event we do not complete our initial business
combination within 24 months from the closing of this offering, is not considered a liquidating distribution under Delaware law
and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings that a party
may bring or due to other circumstances that are currently unknown), then pursuant to Section 174 of the DGCL, the statute of
limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years,
as in the case of a liquidating distribution. If we are unable to complete our 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 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), 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), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Accordingly, it is our intention to redeem our public shares as soon as reasonably possible following our 24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>th
</SUP>month and, therefore, we do not intend to comply with those procedures. As such, our stockholders could </FONT> 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"></P>

<!-- Field: Page; Sequence: 96; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because we will not be complying with Section 280, Section 281(b)
of the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of all existing
and pending claims or claims that may be potentially brought against us within the subsequent 10 years. However, because we are
a blank check company, rather than an operating company, and our operations will be limited to searching for prospective target
businesses to acquire, the only likely claims to arise would be from our vendors (such as lawyers, investment bankers, etc.) or
prospective target businesses. As described above, pursuant to the obligation contained in our underwriting agreement, we will
seek to have all vendors, service providers, prospective target businesses or other entities with which we do business execute
agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account. As a
result of this obligation, the claims that could be made against us are significantly limited and the likelihood that any claim
that would result in any liability extending to the trust account is remote. Further, our sponsor may be liable only to the extent
necessary to ensure that the amounts in the trust account are not reduced below (i) $10.00 per public share or (ii) such lesser
amount per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in
value of the trust assets, in each case net of the amount of interest released to us to pay taxes and will not be liable as to
any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the
Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not
be responsible to the extent of any liability for such third-party claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we file a bankruptcy petition or an involuntary bankruptcy
petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy
law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our
stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will be able to return $10.00
per share to our public stockholders. Additionally, if we file a bankruptcy petition or an involuntary bankruptcy petition is filed
against us that 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 some or all amounts received by our stockholders. Furthermore, our board of directors may be viewed
as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, thereby exposing itself and our company
to claims of punitive damages, by paying public 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">Our public stockholders will be entitled to receive funds from
the trust account only upon the earlier to occur of: (i)&nbsp;the completion of our initial business combination, (ii) the redemption
of any public shares properly submitted in connection with a stockholder vote to amend any provisions of our amended and restated
certificate of incorporation to (A) modify the substance or timing of our obligation to provide for the redemption of our public
shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the closing of this offering or (B) with respect to any other material provisions relating
to stockholders&rsquo; rights or pre-initial business combination activity, and (iii) the redemption of all of our public shares
if we are unable to complete our business combination within 24 months from the closing of this offering, subject to applicable
law. In no other circumstances will a stockholder have any right or interest of any kind to or in the trust account. In the event
we seek stockholder approval in connection with our initial business combination, a stockholder&rsquo;s voting in connection with
the initial business combination alone will not result in a stockholder&rsquo;s redeeming its shares to us for an applicable <I>pro
rata</I> share of the trust account. Such stockholder must have also exercised its redemption rights as described above. These
provisions of our amended and restated certificate of incorporation, like all provisions of our amended and restated certificate
of incorporation, may be amended with a stockholder 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"></P>

<!-- Field: Page; Sequence: 97; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of Redemption or Purchase Prices in Connection
with Our Initial Business Combination and if We Fail to Complete Our Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table compares the redemptions and other permitted
purchases of public shares that may take place in connection with the completion of our initial business combination and if we
are unable to complete our 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; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 17%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemptions in Connection <BR>
with our Initial Business <BR>
Combination</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other Permitted Purchases <BR>
of Public Shares by us or our <BR>
Affiliates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemptions if we fail to <BR>
Complete an Initial Business <BR>
Combination</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Calculation of redemption price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a stockholder vote. The same whether we conduct redemptions pursuant to a tender offer or in connection with a stockholder vote. In either case, our public stockholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our taxes divided by the number of then outstanding public shares, subject to the limitation that no redemptions will take place, if all of the redemptions would cause our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and any limitations (including, but not limited to, cash requirements) agreed to in connection with the negotiation of terms of a proposed initial business combination.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we seek stockholder approval of our initial business combination, our sponsor, directors, officers, advisors or their affiliates may purchase shares in privately-negotiated transactions or in the open market prior to or following completion of our initial business combination. There is no limit to the prices that our sponsor, directors, officers, advisors or their affiliates may pay in these transactions. Such purchases will be made only to the extent such purchases are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section&nbsp;9(a)(2) and Rule&nbsp;10b-5 of the Exchange Act. None of the funds in the trust account will be used to purchase shares in such transactions.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we are unable to complete our initial business combination within 24 months from the closing of this offering, we will redeem 100% of the public shares at a per-share price, payable in cash, equal to the aggregate amount, then on deposit in the trust account (which is initially anticipated to be $10.00 per public share including, interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses)), divided by the number of then outstanding public shares.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <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: top">
    <TD STYLE="width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Impact to remaining stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The redemptions in connection with our initial business combination will reduce the book value per share for our remaining stockholders, who will bear the burden of the deferred underwriting commissions and taxes payable.</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the permitted purchases described above are made there would be no impact to our remaining stockholders because the purchase price would not be paid by us.</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our initial stockholders, who will be our only remaining stockholders after such redemptions.</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>

<!-- Field: Page; Sequence: 98; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: a8 -->
<P STYLE="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 of This Offering to Those of Blank Check Companies
Subject to Rule 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">The following table compares the terms of this offering to the
terms of an offering by a blank check company subject to the provisions of Rule 419. This comparison assumes that the gross proceeds,
underwriting commissions and underwriting expenses of our offering would be identical to those of an offering undertaken by a company
subject to Rule 419, and that the underwriters will not exercise their over-allotment option. None of the provisions of Rule 419
apply to our offering.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 25%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of our Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms under a Rule 419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Escrow of offering proceeds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$300,000,000 of the net proceeds of this offering and the sale of the private placement warrants will be deposited into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer &amp; Trust Company acting as trustee.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately $264,600,000 of the offering proceeds would be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment of net proceeds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$300,000,000 of the net offering proceeds and the sale of the private placement warrants held in trust will be invested only in U.S. government treasury bills with a maturity of 185&nbsp;days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><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="border-bottom: Black 1pt solid; width: 25%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Receipt of interest on escrowed funds</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest on proceeds from the trust account to be paid to redeeming stockholders is reduced by (i) any income or franchise taxes paid or payable, and (ii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination.</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 99; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="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="border-top: Black 1pt solid; width: 25%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of our Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms under a Rule 419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation on fair value or net assets of target business</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"> Nasdaq rules require that we must consummate an initial business combination
    with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the
    trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned
    on the trust account) . </TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading of securities issued</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We expect the units will begin trading on or promptly after the date of this prospectus. The Class A common stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless Jefferies LLC 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 announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering, which closing is anticipated to take place three business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, an additional Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No trading of the units or the underlying Class A common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise of the warrants</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><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 our initial business combination and 12 months from the closing of this offering.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><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="border-bottom: Black 1pt solid; width: 25%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Election to remain an investor</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will provide our public stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company&rsquo;s registration statement,</FONT></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 100; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="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="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of our Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms under a Rule 419 Offering</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our taxes, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a stockholder vote. We intend to give approximately 30 days&rsquo; (but not less than 10 days&rsquo; nor more than 60 days&rsquo;) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. If we are not required by law and do not otherwise decide to hold a stockholder vote, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC&rsquo;s proxy rules. In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20&nbsp;business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. If, however, we hold a stockholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to decide if it elects to remain a stockholder of the company or require the return of its investment. If the company has not received the notification by the end of the 45<SUP>th</SUP>&nbsp;business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the stockholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 101; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 25%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of our Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms under a Rule 419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business combination deadline</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we are unable to complete an 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 10 business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a business combination has not been completed within 24 months after the effective date of our registration statement, funds held in the trust or escrow account are returned to investors.</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation on redemption rights of stockholders holding more than 15% of the shares sold in this offering if we hold a stockholder vote</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder (including our affiliates), together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to Excess Shares (more than an aggregate of 15% of the shares sold in this offering). Our public stockholders&rsquo; inability to redeem Excess Shares will reduce their influence over our ability to complete our initial business combination and they could suffer a material loss on their investment in us if they sell any Excess Shares in open market transactions.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many blank check companies provide no restrictions on the ability of stockholders to redeem shares based on the number of shares held by such stockholders in connection with an initial business combination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 102; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 25%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of our Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms under a Rule 419 Offering</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tendering stock certificates in connection with a tender offer or redemption rights</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We intend to require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; to, at the holder&rsquo;s option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically using the Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have up to two business days prior to the vote on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer materials until the close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise its redemption rights.</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 38%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed initial business combination and check a box on the proxy card indicating such holders were seeking to exercise their redemption rights. After the business combination was approved, the Company would contact such stockholders to arrange for them to deliver their certificate to verify ownership.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release of funds</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private placement warrants held in the trust account will not be released from the trust account until the earliest to occur of: (i) the completion of our initial business combination, (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the failure to effect a business combination within the allotted time.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 103; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 10pt; padding-bottom: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms of our Offering</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 38%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms under a Rule 419 Offering</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity, and (iii) the redemption of 100% of our public shares if we are unable to complete an initial business combination within the required time frame (subject to the requirements of applicable law). On the completion of our initial business combination, all amounts held in the trust account will be released to us, less amounts released to a separate account controlled by the trustee for disbursal to redeeming stockholders. We will use these funds to pay amounts due to any public stockholders who exercise their redemption rights as described above under &ldquo;Redemption rights for public stockholders upon completion of our initial business combination,&rdquo; to pay the underwriters their deferred underwriting commissions, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination.</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 38%">&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: Page; Sequence: 104; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In identifying, evaluating and selecting a target business for
our initial business combination, we may encounter competition from other entities having a business objective similar to ours,
including other blank check companies, private equity groups and leveraged buyout funds, public companies and operating businesses
seeking strategic business combinations. Many of these entities are well established and have extensive experience identifying
and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater financial,
technical, human and other resources than we do. Our ability to acquire larger target businesses will be limited by our available
financial resources. This inherent limitation gives others an advantage in pursuing the initial business combination of a target
business. Furthermore, our obligation to pay cash in connection with our public stockholders who exercise their redemption rights
may reduce the resources available to us for our initial business combination and our outstanding warrants, and the future dilution
they potentially represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a
competitive disadvantage in successfully negotiating an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Our executive offices are located at 527 Madison Avenue, 6th
Floor, New York, NY 10022, and our telephone number is (646) 747-9500. Our executive offices are provided to us by our sponsor.
Commencing on the date of this prospectus, we have agreed to pay our sponsor a total of&#8201; $10,000 per month for office space,
utilities and secretarial and administrative support. We consider our current office space 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"></P>

<!-- Field: Page; Sequence: 105; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">We currently have four officers. These individuals are not obligated
to devote any specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to
our affairs until we have completed our initial business combination. The amount of time they will devote in any time period will
vary based on whether a target business has been selected for our initial business combination and the stage of the initial business
combination process we are in.</P>

<P STYLE="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 Financial Information</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">We will register our units, Class A common stock and warrants
under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and current reports
with the SEC. In accordance with the requirements of the Exchange Act, our annual reports will contain financial statements audited
and reported on by our independent registered public accountants.</P>

<P STYLE="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 will provide stockholders with audited financial statements
of the prospective target business as part of the proxy solicitation materials or tender offer documents sent to stockholders to
assist them in assessing the target business. In all likelihood, these financial statements will need to be prepared in accordance
with, or reconciled to, GAAP or IFRS, depending on the circumstances, and the historical financial statements may be required to
be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential
targets we may conduct an initial business combination with because some targets may be unable to provide such statements in time
for us to disclose such statements in accordance with federal proxy rules and complete our initial business combination within
the prescribed time frame. We cannot assure you that any particular target business identified by us as a potential business combination
candidate will have financial statements prepared in accordance with GAAP or that the potential target business will be able to
prepare its financial statements in accordance with the requirements outlined above. To the extent that these requirements cannot
be met, we may not be able to acquire the proposed target business. While this may limit the pool of potential business combination
candidates, we do not believe that this limitation will be material.</P>

<P STYLE="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 will be required to evaluate our internal control procedures
for the fiscal year ending December 31, 2021 as required by the Sarbanes-Oxley Act. Only in the event we are deemed to be a large
accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to have our
internal control procedures audited. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with the
Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination. Prior to the date of this
prospectus, we will file a Registration Statement on Form 8-A with the SEC to voluntarily register our securities under Section
12 of the Exchange Act. As a result, we will be subject to the rules and regulations promulgated under the Exchange Act. We have
no current intention of filing a Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent
to the consummation of our 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">We will remain an emerging growth company until the earlier
of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we
have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated filer, which
means the market value of our shares of Class A common stock that are held by non-affiliates exceeds $700 million as of the prior
June 30<SUP>th</SUP>, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior
three-year 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"><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">There is no material litigation, arbitration or governmental
proceeding currently pending against us or any members of our management team in their capacity as such.</P>

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

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

<!-- Field: Page; Sequence: 106; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="jf_006"></A>MANAGEMENT</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>Officers, Directors and Director Nominees</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">Upon completion of this offering, our directors and officers
will be as follows:</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: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Age</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Position</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left">Jason Mudrick</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif; text-align: center">45</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Executive Officer and Chairman of the Board of Directors</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Victor Danh</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Vice President</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">David Kirsch</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Vice President and Director Nominee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Glenn Springer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dennis Stogsdill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director Nominee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> Scott Kasen </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"> 55 </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director Nominee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Dr. Brian Kushner</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Director Nominee</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>Jason Mudrick</B> has been our Chief Executive Officer
and chairman of our board of directors since August 2020. Mr. Mudrick is the founder and Chief Investment Officer of Mudrick Capital
Management, L.P. (&ldquo;Mudrick Capital&rdquo;), an investment firm that specializes in long and short investments in distressed
credit. Mudrick Capital was founded in 2009 with $5 million under management. As of August 2020, the firm had grown to approximately
$2.5 billion under management, primarily for institutional clients. Mr. Mudrick began his Wall Street career in 2000 advising
on mergers and acquisition transactions as an Associate in Merrill Lynch&rsquo;s Mergers &amp; Acquisitions Investment Banking
Group. In 2001, he joined Contrarian Capital Management, where he began his focus on distressed investing. Beginning in October
2002, Mr. Mudrick served as Managing Director and Portfolio Manager of the Contrarian Equity Fund, a fund specializing in post-restructured
equities, which he managed until his departure at the end of 2008. As Managing Director and Portfolio Manager of the Contrarian
Equity Fund, Mr. Mudrick specialized in investing in post-restructured equities, among other things. In 2009, Mr. Mudrick founded
Mudrick Capital to continue his specialty of investing in distressed debt and post-restructured equities. Mr. Mudrick has served
on numerous ad hoc creditors&rsquo; committees and eleven post-restructured companies&rsquo; boards of directors, including Safety-Kleen
Holdings, Integrated Alarm Services Group, Salton, Rotech Healthcare, NJOY Holdings, Corporate Risk Holdings, Fieldwood Energy,
Proenza Schouler, cxLoyalty and Thryv Holdings, Inc., where he is currently the Chairman of the Board. Mr. Mudrick was also Chief
Executive Officer and director of Mudrick Capital Acquisition Corporation, our predecessor special purpose acquisition company.
Mr. Mudrick also spent two years in graduate school teaching economics classes to Harvard University undergraduates. Mr. Mudrick
has a B.A. in Political Science from the College of the University of Chicago and a J.D. from Harvard Law School. Mr. Mudrick
was previously admitted to the New York State Bar. Mr. Mudrick&rsquo;s qualifications to serve on our Board of Directors include
his extensive leadership and board experience, his track record as a founder and Chief Investment Officer of Mudrick Capital,
his current board experience, including as Chairman of the Board of Thryv Holdings, Inc., and his network of contacts in the distressed
investing field. </P>

<P STYLE="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>Victor Danh</B> has been our Vice President since August
2020. Mr. Danh is a Managing Director and Senior Analyst at Mudrick Capital, where he is responsible for analyzing distressed
credit and equity opportunities across a diverse range of industries and overseeing and coordinating the research team. Prior
to joining Mudrick Capital, Mr. Danh was a Vice President and Assistant Portfolio Manager at Contrarian Capital Management, LLC
from 2003 to 2009 where he focused on deep value and distressed investments in a wide range of industries across the entire capital
structure. Previously, Mr. Danh worked at Merrill Lynch in the Mergers and Acquisitions Group and at UBS in the Technology Investment
Banking Group. Mr. Danh previously served on the Board of Directors of Seventy Seven Energy and is currently serving on the Board
of Directors of Expanse Energy Solutions, Inc. Mr. Danh was also Vice President of Hycroft Mining Holding Corp. (fka Mudrick Capital
Acquisition Corporation). Mr. Danh received a B.A. in Economics from Harvard College. </P>

<P STYLE="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>David Kirsch</B> has been our Vice President and a member
of our board of directors since August 2020. Mr. Kirsch is a Managing Director and Senior Analyst at Mudrick Capital, where he
is responsible for analyzing distressed credit and equity opportunities across a diverse range of industries. Prior to joining
Mudrick Capital, from 2008 to 2010 Mr. Kirsch was a Senior Analyst and Managing Director at Miura Global Management, a large global
long-short equity hedge fund, where he was responsible for coverage of the financial and consumer industries across the Americas,
Europe and Asia. Mr. Kirsch gained extensive restructuring experience as a Director at Alvarez &amp; Marsal from 2003&thinsp;&ndash;&thinsp;2008.
At Alvarez &amp; Marsal, he held primary or lead management roles on an interim basis for distressed companies and advised creditors
on balance sheet solutions to maximize the value of their investments. Mr. Kirsch began his Wall Street career as an Analyst in
the Healthcare Industry Group in the Investment Banking Division of Banc of America Securities. He is currently serving on the
Board of Directors of NJOY Holdings, Proenza Schouler and Targus Holdings and previously served on the Board of Directors of NYDJ.
Mr. Kirsch currently serves as Chairman of the Board for Hycroft Mining Holding Corporation and Nelson Education. Mr. Kirsch was
also Vice President and director of Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition Corporation). Mr. Kirsch received
his B.S. Magna Cum Laude in Economics from the Wharton School at the University of Pennsylvania. Mr. Kirsch&rsquo;s qualifications
to serve on our Board of Directors include his extensive leadership and board experience, his track record as Managing Director
and Senior Analyst of Mudrick Capital, his current board experience, and his network of contacts in the distressed investing field. </P>

<P STYLE="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: 107; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>Glenn Springer</B> has been our Chief Financial Officer
since August 2020. Mr. Springer is the Chief Financial Officer of Mudrick Capital, where he oversees the finance, accounting and
operations functions. Prior to joining Mudrick Capital, Mr. Springer was Chief Financial Officer and Chief Operating Officer at
Turtle Creek Investment Advisors, LLC from 2007 to 2008 where he developed from inception, its operational and financial infrastructure.
Prior to joining Turtle Creek, Mr. Springer served as Chief Financial Officer &amp; Chief Compliance Officer of SBZ Select Investments,
LLC from 2005 to 2007 where he was responsible for the finance, accounting and compliance functions, including the registration
of two investment advisors with the SEC. Previously, Mr. Springer served as Controller (A.A.I.UK), Director of Fund Accounting
and a Risk Management Affiliated Fund Analyst at Asset Alliance Corporation from 2000 to 2004. Prior to Asset Alliance, Mr. Springer
was a Senior Accountant in PricewaterhouseCoopers, LLP&rsquo;s Financial Services and Business Advisory Services Group from 1998
to 2000 where his focus was on audits of a variety of investment companies including hedge funds and private equity funds. Mr.
Springer began his career at Richard A. Eisner &amp; Co. LLP from 1996 to 1998 where he was a Senior Accountant in the Audit Department.
Mr. Springer was also Chief Financial Officer of Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition Corporation). Mr.
Springer received a B.A. from the State University of Albany and an M.B.A. from Baruch College, CUNY. Mr. Springer is a Certified
Public Accountant in the State of New York. </P>

<P STYLE="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>Dennis
                                         Stogsdill </B>will be one of our directors on the effective date of the registration
                                         statement of which this prospectus forms a part. Mr. Stogsdill has in excess of 25 years
                                         of experience in management consulting, advising troubled companies, lenders and equity
                                         sponsors in distressed and non-distressed situations. Mr. Stogsdill began his career
                                         in 1994 working as a management consultant at GB Consulting and later in 1996 joined
                                         the global restructuring group of Arthur Andersen. In 2001 he helped form the restructuring
                                         group of the investment bank Berenson Minella. In 2002, he joined Alvarez &amp; Marsal
                                         LLC, a global consulting firm specializing in corporate turnarounds and financial restructurings.
                                         Mr. Stogsdill is currently Managing Director at Alvarez &amp; Marsal LLC and has been
                                         involved in all aspects of the reorganization process, including acting in executive-level
                                         roles such as Chief Restructuring Officer. Mr. Stogsdill periodically served as the interim
                                         Chief Executive Officer or Chief Restructuring Officer (or in an analogous position)
                                         of companies which elected to utilize bankruptcy proceedings as a part of their financial
                                         restructuring process and, as such, he served as an executive officer of various companies
                                         which filed bankruptcy petitions under federal law, including, without limitation, Fairway
                                         Group Holdings in 2015, Revel Casino in 2013, Fresh &amp; Easy Markets in 2013 and M&amp;G
                                         Chemicals SA in 2017. Mr. Stogsdill has a B.S. from Rutgers University. Mr. Stogsdill
                                         is well-qualified to serve on our Board of Directors due to his experience in finance,
                                         business, operations and in restructuring and turnaround situations. </P>
<P STYLE="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>Scott Kasen </B>will be one of our directors on the effective
date of the registration statement of which this prospectus forms a part. Mr. Kasen has been a private investor since 2010. Mr.
Kasen is currently a Member of SK Restaurant Holdings LLC and from February 2016 to November 2018. From August 2016 through August
2020 Mr Kasen served as a director of Thryv Holdings, Inc. and from February 2016 to November 2018 was a member of the board of
directors for Targus Cayman Holdco Limited. Previously, Mr. Kasen has held several senior leadership positions within Contrarian
Capital Management, LLC, including co-portfolio manager of European Fund, LP and Contrarian Capital Senior Secured, LP. Mr. Kasen
has previously held leadership roles as Vice President with The Trump Organization and has served as a partner with A.B. Edelman
Management Company and Velocity Crossover Investors. Mr. Kasen also previously served on the board of directors for Special Metals,
Inc. and Cascade Timberlands, LLC. Mr. Kasen received his Bachelor of Science degree from Rutgers University and his Master of
Business Administration degree from The Columbia Business School. In light of Mr. Kasen&rsquo;s business experience, we believe
it is appropriate for Mr. Kasen to serve as a director. </P>

<P STYLE="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: 108; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <B>Dr. Brian Kushner </B>will be one of our directors on
the effective date of the registration statement of which this prospectus forms a part. Dr. Kushner has, since 2009, served as
a Senior Managing Director at FTI Consulting, Inc. (NYSE: FCN), a global business advisory firm, where he serves as the leader
of the Private Capital Advisory Services practice and as the co-leader of the Technology practice, the Aerospace, Defense and
Government Contracting practice and the Activism and M&amp;A Solutions practice. Prior to joining FTI, Dr. Kushner was the co-founder
of CXO, L.L.C., a boutique interim and turnaround management consulting firm that was acquired by FTI at the end of 2008. Over
the past two decades, he has served as Chief Executive Officer, the Chief Restructuring Officer or a Director of more than two
dozen public and private technology, manufacturing, telecom and defense companies, and has led, or participated in the sale or
acquisition of over 25 companies. Dr. Kushner periodically served as the interim CEO or Chief Restructuring Officer (or in an
analogous position) of companies which elected to utilize bankruptcy proceedings as a part of their financial restructuring process
and, as such, he served as an executive officer of various companies which filed bankruptcy petitions under federal law, including,
without limitation, Relativity Media LLC in 2015. Dr. Kushner began his career in 1982 at BDM International, a defense firm, and
remained with them following their acquisition by Ford Motor Company, and stayed on to become Chief Scientist and General Manager
as part of the management team that completed a leveraged buyout of BDM in 1990 with the Carlyle Group. Dr. Kushner serves as
an independent director and Chair of the Audit Committee of Cumulus Media, Inc. (NASDAQ: CMLS), a leader in the radio broadcasting
industry, since 2018; an independent director and member of the Audit, the Finance, the Technology and the Strategy and Operations
Committees of Resideo Technologies, Inc. (NYSE:REZI), a leader in smart home products and systems, since 2019; and an independent
director and Chair of the Audit Committee of Gibson Brands, Inc., a manufacturer of guitars and other musical instruments, since
2018. Dr. Kushner is also a member of the Advisory Council of the College of Natural Sciences at the University of Texas at Austin
and is an Emeritus member of the Engineering College Council at Cornell University in Ithaca, New York. Previously, from 2016
 &ndash; 2020, he served as an independent director and Chair of the Audit Committee of Thryv, Inc. (fka Dex Media Holdings Inc.),
a digital and print marketing company; an independent director of DevelopOnBox Holding, LLC d/b/a Zodiac Systems, a video software
engineering services firm, where he served on the Audit and Governance Committees, from 2016 &ndash; until the sale of the company
to Orion Innovation in 2020; from 2016 - 2018, he served as a non-executive independent director, Chair of the Remuneration Committee
and a member of the Audit Committee of the Luxfer Group, PLC (NYSE: LXFR), a specialty materials manufacturing company; from 2015
to 2016 he served as an independent director and Chair of the Audit Committee of Everyware Global, Inc, the manufacturing company
that is the parent of the Oneida and Anchor Hocking brands (since renamed the Oneida Group); from 2013 to 2015 the Lead Independent
Director of Damovo, LLC, the ultrahigh reliability and data systems integration company; from 2010 to 2013 as Chair of Caribbean
Asset Holdings, the voice, video and telephony company serving many Caribbean islands; from 2009 to 2013 as managing member and
director of DLN Holdings, LLC, a mid-tier defense contractor; from 2007 to 2012 as director and acting Chair of Sage Telecom,
Inc., a competitive local exchange carrier and a Silver Point Capital portfolio company; from 2006 to 2009 a director of Pacific
Crossing Limited, a telecom carrier; and from 2003 to 2008 an independent director of Headway Resources, a staffing company. Dr.
Kushner was also a director of Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition Corporation). Dr. Kushner has a Ph.D.
in Applied and Engineering Physics with a minor in Electrical Engineering from Cornell University, as well as an M.S. and B.S.
in Applied and Engineering Physics from Cornell. Dr. Kushner is well-qualified to serve on our Board of Directors due to his substantial
executive-level operational experience in a broad spectrum of industries, his knowledge and expertise in M&amp;A and in IT, his
extensive experience over the last 20 years as an independent director, and his extensive network of contacts in both private
equity, hedge funds and distressed investing. </P>

<P STYLE="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>Number and Terms of Office of Officers and Directors</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 will have five directors upon completion of this offering.
Our board of directors will be divided into three classes with only one class of directors being elected in each year and each
class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. In accordance
with Nasdaq&rsquo;s corporate governance requirements, we are not required to hold an annual meeting until one full year after
our first fiscal year end following our listing on Nasdaq.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The term of office of the first class of directors, consisting
of Mr. Stogsdill, will expire at our first annual meeting of stockholders. The term of office of the second class of directors,
consisting of Messrs. Kasen and Kushner, will expire at the second annual meeting of stockholders. The term of office of the third
class of directors, consisting of Mudrick and Kirsch, will expire at the third 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">Our officers are appointed by the board of directors and serve
at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to
appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our officers may consist
of a Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, Vice Presidents, Secretary, Treasurer,
Assistant Secretaries and such other offices as may be determined by the board of directors.</P>

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

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

<!-- Field: Page; Sequence: 109; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"> Nasdaq&rsquo;s 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. Stogsdill, Kasen and Kushner are &ldquo;independent
directors&rdquo; as defined in Nasdaq&rsquo;s listing standards and applicable SEC rules. Our independent directors will have
regularly scheduled meetings at which only independent directors are present. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Officer and Director 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">None of our officers has received any cash compensation for
services rendered to us. Commencing on the date of this prospectus, we have agreed to pay our sponsor a total of&#8201;$10,000
per month for office space, utilities and secretarial and administrative support. Upon completion of our initial business combination
or our liquidation, we will cease paying these monthly fees. Other than the foregoing, no compensation of any kind, including any
finder&rsquo;s fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will be paid by us to our officers
and directors prior to, or in connection with any services rendered in order to effectuate, the consummation of our initial business
combination (regardless of the type of transaction that it is). However, these individuals will be reimbursed for any out-of-pocket
expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due
diligence on suitable business combinations. We do not have a policy that prohibits our sponsor, executive officers or directors,
or any of their respective affiliates, from negotiating for the reimbursement of out-of-pocket expenses by a target business. Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their
affiliates. Any such payments prior to an initial business combination will be made using funds held outside the trust account.
Other than quarterly audit committee review of such payments, we do not expect to have any additional controls in place governing
our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with
identifying and consummating 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">After the completion of our initial business combination, directors
or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of
these fees will be fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials or tender offer
documents furnished to our stockholders in connection with a proposed initial business combination. We have not established any
limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely
the amount of such compensation will be known at the time of the proposed initial business combination, because the directors of
the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid
to our officers will be determined, or recommended to the board of directors for determination, either by a compensation committee
constituted solely by independent directors or by a majority of the independent directors on our board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not intend to take any action to ensure that members
of our management team maintain their positions with us after the consummation of our initial business combination, although
it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain
with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to
retain their positions with us may influence our management&rsquo;s motivation in identifying or selecting a target business
but we do not believe that the ability of our management to remain with us after the consummation of our initial business
combination will be a determining factor in our decision to proceed with any potential business combination. We are not party
to any agreements with our officers and directors that provide for benefits upon termination of employment.</P>

<P STYLE="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>Committees of the Board of Directors</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">Our board of directors will have two standing committees: an
audit committee and a compensation committee . Subject to phase-in rules and a limited exception, Nasdaq rules and Rule 10A-3 of
the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors, and Nasdaq
rules require that the compensation committee of a listed company each be comprised solely of 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">&nbsp;</P>

<!-- Field: Page; Sequence: 110; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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"> Prior to the consummation of this offering, we will establish
an audit committee of our board of directors. Messrs.&nbsp;Stogsdill, Kasen and Kushner will serve as members of our audit committee,
and Mr. Kushner will chair the audit committee. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Under Nasdaq&rsquo;s 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.
Stogsdill, Kasen and Kushner meet the independent director standard under Nasdaq&rsquo;s listing standards and under Rule 10-A-3(b)(1)
of the Exchange 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">Each member of the audit committee is financially literate and
our board of directors has determined that Mr. Kushner qualifies as an &ldquo;audit committee financial expert&rdquo; as defined
in applicable SEC rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will adopt an audit committee charter, which will detail
the principal functions of the audit committee, including:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm
engaged by us;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approving
all audit and permitted non-audit services to be provided by the independent registered public accounting firm engaged by us, and
establishing pre-approval policies and procedures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;setting
clear hiring policies for employees or former employees of the independent registered public accounting firm, including but not
limited to, as required by applicable laws and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;setting
clear policies for audit partner rotation in compliance with applicable laws and regulations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtaining
and reviewing a report, at least annually, from the independent registered public accounting firm describing (i) the independent
registered public accounting firm&rsquo;s internal quality-control procedures, (ii)&nbsp;any material issues raised by the most
recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or
professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and
any steps taken to deal with such issues and (iii) all relationships between the independent registered public accounting firm
and us to assess the independent registered public accounting firm&rsquo;s independence;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the
SEC prior to us entering into such transaction; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory
or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published
reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting
standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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"> Prior to the consummation of this offering, we will establish
a compensation committee of our board of directors. Messrs. Stogsdill, Kasen and Kushner will serve as members of our compensation
committee. Under Nasdaq&rsquo;s listing standards and applicable SEC rules, we are required to have at least two members of the
compensation committee, all of whom must be independent. Messrs. Stogsdill, Kasen and Kushner are independent and Mr. Kasen will
chair the compensation committee. </P>

<P STYLE="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 will adopt a compensation committee charter, which will detail
the principal functions of the compensation committee, including:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&rsquo;s compensation,
if any is paid by us, 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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
and approving on an annual basis the compensation, if any is paid by us, of all of our other officers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
on an annual basis our executive compensation policies and plans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;implementing
and administering our incentive compensation equity-based remuneration plans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assisting
management in complying with our proxy statement and annual report disclosure requirements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"></P>

<!-- Field: Page; Sequence: 111; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;approving
all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
required, producing a report on executive compensation to be included in our annual proxy statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing,
evaluating and recommending changes, if appropriate, to the remuneration for directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, as indicated above, other than
the payment to our sponsor of&#8201; $10,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative
support and reimbursement of expenses, no compensation of any kind, including finders, consulting or other similar fees, will be
paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services
they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that prior to
the consummation of an initial business combination, the compensation committee will only be responsible for the review and recommendation
of any compensation arrangements to be entered into in connection with such initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The charter will also provide that the compensation committee
may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will
be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging
or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will
consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Nominations </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 do not have a standing nominating committee though we
intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules. In accordance
with Rule 5605 of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection by
the board of directors. The board of directors believes that the independent directors can satisfactorily carry out the responsibility
of properly selecting or approving director nominees without the formation of a standing nominating committee. The directors who
will participate in the consideration and recommendation of director nominees are Messrs. Stogsdill, Kasen and Kushner. In accordance
with Rule 5605 of the Nasdaq rules, all such directors are independent. As there is no standing nominating committee, we do not
have a nominating committee charter in place. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The board of directors will also consider director candidates
recommended for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election at
the next annual meeting of stockholders (or, if applicable, a special meeting of stockholders). Our stockholders that wish to nominate
a director for election to our board of directors should follow the procedures set forth in our bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not formally established any specific, minimum qualifications
that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for
director, the board of directors considers educational background, diversity of professional experience, knowledge of our business,
integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our 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"><B>Compensation Committee Interlocks and Insider Participation</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">None of our officers currently serves, or in the past year has
served, as a member of the compensation committee of any entity that has one or more officers serving on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Prior to the consummation of this offering, we will have
adopted a Code of Ethics applicable to our directors, officers and employees. We will file a copy of our Code of Ethics and
our audit and compensation committee charters as exhibits to the registration statement of which this prospectus is a part.
You will be able to review these documents by accessing our public filings at the SEC&rsquo;s web site at <I>www.sec.gov</I>.
In addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any
amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K. See the section of this
prospectus entitled &ldquo;Where You Can Find Additional Information.&rdquo;</P>

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

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

<!-- Field: Page; Sequence: 112; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">Mudrick Capital manages several investment vehicles. Funds and
separate accounts managed by Mudrick Capital or its affiliates may compete with us for business combination opportunities. If these
funds or separate accounts decide to pursue any such opportunity, we may be precluded from procuring such opportunities. In addition,
investment ideas generated within Mudrick Capital may be suitable for both us and for a current or future Mudrick Capital fund
or separate account and may be directed to such investment vehicle rather than to us. Neither Mudrick Capital nor members of our
management team who are also employed by Mudrick Capital have any obligation to present us with any opportunity for a potential
business combination of which they become aware, unless presented to such member solely in his or her capacity as an officer of
the company. Mudrick Capital and our management may have similar obligations to future investment vehicles or 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">We may, at our option, pursue an Affiliated Joint Acquisition
opportunity with any such fund or other investment vehicle, but such parties would co-invest only if permitted by applicable regulatory
and other legal limitations and to the extent considered appropriate. Such entity may co-invest with us in the target business
at the time of our initial business combination, or we could raise additional proceeds to complete the initial business combination
by making a specified future issuance to any such fund or vehicle.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mudrick Capital and each of our officers and directors
presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to
which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or
contractual obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or
contractual obligations of Mudrick Capital and our officers or directors will not materially affect our ability to complete
our initial business combination. We may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity to
which Mudrick Capital or an officer or director has a fiduciary or contractual obligation. Any such entity may co-invest with
us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete
the initial business combination by making a specified future issuance to any such entity. Our amended and restated
certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director
or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer
of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be
reasonable for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without
violating another legal obligation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Potential investors should also be aware of the following other
potential conflicts of interest:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of
interest in allocating his or her time among various business activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the course of their other business activities, our officers and directors may become aware of investment and business opportunities
which may be appropriate for presentation to us, as well as the other entities with which they are affiliated. Our management may
have conflicts of interest in determining to which entity a particular business opportunity should be presented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
initial stockholders have agreed to waive their redemption rights with respect to any founder shares and any public shares
held by them in connection with the consummation of our initial business combination. Additionally, our initial stockholders
have agreed to waive their redemption rights with respect to any founder shares held by them if we fail to consummate our
initial business combination within 24 months after the closing of this offering. If we do not complete our initial business
combination within such applicable time period, the proceeds of the sale of the private placement warrants held in the trust
account will be used to fund the redemption of our public shares, and the private placement warrants will expire worthless.
With certain limited exceptions, the founder shares will not be transferable, assignable by our sponsor until the earlier of:
(A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination,
(x) if the reported closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 &mdash;
trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of our
stockholders having the right to exchange their shares of common stock for cash, securities or other property. With certain
limited exceptions, the private placement warrants and the Class A common stock underlying such warrants, will not be
transferable, assignable or saleable by our sponsor or its permitted transferees until 30 days after the completion of our
initial business combination. Since our sponsor and officers and directors may directly or indirectly own common stock and
warrants following this offering, our officers and directors 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<!-- Field: Page; Sequence: 113; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 0pt 35pt; text-indent: -17pt"> &bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
sponsor, officers or directors may have a conflict of interest with respect to evaluating a business combination and financing
arrangements as we may obtain loans from our sponsor or an affiliate of our sponsor or any of our officers or directors to finance
transaction costs in connection with an intended initial business combination. Up to $1,500,000 of such loans may be convertible
into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement
warrants, including as to exercise price, exercisability and exercise 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">The conflicts described above may not be resolved in our favor.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
corporation could financially undertake the opportunity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
opportunity is within the corporation&rsquo;s line of business; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;it
would not be fair to our company and its stockholders for the opportunity not to be brought to the attention of the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, as a result of multiple business affiliations,
our officers and directors may have similar legal obligations relating to presenting business opportunities meeting the above-listed
criteria to multiple entities. Furthermore, our amended and restated certificate of incorporation will provide that we renounce
our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such
person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted
to refer that opportunity to us without violating another legal obligation.</P>

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

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

<!-- Field: Page; Sequence: 114; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is a table summarizing the entities to which our officers,
directors and director nominees currently have fiduciary duties or contractual obligations:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 16%; border-bottom: black 1pt solid"> <FONT STYLE="font-size: 9pt"><B>Individual</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 34%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 9pt"><B>Entity</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 23%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 9pt"><B>Entity&rsquo;s
    Business</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 9pt"><B>Affiliation</B></FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Jason Mudrick<SUP>(1)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Mudrick Capital Management, L.P. (&ldquo;MCM&rdquo;)</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Institutional Investor</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">President and Chief Investment Officer</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Private funds and separated accounts
    managed by MCM<SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Investment Vehicles</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">President and Chief Investment Officer
    of MCM</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">NJOY Holdings, Inc.</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Electronic Cigarettes</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Thryv Holdings, Inc.</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Marketing Management and Software</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Chairman of the Board</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Fieldwood Energy</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Oil &amp; Gas Exploration &amp; Production</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Proenza Schouler</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Apparel, Accessories &amp; Luxury Goods</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">cxLoyalty</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Software and Services</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Victor Danh<SUP>(3)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Mudrick Capital Management, L.P. (&ldquo;MCM&rdquo;)</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Institutional Investor</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Managing Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Private funds and separated accounts
    managed by MCM<SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Investment Vehicles</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Managing Director of MCM</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Expanse Energy Solutions, Inc.</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Oil &amp; Gas Equipment &amp; Services</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">David Kirsch<SUP>(4)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Mudrick Capital Management, L.P. (&ldquo;MCM&rdquo;)</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Institutional Investor</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Managing Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Private funds and separated accounts
    managed by MCM<SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Investment Vehicles</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Managing Director of MCM</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Nelson Education Ltd.</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Educational Services</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Chairman</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Hycroft Mining
    Holding Corporation</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Mining</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Chairman</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">NJOY Holdings,
    Inc.</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Electronic Cigarettes</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Proenza Schouler</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top"> <FONT STYLE="font-size: 9pt">Apparel, Accessories &amp; Luxury Goods</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Targus Holdings</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Laptop Bags and
    other Computer Accessories</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Director</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Private funds
    and separated accounts managed by MCM<SUP>(2)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Investment Vehicles</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Managing Director
    of MCM</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Glenn Springer<SUP>(5)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Mudrick Capital
    Management, L.P. (&ldquo;MCM&rdquo;)</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Institutional Investor</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Chief Financial
    Officer</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Scott Kasen<SUP>(6)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">SK Restaurant Holdings LLC</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Investment Vehicles</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Member</FONT> </TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Dennis Stogsdill<SUP>(7)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Alvarez
                                         &amp; Marsal LLC</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt"></FONT> </P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Consulting&nbsp;</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Managing
                                         Director</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"> <FONT STYLE="font-size: 9pt">Dr. Brian Kushner<SUP>(8)</SUP></FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">FTI
                                         Consulting</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"> <FONT STYLE="font-size: 9pt">Cumulus Media, Inc.</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Resideo Technologies,
        Inc.</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Gibson Brands, Inc.</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Consulting</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"> <FONT STYLE="font-size: 9pt">Media</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Technology</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Manufacturing</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom"> <FONT STYLE="font-size: 9pt">&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; padding-left: 0.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Senior
                                         Managing Director</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"> <FONT STYLE="font-size: 9pt">Director</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Director</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <FONT STYLE="font-size: 9pt">Director</FONT> </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 20.15pt">(1)</TD><TD>Mr.&nbsp;Mudrick has a fiduciary duty with respect to each of the listed entities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 20.15pt">(2)</TD><TD>Mudrick Capital Management, L.P. acts as investment manager to certain private investment funds and separately managed accounts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 20.15pt">(3)</TD><TD>Mr.&nbsp;Danh has a fiduciary duty with respect to each of the listed entities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: 20.15pt">(4)</TD><TD>Mr.&nbsp;Kirsch has a fiduciary duty with respect to each of the listed entities.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&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: 20.15pt">(5)</TD><TD>Mr.&nbsp;Springer has a fiduciary duty with respect to each of the listed entities.</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27px"> <FONT STYLE="font-size: 10pt">(6)</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">Mr.&nbsp;Kasen has a fiduciary duty with respect to each of the listed entities.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(7)</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">Mr. Stogsdill has a fiduciary duty with respect to each of the listed entities.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> <FONT STYLE="font-size: 10pt">(8)</FONT> </TD>
    <TD> <FONT STYLE="font-size: 10pt">Dr. Brian Kushner has a fiduciary duty with respect to each of the listed entities.</FONT> </TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, if any of the above executive officers, directors
or director nominees becomes aware of a business combination opportunity which is suitable for any of the above entities to which
he has current fiduciary or contractual obligations, he will honor his fiduciary or contractual obligations to present such business
combination opportunity to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however,
that any of the foregoing fiduciary duties or contractual obligations will materially affect our ability to complete 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">We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete our initial business
combination with such a company, we, or a committee of independent directors, would obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions, that such an initial business combination
is fair to our company from a financial point of view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our sponsor may form, and our officers and directors may
become an officer or director of, another special purpose acquisition company with a class of securities intended to be registered
under the Exchange Act prior to 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">In the event that we submit our initial business combination
to our public stockholders for a vote, pursuant to the letter agreement, our sponsor, officers and directors have agreed to vote
any founder shares held by them and any public shares purchased during or after the offering (including in open market and privately-negotiated
transactions) in favor of our initial business combination.</P>

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

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

<!-- Field: Page; Sequence: 115; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: a10 -->
<P STYLE="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>Limitation on Liability and Indemnification of Officers and
Directors</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">Our amended and restated certificate of incorporation will
provide that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now
exists or may in the future be amended. In addition, our amended and restated certificate of incorporation will provide that
our directors will not be personally liable for monetary damages to us or our stockholders 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">We will enter into agreements with our officers and directors
to provide contractual indemnification in addition to the indemnification provided for in our amended and restated certificate
of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director or employee for any liability
arising out of his or her actions, regardless of whether Delaware law would permit such indemnification. We will purchase a policy
of directors&rsquo; and officers&rsquo; liability insurance that insures our officers and directors against the cost of defense,
settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and
directors. Except with respect to any public shares they may acquire in this offering or thereafter (in the event we do not consummate
an initial business combination), our officers and directors have agreed to waive (and any other persons who may become an officer
or director prior to the initial business combination will also be required to waive) any right, title, interest or claim of any
kind in or to any monies in the trust account, and not to seek recourse against the trust account for any reason whatsoever, including
with respect to such indemnification.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 officers and directors, 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 officers and directors pursuant to these indemnification 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">We believe that these provisions, the directors&rsquo; and officers&rsquo;
liability insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.</P>

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

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

<!-- Field: Page; Sequence: 116; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_001"></A>PRINCIPAL STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information regarding the beneficial
ownership of our common stock as of the date of this prospectus, and as adjusted to reflect the sale of our common stock included
in the units offered by this prospectus, and assuming no purchase of units in this offering, by:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
of our executive officers, directors and director nominees; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
our executive officers, directors and director nominees as a group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 or beneficial ownership of the private placement warrants as these warrants are not exercisable within
60 days of the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2020, our sponsor paid $25,000 to cover certain offering
costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which are subject to
forfeiture depending on the extent to which the underwriters&rsquo; over-allotment option is exercised). The following table presents
the number of shares and percentage of our common stock owned by our initial stockholders before and after this offering. The post-offering
numbers and percentages presented assume that the underwriters do not exercise their over-allotment option, that our sponsor forfeits
an aggregate 1,125,000 founder shares on a <I>pro rata </I>basis, and that there are 37,500,000 shares of our common stock, consisting
of (i) 30,000,000 shares of our Class&nbsp;A common stock and (ii) 7,500,000 shares of our Class B common stock, issued and outstanding
after this offering.</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; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Before
    Offering</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="6" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>After
    Offering</B></FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    and Address of Beneficial Owner<SUP>(1)</SUP></B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of <BR> Shares<BR>
    Beneficially<BR>
    Owned<SUP>(2)</SUP></B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate<BR>
    Percentage of<BR>
    Outstanding<BR>
    Common Stock</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of <BR> Shares<BR>
    Beneficially<BR>
    Owned<SUP>(2)</SUP></B></FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximate<BR>
    Percentage of<BR>
    Outstanding<BR>
    Common Stock</FONT> </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: left; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mudrick
    Capital Acquisition Holdings II LLC<SUP>(3)</SUP></FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,625,000</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500,000</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.0</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason
    Mudrick<SUP>(3)</SUP></FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Victor
    Danh</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Kirsch</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Glenn
    Springer</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dennis
    Stogsdill<SUP>(3)</SUP></FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott
    Kasen<SUP>(3)</SUP></FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Brian Kushner<SUP>(3)</SUP></FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; 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"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    executive officers and directors as a group (7 individuals)</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,625,000</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.0</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500,000</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.0</FONT> </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"> <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 0pt 24pt; text-indent: -24pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Unless otherwise noted, the business address of each
of the following entities or individuals is c/o Mudrick Capital Acquisition Corporation II, 527 Madison Avenue, 6th Floor, New
York, NY 10022.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">(2)</TD><TD STYLE="text-align: justify">Interests shown consist solely of founder shares, classified
as shares of Class B common stock. Such shares are convertible into shares of Class A common stock on a one-for-one basis, subject
to adjustment, as described in the section of this prospectus entitled &ldquo;Description of Securities.&rdquo;</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"> (3) </TD><TD STYLE="text-align: justify"> Our sponsor is the record holder of such shares. Mudrick
                                     Capital Management, L.P. is the managing member of our sponsor and has voting and investment
                                     discretion with respect to the securities held by our sponsor. Jason Mudrick is the sole
                                     member of Mudrick Capital Management, LLC, the general partner of Mudrick Capital Management,
                                     L.P. As such, Mudrick Capital Management, L.P. and Jason Mudrick may be deemed to have beneficial
                                     ownership of the securities held directly by our sponsor. Each such entity or person disclaims
                                     any beneficial ownership of the reported shares other than to the extent of any pecuniary
                                     interest they may have therein, directly or indirectly. Our sponsor is 100% owned by investment
                                     funds and separate accounts managed by Mudrick Capital Management, L.P. Each of our independent
                                     directors hold a direct or indirect interest in our sponsor. </TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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">Immediately after this offering, our initial stockholders will
beneficially own 20% of the then-issued and outstanding shares of our common stock (assuming they do not purchase any units in
this offering). If we increase or decrease the size of the offering, we will effect a stock dividend or a share contribution back
to capital, or other appropriate mechanism, as applicable, with respect to our Class B common stock immediately prior to the consummation
of the offering in such amount as to maintain the ownership of our initial stockholders at 20% of the issued and outstanding shares
of our common stock upon the consummation of this offering. Because of this ownership block, our initial stockholders may be able
to effectively influence the outcome of all matters requiring approval by our stockholders, including the election of directors,
amendments to our amended and restated certificate of incorporation and approval of significant corporate transactions, including
approval of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of the founder shares have agreed (A) to vote any
shares owned by them in favor of any proposed initial business combination and (B) not to redeem any shares in connection with
a stockholder vote to approve a proposed initial business combination or in connection with a stockholder vote to approve an amendment
to 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">Our sponsor, Mudrick Capital and our executive officers and
directors are deemed to be our &ldquo;promoters&rdquo; as such term is defined under the federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on Transfers of Founder Shares and Private Placement
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">The founder shares, private placement warrants and any shares
of Class A common stock issued upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up
provisions in a letter agreement with us to be entered into by our sponsor, officers and directors. Those lock-up provisions provide
that such securities are not transferable or salable (i) in the case of the founder shares, until the earlier of (A) one year
after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the reported
closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock
for cash, securities or other property, and (ii) in the case of the private placement warrants and the Class A common stock underlying
such warrants, until 30 days after the completion of our initial business combination, except in each case (a) to our officers
or directors, any affiliates or family members of any of our officers or directors, any members of our sponsor, or any affiliates
of our sponsor, (b) in the case of an individual, by gift to a member of one of the members of the individual&rsquo;s immediate
family or to a trust, the beneficiary of which is a member of one of the individual&rsquo;s immediate family, an affiliate of
such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales
or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation
of an initial business combination at prices no greater than the price at which the shares or warrants were originally purchased;
(f) in the event of our liquidation prior to the completion of our initial business combination; or (g) by virtue of the laws
of Delaware or the organizational documents of our sponsor upon dissolution of our sponsor; provided, however, that in the case
of clauses (a) through (e) or (g) these permitted transferees must enter into a written agreement agreeing to be bound by these
transfer restrictions and the other restrictions contained in the letter agreement and by the same agreements entered into by
our sponsor with respect to such securities (including provisions relating to voting, the trust account and liquidation distributions
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"><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">The holders of (i) the founder shares, which were issued in
a private placement prior to the closing of this offering, (ii) private placement warrants, which will be issued in a private placement
simultaneously with the closing of this offering and the shares of Class A common stock underlying such private placement warrants
and (iii) private placement warrants that may be issued upon conversion of working capital loans (and the securities underlying
such securities) will have registration rights to require us to register a sale of any of our securities held by them pursuant
to a registration rights agreement to be signed prior to or on the effective date of this offering. These holders of these securities
will be entitled to make up to three demands, excluding short form registration demands, that we register such securities for sale
under the Securities Act. In addition, these holders will have &ldquo;piggy-back&rdquo; registration rights to include their securities
in other registration statements filed by us, subject to certain limitations. We will bear the expenses incurred in connection
with the filing of any such registration statements.</P>

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

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

<!-- Field: Page; Sequence: 118; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_002"></A>CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2020, our sponsor paid $25,000 to cover certain offering
costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which are subject to
forfeiture depending on the extent to which the underwriters&rsquo; over-allotment option is exercised). The number of founder
shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon
completion of this offering. If we increase or decrease the size of the offering we will effect a stock dividend or a share contribution
back to capital or other appropriate mechanism, as applicable, with respect to our Class B common stock immediately prior to the
consummation of the offering in such amount as to maintain the ownership of our initial stockholders at 20% of the issued and outstanding
shares of our common stock upon the consummation of this offering. Up to 1,125,000 founder shares are subject to forfeiture by
our sponsor depending on the extent to which the underwriters&rsquo; over-allotment option is exercised. The founder shares (including
the Class A common stock issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned
or sold by the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Our sponsor has committed, pursuant to a written agreement,
to purchase an aggregate of 7,500,000 (or 8,400,000 if the over-allotment option is exercised in full) private placement warrants
for a purchase price of $1.00 per warrant in a private placement that will occur simultaneously with the closing of this offering.
As such, our sponsor&rsquo;s interest in this transaction is valued at between $7,500,000 and $8,400,000, depending on the number
of private placement warrants purchased. Each private placement warrant entitles the holder thereof to purchase one share of our
Class A common stock at a price of $11.50 per share. The private placement warrants (including the Class&nbsp;A common stock issuable
upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commencing on the date of this prospectus, we have agreed to
pay our sponsor a total of&#8201;$10,000 per month for office space, utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation, we will cease paying these monthly fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than the foregoing, no compensation of any kind, including
any finder&rsquo;s fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will be paid by us to our
sponsor, officers and directors, or any affiliate of our sponsor or officers, prior to, or in connection with any services rendered
in order to effectuate, the consummation of an initial business combination (regardless of the type of transaction that it is).
However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf
such as identifying potential target businesses and performing due diligence on suitable business combinations. We do not have
a policy that prohibits our sponsor, executive officers or directors, or any of their respective affiliates, from negotiating for
the reimbursement of out-of-pocket expenses by a target business. Our audit committee will review on a quarterly basis all payments
that were made to our sponsor, officers, directors or our or any of their affiliates and will determine which expenses and the
amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred
by such persons in connection with activities on our behalf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the closing of this offering, our sponsor has agreed
to loan us up to an aggregate of $300,000 to be used for a portion of the expenses of this offering. As of August 3, 2020, we had
borrowed $12,500 under such promissory note. These loans are non-interest bearing, unsecured and are due at the earlier of March
31, 2021 or the closing of this offering. The loan will be repaid upon the closing of this offering out of the estimated $750,000
of offering proceeds that has been allocated to the payment of offering expenses (other than underwriting commissions) not held
in the trust account. The value of our sponsor&rsquo;s interest in this transaction corresponds to the principal amount outstanding
under any such loan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination, we would repay
such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working capital
held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. The
warrants would be identical to the private placement warrants, including as to exercise price, exercisability and exercise period.
The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect
to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not
believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds
in our trust account. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After our initial business combination, members of our management
team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being
fully disclosed to our stockholders, to the extent then known, in the proxy solicitation materials or tender offer documents, as
applicable, furnished to our stockholders. It is unlikely the amount of such compensation will be known at the time of distribution
of such proxy solicitation materials or tender offer documents, as applicable, as it will be up to the directors of the post-combination
business to determine executive and director compensation.</P>

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

<!-- Field: Page; Sequence: 119; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">We will enter into a registration rights agreement with respect
to the private placement warrants, the warrants issuable upon conversion of working capital loans (if any) and the shares of Class
A common stock issuable upon exercise of the foregoing and upon conversion of the founder shares, which is described under the
section of this prospectus entitled &ldquo;Description of Securities &mdash; Registration Rights.&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>Policy for Approval of 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">The audit committee of our board of directors will adopt a policy
setting forth the policies and procedures for its review and approval or ratification of &ldquo;related party transactions.&rdquo;
A &ldquo;related party transaction&rdquo; is any consummated or proposed transaction or series of transactions: (i) in which the
company was or is to be a participant; (ii) the amount of which exceeds (or is reasonably expected to exceed) $120,000 in the aggregate
over the duration of the transaction (without regard to profit or loss); and (iii) in which a &ldquo;related party&rdquo; had,
has or will have a direct or indirect material interest. &ldquo;Related parties&rdquo; under this policy will include: (i) our
directors, nominees for director or executive officers; (ii) any record or beneficial owner of more than 5% of any class of our
voting securities; (iii) any immediate family member of any of the foregoing if the foregoing person is a natural person; and (iv)
any other person who maybe a &ldquo;related person&rdquo; pursuant to Item 404 of Regulation S-K under the Exchange Act. Pursuant
to the policy, the audit committee will consider (i) the relevant facts and circumstances of each related party transaction, including
if the transaction is on terms comparable to those that could be obtained in arm&rsquo;s-length dealings with an unrelated third
party, (ii) the extent of the related party&rsquo;s interest in the transaction, (iii) whether the transaction contravenes our
code of ethics or other policies, (iv) whether the audit committee believes the relationship underlying the transaction to be in
the best interests of the company and its stockholders and (v) the effect that the transaction may have on a director&rsquo;s status
as an independent member of the board and on his or her eligibility to serve on the board&rsquo;s committees. Management will present
to the audit committee each proposed related party transaction, including all relevant facts and circumstances relating thereto.
Under the policy, we may consummate related party transactions only if our audit committee approves or ratifies the transaction
in accordance with the guidelines set forth in the policy. The policy will not permit any director or executive officer to participate
in the discussion of, or decision concerning, a related person transaction in which he or she is the related party.</P>

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

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

<!-- Field: Page; Sequence: 120; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="k_003"></A>DESCRIPTION OF SECURITIES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to our amended and restated certificate of incorporation,
our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001 par value, 10,000,000 shares of Class
B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description
summarizes the material terms of our capital stock. Because it is only a summary, it may not contain all the information that is
important to you.</P>

<P STYLE="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"> Each
                                         unit has an offering price of $10.00 and consists of one share of Class A common stock
                                         and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof
                                         to purchase one share of our Class A common stock at a price of $11.50 per share, subject
                                         to adjustment as described in this prospectus. Only whole warrants are exercisable. No
                                         fractional warrants will be issued upon separation of the units and only whole warrants
                                         will trade. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">We expect the Class A common stock and warrants comprising the
units will begin separate trading on the 52<SUP>nd</SUP>&nbsp;day following the date of this prospectus unless Jefferies LLC 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 announcing when such separate trading will begin. Once the shares of Class A common stock and
warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component
securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of Class
A common stock and warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In no event will the Class A common stock and warrants be traded
separately until we have filed a Current Report on Form 8-K with the SEC, which includes an audited balance sheet reflecting our
receipt of the gross proceeds at the closing of this offering. We will file a Current Report on Form 8-K which includes this audited
balance sheet upon the completion of this offering, which closing is anticipated to take place three business days after the date
of this prospectus. If the underwriters&rsquo; over-allotment option is exercised following the initial filing of such Current
Report on Form 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&rsquo; 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"><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">Upon the closing of this offering, 37,500,000 shares of our
common stock will be outstanding (assuming no exercise of the underwriters&rsquo; over-allotment option and the corresponding forfeiture
of 1,125,000 founder shares by our sponsor), consisting of:</P>

<P STYLE="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 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000,000
shares of our Class A common stock underlying the units being offered in this offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,500,000
shares of Class B common stock held by our initial stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we increase or decrease the size of the offering we will
effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class B common stock immediately prior to the consummation of this offering in such amount as to maintain the ownership of
our initial stockholders at 20% of the issued and outstanding shares of our common stock upon the 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">Common stockholders of record are entitled to one vote for each
share held on all matters to be voted on by stockholders. Holders of record of the Class A common stock and holders of record of
the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each
share of common stock entitling the holder to one vote except as required by law. Unless specified in our amended and restated
certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules,
the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on
by our stockholders. Our board of directors will be divided into three classes, each of which will generally serve for a term of
three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election
of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all
of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because our amended and restated certificate of incorporation
authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were to enter into an initial business combination,
we may (depending on the terms of such an initial business combination) be required to increase the number of shares of Class
A common stock which we are authorized to issue at the same time as our stockholders vote on the initial business combination
to the extent we seek stockholder approval in connection with 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"></P>

<!-- Field: Page; Sequence: 121; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with Nasdaq&rsquo;s corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end
following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of
stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written
consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the
consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which
requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our
initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of
Chancery in accordance with Section 211(c) of the DGCL.</P>

<P STYLE="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 will provide our stockholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount
in the trust account is initially anticipated to be approximately $10.00 per public share. The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our
initial business combination. We will provide our public stockholders with the opportunity to redeem all or a portion of their
public shares upon the completion of our initial business combination either (i) in connection with a stockholder meeting called
to approve the initial business combination or (ii) without a stockholder vote by means of a tender offer. If we seek stockholder
approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted
are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person
or by proxy of shares of outstanding capital stock of the Company representing a majority of the voting power of all outstanding
shares of capital stock of the Company entitled to vote at such meeting. If we conduct redemptions by means of a tender offer,
the tender offer documents will contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC&rsquo;s proxy rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval, the participation of our sponsor,
officers, directors, advisors or any of their affiliates in privately negotiated transactions (as described in this prospectus),
if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or
indicate their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding
shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is
obtained. We intend to give approximately 30 days&rsquo; (but not less than 10 days&rsquo; nor more than 60 days&rsquo;) prior
written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These
quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate
our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our
amended and restated certificate of incorporation will provide that a public stockholder, together with any affiliate of such
stockholder or any other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of
the shares of common stock sold in this offering, which we refer to as the Excess Shares. However, we would not be restricting
our stockholders&rsquo; ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
Our stockholders&rsquo; inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial
business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on
the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if
we complete the initial business combination. And, as a result, such stockholders will continue to hold that number of shares
exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially
at a loss.</P>

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

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

<!-- Field: Page; Sequence: 122; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval in connection with our
initial business combination, pursuant to a letter agreement, our sponsor, officers and directors have agreed to vote their
founder shares and any public shares purchased during or after this offering (including in open market and
privately-negotiated transactions) in favor of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, in addition to our initial stockholders&rsquo;
founder shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor
of an initial business combination in order to have our initial business combination approved (assuming all outstanding shares
are voted and the over-allotment option is not exercised). Additionally, each public stockholder may elect to redeem its public
shares irrespective of whether they vote for or against the proposed transaction or whether they were a stockholder on the record
date for the stockholder meeting held to approve the proposed transaction (subject to the limitation described in the preceding
paragraph).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 no more than 10 business days
thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the
number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders
(including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive
their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to
complete our initial business combination within 24 months from the closing of this offering. However, if our initial stockholders
acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with
respect to such public shares if we fail to complete our initial business combination within the prescribed time 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">In the event of a liquidation, dissolution or winding up of
the Company after an initial business combination, our stockholders are entitled to share ratably in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal
to their <I>pro rata </I>share of the aggregate amount then on deposit in the trust account, including interest (which will be
net of taxes paid by us) upon the completion of our initial business combination, subject to the limitations described herein.</P>

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

<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">The founder shares are identical to the shares of Class A
common stock included in the units being sold in this offering, and holders of founder shares have the same stockholder
rights as public stockholders, except that (i)&nbsp;the founder shares are subject to certain transfer restrictions, as
described in more detail below, (ii) our sponsor, officers and directors have entered into a letter agreement with us,
pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares and any public
shares held by them in connection with the completion of our initial business combination, (B) to waive their redemption
rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation to (i) modify the substance or timing of our obligation to provide
for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination within 24 months from the closing of this offering or (ii) with
respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity,
and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by
them if we fail to complete our initial business combination within 24 months from the closing of this offering, although
they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we
fail to complete our initial business combination within such time period, (iii) the founder shares are shares of our Class B
common stock that will automatically convert into shares of our Class A common stock at the time of our initial business
combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights as described herein and
(iv) are entitled to registration rights. If we submit our initial business combination to our public stockholders for a
vote, our sponsor, officers and directors have agreed (and its permitted transferees will agree) pursuant to the letter
agreement to vote any founder shares held by them and any public shares purchased during or after this offering (including in
open market and privately-negotiated transactions) in favor of our initial business combination.</P>

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

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

<!-- Field: Page; Sequence: 123; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case that additional shares of Class A common stock or
equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of shares
of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted&nbsp;basis,
20% of the sum of the total number of all shares of common stock outstanding upon the completion of this offering, plus the total
number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, including pursuant to a specified future issuance, excluding any shares of Class A common stock or equity-linked
securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial
business combination and any private placement-equivalent warrants issued to our sponsor, officers or directors upon conversion
of working capital loans; provided that such conversion of founder shares will never occur on a less than one for one basis. We
cannot determine at this time whether a majority of the holders of our Class B common stock at the time of any future issuance
would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to) the following:
(i) closing conditions that are part of the agreement for our initial business combination; (ii) negotiation with Class A stockholders
on structuring an initial business combination; or (iii) negotiation with parties providing financing that would trigger the anti-dilution
provisions of the Class B common stock. If such adjustment is not waived, the issuance would not reduce the percentage ownership
of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A common stock. If such
adjustment is waived, the issuance would reduce the percentage ownership of holders of both classes of our common stock. The term
 &ldquo;equity-linked securities&rdquo; refers to any debt or equity securities that are convertible, exercisable or exchangeable
for shares of Class A common stock issued in a financing transaction in connection with our initial business combination, including
but not limited to a private placement of equity or debt. Securities could be &ldquo;deemed issued&rdquo; for purposes of the conversion
rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar 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">With certain limited exceptions, the founder shares are not
transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial
business combination or (B)&nbsp;subsequent to our initial business combination, (x) if the reported closing price of our Class
A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business
combination or (y) the date, following the completion of our initial business combination, on which we complete a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of our 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"><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">Our amended and restated certificate of incorporation will
provide that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights
and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors
will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect
the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our
board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing
a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. Although
we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.
No shares of preferred stock are being issued or registered in this offering.</P>

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

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

<!-- Field: Page; Sequence: 124; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redeemable 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"><B><I>Public Stockholders&rsquo; 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"> Each
                                         whole warrant entitles the registered holder to purchase one share of our Class A common
                                         stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
                                         time commencing on the later of 12 months from the closing of this offering and 30 days
                                         after the completion of our initial business combination. Pursuant to the warrant agreement,
                                         a warrantholder may exercise its warrants only for a whole number of Class A common stock.
                                         This means only a whole warrant may be exercised at a 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 at least two units, you will not be able
                                         to receive or trade a whole warrant. The warrants will expire five years after the completion
                                         of our initial business combination, at 5:00 p.m., New York City time, or earlier upon
                                         redemption or liquidation. </P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not be obligated to deliver any shares of Class A common
stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a current
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration.
No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant
unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the
securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two
immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to
exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle
any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing
such warrant, if not cash settled, will have paid the full purchase price for the unit solely for the share of Class A common stock
underlying such unit.</P>

<P STYLE="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 are not registering the shares of Class A common stock issuable
upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 15
business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration
statement registering the issuance of the shares of Class A common stock issuable upon exercise of the warrants, to cause such
registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock
until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares
of Class A common stock issuable upon exercise of the warrants is not effective by the 60<SUP>th</SUP> business day after the closing
of our initial business combination or within a specified period following the consummation of our initial business combination,
warrantholders 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 &ldquo;cashless basis&rdquo; 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the warrants become exercisable, we may call the warrants
for redemption:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
whole and not in part;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
a price of $0.01 per warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
not less than 30 days&rsquo; prior written notice of redemption (the &ldquo;30-day redemption period&rdquo;) to each warrantholder;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
three business days before we send the notice of redemption to the warrantholders.</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If and when the warrants become redeemable by us, we may not
exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration
or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use
our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those
states in which the warrants were initially offered by us 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>

<!-- Field: Page; Sequence: 125; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have established the last of the redemption criteria discussed
above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder will be entitled
to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the
$18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like),
as well as the $11.50 warrant exercise price after the redemption notice is issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we call the warrants for redemption as described above, our
management will have the option to require any holder that wishes to exercise its warrant to do so on a cashless basis. In determining
whether to require all holders to exercise their warrants on a cashless basis, our management will consider, among other factors,
our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum
number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this
option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class
A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying
the warrants multiplied by and the excess of the &ldquo;fair market value&rdquo; (defined below) over the exercise price of the
warrants by (y) the fair market value. The &ldquo;fair market value&rdquo; shall mean the average reported closing price of the
Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the
information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including
the &ldquo;fair market value&rdquo; in such case. Requiring a cashless exercise in this manner will reduce the number of shares
to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to
us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants
for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees would still
be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above
that other warrantholders would have been required to use had all warrantholders been required to exercise their warrants on a
cashless basis, as described in more detail below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holder of a warrant may notify us in writing in the event
it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that
after giving effect to such exercise, such person (together with such person&rsquo;s affiliates), to the warrant agent&rsquo;s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares
of Class A common stock outstanding immediately after giving effect to such exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the number of outstanding shares of Class A common
stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class A
common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the
number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such
increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling
holders to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend
of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock
actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are
convertible into or exercisable for Class A common stock) and (ii) one minus the quotient of (x) the price per share of Class
A common stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights
offering is for securities convertible into or exercisable for Class A common stock, in determining the price payable for
Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A
common stock as reported during the 10 trading day period ending on the trading day prior to the first date on which the
shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right
to receive such rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock
on account of such shares of Class A common stock (or other shares of our capital stock into which the warrants are convertible),
other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of
Class&nbsp;A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of
the holders of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation
to (i) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with
an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 24 months from the closing of this offering or (ii) with respect to any other material provisions relating to stockholders&rsquo;
rights or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure
to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the
effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of Class A common stock in respect of such event.</P>

<P STYLE="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: 126; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the number of outstanding shares of our Class A common stock
is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A common stock or other
similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar
event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such
decrease in outstanding shares of Class A common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whenever the number of shares of Class A common stock purchasable
upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the
warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares
of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator
of which will be the number of shares of Class A common stock so purchasable immediately thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case of any reclassification or reorganization of the
outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such
shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other
than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or
reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with
which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of Class A common stock in such a transaction is payable in the form of Class A common stock in the successor
entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant
properly exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price
will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement)
of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when
an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants
otherwise do not receive the full potential value of the warrants. This formula is to compensate the warrant holder for the
loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30
days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted
market price for an instrument is available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer &amp; Trust Company, as warrant agent, and us. You should review a copy of the warrant
agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description
of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended
without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or
amendments will require the vote or written consent of the holders of at least a majority of the then outstanding public warrants
and, solely with respect to any amendment to the terms of the private placement warrants, a majority of the then outstanding private
placement 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">The warrants may be exercised upon surrender of the
warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise
price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants
being exercised. The warrantholders do not have the rights or privileges of holders of Class A common stock or any voting
rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A
common stock upon exercise of the warrants, each holder will be entitled to one 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"></P>

<!-- Field: Page; Sequence: 127; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> No
                                         fractional shares will be issued upon exercise of the warrants. If, upon exercise of
                                         the warrants, a holder would be entitled to receive a fractional interest in a share,
                                         we will, upon exercise, round down to the nearest whole number of shares of Class A common
                                         stock to be issued to the warrantholder. As a result, warrantholders not purchasing a
                                         number of warrants divisible by two must sell any odd number of warrants in order to
                                         obtain full value from the fractional interests that will not be issued. </P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if (x) we issue additional shares of Class A common
stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to
be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without
taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the consummation of our initial business combination (net of
redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger
price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
Issued 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"> We have agreed that, subject to applicable law, any action,
proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced in
the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably
submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See &ldquo;Risk
Factors &mdash; Our warrant agreement will designate the courts of the State of New York or the United States District Court for
the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated
by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes
with our company.&rdquo; This provision applies to claims under the Securities Act but does not apply to claims under the Exchange
Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.&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"><B><I>Private Placement 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">The private placement warrants (including the Class A common
stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except, among other limited exceptions as described under the section of this
prospectus entitled &ldquo;Principal Stockholders &mdash; Restrictions on Transfers of Founder Shares and Private Placement Warrants,&rdquo;
to our officers and directors and other persons or entities affiliated with our sponsor) and they will not be redeemable by us
so long as they are held by our sponsor or its permitted transferees. Except as described below, the private placement warrants
have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering, including
as to exercise price, exercisability and exercise period. If the private placement warrants are held by holders other than the
sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on
the same basis as the warrants included in the units being 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"></P>

<!-- Field: Page; Sequence: 128; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<!-- Field: Split-Segment; Name: a11 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If holders of the private placement warrants elect to exercise
them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of Class
A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying
the warrants multiplied by the excess of the &ldquo;fair market value&rdquo; (defined below) over the exercise price of the warrants
by (y) the fair market value. The &ldquo;fair market value&rdquo; means the average reported closing price of the Class A common
stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent
to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they
are held by the sponsor or its permitted transferees is because it is not known at this time whether they will be affiliated with
us following an initial business combination. If they remain affiliated with us, their ability to sell our securities in the open
market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except
during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider
cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders
who could exercise their warrants sell the shares of Class A common stock issuable upon exercise of the warrants freely in the
open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to
exercise such warrants on a cashless basis is appropriate.</P>

<P STYLE="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: 129; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> In order to finance transaction costs in connection with
an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants
at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants,
including as to exercise price, exercisability and exercise period. The terms of such working capital loans by our sponsor or
their affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect
to such loans. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor has agreed not to transfer, assign or sell any of
the private placement warrants (including the Class&nbsp;A common stock issuable upon exercise of any of these warrants) until
the date that is 30 days after the date we complete our initial business combination, except that, among other limited exceptions
as described under the section of this prospectus entitled &ldquo;Principal Stockholders &mdash; Restrictions on Transfers of Founder
Shares and Private Placement Warrants&rdquo; made to our officers and directors and other persons or entities affiliated with our
sponsor.</P>

<P STYLE="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">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 conditions subsequent
to completion of an initial business combination. The payment of any cash dividends subsequent to an initial business combination
will be within the discretion of our board of directors at such time. If we increase or decrease the size of this offering we will
effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our
initial stockholders at 20% of the issued and outstanding shares of our common stock upon the consummation of this offering. Further,
if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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">The transfer agent for our common stock and warrant agent for
our warrants is Continental Stock Transfer &amp; Trust Company. We have agreed to indemnify Continental Stock Transfer &amp; Trust
Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees
against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any
liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Amended and Restated Certificate of Incorporation</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">Our amended and restated certificate of incorporation contains
certain requirements and restrictions relating to this offering that will apply to us until the completion of our initial business
combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders,
who will collectively beneficially own 20% of our common stock upon the closing of this offering (assuming they do not purchase
any units in this offering), will participate in any vote to amend our amended and restated certificate of incorporation and will
have the discretion to vote in any manner they choose. Specifically, our amended and restated certificate of incorporation will
provide, among other things, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">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 10 business days thereafter subject to lawfully available funds therefor, redeem 100%
of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidating distributions,
if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims
of creditors and the requirements of other applicable law;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt"></P>

<!-- Field: Page; Sequence: 130; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">prior to our initial business combination, we may not issue additional
shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account, (ii) vote on any initial
business combination or (iii) vote on matters related to our pre-initial business combination activity;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">although we do not intend to enter into an initial business combination
with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so.
In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent
investment banking firm or another independent entity that commonly renders valuation opinions, that such an initial business combination
is fair to our company from a financial point of view;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">if a stockholder vote on our initial business combination is not required
by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem our public
shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to
completing our initial business combination, which contain substantially the same financial and other information about our initial
business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; whether or not we maintain
our registration under the our Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity
to redeem their public shares by one of the two methods listed above;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&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">&middot;</FONT> </TD><TD> so long
                                         as we obtain and maintain a listing for our securities on Nasdaq, Nasdaq rules require
                                         that we must consummate an initial business combination with one or more operating businesses
                                         or assets with a fair market value equal to at least 80% of the net assets held in the
                                         trust account (excluding the amount of deferred underwriting discounts held in trust
                                         and taxes payable on the income earned on the trust account); </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">if our stockholders approve an amendment to our amended and restated
certificate of incorporation to (A) modify the substance or timing of our obligation to provide for the redemption of our public
shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the closing of this offering or (B) with respect to any other material provisions relating
to stockholders&rsquo; rights or pre-initial business combination activity, we will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes, divided by the number of then outstanding public shares; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.25pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we will not effectuate our initial business combination
with another blank check company or a similar company with nominal operations.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our amended and restated certificate of incorporation
will provide that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least
$5,000,001 either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters&rsquo;
fees 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"><B>Certain Anti-Takeover Provisions of Delaware Law and our
Amended and Restated Certificate of Incorporation and Bylaws</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will be subject to the provisions of Section 203 of the DGCL
regulating corporate takeovers upon completion of this offering. This statute prevents certain Delaware corporations, under certain
circumstances, from engaging in a &ldquo;business combination&rdquo; with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a stockholder who owns 15% or more of our outstanding voting stock
(otherwise known as an &ldquo;interested stockholder&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -14.75pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">an affiliate of an interested stockholder; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -14.75pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an associate of an interested stockholder, for three
years following the date that the stockholder became an interested stockholder.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &ldquo;business combination&rdquo; includes a merger or sale
of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our board of directors approves the transaction that made the stockholder
an &ldquo;interested stockholder,&rdquo; prior to the date of the transaction;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt; text-align: center"></P>

<!-- Field: Page; Sequence: 131; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt; text-align: center">&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="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">after the completion of the transaction
that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding
at the time the transaction commenced, other than statutorily excluded shares of common stock; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt; text-align: center">&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">&middot;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on or subsequent to the date of the transaction,
the initial business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not
by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will provide
that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person can
gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exclusive forum for certain lawsuits</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">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 certain other 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 or (C) for which the Court of
Chancery does not have subject matter 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 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, subject to certain exceptions.
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. In addition, our amended and restated certificate of incorporation provides that, unless we consent in writing to
the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent
permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities
Act of 1933, as amended, or the rules and regulations promulgated thereunder. We note, however, that there is uncertainty as to
whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the
rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts
over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">Our bylaws provide that special meetings of our stockholders
may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by the Chairman.</P>

<P STYLE="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><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">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 received by
our secretary at our principal executive offices not later than the close of business on the 90<SUP>th</SUP> day nor earlier than
the opening of business on the 120<SUP>th</SUP> day prior to the anniversary date of the immediately preceding annual meeting
of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply
with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and content of a 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"></P>

<!-- Field: Page; Sequence: 132; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Action by written consent</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">Subsequent to the consummation of the offering, any action required
or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting of such stockholders
and may not be effected by written consent of the stockholders other than with respect to our Class B 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"><B><I>Classified 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">Our board of directors will initially be divided into three
classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms. Our amended and restated
certificate of incorporation will provide that the authorized number of directors may be changed only by resolution of the board
of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any time,
but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares
of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy on
our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote
of a majority of our directors then in office.</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Class B Common Stock Consent Right</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">For so long as any shares of Class B common stock remain outstanding,
we may not, without the prior vote or written consent of the holders of a majority of the shares of Class B common stock then outstanding,
voting separately as a single class, amend, alter or repeal any provision of our certificate of incorporation, whether by merger,
consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or relative,
participating, optional or other or special rights of the Class B common stock. Any action required or permitted to be taken at
any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice and without a vote, if
a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B
common stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares of Class B common stock were present and voted.</P>

<P STYLE="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>Securities Eligible for Future Sale</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"> Immediately after the consummation of this offering (assuming
no exercise of the underwriters&rsquo; over-allotment option) we will have 37,500,000 (or 43,125,000 if the underwriters&rsquo;
over-allotment option is exercised in full) shares of common stock outstanding. Of these shares, the 30,000,000 shares (or 34,500,000
if the underwriters&rsquo; over-allotment option is exercised in full) sold in this offering will be freely tradable without restriction
or further registration under the Securities Act, except for any shares purchased by one of our affiliates within the meaning
of Rule 144 under the Securities Act. All of the remaining 7,500,000 (or 8,625,000 if the underwriters&rsquo; over-allotment option
is exercised in full) shares and all 7,500,000 (or 8,400,000 if the underwriters&rsquo; over-allotment option is exercised in
full) private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not
involving a public offering, and the shares of Class B common stock and private placement warrants are subject to transfer restrictions
as set forth elsewhere in this prospectus. These restricted securities will be entitled to registration rights as more fully described
below under &ldquo;&mdash; Registration Rights.&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>Rule 144</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">Pursuant to Rule 144, a person who has beneficially owned restricted
shares of our common stock or warrants for at least six months would be entitled to sell their securities; provided that (i) such
person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale
and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have
filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were
required to file reports) preceding the sale.</P>

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

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

<!-- Field: Page; Sequence: 133; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Persons who have beneficially owned
restricted shares of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any
time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled
to sell within any three-month period only a number of securities that does not exceed the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">1% of the total number of shares of Class A common stock then outstanding,
which will equal 375,000 shares immediately after this offering (or 431,250 if the underwriters exercise their over-allotment option
in full); or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the average weekly reported trading volume of the
Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales by our affiliates under Rule 144 are also limited by manner
of sale provisions and notice requirements and to the availability of current public information about us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the issuer of the securities that was formerly a shell company has
ceased to be a shell company;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -14.75pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the issuer of the securities is subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -14.75pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the issuer of the securities has filed all Exchange Act reports and
materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required
to file such reports and materials), other than Current Reports on Form 8-K; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -14.75pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, our initial stockholders will be able to sell their
founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we have
completed our initial business combination.</P>

<P STYLE="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">The holders of (i) the founder shares, which were issued in
a private placement prior to the closing of this offering, (ii) private placement warrants, which will be issued in a private placement
simultaneously with the closing of this offering and the shares of Class A common stock underlying such private placement warrants
and (iii) private placement warrants that may be issued upon conversion of working capital loans (and their underlying securities)
will have registration rights to require us to register a sale of any of our securities held by them pursuant to a registration
rights agreement to be signed prior to or on the effective date of this offering. These holders of these securities will be entitled
to make up to three demands, excluding short form registration demands, that we register such securities for sale under the Securities
Act. In addition, these holders will have &ldquo;piggy-back&rdquo; registration rights to include their securities in other registration
statements filed by us, subject to certain limitations. 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"><B>Listing of 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"> We have applied to list our units, Class A common stock
and warrants on Nasdaq under the symbols &ldquo;MUDSU,&rdquo; &ldquo;MUDS&rdquo; and &ldquo;MUDSW,&rdquo; respectively. We expect
that our units will be listed on Nasdaq on or promptly after the effective date of the registration statement. Following the date
the shares of our Class A common stock and warrants are eligible to trade separately, we anticipate that the shares of our Class
A common stock and warrants will be listed separately and as a unit on Nasdaq. We cannot guarantee that our securities will be
approved for listing on Nasdaq. </P>

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

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

<!-- Field: Page; Sequence: 134; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>U.S. FEDERAL INCOME TAX CONSIDERATIONS<SUP>2</SUP></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The following discussion is a summary of certain material
U.S. federal income tax consequences of the acquisition, ownership and disposition of our units, shares of Class A common stock
and warrants, which we refer to collectively as our securities. Because the components of a unit are separable at the option of
the holder, the holder of a unit generally should be treated, for U.S. federal income tax purposes, as the owner of the underlying
Class A common stock and one-half of one redeemable warrant components of the unit, as the case may be. As a result, the discussion
below with respect to actual holders of Class A common stock and warrants should also apply to holders of units (as the deemed
owners of the underlying Class A common stock and warrants that comprise the units). This discussion applies only to securities
that are held as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
for U.S. federal income tax purposes and is applicable only to holders who purchased units in this offering. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion is a summary only and does not describe all
of the tax consequences that may be relevant to you in light of your particular circumstances, including, but not limited to, the
alternative minimum tax, the Medicare tax on certain investment income and the different consequences that may apply if you are
subject to special rules that apply to certain types of investors, including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">financial institutions or financial services entities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">broker-dealers;</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">governments or agencies or instrumentalities thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulated investment companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">real estate investment trusts;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">expatriates or former long-term residents of the United States;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">insurance companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">dealers or traders subject to a mark-to-market method of accounting
with respect to the securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">persons holding the securities as part of a &ldquo;straddle,&rdquo;
hedge, integrated investment or similar transaction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">U.S. holders (as defined below) whose functional currency is not the
U.S. dollar;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">partnerships or other pass-through entities or arrangements for U.S.
federal income tax purposes and any beneficial owners of such entities or arrangements; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt entities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion is based on the Code and administrative pronouncements,
judicial decisions and final, temporary and proposed Treasury regulations as of the date hereof, which are subject to change, possibly
on a retroactive basis, and changes to any of which subsequent to the date of this prospectus may affect the tax consequences described
herein. This discussion does not address any aspect of state, local or non-U.S. taxation, or any U.S. federal taxes other than
income taxes (such as gift and estate taxes).</P>

<P STYLE="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 not sought and will not seek any rulings from the IRS
regarding the matters discussed below. There can be no assurance that the IRS or court will not take a contrary position regarding
the tax consequences of the purchase, ownership and disposition of our 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">You are urged to consult your tax advisor with respect to the
application of U.S. federal tax laws to your particular situation, as well as any tax consequences arising under the laws of any
state, local or foreign jurisdiction.</P>

<P STYLE="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">We could be subject to a second level of U.S. federal income
tax on a portion of our income if we are determined to be a personal holding company, or PHC, for U.S. federal income tax purposes.
A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given taxable year if (i) at
any time during the last half of such taxable year, five or fewer individuals (without regard to their citizenship or residency
and including as individuals for this purpose certain entities such as certain tax-exempt organizations, pension funds and charitable
trusts) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation
by value and (ii) at least 60% of the corporation&rsquo;s adjusted ordinary gross income, as determined for U.S. federal income
tax purposes, for such taxable year consists of PHC income (which includes, among other things, dividends, interest, certain royalties,
annuities and, under certain circumstances, rents).</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: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><SUP>2</SUP> NTD: Subject to W&amp;C tax
review.</P>

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

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

<!-- Field: Page; Sequence: 135; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depending on the date and size of our initial business combination,
it is possible that at least 60% of our adjusted ordinary gross income may consist of PHC income. In addition, depending on the
concentration of our stock in the hands of individuals, including the members of our sponsor and certain tax-exempt organizations,
pension funds and charitable trusts, it is possible that more than 50% of our stock may be owned or deemed owned (pursuant to the
constructive ownership rules) by such persons during the last half of a taxable year. Thus, no assurance can be given that we will
not be a PHC following this offering or in the future. If we are or were to become a PHC in a given taxable year, we would be subject
to an additional PHC tax, currently 20%, on our undistributed PHC income, which generally includes our taxable income, subject
to certain adjustments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Allocation of Purchase Price and Characterization of a Unit</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"> No
                                         statutory, administrative or judicial authority directly addresses the treatment of a
                                         unit or instruments similar to a unit for U.S. federal income tax purposes and, therefore,
                                         that treatment is not entirely clear. The acquisition of a unit should be treated for
                                         U.S. federal income tax purposes as the acquisition of one share of our Class A common
                                         stock and one-half of one warrant to acquire one share of our Class A common stock. For
                                         U.S. federal income tax purposes, each holder of a unit must allocate the purchase price
                                         paid by such holder for such unit between the one share of Class A common stock and the
                                         one-half of one warrant based on the relative fair market value of each at the time of
                                         issuance. The price allocated to each share of Class A common stock and the one-half
                                         of one warrant should be the stockholder&rsquo;s tax basis in such share or one-half
                                         of one warrant, as the case may be. Any disposition of a unit should be treated for U.S.
                                         federal income tax purposes as a disposition of the share of Class A common stock and
                                         one-half of one warrant comprising the unit, and the amount realized on the disposition
                                         should be allocated between the Class A common stock and the one-half of one warrant
                                         based on their respective relative fair market values at the time of disposition. The
                                         separation of shares of Class A common stock and warrants comprising units should not
                                         be a taxable event for U.S. federal income tax purposes. </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">The foregoing treatment of the shares of Class A common stock
and warrants and a holder&rsquo;s purchase price allocation are not binding on the Internal Revenue Service (&ldquo;IRS&rdquo;)
or the courts. Because there are no authorities that directly address instruments that are similar to the units, no assurance can
be given that the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly,
each prospective investor is urged to consult its own tax advisors regarding the tax consequences of an investment in a unit (including
alternative characterizations of a unit). The balance of this discussion assumes that the characterization of the units described
above is respected for U.S. federal income tax purposes.</P>

<P STYLE="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">This section applies to you if you are a &ldquo;U.S. holder.&rdquo;
A U.S. holder is a beneficial owner of our units, shares of Class A common stock or warrants who or that is, for U.S. federal income
tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">an individual who is a citizen or resident of the United States;</FONT></TD></TR>                                                                                                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a corporation (or other entity taxable as a corporation for U.S. federal
income tax purposes) organized in or under the laws of the United States, any state thereof or the District of Columbia;</FONT></TD></TR>                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">an estate the income of which is includible in gross income for U.S.
federal income tax purposes regardless of its source; or</FONT></TD></TR>                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust, if (i) a court within the United States
is able to exercise primary supervision over the administration of the trust and one or more United States persons (as defined
in the Code) have authority to control all substantial decisions of the trust or (ii) it has a valid election in effect under Treasury
Regulations to be treated as a United States person.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of Distributions.&nbsp;&nbsp;&nbsp;&nbsp;</I>If
we pay distributions in cash or other property to U.S. holders of shares of our Class&nbsp;A common stock, such distributions
generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings
and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings
and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder&rsquo;s
adjusted tax basis in our Class A common stock. Any remaining excess will be treated as gain realized on the sale or other disposition
of the Class A common stock and will be treated as described under &ldquo;U.S. Holders &mdash; Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock and Warrants&rdquo; below.</P>

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

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

<!-- Field: Page; Sequence: 136; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends we pay to a U.S. holder that is a taxable corporation
generally will qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions
(including, but not limited to, dividends treated as investment income for purposes of investment interest deduction limitations),
and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder generally will constitute
 &ldquo;qualified dividends&rdquo; that will be subject to tax at the maximum tax rate accorded to long-term capital gains. It is
unclear whether the redemption rights with respect to the Class A common stock described in this prospectus may prevent a U.S.
holder from satisfying the applicable holding period requirements with respect to the dividends received deduction or the preferential
tax rate on qualified dividend income, as the case may be. If the holding period requirements are not satisfied, then a corporation
may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount,
and non-corporate holders may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential
rate that applies to qualified dividend income.</P>




<P STYLE="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>Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition
of Class A Common Stock and Warrants.&nbsp;&nbsp;&nbsp;&nbsp;</I>Upon a sale or other taxable disposition of our Class A common
stock or warrants which, in general, would include a redemption of Class A common stock or warrants that is treated as a sale of
such securities as described below, and including, as a result of a dissolution and liquidation in the event we do not consummate
an initial business combination within the required time period, a U.S. holder generally will recognize capital gain or loss in
an amount equal to the difference between the amount realized and the U.S. holder&rsquo;s adjusted tax basis in the Class A common
stock or warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. holder&rsquo;s holding
period for the Class A common stock or warrants so disposed of exceeds one year. It is unclear, however, whether the redemption
rights with respect to the Class A common stock described in this prospectus may suspend the running of the applicable holding
period for this purpose. If the running of the holding period for the Class&nbsp;A common stock is suspended, then non-corporate
U.S. holders may not be able to satisfy the one-year holding period requirement for long-term capital gain treatment, in which
case any gain on a sale or taxable disposition of the shares or warrants would be subject to short-term capital gain treatment
and would be taxed at regular ordinary income tax rates. Long-term capital gains recognized by non-corporate U.S. holders will
be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &nbsp; </p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Generally,
                                         the amount of gain or loss recognized by a U.S. holder is an amount equal to the difference
                                         between (i) the sum of the amount of cash and the fair market value of any property received
                                         in such disposition (or, if the Class A common stock or warrants are held as part of
                                         units at the time of the disposition, the portion of the amount realized on such disposition
                                         that is allocated to the Class A common stock or the warrants based upon the then fair
                                         market values of the Class A common stock and the warrants included in the units) and
                                         (ii) the U.S. holder&rsquo;s adjusted tax basis in its Class A common stock or warrants
                                         so disposed of. A U.S. holder&rsquo;s adjusted tax basis in its Class A common stock
                                         or warrants generally will equal the U.S. holder&rsquo;s acquisition cost (that is, as
                                         discussed above, the portion of the purchase price of a unit allocated to a share of
                                         Class A common stock or one-half of one warrant or, as discussed below, the U.S. holder&rsquo;s
                                         initial basis for Class A common stock received upon exercise of warrants) less, in the
                                         case of a share of Class A common stock, any prior distributions treated as a return
                                         of capital. </P>


<P STYLE="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>Redemption of Class A Common Stock.&nbsp;&nbsp;&nbsp;&nbsp;</I>In
the event that a U.S. holder&rsquo;s Class A common stock is redeemed pursuant to the redemption provisions described in this
prospectus under the section of this prospectus entitled &ldquo;Description of Securities &mdash; Common Stock&rdquo; or if we
purchase a U.S. holder&rsquo;s Class A common stock in an open market transaction, the treatment of the transaction for U.S. federal
income tax purposes will depend on whether the redemption qualifies as a sale of the Class A common stock under Section 302 of
the Code. If the redemption qualifies as a sale of common stock, the U.S. holder will be treated as described under &ldquo;U.S.
Holders &mdash; Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants&rdquo;
above. If the redemption does not qualify as a sale of common stock, the U.S. holder will be treated as receiving a corporate
distribution with the tax consequences described above under &ldquo;U.S. Holders &mdash; Taxation of Distributions.&rdquo; Whether
a redemption qualifies for sale treatment will depend largely on the total number of shares of our stock treated as held by the
U.S. holder (including any stock constructively owned by the U.S. holder as a result of owning warrants) relative to all of our
shares outstanding both before and after the redemption. The redemption of Class A common stock generally will be treated as a
sale of the Class A common stock (rather than as a corporate distribution) if the redemption (i) is &ldquo;substantially disproportionate&rdquo;
with respect to the U.S. holder, (ii) results in a &ldquo;complete termination&rdquo; of the U.S. holder&rsquo;s interest in us
or (iii) is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to the U.S. holder. These tests are explained
more fully below.&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"></P>

<!-- Field: Page; Sequence: 137; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In determining whether any of the foregoing tests are
satisfied, a U.S. holder takes into account not only stock actually owned by the U.S. holder, but also shares of our stock
that are constructively owned by it. A U.S. holder may constructively own, in addition to stock owned directly, stock owned
by certain related individuals and entities in which the U.S. holder has an interest or that have an interest in such U.S.
holder, as well as any stock the U.S. holder has a right to acquire by exercise of an option, which would generally include
Class A common stock which could be acquired pursuant to the exercise of the warrants. In order to meet the substantially
disproportionate test, the percentage of our outstanding voting stock actually and constructively owned by the U.S. holder
immediately following the redemption of Class A common stock must, among other requirements, be less than 80% of the
percentage of our outstanding voting stock actually and constructively owned by the U.S. holder immediately before the
redemption. There will be a complete termination of a U.S. holder&rsquo;s interest if either (i) all of the shares of our
stock actually and constructively owned by the U.S. holder are redeemed or (ii) all of the shares of our stock actually owned
by the U.S. holder are redeemed and the U.S. holder is eligible to waive, and effectively waives in accordance with specific
rules, the attribution of stock owned by certain family members and the U.S. holder does not constructively own any other
shares of our stock. The redemption of the Class A common stock will not be essentially equivalent to a dividend if a U.S.
holder&rsquo;s conversion results in a &ldquo;meaningful reduction&rdquo; of the U.S. holder&rsquo;s proportionate interest
in us. Whether the redemption will result in a meaningful reduction in a U.S. holder&rsquo;s proportionate interest in us
will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small
reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no
control over corporate affairs may constitute such a &ldquo;meaningful reduction.&rdquo; A U.S. holder should consult with
its own tax advisors as to the tax consequences of a redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If none of the foregoing tests is satisfied, then the redemption
will be treated as a corporate distribution and the tax effects will be as described under &ldquo;U.S. Holders &mdash; Taxation
of Distributions,&rdquo; above. After the application of those rules, any remaining tax basis of the U.S. holder in the redeemed
Class A common stock will be added to the U.S.&nbsp;holder&rsquo;s adjusted tax basis in its remaining stock, or, if it has none,
to the U.S. holder&rsquo;s adjusted tax basis in its warrants or possibly in other stock constructively owned by it.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Exercise or Lapse of a Warrant.&nbsp;&nbsp;&nbsp;&nbsp;</I>Except
as discussed below with respect to the cashless exercise of a warrant, a U.S.&nbsp;holder generally will not recognize taxable
gain or loss on the acquisition of common stock upon exercise of a warrant for cash. The U.S. holder&rsquo;s tax basis in the share
of our Class A common stock received upon exercise of the warrant generally will be an amount equal to the sum of the U.S. holder&rsquo;s
initial investment in the warrant (i.e.,&nbsp;the portion of the U.S. holder&rsquo;s purchase price for a unit that is allocated
to the warrant, as described above under &ldquo;&mdash;&nbsp;Allocation of Purchase Price and Characterization of a Unit&rdquo;)
and the exercise price. It is unclear whether the U.S. holder&rsquo;s holding period for the Class A common stock received upon
exercise of the warrants will begin on the date following the date of exercise or on the date of exercise of the warrants; in either
case, the holding period will not include the period during which the U.S. holder held the warrants. If a warrant is allowed to
lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such holder&rsquo;s tax basis in the 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">The tax consequences of a cashless exercise of a warrant are
not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event or
because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S.
holder&rsquo;s basis in the Class&nbsp;A common stock received would equal the holder&rsquo;s basis in the warrants exercised therefor.
If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. holder&rsquo;s holding period
in the Class A common stock would be treated as commencing on the date following the date of exercise or on the date of exercise
of the warrant. If the cashless exercise were treated as a recapitalization, the holding period of the Class A common stock would
include the holding period of the warrants exercised therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is also possible that a cashless exercise could be treated
in whole or in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder may be deemed
to have surrendered a number of warrants with an aggregate fair market value equal to the exercise price for the total number
of warrants to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference between
the fair market value of the Class A common stock represented by the warrants deemed surrendered and the U.S. holder&rsquo;s tax
basis in the warrants deemed surrendered. In this case, a U.S. holder&rsquo;s tax basis in the Class A common stock received would
equal the sum of the U.S. holder&rsquo;s initial investment in the warrants exercised (i.e., the portion of the U.S. holder&rsquo;s
purchase price for a unit that is allocated to the warrant, as described above under &ldquo;&mdash; Allocation of Purchase Price
and Characterization of a Unit&rdquo;) and the exercise price of such warrants. It is unclear whether a U.S. holder&rsquo;s holding
period for the Class A common stock would commence on the date following the date of exercise or on the date of exercise of the
warrant; in either case, the holding period would not include the period during which the U.S. holder held the warrant.</P>

<P STYLE="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: 138; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Due to
the absence of authority on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder&rsquo;s
holding period would commence with respect to the Class A common stock received, there can be no assurance which, if any, of the
alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S.
holders should consult their tax advisors regarding the tax consequences of a cashless exercise.</P>

<P STYLE="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>Possible Constructive Distributions.&nbsp;&nbsp;&nbsp;&nbsp;</I>The
terms of each warrant provide for an adjustment to the number of shares of Class A common stock for which the warrant may be exercised
or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled &ldquo;Description
of Securities &mdash; Redeemable Warrants &mdash; Public Stockholders&rsquo; Warrants.&rdquo; An adjustment which has the effect
of preventing dilution generally is not taxable. The U.S. holders of the warrants would, however, be treated as receiving a constructive
distribution from us if, for example, the adjustment to the number of such shares or to such exercise price increases the warrantholders&rsquo;
proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of Class A common
stock that would be obtained upon exercise or through a decrease in the exercise price of the warrant). Such constructive distribution
would be subject to tax in the same manner as if the U.S. holders of the warrants received a cash distribution from us equal to
the fair market value of such increased interest resulting from the adjustment.</P>

<P STYLE="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>Information Reporting and Backup Withholding.&nbsp;&nbsp;&nbsp;&nbsp;</I>In
general, information reporting requirements may apply to dividends paid to a U.S. holder and to the proceeds of the sale or other
disposition of our units, shares of Class A common stock and warrants, unless the U.S. holder is an exempt recipient. Backup withholding
may apply to such payments if the U.S. holder fails to provide a taxpayer identification number, a certification of exempt status
or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules will be allowed as a refund or a credit against a U.S. holder&rsquo;s U.S. federal income tax
liability provided the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All U.S. holders should consult their tax advisors regarding
the application of information reporting and backup withholding to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">This section applies to you if you are a &ldquo;Non-U.S. holder.&rdquo;
As used herein, the term &ldquo;Non-U.S. holder&rdquo; means a beneficial owner of our units, Class A common stock or warrants
who or that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a non-resident alien individual (other than certain former citizens
and residents of the United States subject to U.S. tax as expatriates);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -14.75pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a foreign corporation; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -14.75pt">&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">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate or trust that is not a U.S. holder;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">but generally does not include an individual who is present
in the United States for 183 days or more in the taxable year of disposition. If you are such an individual, you should consult
your tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership or sale or other disposition
of our securities.</P>

<P STYLE="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>Taxation of
Distributions.&nbsp;&nbsp;&nbsp;&nbsp;</I>In general, any distributions (including constructive distributions) we make to a
Non-U.S. holder of shares of our Class A common stock, to the extent paid out of our current or accumulated earnings and
profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax
purposes and, provided such dividends are not effectively connected with the Non-U.S. holder&rsquo;s conduct of a trade or
business within the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of
30%, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and
provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). In the
case of any constructive dividend, it is possible that this tax would be withheld from any amount owed to a Non-U.S. holder
by the applicable withholding agent, including cash distributions on other property or sales proceeds from warrants or other
property subsequently paid or credited to such holder. Any distribution not constituting a dividend will be treated first as
reducing (but not below zero) the Non-U.S. holder&rsquo;s adjusted tax basis in its shares of our Class A common stock and,
to the extent such distribution exceeds the Non-U.S. holder&rsquo;s adjusted tax basis, as gain realized from the sale or
other disposition of the Class A common stock, which will be treated as described under &ldquo;Non-U.S. Holders &mdash; Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants&rdquo; above. In addition, if we
determine that we are classified as a &ldquo;United States real property holding corporation&rdquo; (see &ldquo;Non-U.S.
Holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants&rdquo;
above), we will withhold 15% of any distribution that exceeds our current and accumulated earnings and profits.</P>

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

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

<!-- Field: Page; Sequence: 139; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The withholding tax does not apply to dividends paid to a Non-U.S.
holder who provides a Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. holder&rsquo;s conduct
of a trade or business within the United States. Instead, such dividends generally will be subject to U.S. federal income tax,
net of certain deductions, at the same graduated individual or corporate rates applicable to U.S. holder (subject to an exemption
or reduction in such tax as may be provided by an applicable income tax treaty). A Non-U.S. corporation receiving effectively connected
dividends may also be subject to an additional &ldquo;branch profits tax&rdquo; imposed at a rate of 30% (or a lower applicable
treaty rate).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Gain on Sale, Taxable Exchange or Other Taxable Disposition
of Class A Common Stock and Warrants.&nbsp;&nbsp;&nbsp;&nbsp;</I>A Non-U.S. holder generally will not be subject to U.S. federal
income or withholding tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition of our Class A
common stock, which would include a dissolution and liquidation in the event we do not complete an initial business combination
within the required time period, or warrants (including an expiration or redemption of our warrants), in each case without regard
to whether those securities were held as part of a unit, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&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">&middot;</FONT></TD><TD>the gain is effectively connected with the conduct of a trade or business by the Non-U.S. holder within the United States (and,
under certain income tax treaties, is attributable to a United States permanent establishment or fixed base maintained by the Non-U.S.
holder); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">we are or have been a &ldquo;United States real property holding corporation&rdquo; for U.S.
federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period
that the Non-U.S. holder held our Class A common stock, and, in the case where shares of our Class&nbsp;A common stock are regularly
traded on an established securities market, the Non-U.S. holder has owned, directly or constructively, more than 5% of our Class
A common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. holder&rsquo;s
holding period for the shares of our Class A common stock. There can be no assurance that our Class A common stock will be treated
as regularly traded on an established securities market for this purpose.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless an applicable treaty provides otherwise, gain described
in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S.
holder were a United States resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign
corporation may also be subject to an additional &ldquo;branch profits tax&rdquo; at a 30% rate (or lower treaty rate).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the second bullet point above applies to a Non-U.S. holder,
gain recognized by such holder on the sale, exchange or other disposition of our Class A common stock or warrants will be subject
to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Class A common stock or warrants from
such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized upon such disposition.
We cannot determine whether we will be a United States real property holding corporation in the future until we complete an initial
business combination. We will be classified as a United States real property holding corporation if the fair market value of our
 &ldquo;United States real property interests&rdquo; equals or exceeds 50% of the sum of the fair market value of our worldwide
real property interests plus our other assets used or held for use in a trade or business, as determined for U.S. federal income
tax purposes.</P>

<P STYLE="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>Redemption of Class A Common Stock.&nbsp;&nbsp;&nbsp;&nbsp;</I>The
characterization for U.S. federal income tax purposes of the redemption of a Non-U.S. holder&rsquo;s Class A common stock generally
will correspond to the U.S. federal income tax characterization of such a redemption of a U.S. holder&rsquo;s Class A common stock,
as described under &ldquo;U.S. Holders&nbsp;&mdash;Redemption of Class A Common Stock&rdquo; above, and the consequences of the
redemption to the Non-U.S. holder will be as described above under &ldquo;Non-U.S. Holders &mdash; Taxation of Distributions&rdquo;
and &ldquo;Non-U.S. Holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants,&rdquo;
as applicable.</P>

<P STYLE="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>Exercise of a Warrant.&nbsp;&nbsp;&nbsp;&nbsp;</I>The
U.S. federal income tax treatment of a Non-U.S. holder&rsquo;s exercise of a warrant, or the lapse of a warrant held by a
Non-U.S. holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by
a U.S. holder, as described under &ldquo;U.S. Holders &mdash; Exercise or Lapse of a Warrant&rdquo; above, although to the
extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described above in
 &ldquo;Non-U.S. Holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and
Warrants.&rdquo;</P>

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

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

<!-- Field: Page; Sequence: 140; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Possible Constructive Distributions</I>.&nbsp;&nbsp;&nbsp;&nbsp;The
terms of each warrant provide for an adjustment to the number of shares of Class A common stock for which the warrant may be exercised
or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled &ldquo;Description
of Securities &mdash; Redeemable Warrants &mdash; Public Stockholders&rsquo; Warrants.&rdquo; An adjustment which has the effect
of preventing dilution generally is not taxable. The Non-U.S. holders of the warrants would, however, be treated as receiving a
constructive distribution from us if, for example, the adjustment to the number of such shares or to such exercise price increases
the warrantholders&rsquo; proportionate interest in our assets or earnings and profits (e.g., through an increase in the number
of shares of Class&nbsp;A common stock that would be obtained upon exercise or through a decrease in the exercise price of the
warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares of our Class
A common stock, or as a result of the issuance of a stock dividend to holders of shares of our Class A common stock, in each case
which is taxable to the holders of such shares as a distribution. Such constructive distribution would be subject to tax in the
same manner as if the Non-U.S. holders of the warrants received a cash distribution from us equal to the fair market value of such
increased interest resulting from the adjustment.</P>

<P STYLE="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>Information Reporting and Backup Withholding.&nbsp;&nbsp;&nbsp;&nbsp;</I>Information
returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of
our units, shares of Class A common stock and warrants. A Non-U.S. holder may have to comply with certification procedures to establish
that it is not a United States person in order to avoid information reporting and backup withholding requirements. The certification
procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements
necessary to avoid the backup withholding as well.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup withholding is not an additional tax. The amount of any
backup withholding from a payment to a Non-U.S. holder will be allowed as a credit against such holder&rsquo;s U.S. federal income
tax liability and may entitle such holder to a refund; provided that the required information is timely furnished to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Non-U.S. holders should consult their tax advisors regarding
the application of information reporting and backup withholding to them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>FATCA Withholding Taxes.&nbsp;&nbsp;&nbsp;&nbsp;</I>Sections
1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred
as the &ldquo;Foreign Account Tax Compliance Act&rdquo; or &ldquo;FATCA&rdquo;) generally impose withholding at a rate of 30% in
certain circumstances on dividends in respect of our securities which are held by or through certain foreign financial institutions
(including investment funds), unless any such institution (1) enters into, and complies with, an agreement with the IRS to report,
on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned by certain
U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments,
or (2) if required under an intergovernmental agreement between the United States and an applicable foreign country, reports such
information to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement
between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which
our securities are held will affect the determination of whether such withholding is required. Similarly, dividends in respect
of our securities held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions will
generally be subject to withholding at a rate of 30%, unless such entity either (1) certifies to us or the applicable withholding
agent that such entity does not have any &ldquo;substantial United States owners&rdquo; or (2) provides certain information regarding
the entity&rsquo;s &ldquo;substantial United States owners,&rdquo; which will in turn be provided to the U.S. Department of Treasury.
All prospective investors should consult their tax advisors regarding the possible implications of FATCA on their investment in
our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thirty <I>percent </I>withholding under FATCA was scheduled
to apply to payments of gross proceeds from the sale or other disposition of property that produces U.S.-source interest or dividends
beginning on January 1, 2019, but on December 13, 2018, the IRS released proposed regulations that, if finalized in their proposed
form, would eliminate the obligation to withhold on gross proceeds. Such proposed regulations also delayed withholding on certain
other payments received from other foreign financial institutions that are allocable, as provided for under final Treasury Regulations,
to payments of U.S.-source dividends, and other fixed or determinable annual or periodic income. Although these proposed Treasury
Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are issued.</P>

<P STYLE="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: 141; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_006"></A><B>UNDERWRITING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jefferies LLC is acting as sole book-running manager of the
offering and as representative of the underwriters named below. Subject to the terms and conditions set forth in the underwriting
agreement between us and Jefferies LLC, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally
and not jointly, to purchase from us, the respective number of units shown opposite its name below:</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: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Units</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<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; text-indent: -10pt; padding-left: 10pt">Jefferies LLC</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</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-size: 10pt; text-indent: -10pt; padding-left: 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: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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">Total</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">30,000,000</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">The underwriting agreement will provide that the
obligations of the underwriters to purchase the units included in this offering are subject to all applicable laws and
regulations and certain conditions precedent such as the receipt by the underwriters of officers&rsquo; certificates and
legal opinions and approval of certain legal matters by their counsel. The underwriting agreement will provide that the
underwriters will purchase all of the units if any of them are purchased (other than those covered by the over-allotment
option described below). We have agreed to indemnify the underwriters and certain of their controlling persons and their
affiliates, successors and permitted assigns against certain liabilities, including liabilities under the Securities Act, and
to contribute to payments that the underwriters 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">The underwriters have advised us that, following the completion
of this offering, they currently intend to make a market in the units as permitted by applicable laws and regulations. However,
the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without
notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the units,
that you will be able to sell any of the units held by you at a particular time or that the prices that you receive when you sell
will be favorable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters are offering the units subject to their acceptance
of the units from us and subject to prior sale. The underwriters reserve the right to withdraw, cancel or modify offers to the
public and to reject orders in whole or in part. In addition, the underwriters have advised us that they do not intend to confirm
sales to any account over which they exercise discretionary authority.</P>

<P STYLE="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>Commission and Expenses</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">The underwriters have advised us that they propose to offer
the units to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers,
which may include the underwriters, at that price less a concession not in excess of $___ per unit. The underwriters may allow,
and certain dealers may reallow, a discount from the concession not in excess of $___ per unit to certain brokers and dealers.
After the offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representative.
No such reduction will change the amount of proceeds to be received by us as set forth on the cover page 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">The following table shows the public offering price, the underwriting
discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this
offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters&rsquo; option to purchase additional
units.</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="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Paid by Mudrick Capital Acquisition<BR>
 Corporation II</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">No Exercise</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Full Exercise</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per Unit<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.55</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.55</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; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total<SUP>(1)(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,500,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18,975,000</TD><TD STYLE="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 0pt 24pt; text-indent: -24pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.20
per unit, or $6,000,000 in the aggregate (or $6,900,000 in the aggregate if the underwriters&rsquo; option to purchase additional
units is exercised in full), is payable upon the closing of this offering. $0.35 per unit, or $10,500,000 in the aggregate (or
$12,075,000 in the aggregate if the underwriters&rsquo; option to purchase additional units is exercised in full) payable to the
underwriters for deferred underwriting commissions will be placed in a trust account located in the United States as described
herein. The deferred commissions will be released to the underwriters only on and concurrently with completion of an initial business
combination.</P>

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

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

<!-- Field: Page; Sequence: 142; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we do not complete our initial business combination within
24 months from the closing of this offering, the underwriters have agreed that (i) they will forfeit any rights or claims to their
deferred underwriting discounts and commissions, including any accrued interest thereon, then in the trust account and (ii) the
deferred underwriters&rsquo; discounts and commissions will be distributed on a <I>pro rata </I>basis, together with any accrued
interest thereon (which interest will be net of taxes payable) to the 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">We estimate expenses payable by us in connection with this offering,
other than the underwriting discounts and commissions referred to above, will be approximately $750,000. We have agreed to pay
for FINRA-related fees and expenses of the underwriters&rsquo; legal counsel, not to exceed $25,000 and have agreed to provide
Jefferies LLC with a right of first refusal to provide investment banking and/or financial advisory services in connection with
certain future 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"><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">Prior to this offering, there has not been a public market for
our securities. Consequently, the initial public offering price for our units was determined by negotiations between us and the
representative. Among the factors considered in these negotiations were the history and prospects of companies whose principal
business is the acquisition of other companies, prior offerings of those companies, our management, our capital structure, and
currently prevailing general conditions in equity securities markets, including current market valuations of publicly traded companies
considered comparable to our company.</P>

<P STYLE="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 offer no assurances that the initial public offering price
will correspond to the price at which the units will trade in the public market subsequent to the offering or that an active trading
market for the units will develop and continue after the 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>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"> We intend to apply to have our units listed on Nasdaq under
the trading symbol &ldquo;MUDSU.&rdquo; We expect that our Class A common stock and warrants will be listed under the symbols
 &ldquo;MUDS&rdquo; and &ldquo;MUDSW,&rdquo; respectively, once the Class A common stock and warrants begin separate trading. </P>

<P STYLE="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>Stamp 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">If you purchase units offered in this prospectus, you may be
required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering
price listed on the cover page 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>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">We have granted to the underwriters an option, exercisable
for 45 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of
4,500,000 units from us at the public offering price set forth on the cover page of this prospectus, less underwriting
discounts and commissions. If the underwriters exercise this option, each underwriter will be obligated, subject to specified
conditions, to purchase a number of additional units proportionate to that underwriter&rsquo;s initial purchase commitment as
indicated in the table above. This option may be exercised only if the underwriters sell more units than the total number set
forth on the cover page 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>Letter 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">We, our sponsor and our officers and directors have agreed
that, for a period of 180 days from the date of this prospectus, we and they will not, without the prior written consent of
Jefferies LLC, offer, sell, contract to sell, grant any option to sell (including any short sale), pledge, transfer,
establish an open &ldquo;put equivalent option&rdquo; within the meaning of Rule 16a-l(h) under the Exchange Act, as amended,
or otherwise dispose of, directly or indirectly, any units, warrants, shares of common stock or any other securities
convertible into, or exercisable, or exchangeable for, shares of common stock currently or hereafter owned either of record
or beneficially, or publicly announce an intention to do any of the foregoing; provided, however, that we may (1) issue and
sell the private placement warrants, (2) issue and sell the additional units to cover our underwriters&rsquo; over-allotment
option (if any), (3) register with the SEC pursuant to an agreement to be entered into concurrently with the issuance and
sale of the securities in this offering, the resale of the private placement warrants and shares of Class A common stock
issuable upon exercise of the warrants and the founder shares and (4) issue securities in connection with an initial business
combination. Jefferies LLC in its sole discretion may release any of the securities subject to these lock-up agreements at
any time without notice.</P>

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

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

<!-- Field: Page; Sequence: 143; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders have agreed not to transfer, assign
or sell any of their founder shares until the earlier to occur of (A) one year after the completion of our initial business combination
or (B) subsequent to our initial business combination, (x) if the reported closing price of our Class A common stock equals or
exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the
date on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results
in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property (except
as described herein under the section of this prospectus entitled &ldquo;Principal Stockholders&nbsp;&mdash; Restrictions on Transfers
of Founder Shares and Private Placement Warrants&rdquo;). Any permitted transferees will be subject to the same restrictions and
other agreements of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions throughout
this prospectus as the lock-up.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The private placement warrants (including the Class A common
stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except with respect to permitted transferees as described herein under the
section of this prospectus entitled &ldquo;Principal Stockholders &mdash; Restrictions on Transfers of Founder Shares and Private
Placement Warrants&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>Stabilization</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">The underwriters have advised us that they, pursuant to Regulation
M under the Exchange Act, as amended, and certain persons participating in the offering may engage in short sale transactions,
purchases to cover short positions, which may include purchases pursuant to the over-allotment option, stabilizing transactions,
syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the
effect of stabilizing or maintaining the market price of the units at a level above that which might otherwise prevail in the open
market. Establishing short sales positions may involve either &ldquo;covered&rdquo; short sales or &ldquo;naked&rdquo; short sales.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;Covered&rdquo; short sales are sales made in an amount
not greater than the underwriters&rsquo; option to purchase additional units in this offering. The underwriters may close out any
covered short position by either exercising their option to purchase additional units or purchasing units in the open market. In
determining the source of units to close out the covered short position, the underwriters will consider, among other things, the
price of units available for purchase in the open market as compared to the price at which they may purchase units through the
option to purchase additional 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">&ldquo;Naked&rdquo; short sales are sales in excess of the option
to purchase additional units. The underwriters must close out any naked short position by purchasing units in the open market.
A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the
price of our units in the open market after pricing that could adversely affect investors who purchase in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A stabilizing bid is a bid for the purchase of units on behalf
of the underwriters for the purpose of fixing or maintaining the price of the units. A syndicate covering transaction is the bid
for or the purchase of units on behalf of the underwriters to reduce a short position incurred by the underwriters in connection
with the offering. Similar to other purchase transactions, the underwriter&rsquo;s purchases to cover the syndicate short sales
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, the price of our units may be higher than the price that might otherwise exist in the open market.
A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate
member in connection with the offering if the units originally sold by such syndicate member are purchased in a syndicate covering
transaction and therefore have not been effectively placed by such syndicate member.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither we nor any of the underwriters make any representation
or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our
units. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued
at any time.</P>

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

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

<!-- Field: Page; Sequence: 144; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters may also engage in passive market making transactions
in our units on Nasdaq in accordance with Rule 103 of Regulation M during a period before the commencement of offers or sales of
our units in this offering and extending through the completion of distribution. A passive market maker must display its bid at
a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive
market maker&rsquo;s bid, that bid must then be lowered when specified purchase limits are exceeded.</P>

<P STYLE="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">A prospectus in electronic format may be made available by e-mail
or on the web sites or through online services maintained by one or more of the underwriters or their affiliates. In those cases,
prospective investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with
us to allocate a specific number of 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 the underwriters&rsquo; web sites and any information contained in any other web site maintained by any of the underwriters
is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by
investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Activities and Relationships</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 granted Jefferies LLC a right
of first refusal to provide certain advisory services and participate in certain future financings for a period of not more than three years from the date of commencement of sales of this offering. Such right of first
refusal is deemed to be underwriting compensation in connection with this offering. Otherwise, we are not under any
contractual obligation to engage any of the underwriters to provide any services for us after this offering, and have no
present intent to do so. However, any of the underwriters may 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 of the underwriters and no fees for such services will be paid to
any of the underwriters prior to the date that is 90 days from the date of this prospectus, unless FINRA determines that such
payment would not be deemed underwriters&rsquo; compensation in connection with this offering and we may pay the underwriters
of this offering or any entity with which they are affiliated a finder&rsquo;s fee or other compensation for services
rendered to us in connection with the completion of a business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters and certain of their 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. The underwriters and certain of their affiliates have, from time to time, performed, and may in the
future perform, various commercial and investment banking and financial advisory services for us and our affiliates, for
which they received or will receive customary fees and 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">In the ordinary course of their various business activities,
the underwriters and certain of their affiliates may make or hold a broad array of investments and actively trade debt and equity
securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the
accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by
us and our affiliates. The underwriters and certain of their respective affiliates may also communicate independent investment
recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities
or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities
and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><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">Resale 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">The distribution of the securities in Canada is being made
only in the provinces of Ontario, Quebec, Alberta and British Columbia on a private placement basis exempt from the
requirement that we prepare and file a prospectus with the securities regulatory authorities in each province where trades of
these securities are made. Any resale of the securities in Canada must be made under applicable securities laws, which may
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. Purchasers are advised to
seek legal advice prior to any resale of the 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>

<!-- Field: Page; Sequence: 145; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By purchasing the securities in Canada and accepting delivery
of a purchase confirmation, a purchaser is representing 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchaser is entitled under applicable provincial securities laws to purchase the securities without the benefit of a prospectus
qualified under those securities laws as it is an &ldquo;accredited investor&rdquo; as defined under National Instrument 45-106
 &mdash; <I>Prospectus Exemptions</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchaser is a &ldquo;permitted client&rdquo; as defined in National Instrument 31-103 &mdash; <I>Registration Requirements, Exemptions
and Ongoing Registrant Obligations</I>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
required by law, the purchaser is purchasing as principal and not as agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchaser has reviewed the text above under Resale 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">Conflicts of 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">Canadian purchasers are hereby notified that the underwriters
are relying on the exemption set out in section 3A.3 or 3A.4, if applicable, of National Instrument 33-105 &mdash; Underwriting
Conflicts from having to provide certain conflict of interest disclosure in this 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">Statutory Rights of Action</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities legislation in certain provinces or territories of
Canada may provide a purchaser with remedies for rescission or damages if the prospectus (including any amendment thereto) such
as this document contains a misrepresentation; provided that the remedies for rescission or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser of
these securities in Canada should refer to any applicable provisions of the securities legislation of the purchaser&rsquo;s province
or territory for particulars of these rights or consult with a legal advisor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of our directors and officers, as well as the experts named
herein, may be 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 or a substantial portion of our assets and the assets of those persons may
be 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">Taxation and Eligibility for Investment</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canadian purchasers of the securities should consult their own
legal and tax advisors with respect to the tax consequences of an investment in the securities in their particular circumstances
and about the eligibility of the securities for investment by the purchaser under relevant Canadian legislation.</P>

<P STYLE="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><I>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">This prospectus is not a disclosure document for the purposes
of Australia&rsquo;s Corporations Act 2001 (Cth) of Australia, or Corporations Act, has not been lodged with the Australian Securities
 &amp; Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive
this prospectus in Australia:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You confirm and warrant that you are either:</P>

<P STYLE="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 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
 &ldquo;sophisticated investor&rdquo; under section 708(8)(a) or (b) of the Corporations Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
 &ldquo;sophisticated investor&rdquo; under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant&rsquo;s
certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related
regulations before the offer has been made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
person associated with the Company under Section 708(12) of the Corporations Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
 &ldquo;professional investor&rdquo; within the meaning of section 708(11)(a) or (b) of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"></P>

<!-- Field: Page; Sequence: 146; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that you are unable to confirm or warrant that
you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act any offer made
to you under this prospectus is void and incapable of acceptance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You warrant and agree that you will not offer any of the securities
issued to you pursuant to this prospectus for resale in Australia within 12 months of those securities being issued unless any
such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>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">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"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>to any legal entity which is a qualified investor as defined in the Prospectus Directive;</TD></TR>                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>to fewer than 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</TD></TR>                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>in any other circumstances that do not require the publication by us of a prospectus pursuant to Article 3 of the
                                                                 Prospectus Directive, provided that no such offer of units referred to in (a) to (c) above shall result in a requirement
for us or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a prospectus pursuant
to Article 16 of the Prospectus Directive.</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 2(1)(e) 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">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 ( as amended, including by Directive 2010/73/EU)
and includes any relevant implementing measure in each relevant member state.</P>

<P STYLE="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 not authorized and do not authorize the making of any
offer of units through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the
final placement of the units as contemplated in this prospectus. Accordingly, no purchaser of the units, other than the underwriters,
is authorized to make any further offer of the units on behalf of us or the underwriters.<B><I></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>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">No securities have been offered or sold, and no securities may
be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares
or debentures, whether as principal or agent; or to &ldquo;professional investors&rdquo; as defined in the Securities and Futures
Ordinance (Cap. 571) of Hong Kong (&ldquo;SFO&rdquo;) and any rules made under that ordinance; or in other circumstances which
do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies Ordinance (Cap. 32) of Hong Kong (&ldquo;CO&rdquo;)
or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO. No document, invitation or
advertisement relating to the securities has been issued or 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 of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities
which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo; as
defined in the SFO and any rules made under that Ordinance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus has not been registered with the Registrar of
Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong Kong, and the securities
may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required,
and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities
described in this prospectus and the relevant offering documents and that he is not acquiring, and has not been offered any securities
in circumstances that contravene any such restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Israel</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">This document does not constitute a prospectus under the Israeli
Securities Law, 5728-1968 (the &ldquo;Israel Securities Law&rdquo;), and has not been filed with or approved by the Israel Securities
Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the units is directed
only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum
(the &ldquo;Addendum&rdquo;), to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident
funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters,
venture capital funds, entities with equity in excess of NIS 50 million and &ldquo;qualified individuals,&rdquo; each as defined
in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing
for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the
Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are
aware of the meaning of same and agree to it.</P>

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

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

<!-- Field: Page; Sequence: 147; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>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">The offering has not been and will not be registered under the
Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended) (&ldquo;FIEL&rdquo;), and the underwriters
will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which
term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan),
or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except
pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable
laws, regulations and ministerial guidelines 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"><B><I>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">This prospectus has not been and will not be lodged or 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 securities may not be circulated or distributed, nor
may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures
Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (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. Solely for the purposes of its obligations
pursuant to Sections 309B(1)(a) and 309B(1)(c) of the SFA, the Company has determined, and hereby notifies all relevant persons
(as defined in Section 309A of the SFA) that the units are &ldquo;prescribed capital markets products&rdquo; (as defined in the
Securities and Futures (Capital Markets Products) Regulations 2018) and &ldquo;Excluded Investment Products&rdquo; (as defined
in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
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">Where the securities are subscribed or purchased under Section
275 of the SFA by a relevant person which is:</P>

<P STYLE="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 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments
and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, securities (as defined in Section&nbsp;239(1) of the SFA) 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 securities pursuant to an offer made under Section 275 of the SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer
referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
no consideration is or will be given for the transfer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
the transfer is by operation of law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
specified in Section 276(7) of the SFA; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 52pt; text-indent: -17pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.</P>

<P STYLE="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><I>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">The securities 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 prospectus 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 prospectus
nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.</P>

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

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

<!-- Field: Page; Sequence: 148; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither this prospectus nor any other offering or marketing
material relating to the offering, the Company or the securities have been or will be filed with or approved by any Swiss regulatory
authority. In particular, this prospectus will not be filed with, and the offer of securities will not be supervised by, the Swiss
Financial Market Supervisory Authority FINMA, and the offer of securities 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 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><I>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">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, as amended (the &ldquo;Order&rdquo;) and/or (ii) high net worth entities falling within Article 49(2)(a)
to (d) of the Order and other persons to whom it may lawfully be communicated (each such person being referred to as a &ldquo;relevant
person&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">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>

<!-- Field: Page; Sequence: 149; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ellenoff Grossman &amp; Schole LLP, New York, New York, has
passed upon the validity of the securities offered hereby on behalf of us. Certain legal matters will be passed upon on behalf
of the underwriters by White &amp; Case LLP, New York, New York.</P>

<P STYLE="font: 10pt 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_008"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The balance sheet of Mudrick Capital Acquisition Corporation
II as of August 3, 2020, and the related statements of operations, changes in stockholder&rsquo;s equity and cash flows for the
period July 30, 2020 (inception) through August 3, 2020, have been audited by WithumSmith+Brown, PC, independent registered public
accounting firm, as stated in their report which is incorporated herein. Such financial statements have been incorporated herein
in reliance on the report of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt 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_009"></A><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon completion of this offering, we will be subject to the
information requirements of the Exchange Act and will file annual, quarterly and current event reports, proxy statements and other
information with the SEC. You can read our SEC filings, including the registration statement, over the Internet at the SEC&rsquo;s
website at <I>www.sec.gov</I>.</P>

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

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

<!-- Field: Page; Sequence: 150; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: a13 -->
<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-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<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"><A NAME="a_015"></A><FONT STYLE="text-transform: uppercase"><B>Index
to Financial Statements</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; width: 0.1in; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audited Financial Statements of Mudrick Capital Acquisition Corporation II:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance Sheet as of August 3, 2020</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Operations for the period from July 30, 2020 (inception) through August 3, 2020</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#o_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Changes in Stockholder&rsquo;s Equity for the period from July 30, 2020 (inception) through August 3, 2020</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#o_001"><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: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#o_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement of Cash Flows for the period from July 30, 2020 (inception) through August 3, 2020</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#o_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#o_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Financial Statements</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-align: center; text-indent: -10pt"><A HREF="#o_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 151; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</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">To the Stockholder and the Board of Directors of<BR>
Mudrick Capital Acquisition Corporation II</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance
sheet of Mudrick Capital Acquisition Corporation II (the &ldquo;Company&rdquo;) as of August 3, 2020, the related statements of
operations, changes in stockholder&rsquo;s equity and cash flows for the period from July 30, 2020 (inception) through August 3,
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 August 3, 2020, and the results
of its operations and its cash flows for the period from July 30, 2020 (inception) through August 3, 2020, in conformity with accounting
principles generally accepted in the United&nbsp;States of America.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based
on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United&nbsp;States)
(&ldquo;PCAOB&rdquo;) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable
basis for our opinion.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s auditor
since 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August 17, 2020</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>

<!-- Field: Page; Sequence: 152; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>MUDRICK CAPITAL ACQUISITION CORPORATION
II<BR>
BALANCE SHEET<BR>
AUGUST 3, 2020</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">ASSETS</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: 87%; 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="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">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42,500</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 27pt">Total Assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">42,500</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: White">
    <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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">LIABILITIES AND STOCKHOLDER&rsquo;S 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: White">
    <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: rgb(204,238,255)">
    <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">1,000</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">Accrued offering costs</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">5,000</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">12,500</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">Total Current Liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">18,500</TD><TD STYLE="padding-bottom: 1pt; 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; text-indent: -10pt; padding-left: 10pt">Commitments and contingencies</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">Stockholder&rsquo;s 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: -10.1pt; padding-left: 10.1pt">Preferred stock, $0.0001 par value; 1,000,000 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">&mdash;</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: -10.1pt; padding-left: 10.1pt">Class&nbsp;A common stock, $0.0001 par value; 100,000,000 shares authorized; none&nbsp;issued&nbsp;and&nbsp;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">&mdash;</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: -10.1pt; padding-left: 10.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;B common stock, $0.0001 par value; 10,000,000 shares authorized; 8,625,000&nbsp;shares&nbsp;issued and outstanding <SUP>(1)</SUP></FONT></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">863</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: -10.1pt; padding-left: 10.1pt">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">24,137</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: -10.1pt; padding-left: 10.1pt">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">(1,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</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">Total Stockholder&rsquo;s Equity</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">24,000</TD><TD STYLE="padding-bottom: 1pt; 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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total Liabilities and Stockholder&rsquo;s Equity</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">42,500</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 0pt 24pt; text-align: justify; text-indent: -24pt">&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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Includes an aggregate of up to 1,125,000 shares of Class&nbsp;B
common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note
5).</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

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

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

<!-- Field: Page; Sequence: 153; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>MUDRICK CAPITAL ACQUISITION CORPORATION
II<BR>
STATEMENT OF OPERATIONS<BR>
FOR THE PERIOD FROM JULY 30, 2020 (INCEPTION) THROUGH AUGUST 3, 2020</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Formation 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">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Net loss</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,000</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average shares outstanding, basic and diluted <SUP>(1)</SUP></FONT></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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,500,000</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; 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">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Excludes an aggregate of up to 1,125,000 shares of Class&nbsp;B
common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note
5).</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

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

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

<!-- Field: Page; Sequence: 154; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: a14 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="o_001"></A><B>MUDRICK CAPITAL ACQUISITION CORPORATION
II<BR>
STATEMENT OF CHANGES IN STOCKHOLDER&rsquo;S EQUITY<BR>
FOR THE PERIOD FROM JULY 30, 2020 (INCEPTION) THROUGH AUGUST 3, 2020</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Class&nbsp;B <BR> Common Stock</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Additional <BR> Paid-in</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Accumulated</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total <BR> Stockholder&rsquo;s</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Capital</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Deficit</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Equity</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Balance, July 30, 2020 (inception)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 35%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of Class&nbsp;B common stock to Sponsor <SUP>(1)</SUP></FONT></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">8,625,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">863</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">24,137</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">25,000</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net loss</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">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">(1,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</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">(1,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>Balance, August 3, 2020</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>8,625,000</B></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>863</B></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>24,137</B></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>(1,000</B></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>)</B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>$</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><B>24,000</B></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Includes an aggregate of up to 1,125,000 shares of Class&nbsp;B
common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note
5).</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

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

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

<!-- Field: Page; Sequence: 155; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="o_002"></A>MUDRICK CAPITAL ACQUISITION CORPORATION
II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE PERIOD FROM JULY 30, 2020 (INCEPTION) THROUGH AUGUST 3, 2020</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Cash flows from operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net loss</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">(1,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Adjustment to reconcile net loss to net cash used in operating activities:</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="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Changes in operating assets and 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: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Accrued expenses</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">1,000</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; padding-left: 0.375in; text-align: left; padding-bottom: 1pt">Net cash used in operating activities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; 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">Net change in cash</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="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: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Cash at beginning of period</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">&mdash;</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; padding-bottom: 2.5pt">Cash at end of period</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">&mdash;</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">Non-cash financing activities:</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; padding-bottom: 2.5pt">Deferred offering costs paid directly by Sponsor in exchange for the issuance of Class&nbsp;B common&nbsp;stock</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Deferred offering costs included in accrued offering costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000</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: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Deferred offering costs paid through promissory note</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">12,500</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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes are an integral part
of these financial statements.</P>

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




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

<!-- Field: Page; Sequence: 156; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="o_003"></A>MUDRICK CAPITAL ACQUISITION CORPORATION
II</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 1&nbsp;&mdash; DESCRIPTION OF ORGANIZATION
AND BUSINESS OPERATIONS</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">Mudrick Capital Acquisition Corporation
II (the &ldquo;Company&rdquo;) was incorporated in Delaware on July 30, 2020. The Company was formed for the purpose of effecting
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or
more businesses (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 not limited to a particular
industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth
company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of August 3, 2020, the Company had not
commenced any operations. All activity for the period from July 30, 2020 (inception) through August 3, 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 its initial Business Combination, at the earliest. The Company
anticipates it will generate non-operating income in the form of interest income from the proceeds derived from the Proposed Public
Offering. The Company has selected December 31 as its fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 30,000,000&nbsp;units
(the &ldquo;Units&rdquo; and, with respect to the Class&nbsp;A common stock included in the Units being offered, the &ldquo;Public
Shares&rdquo;) at $10.00 per Unit (or 34,500,000&nbsp;Units if the underwriters&rsquo; over-allotment option is exercised in full),
which is discussed in Note&nbsp;3, and the sale of 7,500,000 warrants (or 8,400,000 warrants if the underwriters&rsquo; over-allotment
option is exercised in full) (the &ldquo;Private Placement Warrants&rdquo;) at a price of $1.00 per Private Placement Warrant
in a private placement to Mudrick Capital Acquisition Holdings II LLC (the &ldquo;Sponsor&rdquo;), that will close simultaneously
with the Proposed Public Offering. </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&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 Private
Placement 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&rsquo;s
initial Business Combination must be 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 (as defined below) (excluding the deferred underwriting commissions and taxes payable on
the income earned on the Trust Account) at the time of the agreement to enter into a 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 business sufficient for it not to be required to register
as an investment company under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;). 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 a portion of the proceeds from the sale of the Private Placement Warrants, will be held in
a trust account (&ldquo;Trust Account&rdquo;), located in the United&nbsp;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 185&nbsp;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 funds held in the Trust Account, as described below.</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 will provide the holders of
the outstanding Public Shares (the &ldquo;Public Stockholders&rdquo;) with the opportunity to convert 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. The Public Stockholders will be entitled
to convert their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $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 a redemption value and classified as temporary equity upon
the completion of the Proposed Public Offering in accordance with the Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic
480 &ldquo;Distinguishing Liabilities from Equity.&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 will proceed with a Business
Combination if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon 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 reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the &ldquo;Certificate of
Incorporation&rdquo;), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission
(&ldquo;SEC&rdquo;) and file tender offer documents with the SEC 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 Sponsor has agreed
to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Proposed Public Offering
in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to convert their Public Shares without
voting, and if they do vote, irrespective of whether they vote for or against the proposed 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"></P>

<!-- Field: Page; Sequence: 157; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, if the Company
seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the
Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person
with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)), will be restricted from redeeming its shares with respect to
more than an aggregate of 15% of the Public Shares, without the prior consent of the Company.</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 Sponsor has agreed (a)&nbsp;to waive
its redemption rights with respect to the Founder Shares and Public Shares held by it in connection with the completion of a Business
Combination and (b)&nbsp;not to propose an amendment to the Certificate of Incorporation (i)&nbsp;to modify the substance or timing
of the Company&rsquo;s obligation to provide for the redemption of its Public Shares in connection with a Business Combination
or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as
defined below) or (ii)&nbsp;with respect to any other material provisions relating to stockholders&rsquo; rights or pre-business
combination activity, 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will have 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 pay taxes (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish
Public Stockholders&rsquo; rights as stockholders (including the right to receive further liquidating distributions, if any), 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. There will be no redemption
rights or liquidating distributions with respect to the Company&rsquo;s warrants, which will expire worthless if the Company fails
to complete a Business Combination within the Combination Period.</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 Sponsor has agreed to waive its liquidation
rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period.
However, if the Sponsor acquires Public Shares in or after the Proposed Public Offering, such Public Shares will be entitled to
liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination
Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust
Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such
amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public
Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution
will be less than the Proposed Public Offering price per Unit ($10.00).</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 order to protect the amounts held in
the Trust Account, the Sponsor 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 the lesser of (i) $10.00 per Public Share and (ii)&nbsp;the
actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00
per public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not
apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held
in the Trust Account nor will it apply to any claims under the Company&rsquo;s indemnity of the underwriters of the Proposed Public
Offering against certain liabilities, including liabilities under the Securities Act 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 Sponsor 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 Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service
providers (except for the Company&rsquo;s independent registered accounting firm), prospective target businesses and 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2&nbsp;&mdash; SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements are
presented in conformity with accounting principles generally accepted in the United&nbsp;States of America (&ldquo;GAAP&rdquo;)
and pursuant to the rules and regulations of the SEC.</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 does not have sufficient liquidity
to meet its anticipated obligations over the next year from the date of issuance of these financial statements. In connection with
the Company&rsquo;s assessment of going concern considerations in accordance with Accounting Standards Update (&ldquo;ASU&rdquo;)
2014-15, &ldquo;Disclosures of Uncertainties about an Entity&rsquo;s Ability to Continue as a Going Concern,&rdquo; management
has determined that the Company has access to funds from the Sponsor that are sufficient to fund the working capital needs of the
Company until the earlier of the consummation of the Proposed Public Offering or one year from the date of issuance of these financial
statements.</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>

<!-- Field: Page; Sequence: 158; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an &ldquo;emerging growth
company,&rdquo; as defined in Section&nbsp;2(a) 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, Section&nbsp;102(b)(1) of the
JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a
class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.
The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that
apply to non-emerging growth companies but any such 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; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering costs consist of legal,
accounting 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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. The Company&rsquo;s deferred tax assets were deemed to be de minimis as of August 3, 2020.</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">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 August 3, 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.</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 provision for income taxes was deemed
to be de minimis for the period from July 30, 2020 (inception) through August 3, 2020.</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>Net Loss per Common Share</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 shares of Class&nbsp;B
common stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 5). At
August 3, 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; text-align: justify">&nbsp;</P>

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

<!-- Field: Page; Sequence: 159; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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


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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&rsquo;s assets
and liabilities, which qualify as financial instruments under ASC 820, &ldquo;Fair Value Measurement,&rdquo; approximates the carrying
amounts represented in the balance sheet, primarily due to their short-term nature.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management does not believe that any recently
issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company&rsquo;s
financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 3&nbsp;&mdash; PROPOSED PUBLIC
OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>&nbsp;</B> </p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant
                                         to the Proposed Public Offering, the Company intends to offer for sale 30,000,000 Units
                                         (or 34,500,000&nbsp;Units if the underwriters&rsquo; over-allotment option is exercised
                                         in full) at a price of $10.00 per Unit. Each Unit will consist of one share of Class&nbsp;A
                                         common stock and one-half of one redeemable warrant (&ldquo;Public Warrant&rdquo;). Each
                                         whole Public Warrant will entitle the holder to purchase one share of Class&nbsp;A 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 4&nbsp;&mdash; PRIVATE PLACEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Sponsor has agreed to purchase
an aggregate of 7,500,000 Private Placement Warrants (or 8,400,000 Private Placement Warrants if the underwriters&rsquo; over-allotment
is exercised in full) at a price of $1.00 per Private Placement Warrant ($7,500,000, or an aggregate of $8,400,000 if the underwriters&rsquo;
over-allotment is exercised in full) from the Company in a private placement that will occur simultaneously with the closing of
the Proposed Public Offering. Each Private Placement Warrant is exercisable to purchase one share of Class&nbsp;A common stock
at a price of $11.50&nbsp;per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants
will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. If the Company does not complete
a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the
Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the
Private Placement Warrants will expire worthless. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5&nbsp;&mdash; RELATED PARTIES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the period ended August 3, 2020,
the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 8,625,000 shares of Class&nbsp;B common
stock (the &ldquo;Founder Shares&rdquo;). The Founder Shares include an aggregate of up to 1,125,000 shares subject to forfeiture
to the extent that the underwriters&rsquo; over-allotment is not exercised in full or in part, so that the number of Founder Shares
will equal, on an as-converted basis, approximately 20% of the Company&rsquo;s issued and outstanding ordinary shares after the
Proposed Public Offering.</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 Sponsor has agreed, subject to limited
exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A)&nbsp;one year after the
completion of a Business Combination and (B) subsequent to a Business Combination, (x)&nbsp;if the last reported sale price of
the Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150&nbsp;days after
a Business Combination, or (y)&nbsp;the date on which the Company completes a liquidation, merger, capital stock exchange or other
similar transaction that results in all of the Public 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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 30, 2020, the Sponsor issued an
unsecured promissory note to the Company (the &ldquo;Promissory Note&rdquo;), pursuant to which the Company may borrow up to an
aggregate principal amount of $300,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) March 31,
2021 or (ii)&nbsp;the consummation of the Proposed Public Offering. As of August 3, 2020, there was $12,500 outstanding under the
Promissory Note.</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>

<!-- Field: Page; Sequence: 160; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In order to finance transaction costs
in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company&rsquo;s officers
and directors may, but are not obligated to, loan the Company funds as may be required (&ldquo;Working Capital Loans&rdquo;).
Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination,
without interest, or, at the lender&rsquo;s discretion, up to $1,500,000 of the notes may be converted upon completion of a Business
Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants.
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.
As of August 3, 2020, there were no amounts outstanding under the Working Capital Loans. </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>NOTE 6&nbsp;&mdash; COMMITMENTS AND
CONTINGENCIES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management is currently evaluating the
impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have
a negative effect on the Company&rsquo;s financial position, results of its operations, close of the Proposed Public Offering and/or
search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of the Founder Shares, Private
Placement Warrants and securities that may be issued upon conversion of Working Capital Loans will be entitled to registration
rights require the Company to register a sale of any of the securities held by them pursuant to a registration rights agreement
to be signed prior to or on the effective date of Proposed Public Offering. The holders of the majority of these securities will
be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for
sale under the Securities Act. In addition, these holders will have certain &ldquo;piggy-back&rdquo; registration rights to include
their securities in other registration statements filed by the Company, subject to certain limitations. The Company will bear the
expenses incurred in connection with the filing of any such registration statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will grant the underwriters
a 45-day option from the date of Proposed Public Offering to purchase up to 3,000,000 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; text-align: justify">&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 $6,000,000 in the aggregate (or $6,900,000 in the aggregate if the underwriters&rsquo;
over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. In addition, the underwriters
will be entitled to a deferred fee of $0.35&nbsp;per Unit, or $10,500,000 in the aggregate (or $12,075,000 in the aggregate if
the underwriters&rsquo; over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from
the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms
of the underwriting agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 7&nbsp;&mdash; STOCKHOLDERS&rsquo;
EQUITY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Preferred Stock&nbsp;</I></B>&mdash;
The Company is authorized to issue 1,000,000 shares of preferred stock with a par value of $0.0001 per share with such designations,
voting and other rights and preferences as may be determined from time to time by the Company&rsquo;s board of directors. At August
3, 2020, there were no shares of preferred stock issued or outstanding.</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>Class&nbsp;A Common Stock&nbsp;</I></B>&mdash;
The Company is authorized to issue 100,000,000 shares of Class&nbsp;A common stock with a par value of $0.0001 per share. Holders
of Class&nbsp;A common stock are entitled to one vote for each share. At August 3, 2020, there were no shares of Class&nbsp;A common
stock issued or outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Class&nbsp;B Common Stock&nbsp;</I></B>&mdash;
The Company is authorized to issue 10,000,000 shares of Class&nbsp;B common stock with a par value of $0.0001 per share. Holders
of Class&nbsp;B common stock are entitled to one vote for each share. At August 3, 2020, there were 8,625,000 shares of Class&nbsp;B
common stock issued and outstanding, of which an aggregate of up to 1,125,000 shares of Class&nbsp;B common stock are subject to
forfeiture to the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in part so that the number
of Founder Shares will equal 20% of the Company&rsquo;s issued and outstanding common stock after the Proposed Public Offering.</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">Holders of Class&nbsp;A common stock and
holders of Class&nbsp;B common stock will vote together as a single class on all matters submitted to a vote of our shareholders
except as otherwise required by 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; text-align: justify"></P>

<!-- Field: Page; Sequence: 161; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of Class&nbsp;B common stock
will automatically convert into Class&nbsp;A common stock at the time of a Business Combination on a one-for-one basis, subject
to adjustment. In the case that additional shares of Class&nbsp;A common stock, or equity-linked securities, are issued or deemed
issued in connection with a Business Combination, the number of shares of Class A common stock issuable upon conversion of all
Founder Shares will equal, in the aggregate, on an as-converted&nbsp;basis, 20% of the sum of the total number of all shares of
common stock outstanding upon the completion of the Proposed Public Offering, plus the total number of shares of Class A common
stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed
issued, by the Company in connection with or in relation to the consummation of a Business Combination, including pursuant to a
specified future issuance, excluding any shares of Class A common stock or equity-linked securities exercisable for or convertible
into shares of Class A common stock issued, or to be issued, to any seller in a Business Combination and any private placement-equivalent
warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of
Founder Shares will never occur on a less than one for one basis.</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>Warrants&nbsp;</I></B>&mdash; Public
Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units
and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30&nbsp;days after the completion
of a Business Combination and (b) 12 months from the closing of the Proposed Public Offering. 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will not be obligated to deliver
any shares of Class&nbsp;A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying
the warrants is then effective and a current prospectus relating thereto is current, subject to the Company satisfying its obligations
with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue shares of Class A common
stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.</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 has agreed that as soon as
practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its best efforts
to file with the SEC a registration statement registering the issuance of the shares of Class A common stock issuable upon exercise
of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those
shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration
statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business
day after the closing of a Business Combination or 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 &ldquo;cashless basis&rdquo; 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.</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">Once the warrants become exercisable, the
Company may redeem the outstanding Public Warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 whole and not in part;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">at a price of $0.01 per Public Warrant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">upon not less than 30&nbsp;days&rsquo; prior written notice of redemption to each warrant holder;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">if, and only if, the reported closing price of the Class&nbsp;A common stock equals or exceeds
$18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within a 30-trading day period ending three business days before the Company sends the notice of redemption to warrant holders</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If and when the warrants become redeemable
by the Company, the Company may not exercise its redemption right if the issuance of shares of common stock upon exercise of the
warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect
such registration or qualification. 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. The exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain
circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuance of common stock at a price below its exercise price. 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 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 162; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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 Class&nbsp;A 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 Class&nbsp;A 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 Sponsor or its affiliates, without taking into account any Founder Shares held by
the Sponsor or its affiliates, as applicable, prior to such issuance) (the &ldquo;Newly Issued Price&rdquo;), (y)&nbsp;the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the
funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z)&nbsp;the
volume weighted average trading price of the Company&rsquo;s Class&nbsp;A common stock during the 20 trading day period starting
on the trading day after the day on which the Company completes a Business Combination (such price, the &ldquo;Market Value&rdquo;)
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the
higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the
nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Placement Warrants will be
identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Placement
Warrants and the Class&nbsp;A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable,
assignable or saleable until 30&nbsp;days after the completion of a Business Combination, subject to certain limited exceptions.
Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described
above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are
held by someone other than the initial purchasers or their permitted transferees, the Private Placement 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 8&nbsp;&mdash; SUBSEQUENT EVENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluated subsequent
events and transactions that occurred after the balance sheet date up to August 17, 2020, the date that the financial
statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would
have required adjustment or disclosure in the financial statements.</P>

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

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

<!-- Field: Page; Sequence: 163; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>30,000,000 Units</B></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mudrick Capital Acquisition Corporation
II</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jefferies</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.75in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2020</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>,
2020, 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; text-align: left; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No dealer, salesperson or any other person is authorized to
give any information or make any representations in connection with this offering other than those contained in this prospectus
and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus
does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this
prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the
offer or solicitation is not authorized or is unlawful.</P>

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


<!-- Field: Split-Segment; Name: a15 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 164 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">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: 85%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC/FINRA expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right"><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">100,000</FONT></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">Accounting fees and expenses</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">37,500</FONT></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">Printing and engraving expenses</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">40,000</FONT></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">Travel and road show expenses</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">25,000</FONT></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">Directors &amp; officers liability insurance premiums<SUP>(1)</SUP></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">100,000</FONT></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">Legal fees and expenses</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">250,000</FONT></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">Nasdaq listing and filing fees</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">75,000</FONT></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">Miscellaneous</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; 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">122,500</FONT></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">Total</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">750,000</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></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: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">This amount represents the approximate amount of annual
director and officer liability insurance premiums the registrant anticipates paying following the completion of its initial public
offering and until it completes 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>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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will provide
that all of our directors, officers, employees and agents shall be entitled to be indemnified by us to the fullest extent permitted
by Section 145 of the DGCL. 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">Section 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" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">A corporation shall have power to indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason
of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe the person&rsquo;s conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not,
of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had
reasonable cause to believe that the person&rsquo;s conduct was unlawful.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">A corporation shall have power to indemnify any person
who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the
right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&rsquo;
fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the
person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person
shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court
in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view
of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court
of Chancery or such other court shall deem proper.</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 165; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(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) and (b) 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>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">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.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(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 officers and directors or other employees and agents may be so paid upon such terms and conditions, if any, as the corporation
deems appropriate.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(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. A right to indemnification or to advancement of expenses arising under a provision of the certificate of
incorporation or a bylaw shall not be eliminated or impaired by an amendment to such provision after the occurrence of the act
or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification
or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes
such elimination or impairment after such action or omission has occurred.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(g)</TD><TD STYLE="text-align: justify">A corporation shall have power to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving
at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity,
or arising out of such person&rsquo;s status as such, whether or not the corporation would have the power to indemnify such person
against such liability under this section.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(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>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 166; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(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>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(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>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(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 by law, 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).</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with Section 102(b)(7) of the DGCL, our amended
and restated certificate of incorporation, provides that no director shall be personally liable to us or any of our stockholders
for monetary damages resulting from breaches of their fiduciary duty as directors, except to the extent such limitation on or exemption
from liability is not permitted under the DGCL. The effect of this provision of our amended and restated certificate of incorporation
is to eliminate our rights and those of our stockholders (through stockholders&rsquo; derivative suits on our behalf) to recover
monetary damages against a director for breach of the fiduciary duty of care as a director, including breaches resulting from negligent
or grossly negligent behavior, except, as restricted by Section 102(b)(7) of the DGCL. However, this provision does not limit or
eliminate our rights or the rights of any stockholder to seek non-monetary relief, such as an injunction or rescission, in the
event of a breach of a director&rsquo;s duty of care.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the DGCL is amended to authorize corporate action further
eliminating or limiting the liability of directors, then, in accordance with our amended and restated certificate of incorporation,
the liability of our directors to us or our stockholders will be eliminated or limited to the fullest extent authorized by the
DGCL, as so amended. Any repeal or amendment of provisions of our amended and restated certificate of incorporation limiting or
eliminating the liability of directors, whether by our stockholders or by changes in law, or the adoption of any other provisions
inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change
in law permits us to further limit or eliminate the liability of directors on a retroactive basis.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation also
will provide that we will, to the fullest extent authorized or permitted by applicable law, indemnify our current and former
officers and directors, as well as those persons who, while directors or officers of our corporation, are or were serving as
directors, officers, employees or agents of another entity, trust or other enterprise, including service with respect to an
employee benefit plan, in connection with any threatened, pending or completed proceeding, whether civil, criminal,
administrative or investigative, against all expense, liability and loss (including, without limitation, attorneys&rsquo;
fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by
any such person in connection with any such proceeding.</P>

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

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

<!-- Field: Page; Sequence: 167; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, a person eligible for indemnification
pursuant to our amended and restated certificate of incorporation indemnifies us in connection with a proceeding initiated by such
person only if such proceeding was authorized by our board of directors, except for proceedings to enforce rights to indemnification.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The right to indemnification which will be conferred by our
amended and restated certificate of incorporation is a contract right that includes the right to be paid by us the expenses incurred
in defending or otherwise participating in any proceeding referenced above in advance of its final disposition, provided, however,
that if the DGCL requires, an advancement of expenses incurred by our officer or director (solely in the capacity as an officer
or director of our corporation) will be made only upon delivery to us of an undertaking, by or on behalf of such officer or director,
to repay all amounts so advanced if it is ultimately determined that such person is not entitled to be indemnified for such expenses
under our amended and restated certificate of incorporation or otherwise.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights to indemnification and advancement of expenses will
not be deemed exclusive of any other rights which any person covered by our amended and restated certificate of incorporation may
have or hereafter acquire under law, our amended and restated certificate of incorporation, our bylaws, an agreement, vote of stockholders
or disinterested directors, or otherwise.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any repeal or amendment of provisions of our amended and restated
certificate of incorporation affecting indemnification rights, whether by our stockholders or by changes in law, or the adoption
of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent
such amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any
way diminish or adversely affect any right or protection existing at the time of such repeal or amendment or adoption of such inconsistent
provision with respect to any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.
Our amended and restated certificate of incorporation permits us, to the extent and in the manner authorized or permitted by law,
to indemnify and to advance expenses to persons other that those specifically covered by our amended and restated certificate of
incorporation.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our bylaws, which we intend to adopt immediately prior to the
closing of this offering, include the provisions relating to advancement of expenses and indemnification rights consistent with
those which will be set forth in our amended and restated certificate of incorporation. In addition, our bylaws provide for a right
of indemnity to bring a suit in the event a claim for indemnification or advancement of expenses is not paid in full by us within
a specified period of time. Our bylaws also permit us to purchase and maintain insurance, at our expense, to protect us and/or
any director, officer, employee or agent of our corporation or another entity, trust or other enterprise against any expense, liability
or loss, whether or not we would have the power to indemnify such person against such expense, liability or loss under the DGCL.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any repeal or amendment of provisions of our bylaws affecting
indemnification rights, whether by our board of directors, stockholders or by changes in applicable law, or the adoption of any
other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such
amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any way
diminish or adversely affect any right or protection existing thereunder with respect to any act or omission occurring prior to
such repeal or amendment or adoption of such inconsistent provision.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Underwriting Agreement to be filed as
Exhibit 1.1 to this Registration Statement, we have agreed to indemnify the underwriters and the underwriters have agreed to
indemnify us against certain civil liabilities that may be incurred in connection with this offering, including certain
liabilities under the Securities Act.</P>

<P STYLE="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 15. Recent Sales of Unregistered Securities.</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In August 2020, our sponsor paid $25,000 to cover certain
offering costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which
are subject to forfeiture depending on the extent to which the underwriters&rsquo; over-allotment option is exercised. The
number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the
outstanding shares of common stock upon completion of this offering. Such securities were issued in connection with our
organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. Our sponsor is
an accredited investor for purposes of Rule 501 of Regulation D.</P>

<P STYLE="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: 168; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In addition, our sponsor has committed,
pursuant to a written agreement, to purchase from us an aggregate of 7,500,000 warrants (or 8,400,000 warrants if the over-allotment
option is exercised in full) at a price of $1.00 per warrant ($7,500,000 in the aggregate, or $8,400,000 if the over-allotment
option is exercised in full). This purchase will take place on a private placement basis simultaneously with the completion of
our initial public offering. This issuance will be made pursuant to the exemption from registration contained in Section 4(a)(2)
of 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"><B>Item 16. Exhibits and Financial Statement Schedules.</B></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(a)&nbsp;&nbsp;<I>Exhibits.&nbsp;&nbsp;&nbsp;&nbsp;</I>The
list of exhibits preceding the signature page of this registration statement is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">(b)&nbsp;&nbsp;<I>Financial
Statements.&nbsp;&nbsp;&nbsp;&nbsp;</I>See page F-1 for an index to the financial statements and schedules included in the registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&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" 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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes to provide
to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered
in such names as required by the underwriters to permit prompt delivery to each purchaser.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</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. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such
issue.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that:</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(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 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.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(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 bona fide offering thereof.</TD>
</TR></TABLE>

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

<!-- Field: Page; Sequence: 169; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(3)</TD><TD STYLE="text-align: justify">For the purpose of determining liability under the Securities
Act of 1933 of any purchaser, if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part
of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is
first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">For the purpose of determining liability of a registrant
under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes
that in a primary offering of securities of an undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to
offer or sell such securities to such purchaser:</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(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 424;</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(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 an undersigned registrant;</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(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>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(iv)</TD><TD STYLE="text-align: left">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; text-align: center"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 170; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 8%; padding-right: 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 90%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><A HREF="tm2028764d2_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><A HREF="tm2028764d2_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Incorporation*</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Amended and Restated Certificate of Incorporation**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><A HREF="tm2028764d2_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><A HREF="tm2028764d2_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By Laws*</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Unit Certificate**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Class A Common Stock Certificate**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Warrant Certificate**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Agreement between Continental Stock Transfer &amp; Trust Company, LLC and the Registrant**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Ellenoff Grossman &amp; Schole LLP**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Letter Agreement among the Registrant and our officers directors and sponsor.**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"> <A HREF="tm2028764d2_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></A> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> <A HREF="tm2028764d2_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory
    Note, dated July 30, 2020, issued to the sponsor*</FONT></A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Investment Management Trust Agreement between Continental Stock Transfer &amp; Trust Company, LLC and the Registrant**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Registration Rights Agreement between the Registrant and certain security holders**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"> <A HREF="tm2028764d2_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></A> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> <A HREF="tm2028764d2_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    Subscription Agreement, dated July 30, 2020, between the Registrant and the sponsor*</FONT></A> </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Private Placement Warrants Purchase Agreement between the Registrant and the sponsor**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Administrative Support Agreement by and between the Registrant and the sponsor**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnity Agreement**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Code of Ethics**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tm2028764d2_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT> </A></TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD><A HREF="tm2028764d2_ex23-1.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of WithumSmith+Brown, PC*</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Ellenoff Grossman &amp; Schole LLP (included in Exhibit 5.1)**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included in signature page)**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Audit Committee Charter**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Compensation Committee Charter**</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><A HREF="tm2028764d2_ex99-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT> </A></TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD><A HREF="tm2028764d2_ex99-3.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Brian Kushner*</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center"><A HREF="tm2028764d2_ex99-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT> </A></TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD><A HREF="tm2028764d2_ex99-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Dennis Stogsdill*</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center"><A HREF="tm2028764d2_ex99-5.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT> </A></TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD><A HREF="tm2028764d2_ex99-5.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Scott Kasen*</FONT> </A></TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;filed
herewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
be filed by amendment</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>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 171; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant has duly caused this amended Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 9<SUP>th</SUP> day of October,
2020. </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"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MUDRICK CAPITAL ACQUISITION
    CORPORATION II</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"> &nbsp; </TD>
    <TD STYLE="width: 3%; padding-top: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT> </TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid; padding-bottom: 2.25pt"> /s/ Jason Mudrick </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Mudrick</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Chairman</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
constitutes and appoints each of Jason Mudrick and Glenn Springer his true and lawful attorney-in-fact and agent, with full power
of substitution and resubstitution, for such person and in his name, place and stead, in any and all capacities, to sign this Registration
Statement on Form S-1 (including all pre-effective and post-effective amendments and registration statements filed pursuant to
Rule 462 under the Securities Act of 1933), and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and confirming that any such attorney-in-fact and agent, or his
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933,
as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 31%; padding-right: 3pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; width: 2%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT> </TD>
    <TD STYLE="padding-bottom: 1pt; white-space: nowrap; width: 2%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2.25pt"> &nbsp;/s/ Jason Mudrick </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="padding-top: 8pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive
    Officer and Chairman</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="padding-top: 8pt; text-align: center"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> October
                                         9, 2020 </P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason Mudrick</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal executive officer)</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 2.25pt"> &nbsp;/s/ Glenn Springer </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="padding-top: 8pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial
    Officer and Director</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD STYLE="padding-top: 8pt; text-align: center"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"> October
                                         9, 2020 </P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Glenn Springer</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(principal financial and accounting officer)</FONT> </TD>
    <TD STYLE="white-space: nowrap"> &nbsp; </TD>
    <TD> &nbsp; </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="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: 172; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

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

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

</BODY>
</HTML>
[{"type": "S-1", "sequence": "1", "filename": "tm2028764d2_s-1.htm", "description": "FORM S-1", "secsgml_size_bytes": 1396429}]
{"company-data": {"conformed-name": "Mudrick Capital Acquisition Corp. II", "cik": "0001820727", "assigned-sic": "6770", "irs-number": "852320197", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-249402", "film-number": "201233103"}, "business-address": {"street1": "527 MADISON AVENUE 6TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "646-747-9500"}, "mail-address": {"street1": "527 MADISON AVENUE 6TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10022"}}
As filed with the Securities and
Exchange Commission on October 9, 2020.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Mudrick Capital Acquisition Corporation
II
(Exact name of registrant as specified
in its charter)
Delaware
6770
85-2347188
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
527 Madison Avenue, 6th Floor
New York, NY 10022
(646) 747-9500
(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant's Principal Executive Offices)
Jason Mudrick
Chief Executive Officer
527 Madison Avenue, 6th Floor
New York, NY 10022
(646) 747-9500
(Name, Address, Including Zip Code, and
Telephone Number, Including Area Code, of Agent For Service)
Copies to:
Douglas S. Ellenoff, Esq.
Stuart Neuhauser, Esq.
Jonathan H. Deblinger, Esq.
Ellenoff Grossman & Schole LLP
1345 Avenue of the Americas
New York, NY10105
(212) 370-1300
Elliott M. Smith, Esq.
Jessica Y. Chen, Esq.
White & Case LLP
1221 Avenue of the Americas
New York, New York 10020
(212) 819-8200
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. (Check one):
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 Class A common stock,
$0.0001 par value, and one-half
of one redeemable warrant
(2)
34,500,000 Units
$
10.00
$
345,000,000
$
37,639.50
Shares of Class A common stock
included as part of the units
(3)
34,500,000 Shares
—
—
—
(4)
Redeemable warrants
    included as
part of the units
(3)
17,250,000 Warrants
—
—
—
(4)
Total
$
345,000,000
$
37,639.50
(1)
Estimated solely for the purpose of calculating the registration fee.
(2)
Includes 4,500,000
    units, consisting of 4,500,000 shares of Class A common stock and 2,250,000 redeemable warrants, which may be issued upon
    exercise of a 45-day option granted to the underwriters to cover over-allotments, if any.
(3)
Pursuant to Rule 416 under the Securities Act, 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) under the Securities Act.
The Registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission,
acting pursuant to said Section 8(a), may determine.
The information in this prospectus
is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT
    TO COMPLETION, DATED OCTOBER 9, 2020
PRELIMINARY PROSPECTUS
$300,000,000
Mudrick
    Capital Acquisition Corporation II
30,000,000
    Units
Mudrick Capital Acquisition Corporation II is a blank check
company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses, which we refer to herein as our initial business combination. We have
not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive
discussions, directly or indirectly, with any business combination target with respect to an initial business combination with
us.
This
                                         is an initial public offering of our securities. Each unit has an offering price of $10.00
                                         and consists of one share of our Class A common stock and one-half of one redeemable
                                         warrant. Each whole warrant entitles the holder thereof to purchase one share of our
                                         Class A common stock at a price of $11.50 per share, subject to adjustment as described
                                         herein. Only whole warrants are exercisable. No fractional warrants will be issued upon
                                         separation of the units and only whole warrants will trade. The warrants will become
                                         exercisable on the later of 30 days after the completion of our initial business combination
                                         and 12 months from the closing of this offering, and will expire five years after the
                                         completion of our initial business combination or earlier upon redemption or our liquidation,
                                         as described in this prospectus. The underwriters have a 45-day option from the date
                                         of this prospectus to purchase up to an additional 4,500,000 units to cover over-allotments,
                                         if any. We will provide our public stockholders with the opportunity to redeem all or
                                         a portion of their shares of our Class A common stock, or public shares, upon the completion
                                         of our initial business combination, at a per-share price, payable in cash, equal to
                                         the aggregate amount then on deposit in the trust account described below as of two business
                                         days prior to the consummation of our initial business combination, including interest
                                         earned on the funds held in the trust account and not previously released to us to pay
                                         our taxes, divided by the number of then outstanding public shares, subject to the limitations
                                         and on the conditions described herein. If we are unable to complete our initial business
                                         combination within 24 months from the closing of this offering, we will redeem 100% of
                                         the public shares at a per-share price, payable in cash, equal to the aggregate amount
                                         then on deposit in the trust account, including interest earned on the funds held in
                                         the trust account and not previously released to us to pay our taxes (less up to $100,000
                                         of interest to pay dissolution expenses), divided by the number of then outstanding public
                                         shares, subject to applicable law and certain conditions as further described herein.
Our sponsor, Mudrick Capital Acquisition Holdings II LLC,
has agreed to purchase an aggregate of 7,500,000 warrants (or 8,400,000 warrants if the over-allotment option is exercised in
full) at a price of $1.00 per warrant ($7,500,000 in the aggregate, or $8,400,000 if the over-allotment option is exercised in
full), each exercisable to purchase one share of our Class A common stock at a price of $11.50 per share, in a private placement
that will close simultaneously with the closing of this offering.
Our initial stockholders own an aggregate of 8,625,000 shares
of our Class B common stock (up to 1,125,000 shares of which are subject to forfeiture depending on the extent to which the underwriters'
over-allotment option is exercised), which will automatically convert into shares of Class A common stock at the time of our initial
business combination, subject to adjustment pursuant to certain anti-dilution rights, as described herein.
Currently, there is no public market for our units, Class
A common stock or warrants. We have applied to list our units on the Nasdaq Capital Market, or Nasdaq, under the symbol "MUDSU"
We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus. We cannot guarantee that our
securities will be approved for listing on Nasdaq. We expect the Class A common stock and warrants comprising the units will begin
separate trading on the 52
nd
day following the date of this prospectus unless Jefferies LLC, the representative of
the underwriters, informs us of its decision to allow earlier separate trading, subject to our satisfaction of certain conditions
as described further herein. Once the securities comprising the units begin separate trading, we expect that the Class A common
stock and warrants will be listed on Nasdaq under the symbols "MUDS" and "MUDSW," respectively.
We are an "emerging growth company" and a
 "smaller reporting company" under applicable federal securities laws and will be subject to reduced public
company reporting requirements. Investing in our securities involves a high degree of risk. See "Risk Factors"
beginning on page 28 for a discussion of information that should be considered in connection with an investment in our
securities. Investors will not be entitled to protections normally afforded to investors in Rule 419 blank check
offerings.
Neither the U.S. 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
$
300,000,000
Underwriting discounts and commissions
(1)
$
0.55
$
16,500,000
Proceeds, before expenses, to Mudrick Capital Acquisition Corporation II
$
9.45
$
283,500,000
(1)
$0.20
    per unit, or $6,000,000 in the aggregate (or $6,900,000 if the underwriters' over-allotment option is exercised in
    full), is payable upon the closing of this offering. Includes $0.35 per unit, or $10,500,000 (or up to $12,075,000 if the
    underwriters' over-allotment option is exercised in full) in the aggregate payable to the underwriters for deferred
    underwriting commissions to be placed in a trust account located in the United States as described herein. The deferred
    commissions will be released to the underwriters only on completion of an initial business combination, as described in this
    prospectus. See the section of this prospectus entitled "Underwriting" beginning on page 138 for a description of
    compensation and other items of value payable to the underwriters.
Of the proceeds we receive from this offering and the sale of
the private placement warrants described in this prospectus, $300.0 million or $345.0 million if the underwriters' over-allotment
option is exercised in full ($10.00 per unit in either case) will be deposited into a trust account in the United States at J.P.
Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and $1.5 million will be available
to pay fees and expenses in connection with the closing of this offering and for working capital following the closing of this
offering.
The underwriters are offering the units for sale on a firm commitment
basis. The underwriters expect to deliver the units to the purchasers on or about            ,
2020.
Sole Book-Running Manager
Jefferies
,
2020
TABLE OF CONTENTS
SUMMARY
1
RISK FACTORS
28
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
60
USE OF PROCEEDS
61
DIVIDEND POLICY
64
DILUTION
65
CAPITALIZATION
67
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
68
PROPOSED BUSINESS
74
MANAGEMENT
103
PRINCIPAL STOCKHOLDERS
113
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
115
DESCRIPTION OF SECURITIES
117
U.S. FEDERAL INCOME TAX CONSIDERATIONS
131
UNDERWRITING
138
LEGAL MATTERS
146
EXPERTS
146
WHERE YOU CAN FIND ADDITIONAL INFORMATION
146
INDEX TO FINANCIAL STATEMENTS
F-1
We are responsible for the information contained in this
prospectus. We have not, and the underwriters have not, authorized anyone to provide you with different information, and neither
we nor the underwriters take responsibility for any other information others may give to you. We are not, and the underwriters
are not, making an offer to sell securities in any jurisdiction where the offer or sale is not permitted. You should not assume
that the information contained in this prospectus is accurate as of any date other than the date on the front of this prospectus.
i
SUMMARY
This summary only highlights the more detailed information appearing
elsewhere in this prospectus. You should read this entire prospectus carefully, including the information under the section of
this prospectus entitled "Risk Factors" and our financial statements and the related notes included elsewhere in this
prospectus, before investing. Unless otherwise stated in this prospectus, or the context otherwise requires, references to:
•
"common stock" are to our Class A common
stock and our Class B common stock, collectively;
•
"founder shares" are to shares of our Class
B common stock held by our initial stockholders prior to this offering, and the shares of our Class A common stock issued upon
the conversion thereof as provided herein;
•
"initial stockholders" are to our sponsor
and any other holders of our founder shares prior to this offering (or their permitted transferees);
•
"Jefferies" are to Jefferies LLC, a Delaware
limited liability company, and the sole book-running manager of this offering;
•
"management" or our "management team"
are to our officers and directors;
•
"Mudrick Capital" are to Mudrick Capital
Management, L.P., a Delaware limited partnership, and its affiliates, an affiliate of our sponsor;
•
"private placement warrants" are to the warrants
issued to our sponsor in a private placement simultaneously with the closing of this offering;
•
"public shares" are to shares of our Class
A common stock sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open
market);
•
"public stockholders" are to the holders
of our public shares, including our initial stockholders and members of our management team to the extent our initial stockholders
and/or members of our management team purchase public shares; provided that each initial stockholder's and member of our
management team's status as a "public stockholder" shall only exist with respect to such public shares;
•
"public warrants" are to our redeemable warrants
sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market), to
the private placement warrants if held by third parties other than our sponsor (or permitted transferees), and to any private
placement warrants issued upon conversion of working capital loans that are sold to third parties that are not initial purchasers
of our private placement warrants or executive officers or directors (or permitted transferees);
•
"sponsor" are to Mudrick Capital Acquisition
Holdings LLC, a Delaware limited liability company which is 100% owned by investment funds and separate accounts managed by Mudrick
Capital;
•
"specified future issuance" are to an issuance
of a class of equity or equity-linked securities to specified purchasers, which may include affiliates of Mudrick Capital and/or
one or more investors in funds managed by Mudrick Capital, that we may determine to make in connection with financing our initial
business combination, to the extent permitted under applicable regulatory and contractual requirements related to those funds
and accounts;
•
"trust account" are to the trust account
in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, into
which we will deposit certain proceeds from this offering and the sale of the private placement warrants;
•
"warrants" are to our redeemable warrants,
which includes the public warrants as well as the private placement warrants to the extent they are no longer held by the initial
purchaser of the private placement warrants or its permitted transferees; and
•
"we," "us," "Company"
or "our company" are to Mudrick Capital Acquisition Corporation II.
Unless we tell you otherwise, the information in this prospectus
assumes that the underwriters will not exercise their over-allotment option.
1
Overview
We are a newly organized blank check company formed as a Delaware
corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business
combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated
any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination
with us.
Our sponsor was formed by Mudrick Capital, which was founded
in 2009 to focus on investment opportunities in distressed credit and post-restructured equities. As of September 18, 2020,
Mudrick Capital managed approximately $2.6 billion, primarily for institutional clients such as pension funds, endowments, foundations,
insurance companies, family offices, funds of funds and high net worth individuals. Mudrick Capital currently has 26 seasoned
employees, including 11 investment professionals with over 100 years of combined distressed and post-restructuring investment
experience. Mudrick Capital has been deploying capital for over 10 years across over 180 distressed or post-restructuring investments
since the fund's inception, including 27 investments with active involvement via board of directors and/or credit committee
representation. In addition, Mudrick Capital sponsored Mudrick Capital Acquisition Corporation, a prior special purpose acquisition
company that raised approximately $250 million in its initial public offering and which subsequently merged with Hycroft Mining
Corporation ("Hycroft"), a US-based, gold and silver producer with proven and probable mineral reserves of approximately
18 million gold equivalent ounces.
Our management team is led by Jason Mudrick, our Chairman and
Chief Executive Officer. Mr. Mudrick is also the President of Mudrick Capital and has more than 18 years of experience investing
in the public and private markets for distressed debt and post-restructured equities. Mr. Mudrick has served on numerous ad hoc
creditors' committees and corporate boards and has a long track record of creating value both through identifying undervalued
businesses for investment and working with management teams. Our management team and board of directors also include Victor Danh
and David Kirsch, both Managing Directors at Mudrick Capital. Mr. Danh and Mr. Kirsch have over 30 years of combined distressed
investing and restructuring experience. Our management team will be supported by and work closely with the rest of the Mudrick
Capital investment team, which consists of eight investment professionals.
Our management team and the investment professionals at Mudrick
Capital have extensive experience navigating balance sheet restructurings, corporate bankruptcies, and operational turnarounds.
We believe this experience to be a substantial competitive advantage in the current economic environment relative to other blank
check companies and sources of capital. The economic dislocation caused by Covid-19 has impacted the financial performance of a
large number of otherwise quality middle-market companies, many of which are highly levered due to either private equity ownership
or the general expansion of corporate borrowing over the most recent economic cycle. These companies will likely either require
comprehensive balance sheet restructurings to right-size their respective capital structures or incremental equity capital to support
liquidity and business investment. This process is already playing out across the U.S., as evidenced by the number of corporate
bankruptcies through July of 2020 – the highest since 2009.
Investing in distressed companies, restructurings and post-restructured
companies is the primary investment strategy of the various investment funds and separate accounts managed by Mudrick Capital.
We believe that a key advantage in sourcing potential business combination targets is the network of contacts our management team
and Mudrick Capital have, which includes other distressed credit focused investment firms, financial and legal restructuring advisors,
post-restructuring specialized board of directors and turnaround focused executives. Specifically, because Mudrick Capital is the
investment advisor for investment vehicles that specialize in distressed credit investing, executives at Mudrick Capital are made
aware of potential opportunities with respect to many of the companies in North America that are going through a balance sheet
restructuring process. We believe that this specialization and network is a competitive advantage in allowing us to identify, analyze
and negotiate an initial business combination for the company with a post-restructured or restructuring business.
With respect to the foregoing descriptions, past
performance of Mudrick Capital and our management team is not a guarantee either (i) of success with respect to any business
combination we may consummate or (ii) that we will be able to identify a suitable candidate for our initial business
combination. You should not rely on the historical performance record of Mudrick Capital or our management team as indicative
of our future performance. In addition, our executive officers may have conflicts of interest with other entities to which
they owe fiduciary or contractual obligations with respect to initial business combination opportunities. For a list of our
executive officers and entities for which a conflict of interest may or does exist between such officers and the company, as
well as the priority and preference that such entity has with respect to performance of obligations and presentation of
business opportunities to us, please refer to the table and subsequent explanatory paragraph under "Management —
Conflicts of Interest".
2
Business Strategy
Our business strategy is to identify, combine with and maximize
the value of a company that has either recently emerged from bankruptcy court protection or will require incremental capital as
part of a balance sheet restructuring. In particular, we believe that many post-restructured companies suffer from a valuation
discount due to their opaqueness, complexity, non-long term ownership base and overall illiquidity. We believe that our in depth
understanding of restructurings and post-restructuring company analysis, coupled with the more liquid publicly traded vehicle the
company offers in an initial business combination, could result in significant value creation for our stockholders. Creating value
for our stockholders is the ultimate goal of this business strategy.
Distressed and post-restructured companies can provide an attractive
investment opportunity due to the unique set of circumstances surrounding balance sheet restructurings and post-restructured equities.
Balance sheets are typically restructured by swapping old debt for new equity, and these restructurings often also require a capital
injection into the company to fund operations and pay down old debt. We believe that the swapping of old debt into equity often
results in an equity ownership base comprised of former creditors that may not be long-term holders of the new company's
equity, resulting in a technical overhang and valuation discount to publicly traded peers that will allow us to merge with a post-restructured
company on highly favorable terms. We also believe that the need for incremental funding during restructurings will position us
well to be a provider of capital as part of a balance sheet restructuring or recapitalization on highly favorable terms for our
shareholders. In addition, distressed and post-restructured companies are often difficult to analyze, as the company can have a
changing or entirely different balance sheet, different cost structure, different asset base and sometimes a different management
team relative to the pre-restructured company. Lastly, in many instances, a number of the turnaround initiatives undertaken before
and during the balance sheet restructuring have yet to manifest themselves in the operating results of the new company, resulting
in a valuation that may not fully reflect the future positive operating results of the company.
We believe the following factors will lead to a significant
number of post-reorganized companies with unnatural equity holders which could be attractive combination targets:
·
According
                                         to S&P, their leveraged loan "Weakest Link" count, which reflects companies
                                         with a B- or lower credit rating and a negative outlook, has more than doubled since
                                         2019, rising from 145 companies, or 11% of the S&P coverage universe, to 329 companies
                                         as of June 2020, or 25%
·
US default rates have risen sharply this year and are projected to continue to rise over the
    next 12 months. According to S&P, the trailing 12 month default rate has doubled since the beginning of the year to 3.9%
    and is projected to reach over 10% within the next 12 months. Defaults have ranged across a large number of industries including
    Business Services, Consumer and Industrials, according to S&P;
·
The US leveraged
                                         loan market today is approximately $1.2 trillion, which is approximately double the size
                                         of the market during the 2008-2009 credit cycle. This means that similar default rates
                                         in today's market would imply a significantly larger volume of restructured liabilities;
·
Collateralized loan obligations, or CLOs, represent a much larger
    ownership of today's leveraged loan market compared to the leveraged loan market in 2008-2009. There has been almost
    2.5x the CLO issuance from 2013-2019 ($743 billion) compared to 2001-2007 ($302 billion). The increased CLO market share of
    the leverage loan market may lead to a larger number of post-restructured companies with equity ownership being held by CLOs,
    which could lead to attractive investment opportunities at relatively more favorable terms.
Investments in post-restructured or otherwise distressed businesses
are subject to various risks. Investments in such companies are speculative, prices are volatile, and market movements are difficult
to predict. Supply and demand for distressed securities change rapidly and are affected by a variety of market factors over which
we have no control and which may reduce the pool of profitable investment opportunities. Moreover, our ability to identify undervalued
investment opportunities that fit our business strategy involves a high degree of uncertainty, and no assurance can be given that
we will be able to identify such opportunities. In addition, such investments may take a substantial period of time before realizing
their anticipated value and returns generated from such investments may not adequately compensate for the business and financial
risks assumed. There is no guarantee that we will be able to achieve our investment objectives or provide any return on invested
capital.
Business Combination Criteria
Consistent with our business strategy, we have identified the
following general criteria that we believe are important in evaluating candidates for our initial business combination. While we
intend to utilize these criteria in evaluating business combination opportunities, we expect that no individual criterion will
entirely determine a decision to pursue a particular opportunity. Further, any particular initial business combination opportunity
that we ultimately determine to pursue may not meet one or more of these criteria.
·
Post-Restructured Companies. We intend to seek candidates that
                                                                                                               have recently restructured their balance sheet. We believe that post-restructured companies may be valued at a discount to
                                                                                                               their publicly traded peers due to the non-long term nature of their ownership base (former creditors are typically the new
                                                                                                               equity owners post-restructuring), the complexity in understanding their restructuring, the lack of clarity and information
                                                                                                               regarding their financial performance, the concentrated nature of their ownership base and the lack of a publicly traded
                                                                                                               equity, among other reasons. We also believe that post-restructured companies
are where we have the strongest network to identify opportunities and the greatest ability and experience to provide shareholder
value.
3
·
Middle-Market Companies. We intend to seek candidates with an enterprise
value of approximately $750 million to $2.0 billion, determined in the sole discretion of our officers and directors according
to reasonably accepted valuation standards and methodologies. We believe that post-restructured middle-market companies suffer
from a larger valuation discount to their publicly traded peers than larger companies.
·
Companies with Stressed Capital Structures.	We intend to target
companies that, due to the economic dislocation caused by COVID-19, have near-term earnings and cashflow profiles that cannot support
their pre-COVID-19 capital structures and will require incremental outside capital as part of a bankruptcy, out of court balance
sheet restructuring, or other recapitalization. We believe that middle-market companies in particular have a more difficult time
accessing the capital markets compared to their larger peers, and therefore could benefit more from an initial business combination
with our company.
·
Market Leaders with Defensible Business Models and Stable Cash Flows.
We intend to target companies that have restructured or need to restructure their balance sheets due to a bad balance sheet, and
not a bad business. We intend to seek candidates that are market leaders in their industry, have defensible business models, and
generate stable and predictable cash flows.
·
Discount to Publicly Traded Peers. We intend to seek candidates that
are valued in the private market at a significant discount to their publicly traded peers. We believe that this discount will facilitate
the initial business combination negotiation by allowing the opportunity for liquidity and multiple expansion for the targets'
current shareholders, while at the same time allowing meaningful upside for our stockholders post-business combination.
·
Strong Management Teams. We will target businesses that have strong,
experienced management teams. We also may be able to assist with potential management additions from our network of experienced
turnaround professionals. Additionally, we may seek to optimize the management team of a potential target business by introducing
board members with relevant insight and experience.
·
Benefit from Being a Public Company. We intend to pursue a business
combination with a company that will benefit from being publicly traded and can effectively utilize the broader access to capital
and public profile that are associated with being a publicly traded company.
These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines
as well as other considerations, factors and criteria that our management team may deem relevant. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will
disclose that the target business does not meet the above criteria in our stockholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the U.S. Securities and Exchange Commission.
Our sponsor may form, and our officers and directors may become
an officer or director of, another special purpose acquisition company with a class of securities intended to be registered under
the Securities Exchange Act of 1934, as amended, or the Exchange Act, prior to the completion of our initial business combination.
Initial Business Combination
Nasdaq rules require that we must consummate an initial
business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net
assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the
income earned on the trust account). Our board of directors will make the determination as to the fair market value of our initial
business combination. If our board of directors is not able to independently determine the fair market value of our initial business
combination, 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. While we consider it unlikely that our board of
directors will not be able to make an independent determination of the fair market value of our initial business combination,
it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a significant
amount of uncertainty as to the value of a target's assets or prospects. Additionally, pursuant to Nasdaq rules, any initial
business combination must be approved by a majority of our independent directors.
4
We may, at our option, pursue a business combination opportunity
jointly with one or more entities affiliated with Mudrick Capital and/or one or more investors in funds or separate accounts managed
by Mudrick Capital, which we refer to as an "Affiliated Joint Acquisition." Any such parties would co-invest only if 
(i) permitted by applicable regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction to be
mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the strategic
merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to fund the
initial business combination and/or the desire to obtain committed capital for closing the initial business combination. An Affiliated
Joint Acquisition may be effected through a co-investment with us in the target business at the time of our initial business combination,
or we could raise additional proceeds to complete the initial business combination by issuing to such parties a class of equity
or equity-linked securities. We refer to this potential future issuance, or a similar issuance to other specified purchasers, as
a "specified future issuance" throughout this prospectus. The amount and other terms and conditions of any such specified
future issuance would be determined at the time thereof. We are not obligated to make any specified future issuance and may determine
not to do so. This is not an offer for any specified future issuance. Pursuant to the anti-dilution provisions of our Class B common
stock, any such specified future issuance would result in an adjustment to the conversion ratio such that our initial stockholders
and their permitted transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of the total number
of all shares of common stock outstanding upon completion of this offering plus all shares issued in the specified future issuance,
unless the holders of a majority of the then-outstanding shares of Class B common stock agreed to waive such adjustment with respect
to the specified future issuance at the time thereof. We cannot determine at this time whether a majority of the holders of our
Class B common stock at the time of any such specified future issuance would agree to waive such adjustment to the conversion ratio.
They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement
for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial business combination;
(iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common stock;
or (iv) as part of the Affiliated Joint Acquisition. If such adjustment is not waived, the specified future issuance would not
reduce the percentage ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of
our Class A common stock. If such adjustment is waived, the specified future issuance would reduce the percentage ownership of
holders of both classes of our common stock.
We anticipate structuring our initial business combination
so that the post-transaction company in which our public stockholders own shares will own or acquire 100% of the equity
interests or assets of the target business or businesses. We may, however, structure our initial business combination such
that the post-transaction company owns or acquires less than 100% of such interests or assets of the target business for the
post-acquisition company to meet certain objectives of the target management team or stockholders 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 an interest in the target or assets 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 initial business combination may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in the initial business combination. 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 would 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 net assets
test. If the initial business combination involves more than one target business, the 80% of net assets test will be based on
the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business
combination for the purposes of a tender offer or for seeking stockholder approval, as applicable.
5
The net proceeds of this offering and the sale of the private
placement warrants released to us from the trust account upon the closing of our initial business combination may be used as consideration
to pay the sellers of a target business with which we complete our initial business combination. If our initial business combination
is paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the
consideration in connection with our initial business combination or used for redemption of our public shares, we may use the balance
of the cash released to us from the trust account following the closing for general corporate purposes, including for maintenance
or expansion of operations of the post-transaction businesses, the payment of principal or interest due on indebtedness incurred
in completing our initial business combination, to fund the purchase of other companies or for working capital. In addition, we
may be required to obtain additional financing in connection with the closing of our initial business combination to be used following
the closing for general corporate purposes as described above. There is no limitation on our ability to raise funds through the
issuance of equity or equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements we
may enter into following consummation of this offering. Subject to compliance with applicable securities laws, we would only complete
such financing simultaneously with the completion of our initial business combination. At this time, we are not a party to any
arrangement or understanding with any third party with respect to raising any additional funds through the sale of securities or
otherwise. None of our sponsor, officers, directors or stockholders is required to provide any financing to us in connection with
or after our initial business combination. We may also obtain financing prior to the closing of our initial business combination
to fund our working capital needs and transaction costs in connection with our search for and completion of our initial business
combination. Our amended and restated certificate of incorporation will provide that, following this offering and prior to the
consummation of our initial business combination, we will be prohibited from issuing additional securities that would entitle the
holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on any initial business
combination or (b) to approve an amendment to our amended and restated certificate of incorporation to (x) extend the time we have
to consummate a business combination beyond 24 months from the closing of this offering or (y) amend the foregoing provisions,
unless (in connection with any such amendment to our amended and restated certificate of incorporation) we offer our public stockholders
the opportunity to redeem their public shares.
Our Business Combination Process
In evaluating prospective business combinations, we expect to
conduct a thorough due diligence review process that will encompass, among other things, a review of historical and projected financial
and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities and assets, discussion
with customers and suppliers, legal reviews and other reviews as we deem appropriate. We will also utilize the expertise of our
management team and other employees of Mudrick Capital in analyzing potential target companies and evaluating operating projections,
financial projections and determining the appropriate return expectations given the risk profile of the target business.
We are not prohibited from pursuing an initial business combination
with a company that is affiliated with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our
sponsor, officers or directors. In the event we seek to complete our initial business combination with a company that is affiliated
with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.
Investment funds and separate accounts advised by Mudrick
Capital will indirectly own founder shares and/or private placement warrants following this offering. Additionally, Mr.
Mudrick and Mudrick Capital will be the beneficial owner of founder shares and/or private placement warrants following this
offering by virtue of exercising investment power of such shares or warrants on behalf of such investment funds and separate
accounts. Because of this ownership, Mudrick Capital, investment funds and separate accounts advised by Mudrick Capital and
our officers and directors 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, particularly because such funds and separate
accounts managed by Mudrick Capital invest in distressed and post-restructured companies as part of their investment
programs. 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 were to be included by a target
business as a condition to any agreement with respect to our initial business combination.
6
All of our executive officers are employed by Mudrick Capital.
Mudrick Capital is continuously made aware of potential business opportunities, one or more of which we may desire to pursue for
an initial business combination; we have not, however, selected any specific business combination target and we have not, nor has
anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.
Mudrick Capital and each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his or her fiduciary or contractual
obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or contractual obligations
of Mudrick Capital and our officers or directors will not materially affect our ability to complete our initial business combination.
We may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity to which Mudrick Capital, investment funds
advised by Mudrick Capital or an officer or director has a fiduciary or contractual obligation. Any such entity may co-invest with
us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete the
initial business combination by making a specified future issuance to any such entity. Our amended and restated certificate of
incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless
such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and
such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue,
and to the extent the director or officer is permitted to refer that opportunity to us without violating another legal obligation.
Corporate Information
Our offices are located at 527 Madison Avenue, 6th Floor, New
York, NY 10022, and our telephone number is (646) 747-9500.
We are an "emerging growth company," as defined
in Section 2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified by the Jumpstart Our Business Startups
Act of 2012, or the JOBS Act. As such, we are eligible to take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not "emerging growth companies" including, but not limited to,
not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, or the
Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements,
and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval
of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there
may be a less active trading market for our securities and the prices of our securities may be more volatile.
In addition, Section 107 of the JOBS Act also provides that
an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of
the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company"
can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend
to take advantage of the benefits of this extended transition period.
We will remain an emerging growth company until the
earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in
which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated
filer, which means the market value of our Class A common stock that is held by non-affiliates exceeds $700 million as of the
prior June 30
th
, and (2) the date on
which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. References
herein to "emerging growth company" shall have the meaning associated with it in the JOBS Act.
Additionally, we are a "smaller reporting company"
as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations,
including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company
until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates exceeds $250 million
as of the prior June 30
th
, or (2) our annual revenues exceed $100 million during such completed fiscal year and the
market value of our common stock held by non-affiliates exceeds $700 million as of the prior June 30.
7
THE OFFERING
In deciding whether to invest in our securities, you
should take into account not only the backgrounds of the members of our management team, but also the special risks we face
as a blank check company and the fact that this offering is not being conducted in compliance with Rule 419 promulgated under
the Securities Act. You will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings.
You should carefully consider these and the other risks set forth in the section below entitled "Risk Factors"
beginning on page 28 of this prospectus.
Securities offered
30,000,000
(1)
units, at $10.00 per unit, each unit consisting of:
·
one share of Class A common stock; and
·
one-half
    of one redeemable warrant.
Proposed Nasdaq symbols
Units: "MUDSU"
Class A Common Stock: "MUDS"
Warrants: "MUDSW"
Trading commencement and separation of Class A common stock and warrants
The units are expected to begin trading on or promptly after the date of
        this prospectus. We expect the Class A common stock and warrants comprising the units will begin separate trading on the
        52
nd
day following the date of this prospectus unless Jefferies LLC 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 announcing when such separate trading will begin. Once the shares of Class A common stock and warrants commence
        separate trading, holders will have the option to continue to hold units or separate their units into the component securities.
        Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of Class
        A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants
        will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.
In no event will the Class A common stock and warrants be traded separately until we have filed a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering, which closing 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.
8
Units:
Number outstanding before this offering
0
Number outstanding after this offering
30,000,000
(1)
Common stock:
Number outstanding before this offering
8,625,000 shares of Class B common stock
(2)
Number outstanding after this offering
37,500,000 shares of Class A common stock and Class B common stock
(1)(3)
Redeemable Warrants:
Number of private placement warrants to be sold in a private placement simultaneously with this offering
7,500,000
(1)
Number of warrants to be outstanding after this offering and the private placement
22,500,000
(1)
Exercisability
Each whole warrant is exercisable to purchase one share of our Class A common stock. Only whole warrants are exercisable.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
We structured each unit to contain one-half
    of one warrant, with each whole warrant exercisable for one share of Class A common stock, as compared to units issued by
    some other similar blank check companies that contain one whole warrant exercisable for one share, in order to reduce the
    dilutive effect of the warrants upon completion of our initial business combination as compared to units that each contain
    one warrant exercisable for one share, thus making us, we believe, a more attractive business combination partner for target
    businesses.
(1)
Assumes no exercise of the underwriters' over-allotment
option and the forfeiture by our sponsor of an aggregate of 1,125,000 founder shares.
(2)
Includes up to an aggregate of 1,125,000 shares that
are subject to forfeiture by our sponsor depending on the extent to which the underwriters' over-allotment option is exercised.
(3)
Comprised of 30,000,000 shares of Class A common stock
and 7,500,000 shares of Class B common stock. The Class B common stock is convertible into shares of our Class A common stock
on a one-for-one basis, subject to adjustment as described herein adjacent to the caption "Founder shares conversion and
anti-dilution rights."
9
Exercise price
$11.50 per share, subject to adjustment as described herein. In addition, if (x) we issue additional shares of Class A common stock or equity-linked securities 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 Class A common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder shares held by our sponsor or its affiliates, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our 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 higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described below under "Redemption of warrants" will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
Exercise period
The warrants will become exercisable on the later of:
·
30 days
        after the completion of our initial business combination, and
·
12 months
        from the closing of this offering;
provided, in each case, that we have an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder.
We are not registering the shares of Class A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of common stock issuable upon exercise of the warrants is not effective by the 60
th
business day after the closing of our initial business combination, warrantholders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption.
10
Notwithstanding the above, if our common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security" under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
The warrants will expire at 5:00 p.m., New York City time, five years after the completion of our initial business combination or earlier upon redemption or liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the trust account.
Redemption of warrants and cashless exercise
Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private
        placement warrants):
·
in whole
        and not in part;
·
at a price
        of $0.01 per warrant;
·
upon a
        minimum of 30 days' prior written notice of redemption, which we refer to as the 30-day redemption period; and
·
if, and
        only if, the reported closing price of our Class A common stock equals or exceeds $18.00 per share (as adjusted for stock
        splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period
        ending on the third trading day prior to the date on which we send the notice of redemption to the warrantholders.
We will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in this offering.
11
If we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a cashless basis. In determining whether to require all holders to exercise their warrants on a cashless basis, our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants multiplied by the excess of the "fair market value" (defined below) over the exercise price of the warrant by (y) the fair market value. The "fair market value" shall mean the average reported closing price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Please see the section of this prospectus entitled "Description of Securities — Redeemable Warrants — Public Stockholders' Warrants" for additional information.
None of the private placement warrants will be redeemable by us so long as they are held by our sponsor or its permitted transferees.
Founder shares
As of the date hereof, our sponsor holds 8,625,000 founder shares, 1,125,000 of which are subject to forfeiture if the underwriters' over-allotment option is not exercised.
12
The number of founder shares issued and outstanding was determined based on the expectation that the founder shares would represent 20% of the outstanding shares after this offering. As such, our initial stockholders will collectively own 20% of our issued and outstanding shares after this offering (assuming they do not purchase any units in this offering). None of our sponsor, officers or directors have expressed an intention to purchase any units in this offering. Up to an aggregate 1,125,000 founder shares will be subject to forfeiture by our sponsor depending on the extent to which the underwriters' over-allotment option is exercised so that our initial stockholders will maintain ownership of 20% of our common stock after this offering. We will effect a stock dividend or share contribution prior to this offering should the size of the offering change, in order to maintain such ownership percentage.
The founder shares are identical to the shares of Class A common
        stock included in the units being sold in this offering, except that:
·
the founder
        shares are shares of Class B common stock that automatically convert into shares of our Class A common stock at the time of our
        initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights as described
        herein;
·
the founder
        shares are subject to certain transfer restrictions, as described in more detail below;
·
the founder
        shares are entitled to registration rights;
·
our sponsor,
        officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (i) waive their
        redemption rights with respect to their founder shares and public shares in connection with the completion of our initial business
        combination, (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder
        vote to approve an amendment to our amended and restated certificate of incorporation to (A) modify the substance or timing
        of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
        100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
        or (B) with respect to any other material provisions relating to stockholders' rights or pre-initial business combination
        activity, (iii) waive their rights to liquidating distributions from the trust account with respect to their founder shares if
        we fail to complete our initial business combination within 24 months from the closing of this offering, although they will be
        entitled to liquidating distributions from the trust account with respect to any public shares they hold if we fail to complete
        our initial business combination within the prescribed time frame and (iv) vote any founder shares held by them and any public
        shares purchased during or after this offering (including in open market and privately-negotiated transactions) in favor of our
        initial business combination.
13
If we submit our initial business combination to our public stockholders for a vote, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. As a result of the agreement of our sponsor, officers and directors to vote their shares in favor of our initial business combination, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor of our initial business combination in order to have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised).
Transfer restrictions on founder shares
Our initial stockholders have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the reported closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property (except as described herein under the section of this prospectus entitled "Principal Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Warrants"). Any permitted transferees will be subject to the same restrictions and other agreements of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up.
Founder shares conversion and anti-dilution rights
The founder shares are shares of Class B common
stock that will automatically convert into shares of our Class A common stock at the time of our initial business combination
on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein. In the case that
additional shares of Class A common stock or equity-linked securities are issued or deemed issued in connection with our initial
business combination, including pursuant to a specified future issuance, the number of shares of Class A common stock issuable
upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number
of all shares of common stock outstanding upon the completion of this offering, plus the total number of shares of Class A common
stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed
issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any
shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock
issued, or to be issued, to any seller in the initial business combination and any private placement-equivalent warrants issued
to our sponsor, officers or directors upon conversion of working capital loans; provided that such conversion of founder shares
will never occur on a less than one for one basis;
Voting Rights
Holders of record of the Class A common stock and holders of record of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each share of common stock entitling the holder to one vote except as required by law.
14
Private placement warrants
Our sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 7,500,000
    private placement warrants (or 8,400,000 if the over-allotment option is exercised in full), each exercisable to purchase
    one share of our Class A common stock at $11.50 per share, at a price of $1.00 per warrant ($7,500,000 in the aggregate or
    $8,400,000 in the aggregate if the over-allotment option is exercised in full) in a private placement that will occur simultaneously
    with the closing of this offering. A portion of the purchase price of the private placement warrants will be added to the
    proceeds from this offering to be held in the trust account such that, at the time of closing, $300.0 million (or $345.0 million
    if the underwriters exercise their over-allotment option in full) will be held in the trust account. If we do not complete
    our initial business combination within 24 months from the closing of this offering, the proceeds from the sale of the private
    placement warrants held in the trust account will be used to fund the redemption of our public shares (subject to the requirements
    of applicable law) and the private placement warrants will expire worthless.
The private placement warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees. If the private placement warrants are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.
Transfer restrictions on private placement warrants
The private placement warrants (including the
Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable
until 30 days after the completion of our initial business combination (except as described under the section of this prospectus
entitled "Principal Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Warrants").
Cashless exercise of private placement warrants
If holders of private placement warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares
of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock
underlying the warrants multiplied by the excess of the "fair market value" (defined below) over the exercise price
of the warrants by (y) the fair market value. The "fair market value" shall mean the average reported closing price
of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant
exercise is sent to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis
so long as they are held by the sponsor or its permitted transferees is because it is not known at this time whether they will
be affiliated with us following an initial business combination. If they remain affiliated with us, their ability to sell our
securities in the open market will be significantly limited. We expect to have policies in place that prohibit insiders from selling
our securities except during specific periods of time. Even during such periods of time when insiders will be permitted to sell
our securities, an insider cannot trade in our securities if he or she is in possession of material nonpublic information. Accordingly,
unlike public stockholders who could sell the shares of Class A common stock issuable upon exercise of the warrants freely in
the open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders
to exercise such warrants on a cashless basis is appropriate.
15
Proceeds to be held in trust account
Nasdaq rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement warrants be deposited in a trust account. Of the net proceeds of this offering and the sale of the private placement warrants, $300,000,000, or $10.00 per unit ($345,000,000, or $10.00 per unit, if the underwriters' over-allotment option is exercised in full) will be placed into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and $1,500,000 (regardless of the extent to which the underwriters' over-allotment option is exercised) will be used to pay expenses in connection with the closing of this offering and for working capital following this offering.
These proceeds include $10,500,000 (or $12,075,000 if the underwriters' over-allotment option is exercised in full) in deferred underwriting commissions.
Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, our amended and restated certificate of incorporation provides that the proceeds from this offering and the sale of the private placement warrants, will not be released from the trust account until the earliest of (a) the completion of our initial business combination, (b) the redemption of any public shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation to (i) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or (ii) with respect to any other material provisions relating to stockholders' rights or pre-initial business combination activity, and (c) the redemption of our public shares if we are unable to complete our initial business combination within 24 months from the closing of this offering, subject to applicable law. The proceeds deposited in the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of our public stockholders.
Anticipated expenses and funding sources
Unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our
        use, except the withdrawal of interest to pay our taxes and/or to redeem our public shares in connection with an amendment to our
        amended and restated certificate of incorporation, as described above. The proceeds held in the trust account will be invested
        only in U.S. government securities with a maturity of 185 days or less or in money market funds meeting certain conditions under
        Rule 2a-7 under the Investment Company Act that invest only in direct U.S. government treasury obligations. We will disclose in
        each quarterly and annual report filed with the SEC prior to our initial business combination whether the proceeds deposited in
        the trust account are invested in U.S. government treasury obligations or money market funds or a combination thereof. Based upon
        current interest rates, we expect the trust account to generate approximately $300,000 of interest annually assuming an interest
        rate of 0.1% per year; however, we can provide no assurances regarding this amount. Unless and until we complete our initial business
        combination, we may pay our expenses only from:
·
the net
        proceeds of this offering and the sale of the private placement warrants not held in the trust account, which will be approximately
        $750,000 in working capital after the payment of approximately $750,000 in expenses relating to this offering; and
16
·
any
    loans or additional investments from our sponsor, or an affiliate of our sponsor or certain of our officers and directors,
    although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any
    claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of our initial business
    combination. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant at the option
    of the lender.
Conditions
    to completing our initial business combination
Nasdaq rules require that we must consummate an initial business combination
    with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the
    trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned
    on the trust account). Our board of directors will make the determination as to the fair market value of our initial business
    combination. If our board of directors is not able to independently determine the fair market value of our initial business
    combination, 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. While we consider it unlikely that our board
    of directors will not be able to make an independent determination of the fair market value of our initial business combination,
    it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a
    significant amount of uncertainty as to the value of a target's assets or prospects. Additionally, pursuant to Nasdaq
    rules, any initial business combination must be approved by a majority of our independent directors.
We
    anticipate structuring our initial business combination so that the post-transaction company in which our public stockholders
    own shares will own or acquire 100% of the equity interests or assets of the target business or businesses. However, we may
    structure our initial business combination so that the post-transaction company owns or acquires less than 100% of such interests
    or assets of the target business in order to meet certain objectives of the target management team or stockholders, or for
    other reasons. However, we will only complete an initial 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 initial business
    combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to
    the target and us in the initial business combination. 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 would 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 taken into account for purposes of Nasdaq's 80% of net assets test. If the initial business combination
    involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the transactions
    and we will treat the target businesses together as our initial business combination for purposes of seeking stockholder approval
    or conducting a tender offer, as applicable.
17
Permitted purchases of public shares and public warrants by our affiliates
If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant
to the tender offer rules, our sponsor, initial stockholders, directors, officers, advisors or their affiliates may purchase public
shares or public warrants in privately-negotiated transactions or in the open market either prior to or following the completion
of our initial business combination. There is no limit on the number of shares or warrants our initial stockholders, directors,
officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and Nasdaq
rules. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any
terms or conditions for any such transactions. If they engage in such transactions, they will not make any such purchases when
they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited
by Regulation M under the Exchange Act. Subsequent to the consummation of this offering, we will adopt an insider trading policy
which will require insiders to: (i) refrain from purchasing our securities during certain blackout periods when they are in possession
of any material non-public information and (ii) clear all trades of company securities with a compliance officer prior to execution.
We cannot currently determine whether our insiders will make such purchases pursuant to a Rule 10b5-1 plan, as it will be dependent
upon several factors, including but not limited to, the timing and size of such purchases. Depending on such circumstances, our
insiders may either make such purchases pursuant to a Rule 10b5-1 plan or determine that such a plan is not necessary. We do not
currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the
Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers
determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such
rules. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers
are subject to such reporting requirements. None of the funds held in the trust account will be used to purchase shares or public
warrants in such transactions prior to completion of our initial business combination. See "Proposed Business — Permitted
Purchases of Our Securities" for a description of how our sponsor, initial stockholders, directors, officers, advisors or
any of their affiliates will select which stockholders to purchase securities from in any private transaction. Our sponsor, directors,
officers, advisors or any of their affiliates will not make any purchases if the purchases would violate Section 9(a)(2) or Rule
10b-5 of the Exchange Act.
18
The purpose of any such purchases of shares could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection with our initial business combination. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public "float" of our shares of Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.
Redemption rights for public stockholders upon completion of our initial business combination
We will provide our
public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial
business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
as of two business days prior to the consummation of our initial business combination, including interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public
shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per
public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by deferred
underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial
business combination with respect to our warrants. Our sponsor, officers and directors have entered into a letter agreement with
us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares held by them and any
public shares they may acquire during or after this offering in connection with the completion of our initial business combination
or otherwise.
Manner of conducting redemptions
We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii) without a stockholder vote by means of a tender offer. The decision as to whether we will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek stockholder approval under applicable law or stock exchange listing requirements. Asset acquisitions and stock purchases would not typically require stockholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our amended and restated certificate of incorporation would require stockholder approval. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with the Nasdaq's stockholder approval rules.
19
The requirement that we provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above will be contained in provisions of our amended and restated certificate of incorporation and will apply whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq. Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.
If we provide our public stockholders with the opportunity to redeem their public shares in connection with a stockholder meeting, we will:
·
conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and
·
file proxy materials with the SEC.
If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the Company representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled to vote at such meeting. Our initial stockholders will count towards this quorum and, pursuant to the letter agreement, our sponsor, officers and directors have agreed to vote their founder shares and any public shares purchased during or after this offering (including in open market and privately-negotiated transactions) in favor of our initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. As a result, in addition to our initial stockholders' founder shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all outstanding shares are voted and the over-allotment option is not exercised). We intend to give not less than 10 days' nor more than 60 days' prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate our initial business combination. Each public stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction or whether they were a stockholder on the record date for the stockholder meeting held to approve the proposed transaction.
If a stockholder vote is not required and we do not decide to hold a stockholder vote for business or other legal reasons, we will:
·
conduct
the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and
·
file tender offer documents with the SEC prior to completing our initial business combination, which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.
20
In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public stockholders not tendering more than a specified number of public shares, which number will be based on the requirement that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to our initial business combination. If public stockholders tender more shares than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.
Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase shares of our Class A common stock in the open market, in order to comply with Rule 14e-5 under the Exchange Act.
We intend to require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to, at the holder's option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements. We believe that this will allow our transfer agent to efficiently process any redemptions without the need for further communication or action from the redeeming public stockholders, which could delay redemptions and result in additional administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company, we will promptly return any certificates or shares delivered by public stockholders who elected to redeem their shares.
21
Our amended and restated certificate of incorporation will provide that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed initial business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class A common stock submitted for redemption will be returned to the holders thereof.
Limitation on redemption rights of stockholders holding more than 15% of the shares sold in this offering if we hold stockholder vote
Notwithstanding
the foregoing redemption rights, if we seek stockholder approval of our initial business combination and we do not conduct redemptions
in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of
incorporation will provide that a public stockholder, together with any affiliate of such stockholder or any other person with
whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will
be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, without
our prior consent. We believe the restriction described above will discourage stockholders from accumulating large blocks of shares,
and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to
purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision,
a public stockholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its
redemption rights against an initial business combination if such holder's shares are not purchased by us or our management
at a premium to the then-current market price or on other undesirable terms. By limiting our stockholders' ability to redeem
to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of stockholders
to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with an
initial business combination with a target that requires as a closing condition that we have a minimum net worth or a certain
amount of cash. However, we would not be restricting our stockholders' ability to vote all of their shares (including all
shares held by those stockholders that hold more than 15% of the shares sold in this offering) for or against our initial business
combination.
22
Redemption rights in connection with proposed amendments to our certificate of incorporation
Our amended and restated
certificate of incorporation will provide that any of its provisions related to pre-business combination activity (including the
requirement to deposit proceeds of this offering and the private placement of warrants into the trust account and not release
such amounts except in specified circumstances, and to provide redemption rights to public stockholders as described herein) may
be amended if approved by holders of 65% of our common stock entitled to vote thereon, and corresponding provisions of the trust
agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our common stock
entitled to vote thereon. In all other instances, our amended and restated certificate of incorporation may be amended by holders
of a majority of our outstanding common stock entitled to vote thereon, subject to applicable provisions of the Delaware General
Corporation Law ("DGCL") or applicable stock exchange rules. Our amended and restated certificate of incorporation
will provide that we may not issue additional shares of capital stock that would entitle the holders thereof to receive funds
from the trust account or vote on any initial business combination or on matters related to our pre-initial business combination
activity. Our initial stockholders, who will collectively beneficially own 20% of our outstanding shares of common stock upon
the closing of this offering (assuming they do not purchase any units in this offering), will participate in any vote to amend
our amended and restated certificate of incorporation and/or trust agreement and will have the discretion to vote in any manner
they choose. Our sponsor, executive officers, and directors have agreed, pursuant to a written agreement with us, that they will
not propose any amendment to our amended and restated certificate of incorporation to (A) modify the substance or timing of our
obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
or (B) with respect to any other material provisions relating to stockholders' rights or pre-initial business combination
activity, unless we provide our public stockholders with the opportunity to redeem their shares of Class A common stock upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest (which interest shall be net of taxes payable) divided by the number of then outstanding public shares. Our
sponsor, officers and directors have entered into a letter agreement with us pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our
initial business combination.
23
Release of funds in trust account on closing of our initial business combination
On the completion of our
initial business combination, the funds held in the trust account will be used to pay amounts due to any public stockholders who
exercise their redemption rights as described above under "Redemption rights for public stockholders upon completion of
our initial business combination." We will use the remaining funds to pay the underwriters their deferred underwriting commissions,
to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination
and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using
equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in
connection with our initial business combination or used for redemption of our public shares, we may use the balance of the cash
released to us from the trust account following the closing for general corporate purposes, including for maintenance or expansion
of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing
our initial business combination, to fund the purchase of other companies or for working capital.
Redemption of public shares and distribution and liquidation if no initial business combination
Our amended
and restated certificate of incorporation will provide that we will have only 24 months from the closing of this offering to complete
our initial business combination. If we are unable to complete our initial business combination within such 24-month period, we
will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released
to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right
to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption,
subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case
to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will
be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete
our initial business combination within the 24-month time period.
24
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within 24 months from the closing of this offering. However, if our initial stockholders acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business combination within the allotted 24-month time period. The underwriters have agreed to waive their rights to their deferred underwriting commission held in the trust account in the event we do not complete our initial business combination and subsequently liquidate and, in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of our public shares.
Limited payments to insiders
There will be no finder's fees, reimbursement, consulting
        fee, non-cash payments, monies in respect of any payment of a loan or other compensation paid by us to our sponsor, officers or
        directors, or any affiliate of our sponsor or officers, prior to, or in connection with any services rendered in order to effectuate,
        the consummation of our initial business combination (regardless of the type of transaction that it is). However, the following
        payments may be made to our sponsor, officers or directors, or our or their affiliates, none of which will be made from the proceeds
        of this offering held in the trust account prior to the completion of our initial business combination:
·
Repayment
        of up to an aggregate of up to $300,000 in loans made to us by our sponsor to cover offering-related and organizational expenses;
·
Payment
        to our sponsor of  $10,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative
        support;
·
Reimbursement
        for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination;
        and
·
Repayment
        of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance
        transaction costs in connection with an intended initial business combination, the terms of which have not been determined
        nor have any written agreements been executed with respect thereto. Up to $1,500,000 of such loans may be convertible
        into warrants, at a price of $1.00 per warrant at the option of the lender. The warrants would be identical to the private
        placement warrants, including as to exercise price, exercisability and exercise period. The terms of such working capital
        loans by our sponsor or its affiliates, or our officers and directors, if any, have not been determined and no written
        agreements exist with respect to such loans.
Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates.
25
Audit Committee
We will establish and maintain an audit committee to, among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to immediately take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section of this prospectus entitled "Management — Committees of the Board of Directors — Audit Committee."
Conflicts
Mudrick Capital manages several investment vehicles. Funds and
        separate accounts managed by Mudrick Capital or its affiliates may compete with us for business combination opportunities. If these
        funds or separate accounts decide to pursue any such opportunity, we may be precluded from procuring such opportunities. In addition,
        investment ideas generated within Mudrick Capital may be suitable for both us and for a current or future Mudrick Capital fund
        or separate account and may be directed to such investment vehicle rather than to us. Neither Mudrick Capital nor members of our
        management team who are also employed by Mudrick Capital have any obligation to present us with any opportunity for a potential
        business combination of which they become aware, unless presented to such member solely in his or her capacity as an officer of
        the company. Mudrick Capital and/or our management, in their capacities as employees of Mudrick Capital or in their other endeavors,
        currently are required to present certain investment opportunities and potential business combinations to the various related entities
        described above, current Mudrick Capital investment vehicles, or third parties, before they present such opportunities to us. Mudrick
        Capital and our management may have similar obligations to future investment vehicles or third parties.
Notwithstanding the foregoing, we may, at our option, pursue
        an Affiliated Joint Acquisition opportunity with any such fund or other investment vehicle. Any such parties would co-invest only
        if  (i) permitted by applicable regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction
        to be mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the
        strategic merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to
        fund the initial business combination and/or the desire to obtain committed capital for closing the initial business combination.
        Such entity may co-invest with us in the target business at the time of our initial business combination, or we could raise additional
        proceeds to complete the initial business combination by making a specified future issuance to any such fund or vehicle.
Indemnity
Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable), nor will it apply to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations, and believe that our sponsor's only assets are securities of our company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties, including, without limitation, claims by vendors and prospective target businesses.
RISKS
We are a blank check company that has conducted no
operations and has generated no revenues to date. Until we complete our initial business combination, we will have no
operations and will generate no operating revenues. In making your decision whether to invest in our securities, you should
take into account not only the background of our management team, but also the special risks we face as a blank check
company. This offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act. Accordingly,
you will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings. For additional
information concerning how Rule 419 blank check offerings differ from this offering, please see the section of this
prospectus entitled "Proposed Business — Comparison of This Offering to Those of Blank Check Companies Subject to
Rule 419." You should carefully consider these and the other risks set forth in the section of this prospectus
entitled "Risk Factors" beginning on page 28 of this prospectus.
26
SUMMARY FINANCIAL DATA
The following table summarizes the relevant financial data for
our business and should be read with our financial statements, which are included in this prospectus. We have not had any significant
operations to date, so only balance sheet data is presented.
August 3, 2020
Balance Sheet Data:
Actual
Working capital (deficiency)
$
(18,500
)
Total assets
$
42,500
Total liabilities
$
18,500
Stockholder's equity
$
24,000
If no business combination is completed within 24 months from
the closing of this offering, the proceeds then on deposit in the trust account including interest earned on the funds held in
the trust account and not previously released to us to pay our taxes (less $100,000 of interest to pay dissolution expenses),
will be used to fund the redemption of our public shares. Our sponsor, directors, director nominees and officers have entered
into a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the
trust account with respect to any founder shares held by them if we fail to complete our initial business combination within such
time period.
27
RISK FACTORS
An investment in our securities involves a high degree of
risk. You should consider carefully all of the risks described below, together with the other information contained in this prospectus,
before making a decision to invest in our units. If any of the following events occur, our business, financial condition and operating
results may be materially adversely affected. In that event, the trading price of our securities could decline, and you could lose
all or part of your investment.
We are a blank check company with no operating history
and no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.
We are a blank check company with no operating results, and
we will not commence operations until obtaining funding through this offering. Because we lack an operating history, you have no
basis upon which to evaluate our ability to achieve our business objective of completing our initial business combination with
one or more target businesses. We have no plans, arrangements or understandings with any prospective target business concerning
an initial business combination and may be unable to complete our initial business combination. If we fail to complete our initial
business combination, we will never generate any operating revenues.
Our public stockholders may not be afforded an opportunity
to vote on our proposed initial business combination, and even if we hold a vote, holders of our founder shares will participate
in such vote, which means we may complete our initial business combination even though a majority of our public stockholders do
not support such a combination.
We may choose not to hold a stockholder vote to approve
our initial business combination unless the initial business combination would require stockholder approval under applicable
law or stock exchange listing requirements. In such case, the decision as to whether we will seek stockholder approval of a
proposed initial 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. Even if we seek stockholder approval,
the holders of our founder shares will participate in the vote on such approval. Accordingly, we may complete our initial
business combination even if holders of a majority of our outstanding public shares do not approve of the initial business
combination we complete. Please see the section of this prospectus entitled "Proposed Business — Stockholders May
Not Have the Ability to Approve Our Initial Business Combination" for additional information.
If we seek stockholder approval of our initial business
combination, our initial stockholders have agreed to vote in favor of such initial business combination, regardless of how our
public stockholders vote.
Pursuant to a letter agreement, our sponsor, officers and directors
have agreed to vote their founder shares, as well as any public shares purchased during or after this offering (including in open
market and privately-negotiated transactions), in favor of our initial business combination. As a result, in addition to our initial
stockholders' founder shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering
to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming all
outstanding shares are voted and the over-allotment option is not exercised). Our initial stockholders will own shares representing
20% of our outstanding shares of common stock immediately following the completion of this offering (assuming they do not purchase
any units in this offering). Accordingly, if we seek stockholder approval of our initial business combination, the agreement by
our initial stockholders to vote in favor of our initial business combination will increase the likelihood that we will receive
the requisite stockholder approval for such initial business combination.
Your only opportunity to affect the investment decision
regarding a potential business combination will be limited to the exercise of your redemption rights, unless we seek stockholder
approval of the initial business combination.
At the time of your investment in us, you will not be provided
with an opportunity to evaluate the specific merits or risks of our initial business combination. Accordingly, if we do not seek
stockholder approval, your only opportunity to affect the investment decision regarding a potential business combination may be
limited to exercising your redemption rights in connection with the closing of our initial business combination.
28
The
ability of our public stockholders to redeem their shares for cash may make our financial condition unattractive to potential
business combination targets, which may make it difficult for us to enter into an agreement for an initial business combination
with a target.
We may seek to enter into an initial business combination agreement
with a prospective target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. If
too many public stockholders exercise their redemption rights, we would not be able to meet such closing condition and, as a result,
would not be able to proceed with the initial business combination. Furthermore, we will only redeem our public shares so long
as (after such redemption) our net tangible assets will be at least $5,000,001 as described above upon consummation of our initial
business combination and after payment of deferred underwriters' fees and commissions (so that we are not subject to the
SEC's "penny stock" rules) or any greater net tangible asset or cash requirement that may be contained in the
agreement relating to our initial business combination. Consequently, if accepting all properly submitted redemption requests would
cause our net tangible assets to be less than $5,000,001 or such greater amount necessary to satisfy a closing condition, each
as described above, we would not proceed with such redemption and the related business combination and may instead search for an
alternate business combination. Prospective targets will be aware of these risks and, thus, may be reluctant to enter into an initial
business combination agreement with us.
The ability of our public stockholders to exercise redemption
rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or optimize
our capital structure.
At the time we enter into an agreement for our initial
business combination, we will not know how many stockholders may exercise their redemption rights, and therefore will need to
structure the transaction based on our expectations as to the number of shares that will be submitted for redemption. If our
initial business combination agreement requires us to use a portion of the cash in the trust account to pay the purchase
price, or requires us to have a minimum amount of cash at closing, we will need to reserve a portion of the cash in the trust
account to meet such requirements, or arrange for third-party financing. In addition, if a larger number of shares are
submitted for redemption than we initially expected, we may need to restructure the transaction to reserve a greater portion
of the cash in the trust account or arrange for third-party financing. Raising additional third-party financing may involve
dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels. Furthermore, this dilution would
increase to the extent that the anti-dilution provision of the Class B common stock results in the issuance of Class A shares
on a greater than one-to-one basis upon conversion of the Class B common stock at the time of our business combination. The
above considerations may limit our ability to complete the most desirable business combination available to us or optimize
our capital structure. The amount of the deferred underwriting commissions payable to the underwriters is not required to be
adjusted for any shares that are redeemed in connection with an initial business combination. The per-share amount we will
distribute to stockholders who properly exercise their redemption rights will not be reduced by deferred underwriting
commissions and after such redemptions, the per-share value of shares held by non-redeeming stockholders will reflect our
obligation to pay the deferred underwriting commissions.
The ability of our public stockholders to exercise redemption
rights with respect to a large number of our shares could increase the probability that our initial business combination would
be unsuccessful and that you would have to wait for liquidation in order to redeem your stock.
If our initial business combination agreement requires us to
use a portion of the cash in the trust account to pay the purchase price, or requires us to have a minimum amount of cash at closing,
the probability that our initial business combination would be unsuccessful is increased. If our initial business combination is
unsuccessful, you would not receive your
pro rata
portion of the trust account until we liquidate the trust account. If
you are in need of immediate liquidity, you could attempt to sell your stock in the open market; however, at such time, our stock
may trade at a discount to the
pro rata
amount per share in the trust account. In either situation, you may suffer a material
loss on your investment or lose the benefit of funds expected in connection with your exercise of redemption rights until we liquidate
or you are able to sell your stock in the open market.
29
The requirement that we complete our initial business
combination within the prescribed time frame may give potential target businesses leverage over us in negotiating an initial business
combination and may decrease our ability to conduct due diligence on potential business combination targets, in particular as we
approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms that
would produce value for our stockholders.
Any potential target business with which we enter into negotiations
concerning an initial business combination will be aware that we must complete our initial business combination within 24 months
from the closing of this offering. Consequently, such target business may have leverage over us in negotiating an initial business
combination, knowing that if we do not complete our initial business combination with that particular target business, we may be
unable to complete our initial business combination with any target business. This risk will increase as we get closer to the timeframe
described above. In addition, we may have limited time to conduct due diligence and may enter into our initial business combination
on terms that we would have rejected upon a more comprehensive investigation.
We may not be able to complete our initial business combination
within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would
redeem our public shares and liquidate, in which case our public stockholders may receive only $10.00 per share, or less than such
amount in certain circumstances, and our warrants will expire worthless.
Our amended and restated certificate of incorporation will
provide that we must complete our initial business combination within 24 months from the closing of this offering. We may not
be able to find a suitable target business and complete our initial business combination within such time period. Our ability
to complete our initial business combination may be negatively impacted by general market conditions, political
considerations, volatility in the capital and debt markets and the other risks described herein. If we have not completed our
initial business combination within such time period, we will: (i) cease all operations except for the purpose of winding up,
(ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the public shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of
interest to pay dissolution expenses), 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), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under
Delaware law to provide for claims of creditors and the requirements of other applicable law. In such case, our public
stockholders may receive only $10.00 per share, and our warrants will expire worthless. In certain circumstances, our public
stockholders may receive less than $10.00 per share on the redemption of their shares. See "— If third parties
bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received
by stockholders may be less than $10.00 per share" and other risk factors below.
If we seek stockholder approval of our initial business
combination, our sponsor, directors, officers, advisors and their affiliates may elect to purchase shares or warrants from public
holders, which may influence a vote on a proposed initial business combination and reduce the public "float" of our
Class A common stock or public warrants.
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor,
directors, officers, advisors or their affiliates may purchase shares or public warrants or a combination thereof, in privately-negotiated
transactions or in the open market, either prior to or following the completion of our initial business combination, although they
are under no obligation to do so. However, they have no current commitments, plans or intentions to engage in such transactions
and have not formulated any terms or conditions for any such transactions. None of the funds in the trust account will be used
to purchase shares or public warrants in such transactions. See "Proposed Business — Permitted Purchases of Our Securities"
for a description of how our sponsor, initial stockholders, directors, officers, advisors or any of their affiliates will select
which stockholders to purchase securities from in any private transaction.
30
Such a purchase may include a contractual acknowledgement that
such stockholder, although still the record holder of our shares, is no longer the beneficial owner thereof and therefore agrees
not to exercise its redemption rights. In the event that our sponsor, directors, officers, advisors or their affiliates purchase
shares in privately-negotiated transactions from public stockholders who have already elected to exercise their redemption rights,
such selling stockholders would be required to revoke their prior elections to redeem their shares. The price per share paid in
any such transactions may be different than the amount per share a public stockholder would receive if such public stockholder
elected to redeem its shares in connection with our initial business combination. The purpose of such purchases could be to vote
such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval
of the initial business combination, or to satisfy a closing condition in an agreement with a target that requires us to have
a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such
requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of
public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection
with our initial business combination. Any such purchases of our securities may result in the completion of our initial business
combination that may not otherwise have been possible. Any such purchases will be reported pursuant to Section 13 and Section 16
of the Exchange Act to the extent such purchasers are subject to such reporting requirements.
In addition, if such purchases are made, the public "float"
of our Class A common stock or public warrants and the number of beneficial holders of our securities may be reduced, possibly
making it difficult to obtain or maintain the quotation, listing or trading of our securities on a national securities exchange.
If a stockholder fails to receive notice of our offer
to redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for submitting
or tendering its shares, such shares may not be redeemed.
We will comply with the proxy rules or tender offer rules,
as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance with
these rules, if a stockholder fails to receive our proxy materials or tender offer documents, as applicable, such stockholder
may not become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents, as
applicable, that we will furnish to holders of our public shares in connection with our initial business combination will
describe the various procedures that must be complied with in order to validly tender or submit public shares for redemption.
For example, we intend to require our public stockholders seeking to exercise their redemption rights, whether they are
record holders or hold their shares in "street name," to, at the holder's option, either deliver their
stock certificates to our transfer agent, or to deliver their shares to our transfer agent electronically prior to the date
set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be
up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we
conduct redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of
its public shares to also submit a written request for redemption to our transfer agent two business days prior to the vote
in which the name of the beneficial owner of such shares is included. In the event that a stockholder fails to comply with
these or any other procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not be
redeemed. See the section of this prospectus entitled "Proposed Business — Submitting Stock Certificates in
Connection with Redemption Rights."
You will not have any rights or interests in funds from
the trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be forced to sell
your public shares or warrants, potentially at a loss.
Our public stockholders will be entitled to receive funds
from the trust account only upon the earliest to occur of: (i) our completion of an initial business combination, and then
only in connection with those shares of Class A common stock that such stockholder properly elected to redeem, subject to the
limitations described herein, (ii) the redemption of any public shares properly submitted in connection with a stockholder
vote to amend our amended and restated certificate of incorporation to (A) modify the substance or timing of our obligation
to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of
our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
or (B) with respect to any other material provisions relating to stockholders' rights or pre-initial business
combination activity, and (iii) the redemption of our public shares if we are unable to complete an initial business
combination within 24 months from the closing of this offering, subject to applicable law and as further described herein. In
addition, if our plan to redeem our public shares if we are unable to complete an initial business combination within 24
months from the closing of this offering is not completed for any reason, compliance with Delaware law may require that we
submit a plan of dissolution to our then-existing stockholders for approval prior to the distribution of the proceeds held in
our trust account. In that case, public stockholders may be forced to wait beyond 24 months from the closing of this offering
before they receive funds from our trust account. In no other circumstances will a public stockholder have any right or
interest of any kind in the trust account. Holders of warrants will not have any right to the proceeds held in the trust
account with respect to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your public shares
or warrants, potentially at a loss.
31
Nasdaq may delist our securities from trading on its exchange,
which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.
We intend to apply to have our units listed on Nasdaq. We expect
that our units will be listed on Nasdaq on or promptly after the date of this prospectus. Following the date the shares of our
Class A common stock and warrants are eligible to trade separately, we anticipate that the shares of our Class A common stock
and warrants will be separately listed on Nasdaq. We cannot guarantee that our securities will be approved for listing on Nasdaq.
Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial listing standards set
forth in Nasdaq listing standards, we cannot assure you that our securities will be, or will continue to be, listed on Nasdaq
in the future or prior to our initial business combination. In order to continue listing our securities on Nasdaq prior to our
initial business combination, we must maintain certain financial, distribution and stock price levels. Generally, we must maintain
a minimum amount in stockholders' equity ($2,500,000) and a minimum number of holders of our securities (generally 300 public
holders). Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with
Nasdaq's initial listing requirements, which are more rigorous than Nasdaq's continued listing requirements, in order
to continue to maintain the listing of our securities on Nasdaq. For instance, our stock price would generally be required to
be at least $4 per share, our stockholders' equity would generally be required to be at least $5,000,000 and we would be
required to have 300 round lot holders (with at least 50% of such holders holding securities with a market value of at least $2,500).
We cannot assure you that we will be able to meet those initial listing requirements at that time. If Nasdaq delists our securities
from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our
securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences,
including:
•
a limited availability of market quotations for our securities;
•
reduced liquidity for our securities;
•
a determination that our Class A common stock is a "penny stock" which will require brokers trading in our Class A
common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading
market for our securities;
•
a limited amount of news and analyst coverage; and
•
a decreased ability to issue additional securities or obtain additional financing in the future.
.
The National Securities Markets Improvement Act of 1996, which
is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as
 "covered securities." Because we expect that our units and eventually our Class A common stock and warrants will be
listed on Nasdaq, our units, Class A common stock and warrants will be covered securities. Although the states are preempted from
regulating the sale of our securities, the federal statute does allow the states to investigate companies if there is a suspicion
of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities
in a particular case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities
issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies
unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies
in their states. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities and we would be
subject to regulation in each state in which we offer our securities, including in connection with our initial business combination.
You will not be entitled to protections normally afforded
to investors of many other blank check companies.
Since the net proceeds of this offering and the sale of
the private placement warrants are intended to be used to complete an initial business combination with a target business
that has not been identified, we may be deemed to be a "blank check" company under the U.S. securities laws.
However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this offering and
the sale of the private placement warrants and will file a Current Report on Form 8-K, including an audited balance sheet
demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors in blank check companies, such
as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules. Among other things, this
means our units will be immediately tradable and we will have a longer period of time to complete our initial business
combination than companies subject to Rule 419. Moreover, if this offering were subject to Rule 419, that rule would prohibit
the release of any interest earned on funds held in the trust account to us unless and until the funds in the trust account
were released to us in connection with our completion of an initial business combination. For a more detailed comparison of
our offering to offerings that comply with Rule 419, please see the section of this prospectus entitled "Proposed
Business — Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419."
32
If we seek stockholder approval of our initial business
combination and we do not conduct redemptions pursuant to the tender offer rules, and if you or a "group" of stockholders
are deemed to hold in excess of 15% of our Class A common stock, you will lose the ability to redeem all such shares in excess
of 15% of our Class A common stock.
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated certificate of incorporation will provide that a public stockholder, together with any affiliate of such stockholder
or any other person with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of
the Exchange Act), will be restricted from seeking redemption rights with respect to more than an aggregate of 15% of the shares
sold in this offering without our prior consent, which we refer to as the "Excess Shares." However, we would not be
restricting our stockholders' ability to vote all of their shares (including Excess Shares) for or against our initial business
combination. Your inability to redeem the Excess Shares will reduce your influence over our ability to complete our initial business
combination and you could suffer a material loss on your investment in us if you sell Excess Shares in open market transactions.
Additionally, you will not receive redemption distributions with respect to the Excess Shares if we complete our initial business
combination. And as a result, you will continue to hold that number of shares exceeding 15% and, in order to dispose of such shares,
would be required to sell your stock in open market transactions, potentially at a loss.
Because of our limited resources and the significant competition
for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we are
unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share on
our redemption of our public shares, or less than such amount in certain circumstances, and our warrants will expire worthless.
We expect to encounter competition from other entities having
a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other
blank check companies and other entities, domestic and international, competing for the types of businesses we intend to acquire.
Many of these individuals and entities are well-established and have extensive experience in identifying and effecting, directly
or indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess
similar or greater technical, human and other resources to ours, and our financial resources will be relatively limited when contrasted
with those of many of these competitors. While we believe there are numerous target businesses we could potentially acquire with
the net proceeds of this offering and the sale of the private placement warrants, our ability to compete with respect to the acquisition
of certain target businesses that are sizable will be limited by our available financial resources. This inherent competitive limitation
gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore, because we are obligated to pay
cash for the shares of Class A common stock which our public stockholders redeem in connection with our initial business combination,
target companies will be aware that this may reduce the resources available to us for our initial business combination. Any of
these obligations may place us at a competitive disadvantage in successfully negotiating an initial business combination. If we
are unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share
on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders
may receive less than $10.00 per share upon our liquidation. See "— If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share" and other risk factors below.
33
If the net proceeds of this offering and the sale of the
private placement warrants not being held in the trust account are insufficient to allow us to operate for at least the next 24
months, we may be unable to complete our initial business combination, in which case our public stockholders may only receive $10.00
per share, or less than such amount in certain circumstances, and our warrants will expire worthless.
The funds available to us outside of the trust account may
not be sufficient to allow us to operate for at least the next 24 months following the closing of this offering, assuming that
our initial business combination is not completed during that time. We believe that, upon the closing of this offering, the funds
available to us outside of the trust account will be sufficient to allow us to operate for at least the next 24 months; however,
we cannot assure you that our estimate is accurate. Of the funds available to us, we could use a portion of the funds available
to us to pay fees to consultants to assist us with our search for a target business. We could also use a portion of the funds
as a down payment or to fund a "no-shop" provision (a provision in letters of intent or merger agreements designed
to keep target businesses from "shopping" around for transactions with other companies or investors on terms more
favorable to such target businesses) with respect to a particular proposed initial business combination, although we do not have
any current intention to do so. If we entered into a letter of intent or merger agreement where we paid for the right to receive
exclusivity from a target business and were subsequently required to forfeit such funds (whether as a result of our breach or
otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with respect to, a target business.
Of the net proceeds of this offering and the sale of the private placement warrants, only approximately $750,000 will be available
to us initially outside the trust account to fund our working capital requirements. In the event that our offering expenses exceed
our estimate of $750,000, we may fund such excess with funds not to be held in the trust account. In such case, the amount of
funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the
offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside the trust account would
increase by a corresponding amount. If we are required to seek additional capital, we would need to borrow funds from our sponsor,
management team or other third parties to operate or may be forced to liquidate. None of our sponsor, or any affiliate of our
sponsor or any of our officers and directors is under any obligation to advance funds to us in such circumstances. Any such advances
would be repaid only from funds held outside the trust account or from funds released to us upon completion of our initial business
combination. Up to $1,500,000 of such loans may be convertible into private placement-equivalent warrants at a price of $1.00
per warrant at the option of the lender. Prior to the completion of our initial business combination, we do not expect to seek
advances or loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be
willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account. If we
are unable to obtain these loans, we may be unable to complete our initial business combination. If we are unable to complete
our initial business combination, our public stockholders may receive only approximately $10.00 per share on the liquidation of
our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders may receive less than
$10.00 per share upon our liquidation. See "— If third parties bring claims against us, the proceeds held in the trust
account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00 per share"
and other risk factors below.
Subsequent to the completion of our initial business combination,
we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant
negative effect on our financial condition, results of operations and our stock price, and which could cause you to lose some or
all of your investment.
Even if we conduct extensive due diligence on a target
business with which we combine, we cannot assure you that this diligence will identify all material issues that may be
present within a particular target business, that it would be possible to uncover all material issues through a customary
amount of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a
result of these factors, we may be forced to later write-down or write-off assets, restructure our operations or incur
impairment or other charges that could result in our reporting losses. Even if our due diligence successfully identifies
certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with our
preliminary risk analysis. Even though these charges may be non-cash items and not have an immediate impact on our liquidity,
the fact that we report charges of this nature could contribute to negative market perceptions about us or our securities. In
addition, charges of this nature may cause us to violate net worth or other covenants to which we may be subject as a result
of assuming pre-existing debt held by a target business or by virtue of our obtaining debt financing to partially finance the
initial business combination or thereafter. Accordingly, any stockholders who choose to remain stockholders following the
initial business combination could suffer a reduction in the value of their shares. Such stockholders are unlikely to have a
remedy for such reduction in value.
34
If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share.
Our placing of funds in the trust account may not protect those
funds from third-party claims against us. Although we will seek to have all vendors, service providers, prospective target businesses
and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind
in or to any monies held in the trust account for the benefit of our public stockholders, such parties may not execute such agreements,
or even if they execute such agreements, they may not be prevented from bringing claims against the trust account, including, but
not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging
the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including
the funds held in the trust account. If any third party refuses to enter into an agreement waiving such claims to the monies held
in the trust account, our management will consider whether competitive alternatives are reasonably available to us, and will only
enter into an agreement with such third party if our management believes that such third party's engagement would be in our
best interests under the circumstances. WithumSmith+Brown, PC, 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.
Examples of possible instances where we may engage a third party
that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed
by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where
management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities
will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements
with us and will not seek recourse against the trust account for any reason. Upon redemption of our public shares, if we are unable
to complete our initial business combination within the prescribed timeframe, or upon the exercise of a redemption right in connection
with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that
may be brought against us within the 10 years following redemption. Accordingly, the per-share redemption amount received by public
stockholders could be less than the $10.00 per share initially held in the trust account, due to claims of such creditors. Pursuant
to the letter agreement, the form of which is filed as Exhibit 10.1 to the registration statement of which this prospectus forms
a part, our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered
or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of
(i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation
of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided
that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and
all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified
whether our sponsor has sufficient funds to satisfy its indemnity obligations, and believe that our sponsor's only assets
are securities of our company. As a result, if any such claims were successfully made against the trust account, the funds available
for our initial business combination and redemptions could be reduced to less than $10.00 per public share. In such event, we may
not be able to complete our initial business combination, and you would receive such lesser amount per share in connection with
any redemption of your public shares. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations.
None of our officers or directors will indemnify us for claims by third parties, including, without limitation, claims by vendors
and prospective target businesses.
35
Our directors may decide not to enforce the indemnification
obligations of our sponsor, resulting in a reduction in the amount of funds in the trust account available for distribution to
our public stockholders.
In the event that the proceeds in the trust account are
reduced below the lesser of (i) $10.00 per share and (ii) the actual amount per share held in the trust account as of
the date of the liquidation of the trust account if less than $10.00 per share due to reductions in the value of the trust
assets, in each case net of the interest, which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to
satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent
directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations.
While we currently expect that our independent directors would
take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our independent
directors, in exercising their business judgment and subject to their fiduciary duties, may choose not to do so in any particular
instance if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount
recoverable or if the independent directors determine that a favorable outcome is not likely. If our independent directors choose
not to enforce these indemnification obligations, the amount of funds in the trust account available for distribution to our public
stockholders may be reduced below $10.00 per share.
Members of our management team and board of directors
have significant experience as founders, board members, officers or executives of other companies. As a result, certain of those
persons have been, may be, or may become, involved in proceedings, investigations and litigation relating to the business affairs
of the companies with which they were, are, or may in the future be, affiliated. This may have an adverse effect on us, which may
impede our ability to consummate an initial business combination.
During the course of their careers, members of our management
team and board of directors have had significant experience as founders, board members, officers or executives of other companies.
As a result of their involvement and positions in these companies, certain persons were, are now, or may in the future become,
involved in litigation, investigations or other proceedings relating to the business affairs of such companies or transactions
entered into by such companies. Any such litigation, investigations or other proceedings may divert our management team's
and board's attention and resources away from identifying and selecting a target business or businesses for our initial business
combination and may negatively affect our reputation, which may impede our ability to complete an initial business combination.
We may not have sufficient funds to satisfy indemnification
claims of our directors and executive officers.
We have agreed to indemnify our officers and directors to the
fullest extent permitted by law. However, our officers and directors have agreed to waive (and any other persons who may become
an officer or director prior to the initial business combination will also be required to waive) any right, title, interest or
claim of any kind in or to any monies in the trust account and not to seek recourse against the trust account for any reason whatsoever.
Accordingly, any indemnification provided will be able to be satisfied by us only if (i) we have sufficient funds outside of the
trust account or (ii) we consummate an initial business combination. Our obligation to indemnify our officers and directors may
discourage stockholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such
an action, if successful, might otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be
adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to
these indemnification provisions.
If, after we distribute the proceeds in the trust account
to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not
dismissed, a bankruptcy court may seek to recover such proceeds, and we and our board may be exposed to claims of punitive damages.
If, after we distribute the proceeds in the trust account to
our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that 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. In addition, our board of directors may be viewed as having breached its fiduciary duty
to our creditors and/or having acted in bad faith, thereby exposing itself and us to claims of punitive damages, by paying public
stockholders from the trust account prior to addressing the claims of creditors.
If, before distributing the proceeds in the trust account
to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not
dismissed, the claims of creditors in such proceeding may have priority over the claims of our stockholders and the per-share amount
that would otherwise be received by our stockholders in connection with our liquidation may be reduced.
If, before distributing the proceeds in the trust account to
our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed,
the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate
and subject to the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims
deplete the trust account, the per-share amount that would otherwise be received by our stockholders in connection with our liquidation
may be reduced.
36
The securities in which we invest the funds held in the
trust account could bear a negative rate of interest, which could reduce the value of the assets held in trust such that the per-share
redemption amount received by public shareholders may be less than $10.00 per share.
The proceeds held in the trust account will be invested only
in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions
under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. While short-term
U.S. government treasury obligations currently yield a positive rate of interest, they have briefly yielded negative interest rates
in recent years. Central banks in Europe and Japan pursued interest rates below zero in recent years, and the Open Market Committee
of the Federal Reserve has not ruled out the possibility that it may in the future adopt similar policies in the United States.
In the event that we are unable to complete our initial business combination or make certain amendments to our amended and restated
memorandum and articles of association, our public shareholders are entitled to receive their pro-rata share of the proceeds held
in the trust account, plus any interest income, net of taxes paid or payable (less, in the case we are unable to complete our initial
business combination, $100,000 of interest). Negative interest rates could reduce the value of the assets held in trust such that
the per-share redemption amount received by public shareholders may be less than $10.00 per share.
If we are deemed to be an investment company under the
Investment Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted,
which may make it difficult for us to complete our initial business combination.
If we are deemed to be an investment company under the Investment
Company Act, our activities may be restricted, including:
•     restrictions
on the nature of our investments; and
•     restrictions
on the issuance of securities, each of which may make it difficult for us to complete our initial business combination.
In addition, we may have imposed upon us burdensome requirements,
including:
•     registration
as an investment company;
•     adoption
of a specific form of corporate structure; and
•     reporting,
record keeping, voting, proxy and disclosure requirements and other rules and regulations.
In order not to be regulated as an investment company under
the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business
other than investing, reinvesting or trading in securities and that our activities do not include investing, reinvesting, owning,
holding or trading "investment securities" constituting more than 40% of our total assets (exclusive of U.S. government
securities and cash items) on an unconsolidated basis. Our business will be to identify and complete an initial business combination
and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets
with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor.
We do not believe that our anticipated principal
activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only be
invested in U.S. "government securities," within the meaning of Section 2(a)(16) of the Investment Company Act,
having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under
the Investment Company Act, which invest only in direct U.S. government treasury obligations. Pursuant to the trust
agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment of the
proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long term
(rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid
being deemed an "investment company" within the meaning of the Investment Company Act. This offering is not
intended for persons who are seeking a return on investments in government securities or investment securities. The trust
account is intended as a holding place for funds pending the earliest to occur of: (i) the completion of our initial business
combination; (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend our
amended and restated certificate of incorporation to (A) modify the substance or timing of our obligation to provide for the
redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if
we do not complete our initial business combination within 24 months from the closing of this offering or (B) with respect to
any other material provisions relating to stockholders' rights or pre-initial business combination activity,; or (iii)
absent an initial business combination within 24 months from the closing of this offering, our return of the funds held in
the trust account to our public stockholders as part of our redemption of the public shares. If we do not invest the proceeds
as discussed above, we may be deemed to be subject to the Investment Company Act. If we were deemed to be subject to the
Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we
have not allotted funds and may hinder our ability to complete an initial business combination or may result in our
liquidation. If we are unable to complete our initial business combination, our public stockholders may receive only
approximately $10.00 per share, or less in certain circumstances described herein, on the liquidation of our trust account
and our warrants will expire worthless.
Changes in laws or regulations, or a failure to comply
with any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business
combination and results of operations.
We are subject to laws and regulations enacted by national,
regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance
with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly.
37
Those laws and regulations and their interpretation and application
may also change from time to time and those changes could have a material adverse effect on our business, investments and results
of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material
adverse effect on our business, including our ability to negotiate and complete our initial business combination and results of
operations.
Our stockholders may be held liable for claims by third
parties against us to the extent of distributions received by them upon redemption of their shares.
Under the DGCL, 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 our public shares in the event we do not complete
our initial business combination within 24 months from the closing of this offering may be considered a liquidating distribution
under Delaware law. If a corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that
it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims can
be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to 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.
However, it is our intention to redeem our public shares as soon as reasonably possible following the 24
th
month from
the closing of this offering in the event we do not complete our initial business combination and, therefore, we do not intend
to comply with the foregoing procedures.
Because we will not be complying with Section 280, Section
281(b) of the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of
all existing and pending claims or claims that may be potentially brought against us within the 10 years following our
dissolution. However, because we are a blank check company, rather than an operating company, and our operations will be
limited to searching for prospective target businesses to acquire, the only likely claims to arise would be from our vendors
(such as lawyers, investment bankers, etc.) or prospective target businesses. If our plan of distribution complies with
Section 281(b) of the DGCL, any liability of 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 likely be barred after the third anniversary of the dissolution. We cannot assure you that we will
properly assess all claims that may be potentially brought against us. As such, our 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
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 our public shares in the event we do not complete our initial business
combination within 24 months from the closing of this offering is not considered a liquidating distribution under Delaware law
and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings that a party
may bring or due to other circumstances that are currently unknown), then pursuant to Section 174 of the DGCL, the statute of limitations
for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years, as in the case
of a liquidating distribution.
We may not hold an annual meeting of stockholders until
after the consummation of our initial business combination, which could delay the opportunity for our stockholders to elect directors.
We may not hold an annual meeting of stockholders until after
we consummate a business combination (unless required by Nasdaq), and thus may not be in compliance with Section 211(b) of the
DGCL, which requires an annual meeting of stockholders be held for the purposes of electing directors in accordance with a company's
bylaws unless such election is made by written consent in lieu of such a meeting. Therefore, if our stockholders want us to hold
an annual meeting prior to our consummation of a business combination, they may attempt to force us to hold one by submitting an
application to the Delaware Court of Chancery in accordance with Section 211(c) of the DGCL.
38
We are not registering the shares of Class A common stock
issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time, and such registration
may not be in place when an investor desires to exercise warrants, thus precluding such investor from being able to exercise its
warrants except on a cashless basis. If the issuance of the shares upon exercise of warrants is not registered, qualified or exempt
from registration or qualification, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless.
We are not registering the shares of Class A common stock
issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time. However, under the
terms of the warrant agreement, we have agreed that as soon as practicable, but in no event later than 15 business days after
the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement
for the registration under the Securities Act of the shares of Class A common stock issuable upon exercise of the warrants
and thereafter will use our best efforts to cause the same to become effective within 60 business days following our initial
business combination and to maintain a current prospectus relating to the Class A common stock issuable upon exercise of the
warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement. We cannot assure
you that we will be able to do so if, for example, any facts or events arise which represent a fundamental change in the
information set forth in the registration statement or prospectus, the financial statements contained or incorporated by
reference therein are not current or correct or the SEC issues a stop order. If the shares issuable upon exercise of the
warrants are not registered under the Securities Act, we will be required to permit holders to exercise their warrants on a
cashless basis. However, no warrant will be exercisable for cash or on a cashless basis, and we will not be obligated to
issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is
registered or qualified under the securities laws of the state of the exercising holder, or an exemption from registration is
available. Notwithstanding the foregoing, if a registration statement covering the Class A common stock issuable upon
exercise of the warrants is not effective within a specified period following the consummation of our initial business
combination, warrantholders 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 no event will we be required to net cash settle any warrant, or issue securities or other compensation in exchange
for the warrants in the event that we are unable to register or qualify the shares underlying the warrants under applicable
state securities laws and there is no exemption available. If the issuance of the shares upon exercise of the warrants is not
so registered or qualified or exempt from registration or qualification, the holder of such warrant will not be entitled to
exercise such warrant and such warrant may have no value and expire worthless. In such event, holders who acquired their
warrants as part of a purchase of units will have paid the full unit purchase price solely for the shares of Class A common
stock included in the units. If and when the warrants become redeemable by us, we may not exercise our redemption right if
the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or qualification under
applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to
register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which
the warrants were initially offered by us in this offering. However, there may be instances in which holders of our public
warrants may be unable to exercise such public warrants but holders of our private warrants may be able to exercise such
private warrants.
If you exercise your public warrants on a "cashless
basis," you will receive fewer shares of Class A common stock from such exercise than if you were to exercise such warrants
for cash.
Under the following circumstances, the exercise of the public
warrants may be required or permitted to be made on a cashless basis: (i) If a registration statement covering the shares of Class
A common stock issuable upon exercise of the warrants is not effective by the 60
th
business day after the closing of
our initial business combination, warrantholders 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"
in accordance with Section 3(a)(9) of the Securities Act or another exemption; (ii) if our common stock is at the time of any
exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a "covered security"
under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their
warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event
we so elect, we will not be required to file or maintain in effect a registration statement; and in the event we do not so elect,
we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not
available; and (iii) if we call the public warrants for redemption, our management will have the option to require all holders
that wish to exercise warrants to do so on a cashless basis. In the event of an exercise on a cashless basis, a holder would pay
the warrant exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient
obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants multiplied by the
excess of the "fair market value" (as defined in the next sentence) over the exercise price of the warrants by (y)
the fair market value. The "fair market value" is the average reported closing price of the Class A common stock for
the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is received by the warrant
agent or on which the notice of redemption is sent to the holders of warrants, as applicable. As a result, you would receive fewer
shares of Class A common stock from such exercise than if you were to exercise such warrants for cash.
39
The grant of registration rights to our initial stockholders
may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect
the market price of our Class A common stock.
Pursuant to an agreement to be entered into concurrently with
the issuance and sale of the securities in this offering, our initial stockholders and their permitted transferees can demand that
we register the resale of private placement warrants, the shares of Class A common stock issuable upon exercise of the founder
shares and the private placement warrants held, or to be held, by them and holders of warrants that may be issued upon conversion
of working capital loans may demand that we register the resale of such warrants or the Class A common stock issuable upon exercise
of such warrants. We will bear the cost of registering these securities. The registration and availability of such a significant
number of securities for trading in the public market may have an adverse effect on the market price of our Class A common stock.
In addition, the existence of the registration rights may make our initial business combination more costly or difficult to conclude.
This is because the stockholders of the target business may increase the equity stake they seek in the combined entity or ask for
more cash consideration to offset the negative impact on the market price of our Class A common stock that is expected when the
securities owned by our initial stockholders or holders of working capital loans or their respective permitted transferees are
registered for resale.
Because we are neither limited to evaluating a target
business in a particular industry sector nor have we selected any specific target businesses with which to pursue our initial business
combination, you will be unable to ascertain the merits or risks of any particular target business's operations.
We will seek to complete an initial business combination with
companies in a variety of industries, except that we will not, under our amended and restated certificate of incorporation, be
permitted to effectuate our initial business combination with another blank check company or similar company with nominal operations.
Because we have not yet selected or approached any specific target business with respect to a business combination, there is no
basis to evaluate the possible merits or risks of any particular target business's operations, results of operations, cash
flows, liquidity, financial condition or prospects. To the extent we complete our initial business combination, we may be affected
by numerous risks inherent in the business operations with which we combine. For example, if we combine with a financially unstable
business or an entity lacking an established record of sales or earnings, we may be affected by the risks inherent in the business
and operations of a financially unstable or a development stage entity. Although our officers and directors will endeavor to evaluate
the risks inherent in a particular target business, we cannot assure you that we will properly ascertain or assess all of the significant
risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our
control and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.
We also cannot assure you that an investment in our units will ultimately prove to be more favorable to investors than a direct
investment, if such opportunity were available, in a business combination target. Accordingly, any stockholders who choose to remain
stockholders 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.
40
Past performance by our management team, Mudrick Capital
and their affiliates may not be indicative of future performance of an investment in the Company.
Information regarding performance by, or businesses associated
with, our management team, Mudrick Capital or businesses associated with them is presented for informational purposes only. Past
performance by our management team or Mudrick Capital is not a guarantee either (i) of success with respect to any business combination
we may consummate or (ii) that we will be able to locate a suitable candidate for our initial business combination. You should
not rely on the historical record of the performance of our management team or Mudrick Capital or businesses associated with them
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 business combination opportunities in industries
or sectors that may or may not be outside of our management's area of expertise.
Although our management team has expertise across a variety
of industries and sectors, we will consider an initial business combination outside of our management's area of expertise
if an initial business combination candidate is presented to us and we determine that such candidate offers an attractive business
combination opportunity for our company or we are unable to identify a suitable candidate in a sector or industry in which a member
of our management team has expertise after having expanded a reasonable amount of time and effort in an attempt to do so. Although
our management will endeavor to evaluate the risks inherent in any particular business combination candidate, we cannot assure
you that we will adequately ascertain or assess all of the significant risk factors. We also cannot assure you that an investment
in our units will not ultimately prove to be less favorable to investors in this offering than a direct investment, if such an
opportunity were available, in an initial business combination candidate. In the event we elect to pursue a business combination
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 ascertain or assess adequately all of the relevant risk factors. Accordingly, any stockholders who choose to remain stockholders
following our initial business combination could suffer a reduction in the value of their shares. Such stockholders are unlikely
to have a remedy for such reduction in value.
Although we have identified general criteria and guidelines
that we believe are important in evaluating prospective target businesses, we may enter into our initial business combination with
a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our initial
business combination may not have attributes entirely consistent with our general criteria and guidelines.
Although we have identified general criteria and guidelines
for evaluating prospective target businesses, it is possible that a target business with which we enter into our initial business
combination will not have all of these positive attributes. If we complete our initial business combination with a target that
does not meet some or all of these guidelines, such combination may not be as successful as a combination with a business that
does meet all of our general criteria and guidelines. In addition, if we announce a prospective business combination with a target
that does not meet our general criteria and guidelines, a greater number of 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 law, or we decide to
obtain stockholder approval for business or other 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 receive only approximately $10.00 per share, or less in certain circumstances
as described herein, on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances,
our public stockholders may receive less than $10.00 per share on the redemption of their shares. See "— If third parties
bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by
stockholders may be less than $10.00 per share" and other risk factors herein.
41
We may seek business combination opportunities with a
financially unstable business or an entity lacking an established record of revenue, cash flow or earnings, which could subject
us to volatile revenues, cash flows or earnings or difficulty in retaining key personnel.
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 revenues or earnings, we
may be affected by numerous risks inherent in the operations of the business with which we combine. These risks include investing
in a business without a proven business model or with limited historic financial data, volatile revenues or earnings, intense competition
and difficulties in obtaining and retaining key personnel. Although our officers and directors will endeavor to evaluate the risks
inherent in a particular target business, we may not be able to properly ascertain or assess all of the relevant risk factors and
we may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave
us with no ability to control or reduce the chances that those risks will adversely impact a target business.
We are not required to obtain an opinion from an independent
investment banking firm or another independent entity that commonly renders valuation opinions, and consequently, you may have
no assurance from an independent source that the price we are paying for the target(s) of our initial business combination is fair
to our company from a financial point of view.
Unless we complete our initial business combination with an
affiliated entity or our board of directors cannot independently determine the fair market value of the target business or businesses
(including with the assistance of financial advisors), we are not required to obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions that the price we are paying is fair to our
company from a financial point of view. If no opinion is obtained, our stockholders will be relying on the judgment of our board
of directors, who will determine fair market value based on standards generally accepted by the financial community. Such standards
used will be disclosed in our proxy materials or tender offer documents, as applicable, related to our initial business combination.
We may issue additional shares of Class A common
stock or preferred stock to complete our initial business combination or under an employee incentive plan after completion of
our initial business combination. We may also issue shares of Class A common stock upon the conversion of the Class B common
stock at a ratio greater than one-to-one at the time of our initial business combination as a result of the anti-dilution
provisions contained in our amended and restated certificate of incorporation. Any such issuances would dilute the interest
of our stockholders and likely present other risks.
Our amended and restated certificate of incorporation authorizes
the issuance of up to 100,000,000 shares of Class A common stock, par value $0.0001 per share, 10,000,000 shares of Class B common
stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. Immediately after this
offering, there will be 70,000,000 and 2,500,000 (assuming, in each case, that the underwriters have not exercised their over-allotment
option) authorized but unissued shares of Class A common stock and Class B common stock, respectively, available for issuance,
which amount does not take into account the shares of Class A common stock reserved for issuance upon exercise of outstanding warrants
or the shares of Class A common stock issuable upon conversion of Class B common stock. Immediately after the consummation of this
offering, there will be no shares of preferred stock issued and outstanding. Shares of Class B common stock are convertible into
shares of our Class A common stock initially at a one-for-one ratio but subject to adjustment as set forth herein, including
in certain circumstances in which we issue Class A common stock or equity-linked securities related to our initial business combination.
We may issue a substantial number of additional shares of
Class A common stock or preferred stock to complete our initial business combination (including pursuant to a specified
future issuance) or under an employee incentive plan after completion of our initial business combination (although our
amended and restated certificate of incorporation will provide that we may not issue additional shares of capital stock that
would entitle the holders thereof to receive funds from the trust account or vote on any initial business combination or on
matters related to our pre-initial business combination activity. We may also issue shares of Class A common stock upon
conversion of the Class B common stock at a ratio greater than one-to-one at the time of our initial business combination as
a result of the anti-dilution provisions contained in our amended and restated certificate of incorporation. However, our
amended and restated certificate of incorporation will provide, among other things, that prior to our initial business
combination, we may not issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds
from the trust account, (ii) vote on any initial business combination or (iii) vote on matters related to our pre-initial
business combination activity. These provisions of our amended and restated certificate of incorporation, like all provisions
of our amended and restated certificate of incorporation, may be amended with the approval of our stockholders. However, our
executive officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will not
propose any amendment to our amended and restated certificate of incorporation to (A) modify the substance or timing of our
obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem
100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this
offering or (B) with respect to any other material provisions relating to stockholders' rights or pre-initial business
combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of common stock
upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then
outstanding public shares.
42
The issuance of additional shares of common or preferred stock:
•     may
significantly dilute the equity interest of investors in this offering;
•     may
subordinate the rights of holders of common stock if preferred stock is issued with rights senior to those afforded our common
stock;
•     could
cause a change of control if a substantial number of shares of our common stock are issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present
officers and directors; and
•     may
adversely affect prevailing market prices for our units, Class A common stock and/or warrants.
Resources could be wasted in researching business combinations
that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another
business. If we are unable to complete our initial business combination, our public stockholders may receive only
approximately
$10.00 per share, or less than such amount in certain circumstances, on the liquidation of our trust account and our warrants
will expire worthless.
We anticipate that the investigation of each specific target
business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other instruments will require
substantial management time and attention and substantial costs for accountants, attorneys, consultants and others. If we decide
not to complete a specific initial business combination, the costs incurred up to that point for the proposed transaction likely
would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may fail to complete
our initial business combination for any number of reasons, including those beyond our control. Any such event will result in a
loss to us of the related costs incurred, which could materially adversely affect subsequent attempts to locate and acquire or
merge with another business. If we are unable to complete our initial business combination, our public stockholders may receive
only approximately $10.00 per share on the liquidation of our trust account and our warrants will expire worthless. In certain
circumstances, our public stockholders may receive less than $10.00 per share on the redemption of their shares. See "—
If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption
amount received by stockholders may be less than $10.00 per share" and other risk factors herein.
Our ability to successfully effect our initial business
combination and to be successful thereafter will be totally dependent upon the efforts of our key personnel, some of whom may join
us following our initial business combination. The loss of key personnel could negatively impact the operations and profitability
of our post-combination business.
Our ability to successfully effect our initial business
combination is dependent upon the efforts of our key personnel. The role of our key personnel in the target business,
however, cannot presently be ascertained. Although some of our key personnel may remain with the target business in senior
management or advisory positions following our initial business combination, it is likely that some or all of the management
of the target business will remain in place. While we intend to closely scrutinize any individuals we engage after our
initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct. These
individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to have
to expend time and resources helping them become familiar with such requirements. In addition, the officers and directors of
an initial business combination candidate may resign upon completion of our initial business combination. The departure of an
initial business combination target's key personnel could negatively impact the operations and profitability of our
post-combination business. The role of an initial business combination candidate's key personnel upon the completion of
our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an
initial business combination candidate's management team will remain associated with the initial business combination
candidate following our initial business combination, it is possible that members of the management of an initial business
combination candidate will not wish to remain in place. The loss of key personnel could negatively impact the operations and
profitability of our post-combination business.
43
Mudrick Capital's financial position could change,
negatively impacting its role in helping us complete our initial business combination
.
Mudrick Capital's financial position could be negatively
impacted due to a variety of factors, including lower management fees and/or performance fees and higher operating expenses. From
time to time, Mudrick Capital may be a party to lawsuits, which if resolved in an unfavorable manner for Mudrick Capital, could
have a material impact on Mudrick Capital's financial position. To the extent Mudrick Capital's financial position
is less stable, it may have difficulty retaining certain key investment professionals, which could negatively impact Mudrick Capital's
ability to help us complete our initial business combination.
We are dependent upon our officers and directors and their
departure could adversely affect our ability to operate.
Our operations are dependent upon a relatively small group of
individuals and, in particular, our officers and directors. We believe that our success depends on the continued service of our
executive officers and directors, at least until we have completed our initial business combination. In addition, our officers
and directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest
in allocating management time among various their business activities, including identifying potential business combinations and
monitoring the related due diligence, negotiations and other activities. We do not have an employment agreement with, or key-man
insurance on the life of, any of our directors or officers. The unexpected loss of the services of one or more of our directors
or officers could have a detrimental effect on us.
Our key personnel may negotiate employment or consulting
agreements as well as reimbursement of out-of-pocket expenses, if any, with a target business in connection with a particular business
combination. These agreements may provide for them to receive compensation or reimbursement for out-of-pocket expenses, if any,
following our initial business combination and as a result, may cause them to have conflicts of interest in determining whether
a particular business combination is the most advantageous.
Our key personnel may be able to remain with the combined company
after the completion of our initial business combination only if they are able to negotiate employment or consulting agreements
in connection with the initial business combination. Additionally, they may negotiate reimbursement of any out-of-pocket expenses
incurred on our behalf prior to the consummation of our initial business combination, should they choose to do so. Such negotiations
would take place simultaneously with the negotiation of the initial business combination and could provide for such individuals
to receive compensation in the form of cash payments and/or our securities for services they would render to us after the completion
of the initial business combination, or as reimbursement for such out-of-pocket expenses. The personal and financial interests
of such individuals may influence their motivation in identifying and selecting a target business. However, we believe the ability
of such individuals to remain with us after the completion of our initial business combination will not be the determining factor
in our decision as to whether or not we will proceed with any potential business combination. There is no certainty, however, that
any of our key personnel will remain with us after the completion of our initial business combination. We cannot assure you that
any of our key personnel will remain in senior management or advisory positions with us. The determination as to whether any of
our key personnel will remain with us will be made at the time of our initial business combination.
We may have a limited ability to assess the management
of a prospective target business and, as a result, may affect our initial business combination with a target business whose management
may not have the skills, qualifications or abilities to manage a public company, which could, in turn, negatively impact the value
of our stockholders' investment in us.
When evaluating the desirability of effecting our initial business
combination with a prospective target business, our ability to assess the target business's management may be limited due
to a lack of time, resources or information. Our assessment of the capabilities of the target's management, therefore, may
prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should the target's
management not possess the skills, qualifications or abilities necessary to manage a public company, the operations and profitability
of the post-combination business may be negatively impacted. Accordingly, any stockholders who choose to remain stockholders following
the initial business combination could suffer a reduction in the value of their shares. Such stockholders are unlikely to have
a remedy for such reduction in value.
44
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
conflict of interest could have a negative impact on our ability to complete our initial business combination.
Our officers and directors are not required to, and will not,
commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our operations
and our search for an initial
business combination and their other businesses. Each of our
officers is engaged in other business endeavors for which he may be entitled to substantial compensation and our officers are not
obligated to contribute any specific number of hours per week to our affairs. Our independent directors may also serve as officers
or board members for other entities. If our officers' and directors' other business affairs require them to devote
substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote
time to our affairs which may have a negative impact on our ability to complete our initial business combination. For a complete
discussion of our officers' and directors' other business affairs, please see the section of this prospectus entitled
 "Management — Directors and Officers."
Certain of our officers and directors are now, and all
of them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted
by us and, accordingly, may have conflicts of interest in allocating their time and determining to which entity a particular business
opportunity should be presented.
Following the completion of this offering and until we consummate
our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses.
Our sponsor and officers and directors are, and may in the future become, affiliated with entities (such as operating companies
or investment vehicles) that are engaged in a similar business. Our sponsor may form, and our officers and directors may become
an officer or director of, another special purpose acquisition company with a class of securities intended to be registered under
the Exchange Act prior to the completion of our initial business combination.
Our officers and directors also may become aware of business
opportunities that may be appropriate for presentation to us and the other entities to which they owe certain fiduciary or contractual
duties.
Accordingly, they may have conflicts of interest in determining
to which entity a particular business opportunity should be presented. These conflicts may not be resolved in our favor and a potential
target business may be presented to another entity prior to its presentation to us. Our amended and restated certificate of incorporation
will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity
is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity
is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent
the director or officer is permitted to refer that opportunity to us without violating another legal obligation.
In particular, Mudrick Capital and its affiliates also are focused
on investments in the distressed debt and post-restructured company sector. As a result, there may be substantial overlap between
companies that would be a suitable business combination for us and companies that would make an attractive target for such other
affiliates.
For a complete discussion of our officers' and directors'
business Conflict of Interests and the potential conflicts of interest that you should be aware of, please see the sections of
this prospectus entitled "Management — Officers, Directors and Director Nominees," "Management —
Conflicts of Interest" and "Certain Relationships and Related Party Transactions."
Our officers, directors, security holders and their respective
affiliates may have competitive pecuniary interests that conflict with our interests.
We have not adopted a policy that expressly prohibits our directors,
officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment to
be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into
an initial business combination with a target business that is affiliated with our sponsor, our directors or officers. We do not
have a policy that expressly prohibits any such persons from engaging for their own account in business activities of the types
conducted by us. Accordingly, such persons or entities may have a conflict between their interests and ours.
The personal and financial interests of our directors and officers
may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently,
our directors' and officers' discretion in identifying and selecting a suitable target business may result in a conflict
of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and
in our stockholders' best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter
of Delaware law and we or our stockholders might have a claim against such individuals for infringing on our stockholders'
rights. However, we might not ultimately be successful in any claim we may make against them for such reason.
45
We may engage in an initial business combination with
one or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors
or existing holders that may raise potential conflicts of interest.
In light of the involvement of our sponsor, officers and directors
with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, officers or directors. Our directors
also serve as officers and board members for other entities, including, without limitation, those described under the section of
this prospectus entitled "Management — Conflicts of Interest." Such entities may compete with us for business
combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities for us to
complete our initial business combination with any entities with which they are affiliated, and there have been no substantive
discussions concerning an initial business combination with any such entity or entities. Although we will not be specifically focusing
on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated
entity met our criteria for an initial business combination as set forth in the section of this prospectus entitled "Proposed
Business — Selection of a Target Business and Structuring of our Initial Business Combination" and such transaction
was approved by a majority of our disinterested directors. Despite our agreement to obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions, regarding the fairness to the Company and
our stockholders from a financial point of view of an initial business combination with one or more domestic or international businesses
affiliated with our officers, directors or existing holders, potential conflicts of interest still may exist and, as a result,
the terms of the initial business combination may not be as advantageous to our public stockholders as they would be absent any
conflicts of interest. These risks may become more acute as the 24-month deadline for the completion of our initial business combination.
We may acquire a target business through an Affiliated
Joint Acquisition with one or more affiliates of Mudrick Capital. This may result in conflicts of interest as well as dilutive
issuances of our securities.
We may, at our option, pursue an Affiliated Joint Acquisition
opportunity with an entity affiliated with Mudrick Capital. Any such parties would co-invest only if  (i) permitted by applicable
regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction to be mutually beneficial to us as
well as the affiliated entity; and (iii) other business reasons exist to do so, such as the strategic merits of including such
co-investors, the need for additional capital beyond the amount held in our trust account to fund the initial business combination
and/or the desire to obtain committed capital for closing the initial business combination. An Affiliated Joint Acquisition may
be effected through a co-investment with us in the target business at the time of our initial business combination, or we could
raise additional proceeds to complete the initial business combination by issuing to such parties a class of equity or equity-linked
securities. Accordingly, such persons or entities may have a conflict between their interests and ours.
In addition, any specified future issuance in connection with
Affiliated Joint Acquisition would trigger the anti-dilution provisions of our Class B common stock, which, unless waived, would
result in an adjustment to the conversion ratio of our Class B common stock such that our initial stockholders and their permitted
transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of the total number of all shares of common
stock outstanding upon completion of this offering plus all shares issued in the specified future issuance. If such adjustment
is not waived as described elsewhere in this prospectus, the specified future issuance would not reduce the percentage ownership
of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A common stock.
46
Since our sponsor, officers and directors will lose
their entire investment in us if our initial business combination is not completed (except with respect to any public shares
the may hold), a conflict of interest may arise in determining whether a particular business combination target is
appropriate for our initial business combination.
In August 2020, our sponsor paid $25,000 to cover certain
offering costs on our behalf in consideration of 8,625,000 founder shares, 1,125,000 of which are subject to forfeiture if the
underwriters' over-allotment option is not exercised. The number of founder shares issued was determined based on the expectation
that such founder shares would represent 20% of the outstanding shares after this offering. The founder shares will be worthless
if we do not complete an initial business combination. In addition, our sponsor has committed to purchase an aggregate of 7,500,000
(or 8,400,000 if the underwriters' over-allotment option is exercised in full) private placement warrants, each exercisable
for one share of our Class A common stock at $11.50 per share, for a purchase price of $7,500,000 (or $8,400,000 if the underwriters'
over-allotment option is exercised in full), or $1.00 per warrant, that will also be worthless if we do not complete an initial
business combination. Holders of founder shares have agreed (A) to vote any shares owned by them in favor of any proposed initial
business combination and (B) not to redeem any founder shares in connection with a stockholder vote to approve a proposed initial
business combination or in connection with a stockholder vote to approve an amendment to our amended and restated certificate
of incorporation. In addition, we may obtain loans from our sponsor, affiliates of our sponsor or an officer or director. The
personal and financial interests of our officers and directors may influence their motivation in identifying and selecting a target
business combination, completing an initial business combination and influencing the operation of the business following the initial
business combination.
We may issue notes or other debt securities, or otherwise
incur substantial debt, to complete an initial business combination, which may adversely affect our leverage and financial condition
and thus negatively impact the value of our stockholders' investment in us.
Although we have no commitments as of the date of this prospectus
to issue any notes or other debt securities, or to otherwise incur outstanding debt following this offering, we may choose to
incur substantial debt to complete our initial business combination. We have agreed that we will not incur any indebtedness unless
we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies held in the trust
account. As such, no issuance of debt will affect the per-share amount available for redemption from the trust account. Nevertheless,
the incurrence of debt could have a variety of negative effects, including:
·
default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations;
·
acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain
covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
·
our
immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;
·
our
inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such
financing while the debt security is outstanding;
·
our
inability to pay dividends on our common stock;
·
using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general
corporate purposes;
·
limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
·
increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
·
limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution
of our strategy; and
·
other
disadvantages compared to our competitors who have less debt.
47
We may be able to complete only one business combination
with the proceeds of this offering and the sale of the private placement warrants, which will cause us to be solely dependent on
a single business, which may have a limited number of products or services and limited operating activities. This lack of diversification
may negatively impact our operating results and profitability.
Of the net proceeds from this offering and the sale of the private
placement warrants, $300,000,000 (or $345,000,000 if the underwriters' over-allotment option is exercised in full) will be
available to complete our initial business combination and pay related fees and expenses (which includes up to $10,500,000, or
up to $12,075,000 if the over-allotment option is exercised in full, for the payment of deferred underwriting commissions being
held in the trust account).
We may effectuate our initial business combination with a single
target business or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate
our initial business combination with more than one target business because of various factors, including the existence of complex
accounting issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating
results and the financial condition of several target businesses as if they had been operated on a combined basis. By completing
our initial business combination with only a single entity, our lack of diversification may subject us to numerous economic, competitive
and regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible spreading of
risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in
different industries or different areas of a single industry. Accordingly, the prospects for our success may be:
·
solely
dependent upon the performance of a single business, property or asset, or
·
dependent
upon the development or market acceptance of a single or limited number of products, processes or services.
This lack of diversification may subject us to numerous economic,
competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular industry in which
we may operate subsequent to our initial business combination.
We may attempt to simultaneously complete business combinations
with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased
costs and risks that could negatively impact our operations and profitability.
If we determine to simultaneously acquire several businesses
that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent
on the simultaneous closings of the other business combinations, which may make it more difficult for us, and delay our ability,
to complete our initial business combination. We do not, however, intend to purchase multiple businesses in unrelated industries
in conjunction with our initial business combination. With multiple business combinations, we could also face additional risks,
including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations (if there
are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or products
of the acquired companies in a single operating business. If we are unable to adequately address these risks, it could negatively
impact our profitability and results of operations.
We may attempt to complete our initial business combination
with a private company about which little information is available, which may result in an initial business combination with a
company that is not as profitable as we suspected, if at all.
In pursuing our initial business combination strategy, we may
seek to effectuate our initial business combination with a privately-held company. Very little public information generally exists
about private companies, and we could be required to make our decision on whether to pursue a potential initial business combination
on the basis of limited information, which may result in an initial business combination with a company that is not as profitable
as we suspected, if at all.
48
Our management may not be able to maintain control of
a target business after our initial business combination.
We may structure an initial business combination so that the
post-transaction company in which our public stockholders own shares will own less than 100% of the equity interests or assets
of a target business, but we will only complete such business combination if the post-transaction company owns or acquires 50%
or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction
that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target,
our stockholders prior to the initial business combination may collectively own a minority interest in the post business combination
company, depending on valuations ascribed to the target and us in the initial business combination. For example, we could pursue
a transaction in which we issue a substantial number of new shares of Class A common stock in exchange for all of the outstanding
capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of
a substantial number of new shares of common stock, our stockholders immediately prior to such transaction could own less than
a majority of our outstanding shares of common stock subsequent to such transaction. In addition, other minority stockholders may
subsequently combine their holdings resulting in a single person or group obtaining a larger share of our stock than we initially
acquired. Accordingly, this may make it more likely that our management will not be able to maintain our control of the target
business. We cannot provide assurance that, upon loss of control of a target business, new management will possess the skills,
qualifications or abilities necessary to profitably operate such business.
We do not have a specified maximum redemption threshold.
The absence of such a redemption threshold may make it possible for us to complete an initial business combination with which a
substantial majority of our stockholders do not agree.
Our amended and restated certificate of incorporation will
not provide a specified maximum redemption threshold, except that we will only redeem our public shares so long as (after such
redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial
business combination and after payment of deferred underwriters' fees and commissions (such that we are not subject to the
SEC's "penny stock" rules) or any greater net tangible asset or cash requirement that may be contained in the
agreement relating to our initial business combination. As a result, we may be able to complete our initial business combination
even though a substantial majority of our public stockholders do not agree with the transaction and have redeemed their shares
or, if we seek stockholder approval of our initial business combination and do not conduct redemptions in connection with our
initial business combination pursuant to the tender offer rules, have entered into privately-negotiated agreements to sell their
shares to our sponsor, officers, directors, advisors or their affiliates. In the event the aggregate cash consideration we would
be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount required to
satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash
available to us, we will not complete the initial business combination or redeem any shares, all shares of Class A common stock
submitted for redemption will be returned to the holders thereof, and we instead may search for an alternate business combination.
49
In order to effectuate an initial business combination,
blank check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including
their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated certificate of incorporation
or governing instruments in a manner that will make it easier for us to complete our initial business combination that our stockholders
may not support.
In order to effectuate an initial business combination, blank
check companies have, in the recent past, amended various provisions of their charters and modified governing instruments, including
their warrant agreements. For example, blank check companies have amended the definition of business combination, increased redemption
thresholds, changed industry focus and extended the time to consummate an initial business combination and, with respect to their
warrants, amended their warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending
our amended and restated certificate of incorporation will require the approval of holders of 65% of our common stock, and amending
our warrant agreement will require a vote of holders of at least a majority of the public warrants and, solely with respect to
any amendment to the terms of the private placement warrants or any provision of our warrant agreement with respect to the private
placement warrants, a majority of the number of the then outstanding private placement warrants. In addition, our amended and
restated certificate of incorporation will require us to provide our public stockholders with the opportunity to redeem their
public shares for cash if we propose an amendment to our amended and restated certificate of incorporation to (A) modify the substance
or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination
or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing
of this offering or (B) with respect to any other material provisions relating to stockholders' rights or pre-initial business
combination activity. To the extent any such amendments would be deemed to fundamentally change the nature of any securities offered
through this registration statement, we would register, or seek an exemption from registration for, the affected securities. We
cannot assure you that we will not seek to amend our charter or governing instruments or extend the time to consummate an initial
business combination in order to effectuate our initial business combination.
The provisions of our amended and restated certificate
of incorporation that relate to our pre-business combination activity (and corresponding provisions of the agreement governing
the release of funds from our trust account), including an amendment to permit us to withdraw funds from the trust account such
that the per share amount investors will receive upon any redemption or liquidation is substantially reduced or eliminated, may
be amended with the approval of holders of 65% of our common stock, which is a lower amendment threshold than that of some other
blank check companies. It may be easier for us, therefore, to amend our amended and restated certificate of incorporation and the
trust agreement to facilitate the completion of an initial business combination that some of our stockholders may not support.
Our amended and restated certificate of incorporation will
provide that any of its provisions related to pre-initial business combination activity (including the requirement to deposit
proceeds of this offering and the private placement of warrants into the trust account and not release such amounts except in
specified circumstances, and to provide redemption rights to public stockholders as described herein and including to permit us
to withdraw funds from the trust account such that the per share amount investors will receive upon any redemption or liquidation
is substantially reduced or eliminated) may be amended if approved by holders of 65% of our common stock entitled to vote thereon,
and corresponding provisions of the trust agreement governing the release of funds from our trust account may be amended if approved
by holders of 65% of our common stock entitled to vote thereon. In all other instances, our amended and restated certificate of
incorporation may be amended by holders of a majority of our outstanding common stock entitled to vote thereon, subject to applicable
provisions of the DGCL or applicable stock exchange rules. We may not issue additional securities that can vote on amendments
to our amended and restated certificate of incorporation. Our initial stockholders, who will collectively beneficially own up
to 20% of our common stock upon the closing of this offering (assuming they do not purchase any units in this offering), will
participate in any vote to amend our amended and restated certificate of incorporation and/or trust agreement and will have the
discretion to vote in any manner they choose. As a result, we may be able to amend the provisions of our amended and restated
certificate of incorporation, which govern our pre-initial business combination behavior more easily than some other blank check
companies, and this may increase our ability to complete an initial business combination with which you do not agree. Our stockholders
may pursue remedies against us for any breach of our amended and restated certificate of incorporation.
Our sponsor, officers and directors have agreed, pursuant to
a written agreement with us, that they will not propose any amendment to our amended and restated certificate of incorporation
to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with
an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders'
rights or pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem
their shares of Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account (including interest, net of taxes), divided by the number of then outstanding public
shares. These agreements are contained in a letter agreement that we have entered into with our sponsor, officers and directors.
Our stockholders are not parties to, or third-party beneficiaries of, these agreements and, as a result, will not have the ability
to pursue remedies against our sponsor, officers or directors for any breach of these agreements. As a result, in the event of
a breach, our stockholders would need to pursue a stockholder derivative action, subject to applicable law.
50
Our letter agreement with our sponsor, director nominees,
and officers may be amended without stockholder approval.
Our letter agreement with our sponsor, directors, director nominees,
and officers contains provisions relating to transfer restrictions of our founder shares and sponsor warrants, indemnification
of the trust account, waiver of redemption rights and participation in liquidation distributions from the trust account. This letter
agreement may be amended without stockholder approval (although releasing the parties from the restriction not to transfer our
founder shares for 180 days following the date of this prospectus will require the prior written consent of the underwriters).
While we do not expect our board to approve any amendment to this agreement prior to our initial business combination, it may be
possible that our board, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more
amendments to this agreement. Any such amendments to the letter agreement would not require approval from our stockholders and
may have an adverse effect on the value of an investment in our securities.
We may be unable to obtain additional financing to complete
our initial business combination or to fund the operations and growth of a target business, which could compel us to restructure
or abandon a particular business combination.
We have not selected any specific business combination target
but intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering
and the sale of the private placement warrants. As a result, if the cash portion of the purchase price exceeds the amount available
from the trust account, net of amounts needed to satisfy any redemption by public stockholders, we may be required to seek additional
financing to complete such proposed initial business combination. We cannot assure you that such financing will be available on
acceptable terms, if at all. To the extent that additional financing proves to be unavailable when needed to complete our initial
business combination, we would be compelled to either restructure the transaction or abandon that particular business combination
and seek an alternative target business candidate. Further, we may be required to obtain additional financing in connection with
the closing of our initial business combination for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial
business combination, or to fund the purchase of other companies. If we are unable to complete our initial business combination,
our public stockholders may receive only approximately $10.00 per share plus any
pro rata
interest earned on the funds
held in the trust account and not previously released to us to pay our taxes on the liquidation of our trust account and our warrants
will expire worthless. In addition, even if we do not need additional financing to complete our initial business combination,
we may require such financing to fund the operations or growth of the target business. The failure to secure additional financing
could have a material adverse effect on the continued development or growth of the target business. None of our sponsor, officers,
directors or stockholders is required to provide any financing to us in connection with or after our initial business combination.
If we are unable to complete our initial business combination, our public stockholders may only receive approximately $10.00 per
share on the liquidation of our trust account, and our warrants will expire worthless. Furthermore, as described in the risk factor
entitled "— If third parties bring claims against us, the proceeds held in the trust account could be reduced and
the per-share redemption amount received by stockholders may be less than $10.00 per share," under certain circumstances
our public stockholders may receive less than $10.00 per share upon the liquidation of the trust account.
Our initial stockholders may exert a substantial influence
on actions requiring a stockholder vote, potentially in a manner that you do not support.
Upon the closing of this offering, our initial stockholders
will own shares representing 20% of our issued and outstanding shares of common stock (assuming they do not purchase any units
in this offering). Accordingly, they may exert a substantial influence on actions requiring a stockholder vote, potentially in
a manner that you do not support, including amendments to our amended and restated certificate of incorporation and approval of
major corporate transactions. If our initial stockholders purchase any units in this offering or if our initial stockholders purchase
any additional shares of common stock in the aftermarket or in privately-negotiated transactions, this would increase their control.
Factors that would be considered in making such additional purchases would include consideration of the current trading price of
our Class A common stock. In addition, our board of directors, whose members were elected by our initial stockholders, is and will
be divided into three classes, each of which will generally serve for a term of three years with only one class of directors being
elected in each year. We may not hold an annual meeting of stockholders to elect new directors prior to the completion of our initial
business combination, in which case all of the current directors will continue in office until at least the completion of the initial
business combination. If there is an annual meeting, as a consequence of our "staggered" board of directors, only a
minority of the board of directors will be considered for election and our initial 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 completion of our initial business combination.
51
Our sponsor paid a nominal price for the founder shares,
and, accordingly, you will experience immediate and substantial dilution from the purchase of our Class B common stock.
The difference between the public offering price per share (allocating
all of the unit purchase price to the Class A common stock and none to the warrant included in the unit) and the pro forma net
tangible book value per share of our Class A common stock after this offering constitutes the dilution to you and the other investors
in this offering. Our sponsor acquired the founder shares at a nominal price, significantly contributing to this dilution. Upon
the closing of this offering, and assuming no value is ascribed to the warrants included in the units, you and the other public
stockholders will incur an immediate and substantial dilution of approximately 94.4% (or $9.44 per share, assuming no exercise
of the underwriters' over-allotment option), the difference between the pro forma net tangible book value per share of $0.56
and the initial offering price of $10.00 per unit. In addition, because of the anti-dilution rights of the founder shares, any
equity or equity-linked securities issued or deemed issued in connection with our initial business combination, including pursuant
to a specified future issuance, would be disproportionately dilutive to our Class A common stock and would be exacerbated to the
extent the public stockholders seek redemptions from the trust account.
We may amend the terms of the warrants in a manner that
may be adverse to holders of public warrants with the approval by the holders of at least a majority of the then outstanding public
warrants. As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number
of shares of our Class A common stock purchasable upon exercise of a warrant could be decreased, all without your approval.
Our warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least a majority of the then outstanding public warrants to make any change that
adversely affects the interests of the registered holders of public warrants. Accordingly, we may amend the terms of the public
warrants in a manner adverse to a holder of public warrants if holders of at least a majority of the then outstanding public warrants
approve of such amendment. Although our ability to amend the terms of the public warrants with the consent of at least a majority
of the then outstanding public warrants is unlimited, examples of such amendments could be amendments to, among other things,
increase the exercise price of the warrants, convert the warrants into cash or stock, shorten the exercise period or decrease
the number of shares of our Class A common stock purchasable upon exercise of a warrant.
Our warrant agreement will designate the courts of
the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum
for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of
warrant holders to obtain a favorable judicial forum for disputes with our company.
Our warrant agreement will provide that, subject to applicable
law, (i) any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including
under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction, which jurisdiction shall be the
exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum.
Notwithstanding the foregoing, these provisions of the warrant
agreement will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for
which the federal district courts of the United States of America are the sole and exclusive forum. Any person or entity purchasing
or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and to have consented to the forum
provisions in our warrant agreement. If any action, the subject matter of which is within the scope the forum provisions of the
warrant agreement, is filed in a court other than a court of the State of New York or the United States District Court for the
Southern District of New York (a "foreign action") in the name of any holder of our warrants, such holder shall be
deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in
connection with any action brought in any such court to enforce the forum provisions (an "enforcement action"), and
(y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder's
counsel in the foreign action as agent for such warrant holder.
This choice-of-forum provision may limit a warrant holder's
ability to bring a claim in a judicial forum that it finds favorable for disputes with our company, which may discourage such
lawsuits. Alternatively, if a court were to find this provision of our warrant agreement inapplicable or unenforceable with respect
to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such
matters in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations
and result in a diversion of the time and resources of our management and board of directors.
52
We may redeem your unexpired warrants prior to their exercise
at a time that is disadvantageous to you, thereby making your warrants worthless.
We have the ability to redeem outstanding warrants at any time
after they become exercisable and prior to their expiration, at a price of $0.01 per warrant; provided that the reported closing
price of our Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to
the date on which we give proper notice of such redemption to the warrant holders and provided certain other conditions are met.
If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of common
stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we
are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares of common
stock under the blue sky laws of the state of residence in those states in which the warrants were initially offered by us in this
offering. 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
placement warrants will be redeemable by us so long as they are held by the sponsor or its permitted transferees.
Our warrants and founder shares may have an adverse effect
on the market price of our Class A common stock and make it more difficult to effectuate our initial business combination.
We
                                         will be issuing warrants to purchase 15,000,000 shares of our Class A common stock (or
                                         up to 17,250,000 shares of Class A common stock if the underwriters' over-allotment
                                         option is exercised in full) as part of the units offered by this prospectus and, simultaneously
                                         with the closing of this offering, we will be issuing in a private placement warrants
                                         to purchase an aggregate of 7,500,000 (or up to 8,400,000 if the underwriters'
                                         over-allotment option is exercised in full) shares of Class A common stock at $11.50
                                         per share. Our initial stockholders currently own an aggregate of 8,625,000 founder shares,
                                         1,125,000 of which are subject to forfeiture if the underwriters' over-allotment
                                         option is not exercised. The founder shares are convertible into shares of Class A common
                                         stock on a one-for-one basis, subject to adjustment as set forth herein. In addition,
                                         if our sponsor or an affiliate of our sponsor or certain of our officers and directors
                                         make any working capital loans, up to $1,500,000 of such loans may be converted into
                                         warrants, at the price of $1.00 per warrant at the option of the lender. Such warrants
                                         would be identical to the private placement warrants, including as to exercise price,
                                         exercisability and exercise period.
To the extent we issue shares of Class A common stock to effectuate
an initial business combination, the potential for the issuance of a substantial number of additional shares of Class A common
stock upon exercise of these warrants and conversion rights could make us a less attractive business combination vehicle to a target
business. Any such issuance will increase the number of issued and outstanding shares of our Class A common stock and reduce the
value of the shares of Class A common stock issued to complete the initial business combination. Therefore, our warrants and founder
shares may make it more difficult to effectuate an initial business combination or increase the cost of acquiring the target business.
The private placement warrants are identical to the warrants
sold as part of the units in this offering except that, so long as they are held by our sponsor or its permitted transferees, (i)
they will not be redeemable by us, (ii) they (including the Class A common stock issuable upon exercise of these warrants) may
not, subject to certain limited exceptions, be transferred, assigned or sold by our sponsor until 30 days after the completion
of our initial business combination, (iii) they may be exercised by the holders on a cashless basis and (iv) the holders thereof
(including with respect to shares of Class A common stock issuable upon exercise of such warrants) are entitled to registration
rights.
53
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
at least two units, you will not be able to receive or trade a whole warrant. This is different from other offerings similar to
ours whose units include one share of common stock and one warrant to purchase one 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 share, thus making us, we believe, a more attractive business combination 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 share.
A provision of our warrant agreement may make it more
difficult for use to consummate an initial business combination.
Unlike some other blank check companies, if
(i)   we issue
additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per share;
(ii)  the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the
funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions),
and
(iii) the Market Value
is below $9.20 per share,
then the exercise price of the warrants will be adjusted to
be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price
will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price. This may
make it more difficult for us to consummate an initial business combination with a target business.
The determination of the offering price of our units,
the size of this offering and terms of the units is more arbitrary than the pricing of securities and size of an offering of an
operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly
reflects the value of such units than you would have in a typical offering of an operating company.
Prior to this offering there has been no public market for any
of our securities. The public offering price of the units and the terms of the warrants were negotiated between us and the underwriters.
In determining the size of this offering, management held customary organizational meetings with representatives of the underwriters,
both prior to our inception and thereafter, with respect to the state of capital markets, generally, and the amount the underwriters
believed they reasonably could raise on our behalf. Factors considered in determining the size of this offering, prices and terms
of the units, including the Class A common stock and warrants underlying the units, include:
·
the
history and prospects of companies whose principal business is the acquisition of other companies;
·
prior
offerings of those companies;
·
our
prospects for acquiring an operating business;
·
a
review of debt to equity ratios in leveraged transactions;
·
our
capital structure;
·
an
assessment of our management and their experience in identifying operating companies;
·
general
conditions of the securities markets at the time of this offering; and
·
other
factors as were deemed relevant.
Although these factors were considered, the determination of
our offering size, price and terms of the units is more arbitrary than the pricing of securities of an operating company in a particular
industry since we have no historical operations or financial results.
54
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.
Because we must furnish our stockholders with target business
financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective
target businesses.
The federal proxy rules require that the proxy statement with
respect to the vote on an initial business combination include historical and pro forma financial statement disclosure. We will
include the same financial statement disclosure in connection with our tender offer documents, whether or not they are required
under the tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled to,
accounting principles generally accepted in the United States of America ("GAAP") or international financial reporting
standards as issued by the International Accounting Standards Board ("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) ("PCAOB"). These financial statement requirements may limit the pool of potential target
businesses we may acquire because some targets may be unable to provide such financial statements in time for us to disclose such
statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time frame.
We are an emerging growth company and a smaller reporting
company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available
to emerging growth companies and smaller reporting companies, this could make our securities less attractive to investors and may
make it more difficult to compare our performance with other public companies.
We are an "emerging growth company" within the meaning
of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As a
result, our stockholders may not have access to certain information they may deem important. We could be an emerging growth company
for up to five years, although circumstances could cause us to lose that status earlier, including if the market value of our Class
A common stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case we would no longer
be an emerging growth company as of the following December 31. We cannot predict whether investors will find our securities less
attractive because we will rely on these exemptions. If some investors find our securities less attractive as a result of our reliance
on these exemptions, the trading prices of our securities may be lower than they otherwise would be, there may be a less active
trading market for our securities and the trading prices of our securities may be more volatile.
Further, Section 102(b)(1) of the JOBS Act exempts emerging
growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that
a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth
companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition period,
which means that when a standard is issued or revised and it has different application dates for public or private companies,
we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised
standard. This may make comparison of our financial statements with another public company which is neither an emerging growth
company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because
of the potential differences in accountant standards used.
55
Additionally, we are a "smaller reporting company"
as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations,
including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company
until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates exceeds $250 million
as of the end of the prior June 30
th
, or (2) our annual revenues exceeded $100 million during such completed fiscal
year and the market value of our common stock held by non-affiliates exceeds $700 million as of the prior June 30
th
.
To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements
with other public companies difficult or impossible.
Compliance obligations under the Sarbanes-Oxley Act may
make it more difficult for us to effectuate our initial business combination, require substantial financial and management resources,
and increase the time and costs of completing an initial business combination.
Section 404 of the Sarbanes-Oxley Act requires that we evaluate
and report on our system of internal controls beginning with our Annual Report on Form 10-K for the year ending December 31, 2021.
Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth
company, will we be required to comply with the independent registered public accounting firm attestation requirement on our internal
control over financial reporting. Further, for as long as we remain an emerging growth company, we will not be required to comply
with the independent registered public accounting firm attestation requirement on our internal control over financial reporting.
The fact that we are a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome
on us as compared to other public companies because a target company with which we seek to complete our initial business combination
may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development
of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary
to complete any such business combination.
Provisions in our amended and restated certificate of
incorporation and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing to pay in the
future for our Class A common stock and could entrench management.
Our amended and restated certificate of incorporation contains
provisions that may discourage unsolicited takeover proposals that stockholders may consider to be in their best interests. These
provisions include a staggered board of directors and the ability of the board of directors to designate the terms of and issue
new series of preferred shares, which may make the removal of management more difficult and may discourage transactions that otherwise
could involve payment of a premium over prevailing market prices for our securities.
We are also subject to anti-takeover provisions under Delaware
law, which could delay or prevent a change of control. Together these provisions may make the removal of management more difficult
and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.
56
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 our directors,
officers, other employees or stockholders for breach of fiduciary duty and certain other 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, subject to certain
exceptions, be deemed to have consented to service of process on such stockholder's counsel, which may have the effect of
discouraging lawsuits against our directors, officers, other employees or stockholders.
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 our directors, officers, other
employees or stockholders for breach of fiduciary duty and certain other 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 or (C) for which the Court of
Chancery does not have subject matter 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 or make more costly 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, other employees or stockholders,
which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision
contained in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur
additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results
and financial condition.
Our amended and restated certificate of incorporation will provide
that the exclusive forum provision will be applicable to the fullest extent permitted by applicable law, subject to certain exceptions.
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. In addition, our amended and restated certificate of incorporation provides that, unless we consent in writing to
the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent
permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities
Act of 1933, as amended, or the rules and regulations promulgated thereunder. We note, however, that there is uncertainty as to
whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the
rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts
over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.
Our search for a business combination, and any target
business with which we ultimately consummate a business combination, may be materially adversely affected by the recent coronavirus
("COVID-19") outbreak and the status of debt and equity markets.
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 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, and on March 11,
2020 the World Health Organization characterized the outbreak as a "pandemic". The COVID-19 outbreak has resulted
in, and a significant outbreak of other infectious diseases could result in, a widespread health crisis that could adversely affect
the economies and financial markets worldwide, and the business of any potential target business with which we consummate a business
combination could be materially and adversely affected. Furthermore, we may be unable to complete a business combination if continued
concerns relating to COVID-19 continue to restrict travel, limit the ability to have meetings with potential investors or the
target company's personnel, vendors and services providers are unavailable to negotiate and consummate a transaction in
a timely manner. The extent to which COVID-19 impacts our search for a business combination will depend on future developments,
which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19
and the actions to contain COVID-19 or treat its impact, among others. If the disruptions posed by COVID-19 or other matters of
global concern continue for an extensive period of time, our ability to consummate a business combination, or the operations of
a target business with which we ultimately consummate a business combination, may be materially adversely affected.
57
In addition, our ability to consummate a transaction may be
dependent on the ability to raise equity and debt financing, which may be impacted by COVID-19 and other events, including increased
market volatility, decreased market liquidity and third-party financing being unavailable on terms acceptable to us or at all.
Cyber incidents or attacks directed at us could result
in information theft, data corruption, operational disruption and/or financial loss.
We depend on digital technologies, including information systems,
infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated and
deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties
or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential
data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected
against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any
vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences
on our business and lead to financial loss.
If we effect our initial business combination with a company
with locations or operations or opportunities outside of the United States, we would be subject to a variety of additional risks
that may negatively impact our operations.
If we effect our initial business combination with a company
with locations or operations or opportunities outside of the United States, we would be subject to any special considerations or
risks associated with companies operating in an international setting, including any of the following:
·
higher
costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal
requirements of overseas markets;
·
rules
and regulations regarding currency redemption;
·
complex
corporate withholding taxes on individuals;
·
laws
governing the manner in which future business combinations may be effected;
·
tariffs
and trade barriers;
·
regulations
related to customs and import/export matters;
·
longer
payment cycles and challenges in collecting accounts receivable;
·
tax
issues, including, but not limited to, tax law changes and variations in tax laws as compared to the United States;
·
currency
fluctuations and exchange controls;
·
rates
of inflation;
·
cultural
and language differences;
·
employment
regulations;
·
changes
in industry, regulatory or environmental standards within the jurisdictions where we operate;
·
crime,
strikes, riots, civil disturbances, terrorist attacks, natural disasters and wars;
·
deterioration
of political relations with the United States; and
·
government
appropriations of assets.
We may not be able to adequately address these additional risks.
If we were unable to do so, our operations might suffer, which may adversely impact our results of operations and financial condition.
58
Investments in post-restructured equities are subject
to various risks.
Business combinations with post-restructured entities entail
special considerations and risks. If we are successful in completing a business combination with such a target business, we may
be subject to, and possibly adversely affected by, the following risks:
·
investments in such companies are speculative, prices are volatile,
and market movements are difficult to predict;
·
supply and demand for distressed securities change rapidly and are
affected by a variety of market factors over which we have no control and which may reduce the pool of profitable investment opportunities;
·
our ability to identify undervalued investment opportunities that
fit our business strategy involves a high degree of uncertainty, and no assurance can be given that we will be able to identify
such opportunities;
·
such investments may take a substantial period of time before realizing
their anticipated value and returns generated from such investments may not adequately compensate for the business and financial
risks assumed; and
·
there is no guarantee that we will be able to achieve our investment
objectives or provide any return on invested capital.
​Any of the foregoing could have an adverse impact on
our operations following a business combination. However, our efforts in identifying prospective target businesses will not be
limited to post-restructured entities. Accordingly, if we acquire a target business that is not a post-restructured entity, it
is possible that these specific risks would not affect us in the same manner, but we would be subject to other risks attendant
with the specific industry in which we operate or target business which we acquire, none of which can be presently ascertained.
59
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in this prospectus may constitute "forward-looking
statements" for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to,
statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe,"
 "continue," "could," "estimate," "expect," "intend," "may,"
 "might," "plan," "possible," "potential," "predict," "project,"
 "should," "would" and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example,
statements about:
•     our
ability to select an appropriate target business or businesses;
•     our
ability to complete our initial business combination;
•     our
expectations around the performance of the prospective target business or businesses;
•     our
success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
combination;
•     our
officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business
or in approving our initial business combination;
•     our
potential ability to obtain additional financing to complete our initial business combination;
•     our
pool of prospective target businesses;
•     the
ability of our officers and directors to generate a number of potential acquisition opportunities;
•     our
public securities' potential liquidity and trading;
•     the
lack of a market for our securities;
•     the
use of proceeds not held in the trust account or available to us from interest income on the trust account balance;
•     the
trust account not being subject to claims of third parties; or
•     our
financial performance following this offering or 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 section of this prospectus entitled "Risk Factors" beginning
on page 28. 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.
60
USE OF PROCEEDS
We are offering 30,000,000 units at an offering price of $10.00
per unit. We estimate that the net proceeds of this offering together with the funds we will receive from the sale of the private
placement warrants will be used as set forth in the following table.
Without
Over-Allotment
Option
Over-Allotment
Option Fully
Exercised
Gross proceeds
Gross proceeds from units offered to public
(1)
$
300,000,000
$
345,000,000
Gross proceeds from private placement warrants offered in the private placement
7,500,000
8,400,000
Total gross proceeds
$
307,500,000
$
353,400,000
Offering expenses
(2)
Underwriting commissions (2% of gross proceeds from units offered to public, excluding deferred portion)
(3)
$
6,000,000
$
6,900,000
Legal fees and expenses
250,000
250,000
Accounting fees and expenses
37,500
37,500
SEC/FINRA Expenses
100,000
100,000
Travel and road show
25,000
25,000
Nasdaq listing and filing fees
75,000
75,000
Director and Officer liability insurance premiums
100,000
100,000
Printing and engraving expenses
40,000
40,000
Miscellaneous
122,500
122,500
Total offering expenses (excluding underwriting commissions)
$
750,000
$
750,000
Proceeds after offering expenses
$
300,750,000
$
345,750,000
Held in trust account
(3)
$
300,000,000
$
345,000,000
% of public offering size
100
%
100
%
Not held in trust account
$
750,000
$
750,000
The following table shows the estimated use of the approximately
$750,000 of net proceeds not held in the trust account.
(4)
Amount
% of Total
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination
(5)
$
315,000
42.0
%
Legal and accounting fees related to regulatory reporting obligations
50,000
6.7
%
Nasdaq continued listing fees
75,000
10.0
%
Payment for office space, utilities and secretarial and administrative support ($10,000 per month for up to 24 months)
240,000
32.0
%
Working capital to cover miscellaneous expenses (including taxes)
70,000
9.3
%
Total
$
750,000
100.0
%
(1)
Includes amounts payable to public stockholders who properly
redeem their shares in connection with our successful completion of our initial business combination. Includes gross proceeds
from this offering of $300,000,000 (or $345,000,000 if the underwriters' overallotment option is exercised in full).
(2)
A portion of the offering expenses will be paid from
the proceeds of loans from our sponsor of up to an aggregate of $300,000 as described in this prospectus. As of August 3, 2020,
we had borrowed $12,500 (of up to $300,000 available to us) under the promissory note with our sponsor to be used for a portion
of the expenses of this offering. These amounts will be repaid upon completion of this offering out of the offering proceeds that
has been allocated for the payment of offering expenses (other than underwriting commissions). In the event that offering expenses
are more than as set forth in this table, they will be repaid using a portion of the $750,000 of offering proceeds not held in
the trust account and set aside for post-closing working capital expenses. In the event that offering expenses are less than set
forth in this table, any such amounts will be used for post-closing working capital expenses.
61
(3)
The underwriters have agreed to defer underwriting commissions
equal to 3.5% of the gross proceeds of this offering. Upon completion of our initial business combination, $10,500,000, which
constitutes the underwriter's deferred commissions (or $12,075,000 if the underwriters' over-allotment option is exercised
in full) will be paid to the underwriters from the funds held in the trust account, and the remaining funds, less amounts released
to the trustee to pay redeeming stockholders, will be released to us and can be used to pay all or a portion of the purchase price
of the business or businesses with which our initial business combination occurs or for general corporate purposes, including
payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases
of other companies or for working capital. The underwriters will not be entitled to any interest accrued on the deferred underwriting
discounts and commissions.
(4)
These expenses are estimates only and do not include
interest which may be available to us from the trust account. 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 such business
combination. In the event we identify an initial business combination target in a specific industry subject to specific regulations,
we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition,
our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence.
We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated
expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be
available for our expenses.
(5)
Includes estimated amounts that may also be used in connection
with our initial business combination to fund a "no shop" provision and commitment fees for financing.
We may increase or decrease the total number of units sold to
the public in this offering. If we decide to proceed with an offering that results in an increase in the total number of units
sold to the public, we would have additional proceeds from the offering available to pursue an acquisition. If we proceed with
an offering that results in a decrease in the total number of shares sold to the public, we would have reduced proceeds from the
offering available to pursue an acquisition. Such an increase or decrease may impact the size of the initial business combination
we may pursue. In addition, the proceeds held in trust would correspondingly increase or decrease such that 100% of the gross proceeds
from this offering will be held in trust. The underwriter's option to purchase additional units to cover over-allotments and
the amount of private placement warrants that our sponsor will purchase will correspondingly increase or decrease. We would issue
additional founder shares in the event we increase the total number of units sold in this offering and our sponsor would forfeit
founder shares it holds in the event we decrease the total number of units sold in this offering so that the number of shares of
Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on
an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon completion of
this offering the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise
of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation
of the initial business combination, including pursuant to a specified future issuance, excluding any shares of Class A common
stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to
any seller in the initial business combination and any private placement-equivalent warrants issued to our sponsor, officers or
directors upon conversion of working capital loans.
Of the net proceeds of this offering and the sale of the
private placement warrants, $300,000,000 (or $345,000,000 if the underwriters' over-allotment option is exercised in
full), including $10,500,000 (or $12,075,000 if the underwriters' over-allotment option is exercised in full) of
deferred underwriting commissions, will be placed in a trust account in the United States at J.P. Morgan Chase Bank, N.A.,
with Continental Stock Transfer & Trust Company acting as trustee, and will be invested only in U.S. government treasury
bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act, which invest only in direct U.S. government treasury obligations. We estimate that the interest
earned on the trust account will be approximately $300,000 per year, assuming an interest rate of 0.1% per year; however, we
can provide no assurance regarding this amount. Except with respect to interest earned on the funds held in the trust account
that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private placement
warrants will not be released from the trust account until the earliest to occur of: (a) the completion of our initial
business combination, (b) the redemption of any public shares properly submitted in connection with a stockholder vote to
amend our amended and restated certificate of incorporation to (i) modify the substance or timing of our obligation to
provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our
public shares if we do not complete our initial business combination within 24 months from the closing of this offering or
(ii) with respect to any other material provisions relating to stockholders' rights or pre-initial business combination
activity, and (c) the redemption of our public shares if we are unable to complete our initial business combination within 24
months from the closing of this offering, subject to applicable law.
62
The net proceeds released to us from the trust account upon
the closing of our initial business combination may be used as consideration to pay the sellers of a target business with which
we complete our initial business combination. If our initial business combination is paid for using equity or debt securities,
or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial
business combination or used for redemption of our public shares, we may use the balance of the cash released from the trust account
following the closing for general corporate purposes, including for maintenance or expansion of operations of the post-transaction
company, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund
the purchase of other companies or for working capital. There is no limitation on our ability to raise funds through the issuance
of equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness in connection
with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter
into following consummation of this offering. However, our amended and restated certificate of incorporation will provide that,
following this offering and prior to the consummation of our initial business combination, we will be prohibited from issuing additional
securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our
public shares (a) on any initial business combination or (b) to approve an amendment to our amended and restated certificate of
incorporation to (x) extend the time we have to consummate a business combination beyond 24 months from the closing of this offering
or (y) amend the foregoing provisions, unless (in connection with any such amendment to our amended and restated certificate of
incorporation) we offer our public stockholders the opportunity to redeem their public shares.
We believe that amounts not held in trust will be sufficient
to pay the costs and expenses to which such proceeds are allocated. This belief is based on the fact that while we may begin preliminary
due diligence of a target business in connection with an indication of interest, we intend to undertake in-depth due diligence,
depending on the circumstances of the relevant prospective business combination, only after we have negotiated and signed a letter
of intent or other preliminary agreement that addresses the terms of an initial business combination. However, if our estimate
of the costs of undertaking in-depth due diligence and negotiating an initial business combination is less than the actual amount
necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable.
If we are required to seek additional capital, we could seek such additional capital through loans or additional investments from
our sponsor, members of our management team or their affiliates, but such persons are not under any obligation to advance funds
to, or invest in, us.
Commencing on the date of this prospectus, we have agreed to
pay our sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation, we will cease paying these monthly fees.
Prior to the closing of this offering, our sponsor has agreed
to loan us up to an aggregate of $300,000 to be used for a portion of the expenses of this offering. As of August 3, 2020, we had
borrowed $12,500 under the promissory note with our sponsor to be used for a portion of the expenses of this offering. These loans
are non-interest bearing, unsecured and are due at the earlier of March 31, 2021 or the closing of this offering. The loan will
be repaid upon the closing of this offering out of offering proceeds not held in the trust account.
In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts out of the proceeds of the trust account released to us. Otherwise, such loans would be repaid only out of
funds held outside the trust account. In the event that our initial business combination does not close, we may use a portion
of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would
be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per
warrant at the option of the lender. The warrants would be identical to the private placement warrants, including as to exercise
price, exercisability and exercise period. The terms of such loans by our officers and directors, if any, have not been determined
and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor
or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against
any and all rights to seek access to funds in our trust account.
63
We will only redeem our public shares so long as (after
such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our
initial business combination and after payment of deferred underwriters' fees and commissions (so that we are not
subject to the SEC's "penny stock" rules) and the agreement for our initial business combination may
require as a closing condition that we have a minimum net worth or a certain amount of cash. If too many public stockholders
exercise their redemption rights so that we cannot satisfy the net tangible asset requirement or any net worth or cash
requirements, we would not proceed with the redemption of our public shares or the initial business combination, and instead
may search for an alternate business combination.
A public stockholder will be entitled to receive funds from
the trust account only upon the earliest to occur of: (i) our completion of an initial business combination, (ii) the redemption
of any public shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate of
incorporation to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection
with an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders'
rights or pre-initial business combination activity, and (iii) the redemption of our public shares if we are unable to complete
our initial business combination within 24 months following the closing of this offering, subject to applicable law and as further
described herein and any limitations (including, but not limited to, cash requirements) created by the terms of the proposed initial
business combination. In no other circumstances will a public stockholder have any right or interest of any kind to or in the trust
account.
Our sponsor, officers and directors have entered into a letter
agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and any
public shares held by them in connection with the completion of our initial business combination. In addition, our initial stockholders
have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by
them if we fail to complete our initial business combination within the prescribed time frame. However, if our sponsor or any of
our officers, directors or affiliates acquires public shares in or after this offering, they will be entitled to liquidating distributions
from the trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time frame.
DIVIDEND POLICY
We have not paid any cash dividends on our common stock to date
and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of our initial business combination. The payment of any cash dividends subsequent to our initial business combination
will be within the discretion of our board of directors at such time. If we increase or decrease the size of the offering we will
effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our
initial stockholders at 20% of the issued and outstanding shares of our common stock upon the consummation of this offering. Further,
if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited
by restrictive covenants we may agree to in connection therewith.
64
DILUTION
The difference between the public offering price per share of
Class A common stock, assuming no value is attributed to the warrants included in the units we are offering pursuant to this prospectus
or the private placement warrants, and the pro forma net tangible book value per share of our Class A common stock after this offering
constitutes the dilution to investors in this offering. Such calculation does not reflect any dilution associated with the sale
and exercise of warrants, including the private placement warrants, which would cause the actual dilution to the public stockholders
to be higher, particularly where a cashless exercise is utilized. Net tangible book value per share is determined by dividing our
net tangible book value, which is our total tangible assets less total liabilities (including the value of Class A common stock
which may be redeemed for cash), by the number of outstanding shares of our Class A common stock.
At August 3, 2020, our net tangible book value was $(18,500),
or approximately $(0.00) per share of common stock. After giving effect to the sale of 30,000,000 shares of Class A common stock
included in the units we are offering by this prospectus (or 34,500,000 shares of Class A common stock if the underwriters'
over-allotment option is exercised in full), the sale of the private placement warrants and the deduction of underwriting commissions
and estimated expenses of this offering, our pro forma net tangible book value at August 3, 2020 would have been $5,000,010, or
approximately $0.56 per share (or $0.49 per share if the underwriters' over-allotment option is exercised in full), representing
an immediate increase in net tangible book value (as decreased by the value of the approximately 28,527,399 shares of Class A common
stock that may be redeemed for cash, or 32,869,899 shares of Class A common stock if the underwriters' over-allotment option
is exercised in full) of $0.56 per share (or $0.49 per share if the underwriters' over-allotment option is exercised in full)
to our initial stockholders as of the date of this prospectus and immediate dilution to public stockholders from this offering
will be $9.44 per share (or $9.51 if the underwriters' over-allotment option is exercised in full).
The following table illustrates the dilution to the public stockholders
on a per-share basis, assuming no value is attributed to the warrants included in the units or the private placement warrants:
No exercise of
over-allotment
option
Exercise of
over-allotment
option in full
Public offering price
$
10.00
$
10.00
Net tangible book value before this offering
$
(0.00
)
$
(0.00
)
Increase attributable to public stockholders and sale of the private placement warrants
$
0.56
$
0.49
Pro forma net tangible book value after this offering
$
0.56
$
.49
Dilution to public stockholders
$
9.44
$
9.51
Percentage of dilution to public stockholders
94.4
%
95.1
%
For purposes of presentation, we have reduced our pro forma
net tangible book value after this offering (assuming no exercise of the underwriters' over-allotment option) by $285,273,990
because holders of up to approximately 95.1% of our public shares may redeem their shares for a
pro rata
share of the aggregate
amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account as set forth
in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior to the commencement
of our tender offer or stockholders' meeting, including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes), divided by the number of shares of Class A common stock sold in this offering.
65
The following table sets forth information with respect to our
initial stockholders and the public stockholders:
Shares Purchased
Total Consideration
Average
Price
Number
Percentage
Amount
Percentage
Per Share
Initial Stockholders
(1)
7,500,000
20.000
%
$
25,000
.009
%
$
0.003
Public Stockholders
30,000,000
80.000
%
300,000,000
99.991
%
$
10.000
37,500,000
100.000
%
$
300,025,000
100.00
%
(1)
Assumes no exercise of the underwriters' over-allotment
option and the corresponding forfeiture of an aggregate of 1,125,000 shares of Class B common stock held by our sponsor and conversion
of Class B common stock into Class A common stock on a one for-one basis. The dilution to public stockholders would increase to
the extent that the anti-dilution provisions of the Class B common shares result in the issuance of Class A common shares on a
greater than one-to-one basis upon such conversion.
The pro forma net tangible book value per share after this offering
is calculated as follows:
Without
Over-allotment
With
Over-allotment
Numerator:
Net tangible book value before this offering
$
(18,500
)
$
(18,500
)
Plus: Offering costs paid in advance, excluded from tangible book value before this offering
42,500
42,500
Net proceeds from this offering and sale of the private placement warrants, net of expenses
(1)
300,750,000
345,750,000
Less: Deferred underwriting commissions
(10,500,000
)
(12,075,000
)
Less: Proceeds held in trust subject to redemption to maintain net tangible assets of $5,000,001
(2)
(285,273,990
)
(328,698,990
)
$
5,000,010
$
5,000,010
Without
Over-allotment
With
Over-allotment
Denominator:
Shares of Class B common stock outstanding prior to this offering
8,625,000
8,625,000
Shares of Class B common stock forfeited if over-allotment is not exercised
(1,125,000
)
—
Shares of Class A common stock included in the units offered
30,000,000
34,500,000
Less: Shares subject to redemption
(28,527,399
)
(32,869,899
)
8,972,601
10,255,101
(1)
Expenses applied against gross proceeds include offering
expenses of $750,000 and underwriting commissions of $6,000,000 (or $6,900,000 if the underwriters' over-allotment option
is exercised in full) (excluding deferred underwriting fees). See "Use of Proceeds."
(2)
If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer
rules, our sponsor, initial stockholders, directors, executive officers, advisors or their affiliates may purchase shares or public
warrants' in privately-negotiated transactions or in the open market, either prior to or following the completion of our
initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business
combination, the number of shares of Class A common stock subject to redemption will be reduced by the amount of any such purchases,
increasing the pro forma net tangible book value per share. See "Proposed Business — Effecting Our Initial Business
Combination" and "Proposed Business — Permitted Purchases of Our Securities."
66
CAPITALIZATION
The following table sets forth our capitalization at August
3, 2020, and as adjusted to give effect to the sale of our units in this offering and the sale of the private placement warrants
and the application of the estimated net proceeds derived from the sale of such securities, assuming no exercise by the underwriters
of its over-allotment option:
August 3, 2020
Actual
As Adjusted
Note payable
$
12,500
$
—
Deferred underwriting commissions
—
10,500,000
Class A common stock, $0.0001 par value, 100,000,000 shares authorized; -0- and 28,527,399 shares are subject to possible redemption, actual and as adjusted, respectively(2)(3)
—
285,273,990
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted
—
—
Class A common stock, $0.0001 par value, 100,000,000 shares authorized, -0- and 1,472,601 shares issued and outstanding (excluding-0- and 28,527,399 shares subject to redemption), actual and adjusted, respectively
—
147
Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 8,625,000 and 7,500,000 shares issued and outstanding, actual and as adjusted, respectively(3)
863
750
Additional paid-in capital
24,137
5,000,113
Accumulated deficit
(1,000
)
(1,000
)
Total stockholders' equity
24,000
5,000,010
Total capitalization
$
36,500
$
300,774,000
(1)
Our sponsor has agreed to loan us up to an aggregate
of $300,000 to be used for a portion of the expenses of this offering. The "as adjusted" information gives effect
to the repayment of any loans made under this note out of the proceeds from this offering and the sale of the private placement
warrants. As of August 3, 2020, we had borrowed $12,500 under the promissory note with our sponsor to be used for a portion of
the expenses of this offering.
(2)
Upon the completion of our initial business combination,
we will provide our public stockholders with the opportunity to redeem their public shares for cash equal to their
pro rata
share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the
initial business combination, including interest earned on the funds held in the trust account and not previously released to
us to pay our taxes, subject to the limitations described herein whereby our net tangible assets will be maintained at a minimum
of $5,000,001 either immediately prior to or upon consummation of our initial business combination and any limitations (including,
but not limited to, cash requirements) created by the terms of the proposed initial business combination.
(3)
Actual share amount is prior to any forfeiture of founder
shares by our sponsor and as adjusted amount assumes no exercise of the underwriters' over-allotment option.
67
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Overview
We are a blank check company whose business purpose is to effect
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or
more businesses. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated
any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination
with us. We intend to effectuate our initial business combination using cash from the proceeds of this offering and the private
placement of the private placement warrants, the proceeds of the sale of our shares in connection with our initial business combination
(pursuant to forward purchase agreements or backstop agreements we may enter into following the consummation of this offering or
otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination
of the foregoing.
The issuance of additional shares in connection with an initial
business combination to the owners of the target or other investors:
•
may significantly dilute the equity interest of investors
in this offering, which dilution would increase if the anti-dilution provisions in the Class B common stock resulted in the issuance
of Class A shares on a greater than one-to-one basis upon conversion of the Class B common stock;
•
may subordinate the rights of holders of our common stock
if preferred stock is issued with rights senior to those afforded our common stock;
•
could cause a change in control if a substantial number
of shares of our common stock is issued, which may affect, among other things, our ability to use our net operating loss carry
forwards, if any, and could result in the resignation or removal of our present officers and directors;
•
may have the effect of delaying or preventing a change
of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control of us; and
•
may adversely affect prevailing market prices for our
Class A common stock and/or warrants.
Similarly, if we issue debt securities or otherwise incur significant
debt to bank or other lenders or the owners of a target, it could result in:
•
default and foreclosure on our assets if our operating
revenues after an initial business combination are insufficient to repay our debt obligations;
•
acceleration of our obligations to repay the indebtedness
even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain
financial ratios or reserves without a waiver or renegotiation of that covenant;
•
our immediate payment of all principal and accrued interest,
if any, if the debt is payable on demand;
•
our inability to obtain necessary additional financing
if the debt contains covenants restricting our ability to obtain such financing while the debt is outstanding;
•
our inability to pay dividends on our common stock;
•
using a substantial portion of our cash flow to pay principal
and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to
pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;
•
limitations on our flexibility in planning for and reacting
to changes in our business and in the industry in which we operate;
•
increased vulnerability to adverse changes in general
economic, industry and competitive conditions and adverse changes in government regulation;
•
limitations on our ability to borrow additional amounts
for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and
•
other purposes and other disadvantages compared to our
competitors who have less debt.
68
As indicated in the accompanying financial statements, at
August 3, 2020, we had no cash, and will rely on loans from our sponsor for operating costs until the close of this offering.
Further, we expect to incur significant costs in the pursuit of our initial business combination plans. We cannot assure you that
our plans to raise capital or to complete our initial business combination will be successful .
Results of Operations and Known Trends or Future Events
We have neither engaged in any operations nor generated any
revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare for this
offering. Following this offering, we will not generate any operating revenues until after completion of our initial business combination.
We will generate non-operating income in the form of interest income on cash and cash equivalents after this offering. There has
been no significant change in our financial or trading position and no material adverse change has occurred since the date of our
audited financial statements. After this offering, we expect to incur increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence on prospective
business combination candidates. We expect our expenses to increase substantially after the closing of this offering.
Liquidity and Capital Resources
Our liquidity needs will be satisfied prior to the completion
of this offering through up to an aggregate of $300,000 in loans available from our sponsor under unsecured promissory note. As
of August 3, 2020, we had borrowed $12,500 under such promissory note . We estimate that the net proceeds from (i) the sale
of the units in this offering, after deducting offering expenses of approximately $750,000, underwriting commissions of $6,000,000
($6,900,000 if the underwriters' over-allotment option is exercised in full) (excluding deferred underwriting commissions
of $10,500,000 (or $12,075,000 if the underwriters' over-allotment option is exercised in full)), and (ii) the sale of the
private placement warrants for a purchase price of $7,500,000 (or $8,400,000 if the over-allotment option is exercised in full),
will be $30,750,000 (or $345,750,000 if the underwriters' over-allotment option is exercised in full). Of this amount, $300,000,000
(or $345,000,000 if the underwriters' over-allotment option is exercised in full) will be held in the trust account, which
includes $10,500,000 (or $12,075,000 if the underwriters' over-allotment option is exercised in full) of deferred underwriting
commissions. The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity
of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which
invest only in direct U.S. government treasury obligations. The remaining approximately $750,000 will not be held in the trust
account. In the event that our offering expenses exceed our estimate of $750,000, we may fund such excess with funds not to be
held in the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease by
a corresponding amount. Conversely, in the event that the offering expenses are less than our estimate of $750,000, the amount
of funds we intend to be held outside the trust account would increase by a corresponding amount.
We intend to use substantially all of the funds held in the
trust account, including any amounts representing interest earned on the trust account (less taxes paid and deferred underwriting
commissions) to complete our initial business combination. We may withdraw interest to pay taxes. We estimate our annual franchise
tax obligations, based on the number of shares of our common stock authorized and outstanding after the completion of this offering,
to be $200,000, which is the maximum amount of annual franchise taxes payable by us as a Delaware corporation per annum, which
we may pay from funds from this offering held outside of the trust account or from interest earned on the funds held in our trust
account and released to us for this purpose. Our annual income tax obligations will depend on the amount of interest and other
income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be
sufficient to pay our income taxes. To the extent that our capital stock or debt is used, in whole or in part, as consideration
to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital
to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
69
Prior to the completion of our initial business
combination, we will have available to us the approximately $750,000 of proceeds held outside the trust account. We will use
these funds to, among other expenditures described herein, identify and evaluate target businesses, perform business due
diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target
businesses or their representatives or owners, review corporate documents and material agreements of prospective target
businesses, and structure, negotiate and complete an initial business combination.
In order to fund working capital deficiencies or finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain
of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business
combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we may use
a portion of the working capital held outside the trust account to repay such loaned amounts, but no proceeds from our trust account
would be used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant
at the option of the lender. The warrants would be identical to the private placement warrants, including as to exercise price,
exercisability and exercise period. The terms of such loans by our sponsor, officers and directors, if any, have not been determined
and no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor
or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against
any and all rights to seek access to funds in our trust account.
We expect our primary liquidity requirements during that period
to include approximately $315,000 for legal, accounting, due diligence, travel and other expenses associated with structuring,
negotiating and documenting successful business combinations; $50,000 for legal and accounting fees related to regulatory reporting
requirements; and approximately; $75,000 for Nasdaq continued listing fees; $240,000 for office space, utilities and secretarial
and administrative support; and $70,000 for working capital that will be used for miscellaneous expenses and reserves.
These amounts are estimates and may differ materially from our
actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees for financing,
fees to consultants to assist us with our search for a target business or as a down payment or to fund a "no-shop"
provision (a provision designed to keep target businesses from "shopping" around for transactions with other companies
or investors on terms more favorable to such target businesses) with respect to a particular proposed initial business combination,
although we do not have any current intention to do so.
If we entered into an agreement where we paid for the right
to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a "no-shop"
provision would be determined based on the terms of the specific business combination and the amount of our available funds at
the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our not having sufficient
funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.
We do not believe we will need to raise additional funds
following this offering in order to meet the expenditures required for operating our business. However, if our estimates of
the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business
combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our
business prior to our initial business combination. Moreover, we may need to obtain additional financing either to complete
our initial business combination or because we become obligated to redeem a significant number of our public shares upon
completion of our initial business combination, in which case we may issue additional securities or incur debt in connection
with such business combination, which may include a specified future issuance. In addition, we intend to target businesses
with enterprise values that are greater than we could acquire with the net proceeds of this offering and the sale of the
private placement warrants, and, as a result, if the cash portion of the purchase price exceeds the amount available from the
trust account, net of amounts needed to satisfy any redemptions by public stockholders, we may be required to seek additional
financing to complete such proposed initial business combination. We may also obtain financing prior to the closing of our
initial business combination to fund our working capital needs and transaction costs in connection with our search for and
completion of our initial business combination. There is no limitation on our ability to raise funds through the issuance of
equity or equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements
we may enter into following consummation of this offering. Subject to compliance with applicable securities laws, we would
only complete such financing simultaneously with the completion of our initial business combination. If we are unable to
complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease
operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is
insufficient, we may need to obtain additional financing in order to meet our obligations. Our amended and restated
certificate of incorporation will provide that, following this offering and prior to the consummation of our initial business
combination, we will be prohibited from issuing additional securities that would entitle the holders thereof to (i) receive
funds from the trust account or (ii) vote as a class with our public shares (a) on any initial business combination or (b) to
approve an amendment to our amended and restated certificate of incorporation to (x) extend the time we have to consummate a
business combination beyond 24 months from the closing of this offering or (y) amend the foregoing provisions, unless (in
connection with any such amendment to our amended and restated certificate of incorporation) we offer our public stockholders
the opportunity to redeem their public shares.
70
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. Only in the event that we are deemed to be
a large accelerated filer or an accelerated filer and no longer an emerging growth company would we be required to comply with
the independent registered public accounting firm attestation requirement. Further, for as long as we remain an emerging growth
company as defined in the JOBS Act, we intend to take advantage of certain exemptions from various reporting requirements that
are applicable to other public companies that are not emerging growth companies, including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirement.
Prior to the closing of this offering, we have not completed
an assessment, nor has our independent registered public accounting firm tested our systems, of internal controls. We expect to
assess the internal controls of our target business or businesses prior to the completion of our initial business combination and,
if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain an
effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley Act
regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider for our initial business
combination may have internal controls that need improvement in areas such as:
•
staffing for financial, accounting and external reporting
areas, including segregation of duties;
•
reconciliation of accounts;
•
proper recording of expenses and liabilities in the period
to which they relate;
•
evidence of internal review and approval of accounting
transactions;
•
documentation of processes, assumptions and conclusions
underlying significant estimates; and
•
documentation of accounting policies and procedures.
Because it will take time, management involvement and perhaps
outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements and market
expectations for our operation of a target business, we may incur significant 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 registered public accounting firm to audit and render an opinion on such report when required by
Section 404 of the Sarbanes-Oxley Act. The independent registered public accounting firm may identify additional issues concerning
a target business's internal controls while performing their audit of internal control over financial reporting.
Quantitative and Qualitative Disclosures about Market Risk
The net proceeds of this offering and the sale of the private
placement warrants held in the trust account will be invested in U.S. government treasury bills with a maturity of 185 days or
less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in
direct U.S.
government treasury obligations. Due to the short-term nature
of these investments, we believe there will be no associated material exposure to interest rate risk.
71
Related Party Transactions
In August 2020, our sponsor paid $25,000 to cover certain offering
costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which are subject to
forfeiture depending on the extent to which the underwriters' over-allotment option is exercised). The number of founder
shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon
completion of this offering. The per share purchase price of the founder shares was determined by dividing the amount of cash contributed
to the Company by the aggregate number of founder shares issued. If we increase or decrease the size of the offering, we will effect
a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to our Class
B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our initial
stockholders at 20% of the issued and outstanding shares of our common stock upon the consummation of this offering.
Commencing on the date of this prospectus, we have agreed to
pay our sponsor a total of  $10,000 per month for office space, utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation, we will cease paying these monthly fees.
Our sponsor, officers and directors, or any of their respective
affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf such as identifying
potential target businesses and performing due diligence on suitable business combinations. Our audit committee will review on
a quarterly basis all payments that were made to our sponsor, officers, directors or our or their affiliates and will determine
which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket
expenses incurred by such persons in connection with activities on our behalf.
Prior to the consummation of this offering, our sponsor has
agreed to loan us up to an aggregate of $300,000 to be used for a portion of the expenses of this offering. As of August 3, 2020,
we had borrowed $12,500 under the promissory note with our sponsor to be used for a portion of the expenses of this offering. These
loans are non-interest bearing, unsecured and are due at the earlier of March 31, 2021 or the closing of this offering. The loans
will be repaid upon the closing of this offering out of the $750,000 offering proceeds that has been allocated to the payment of
offering expenses (other than underwriting commissions) not held in trust.
In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital
held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants, at a price of $1.00 per warrant at the option of the lender.
Such warrants would be identical to the private placement warrants, including as to exercise price, exercisability and exercise
period. The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist
with respect to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor
as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek
access to funds in our trust account.
Our sponsor has committed to purchase an aggregate of 7,500,000
private placement warrants (or 8,400,000 if the underwriters' over-allotment option is exercised in full) at a price of
$1.00 per warrant ($7,500,000 in the aggregate or $8,400,000 if the underwriters' over-allotment option is exercised in
full) in a private placement that will occur simultaneously with the closing of this offering. Each private placement warrant
entitles the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share. Our sponsor will
be permitted to transfer the private placement warrants held by them to certain permitted transferees, including our officers
and directors and other persons or entities affiliated with or related to them, but the transferees receiving such securities
will be subject to the same agreements with respect to such securities as our sponsor. Otherwise, these warrants will not, subject
to certain limited exceptions, be transferable or salable until 30 days after the completion of our initial business combination.
The private placement warrants will be non-redeemable so long as they are held by our sponsor or its permitted transferees. The
private placement warrants may also be exercised by our sponsor and its permitted transferees for cash or on a cashless basis.
Otherwise, the private placement warrants have terms and provisions that are identical to those of the warrants being sold as
part of the units in this offering, including as to exercise price, exercisability and exercise period.
72
Pursuant to a registration rights agreement we will enter into
with our initial stockholders on or prior to the closing of this offering, we may be required to register certain securities for
sale under the Securities Act. These holders, and holders of warrants issued upon conversion of working capital loans, if any,
are entitled under the registration rights agreement to make up to three demands that we register certain of our securities held
by them for sale under the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule 415
under the Securities Act. In addition, these holders have the right to include their securities in other registration statements
filed by us. We will bear the costs and expenses of filing any such registration statements. See the section of this prospectus
entitled "Certain Relationships and Related Party Transactions."
Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations
As of August 3, 2020, 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.
JOBS Act
On April 5, 2012, the JOBS Act was signed into law. The JOBS
Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will
qualify as an "emerging growth company" and under the JOBS Act will be allowed to comply with new or revised accounting
pronouncements based on the effective date for private (not publicly-traded) companies. We are electing to delay the adoption of
new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant
dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements
may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Additionally, we are in the process of evaluating the benefits
of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the
JOBS Act, if, as an "emerging growth company," we choose to rely on such exemptions we may not be required to, among
other things, (i) provide an independent registered public accounting firm's attestation report on our system of internal
controls over financial reporting pursuant to Section 404 of the Sarbanes Oxley Act, (ii) provide all of the compensation disclosure
that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act,
(iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to
the report of independent registered public accounting firm providing additional information about the audit and the financial
statements (auditor discussion and analysis) and (iv) disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation.
These exemptions will apply for a period of five years following the completion of this offering or until we are no longer an
emerging growth company, whichever is earlier.
73
PROPOSED BUSINESS
Overview
We are a newly organized blank check company formed as a
Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as
our initial business combination. We have not selected any specific business combination target and we have not, nor has
anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination
target.
Our sponsor was formed by Mudrick Capital, which was founded
in 2009 to focus on investment opportunities in distressed credit and post-restructured equities. As of September 18, 2020,
Mudrick Capital managed approximately $2.6 billion, primarily for institutional clients such as pension funds, endowments, foundations,
insurance companies, family offices, funds of funds and high net worth individuals. Mudrick Capital currently has 26 seasoned
employees, including 11 investment professionals with over 100 years of combined distressed and post-restructuring investment
experience. Mudrick Capital has been deploying capital for over 10 years across over 180 distressed or post-restructuring investments
since the fund's inception, including 27 investments with active involvement via board of directors and/or credit committee
representation. In addition, Mudrick Capital sponsored Mudrick Capital Acquisition Corporation, a prior special purpose acquisition
company that raised approximately $250 million in its initial public offering and which subsequently merged with Hycroft Mining
Corporation ("Hycroft"), a US-based, gold and silver producer with proven and probable mineral reserves of ~18 million
gold equivalent ounces.
Our management team is led by Jason Mudrick, our Chairman
and Chief Executive Officer. Mr. Mudrick is also the President of Mudrick Capital and has in excess of 18 years of experience
investing in the public and private markets for distressed debt and post-restructured equities. Mr. Mudrick has served on numerous
ad hoc creditors' committees and corporate boards and has a long track record of creating value both through identifying
undervalued businesses for investment and working with management teams. Our management team and board of directors also include
Victor Danh and David Kirsch, both Managing Directors at Mudrick Capital. Mr. Danh and Mr. Kirsch have over 30 years of combined
distressed investing and restructuring experience. Our management team will be supported by and work closely with the rest of
the Mudrick Capital investment team, which consists of eight investment professionals.
Our management team and the investment professionals at
Mudrick Capital have extensive experience navigating balance sheet restructurings, corporate bankruptcies, and operational turnarounds.
We believe this experience to be a substantial competitive advantage in the current economic environment relative to other blank
check companies and sources of capital. The economic dislocation caused by Covid-19 has impacted the financial performance of
a large number of otherwise quality middle-market companies, many of which are highly levered due to either private equity ownership
or the general expansion of corporate borrowing over the most recent economic cycle. These companies will likely either require
comprehensive balance sheet restructurings to right-size their respective capital structures or incremental equity capital to
support liquidity and business investment. This process is already playing out across the U.S., as evidenced by the number of
corporate bankruptcies through July of 2020 – the highest since 2009.
Investing in distressed companies, restructurings and post-restructured
companies is the primary investment strategy of the various investment funds and separate accounts managed by Mudrick Capital.
We believe that a key advantage in sourcing potential business combination targets is the network of contacts our management team
and Mudrick Capital have, which includes other distressed credit focused investment firms, financial and legal restructuring advisors,
post-restructuring specialized board of directors and turnaround focused executives. Specifically, because Mudrick Capital is the
investment advisor for investment vehicles that specialize in distressed credit investing, executives at Mudrick Capital are made
aware of potential opportunities with respect to many of the companies in North America that are going through a balance sheet
restructuring process. We believe that this specialization and network is a competitive advantage in allowing us to identify, analyze
and negotiate an initial business combination for the company with a post-restructured or restructuring business.
With respect to the foregoing descriptions, past performance
of Mudrick Capital and our management team is not a guarantee either (i) of success with respect to any business combination we
may consummate or (ii) that we will be able to identify a suitable candidate for our initial business combination. You should not
rely on the historical performance record of Mudrick Capital or our management team as indicative of our future performance. In
addition, our executive officers may have conflicts of interest with other entities to which they owe fiduciary or contractual
obligations with respect to initial business combination opportunities. For a list of our executive officers and entities for which
a conflict of interest may or does exist between such officers and the company, as well as the priority and preference that such
entity has with respect to performance of obligations and presentation of business opportunities to us, please refer to the table
and subsequent explanatory paragraph under "Management — Conflicts of Interest".
74
Business Strategy
Our business strategy is to identify, combine with and maximize
the value of a company that has either recently emerged from bankruptcy court protection or will require incremental capital as
part of a balance sheet restructuring. In particular, we believe that many post-restructured companies suffer from a valuation
discount due to their opaqueness, complexity, non-long term ownership base and overall illiquidity. We believe that our in depth
understanding of restructurings and post-restructuring company analysis, coupled with the more liquid publicly traded vehicle the
company offers in an initial business combination, could result in significant value creation for our stockholders. Creating value
for our stockholders is the ultimate goal of this business strategy.
Distressed and post-restructured companies can provide an attractive
investment opportunity due to the unique set of circumstances surrounding balance sheet restructurings and post-restructured equities.
Balance sheets are typically restructured by swapping old debt for new equity, and these restructurings often also require a capital
injection into the company to fund operations and pay down old debt. We believe that the swapping of old debt into equity often
results in an equity ownership base comprised of former creditors that may not be long-term holders of the new company's
equity, resulting in a technical overhang and valuation discount to publicly traded peers that will allow us to merge with a post-restructured
company on highly favorable terms. We also believe that the need for incremental funding during restructurings will position us
well to be a provider of capital as part of a balance sheet restructuring or recapitalization on highly favorable terms for our
shareholders. In addition, distressed and post-restructured companies are often difficult to analyze, as the company can have a
changing or entirely different balance sheet, different cost structure, different asset base and sometimes a different management
team relative to the pre-restructured company. Lastly, in many instances, a number of the turnaround initiatives undertaken before
and during the balance sheet restructuring have yet to manifest themselves in the operating results of the new company, resulting
in a valuation that may not fully reflect the future positive operating results of the company.
We believe the following factors will lead to a significant
number of post-reorganized companies with unnatural equity holders which could be attractive combination targets:
·
According
                                         to S&P, their leveraged loan "Weakest Link" count, which reflects companies
                                         with a B- or lower credit rating and a negative outlook, has more than doubled since
                                         2019, rising from 145 companies, or 11% of the S&P coverage universe, to 329 companies
                                         as of June 2020, or 25%
·
US default rates have risen sharply this year and are projected
    to continue to rise over the next 12 months. According to S&P, the trailing 12 month default rate has doubled since the
    beginning of the year to 3.9% and is projected to reach over 10% within the next 12 months. Defaults have ranged across a
    large number of industries including Business Services, Consumer and Industrials, according to S&P;
·
The US leveraged
                                         loan market today is approximately $1.2 trillion, which is approximately double the size
                                         of the market during the 2008-2009 credit cycle. This means that similar default rates
                                         in today's market would imply a significantly larger volume of restructured liabilities;
·
Collateralized loan obligations, or CLOs, represent a much larger
    ownership of today's leveraged loan market compared to the leveraged loan market in 2008-2009. There has been almost
    2.5x the CLO issuance from 2013-2019 ($743 billion) compared to 2001-2007 ($302 billion). The increased CLO market share of
    the leverage loan market may lead to a larger number of post-restructured companies with equity ownership being held by CLOs,
    which could lead to attractive investment opportunities at relatively more favorable terms.
Investments in post-restructured or otherwise distressed businesses
are subject to various risks. Investments in such companies are speculative, prices are volatile, and market movements are difficult
to predict. Supply and demand for distressed securities change rapidly and are affected by a variety of market factors over which
we have no control and which may reduce the pool of profitable investment opportunities. Moreover, our ability to identify undervalued
investment opportunities that fit our business strategy involves a high degree of uncertainty, and no assurance can be given that
we will be able to identify such opportunities. In addition, such investments may take a substantial period of time before realizing
their anticipated value and returns generated from such investments may not adequately compensate for the business and financial
risks assumed. There is no guarantee that we will be able to achieve our investment objectives or provide any return on invested
capital.
Business Combination Criteria
Consistent with our business strategy, we have identified the
following general criteria that we believe are important in evaluating candidates for our initial business combination. While we
intend to utilize these criteria in evaluating business combination opportunities, we expect that no individual criterion will
entirely determine a decision to pursue a particular opportunity. Further, any particular initial business combination opportunity
that we ultimately determine to pursue may not meet one or more of these criteria.
·
Post-Restructured Companies. We intend to seek candidates that have
recently restructured their balance sheet. We believe that post-restructured companies may be valued at a discount to their publicly
traded peers due to the non-long term nature of their ownership base (former creditors are typically the new equity owners post-restructuring),
the complexity in understanding their restructuring, the lack of clarity and information regarding their financial performance,
the concentrated nature of their ownership base and the lack of a publicly traded equity, among other reasons. We also believe
that post-restructured companies are where we have the strongest network to identify opportunities and the greatest ability and
experience to provide shareholder value.
75
·
Middle-Market Companies. We intend to seek candidates with an enterprise
value of approximately $750 million to $2.0 billion, determined in the sole discretion of our officers and directors according
to reasonably accepted valuation standards and methodologies. We believe that post-restructured middle-market companies suffer
from a larger valuation discount to their publicly traded peers than larger companies.
·
Companies with Stressed Capital Structures.	We intend to target
companies that, due to the economic dislocation caused by COVID-19, have near-term earnings and cashflow profiles that cannot support
their pre-COVID-19 capital structures and will require incremental outside capital as part of a bankruptcy, out of court balance
sheet restructuring, or other recapitalization. We believe that middle-market companies in particular have a more difficult time
accessing the capital markets compared to their larger peers, and therefore could benefit more from an initial business combination
with our company.
·
Market Leaders with Defensible Business Models and Stable Cash Flows.
We intend to target companies that have restructured or need to restructure their balance sheets due to a bad balance sheet, and
not a bad business. We intend to seek candidates that are market leaders in their industry, have defensible business models, and
generate stable and predictable cash flows.
·
Discount to Publicly Traded Peers. We intend to seek candidates that
are valued in the private market at a significant discount to their publicly traded peers. We believe that this discount will facilitate
the initial business combination negotiation by allowing the opportunity for liquidity and multiple expansion for the targets'
current shareholders, while at the same time allowing meaningful upside for our stockholders post-business combination.
·
Strong Management Teams. We will target businesses that have strong,
experienced management teams. We also may be able to assist with potential management additions from our network of experienced
turnaround professionals. Additionally, we may seek to optimize the management team of a potential target business by introducing
board members with relevant insight and experience.
·
Benefit from Being a Public Company. We intend to pursue a business
combination with a company that will benefit from being publicly traded and can effectively utilize the broader access to capital
and public profile that are associated with being a publicly traded company.
These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines
as well as other considerations, factors and criteria that our management team may deem relevant. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will
disclose that the target business does not meet the above criteria in our stockholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents
that we would file with the U.S. Securities and Exchange Commission.
Our sponsor may form, and our officers and directors may become
an officer or director of, another special purpose acquisition company with a class of securities intended to be registered under
the Securities Exchange Act of 1934, as amended, or the Exchange Act, prior to the completion of our initial business combination.
Initial Business Combination
Nasdaq rules require that we must consummate an initial
business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net
assets held in the trust account excluding the amount of deferred underwriting discounts held in trust and taxes payable on the
income earned on the trust account). Our board of directors will make the determination as to the fair market value of our initial
business combination. If our board of directors is not able to independently determine the fair market value of our initial business
combination, 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. While we consider it unlikely that our board of
directors will not be able to make an independent determination of the fair market value of our initial business combination,
it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a significant
amount of uncertainty as to the value of a target's assets or prospects. Additionally, pursuant to Nasdaq rules, any initial
business combination must be approved by a majority of our independent directors.
76
We may, at our option, pursue a business combination opportunity
jointly with one or more entities affiliated with Mudrick Capital and/or one or more investors in funds or separate accounts managed
by Mudrick Capital, which we refer to as an "Affiliated Joint Acquisition." Any such parties would co-invest only if 
(i) permitted by applicable regulatory and other legal limitations; (ii) we and Mudrick Capital considered a transaction to be
mutually beneficial to us as well as the affiliated entity; and (iii) other business reasons exist to do so, such as the strategic
merits of including such co-investors, the need for additional capital beyond the amount held in our trust account to fund the
initial business combination and/or the desire to obtain committed capital for closing the initial business combination. An Affiliated
Joint Acquisition may be effected through a co-investment with us in the target business at the time of our initial business combination,
or we could raise additional proceeds to complete the initial business combination by issuing to such parties a class of equity
or equity-linked securities. We refer to this potential future issuance, or a similar issuance to other specified purchasers, as
a "specified future issuance" throughout this prospectus. The amount and other terms and conditions of any such specified
future issuance would be determined at the time thereof. We are not obligated to make any specified future issuance and may determine
not to do so. This is not an offer for any specified future issuance. Pursuant to the anti-dilution provisions of our Class B common
stock, any such specified future issuance would result in an adjustment to the conversion ratio such that our initial stockholders
and their permitted transferees, if any, would retain their aggregate percentage ownership at 20% of the sum of the total number
of all shares of common stock outstanding upon completion of this offering plus all shares issued in the specified future issuance,
unless the holders of a majority of the then-outstanding shares of Class B common stock agreed to waive such adjustment with respect
to the specified future issuance at the time thereof. We cannot determine at this time whether a majority of the holders of our
Class B common stock at the time of any such specified future issuance would agree to waive such adjustment to the conversion ratio.
They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement
for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial business combination;
(iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common stock;
or (iv) as part of the Affiliated Joint Acquisition. If such adjustment is not waived, the specified future issuance would not
reduce the percentage ownership of holders of our Class B common stock, but would reduce the percentage ownership of holders of
our Class A common stock. If such adjustment is waived, the specified future issuance would reduce the percentage ownership of
holders of both classes of our common stock.
We anticipate structuring our initial business combination so
that the post-transaction company in which our public stockholders own shares will own or acquire 100% of the equity interests
or assets of the target business or businesses. We may, however, structure our initial business combination such that the post-transaction
company owns or acquires less than 100% of such interests or assets of the target business for the post-acquisition company to
meet certain objectives of the target management team or stockholders 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 an interest in the target or assets 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 initial business combination may
collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in
the initial business combination. 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 would 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
net assets test. If the initial business combination involves more than one target business, the 80% of net assets test will be
based on the aggregate value of all of the target businesses and we will treat the target businesses together as the initial business
combination for the purposes of a tender offer or for seeking stockholder approval, as applicable.
77
The net proceeds of this offering and the sale of the
private placement warrants released to us from the trust account upon the closing of our initial business combination may be
used as consideration to pay the sellers of a target business with which we complete our initial business combination. If our
initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust
account are used for payment of the consideration in connection with our initial business combination or used for redemption
of our public shares, we may use the balance of the cash released to us from the trust account following the closing for
general corporate purposes, including for maintenance or expansion of operations of the post-transaction businesses, the
payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the
purchase of other companies or for working capital. In addition, we may be required to obtain additional financing in
connection with the closing of our initial business combination to be used following the closing for general corporate
purposes as described above. There is no limitation on our ability to raise funds through the issuance of equity or
equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness in
connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements we
may enter into following consummation of this offering. Subject to compliance with applicable securities laws, we would only
complete such financing simultaneously with the completion of our initial business combination. At this time, we are not a
party to any arrangement or understanding with any third party with respect to raising any additional funds through the sale
of securities or otherwise. None of our sponsor, officers, directors or stockholders is required to provide any financing to
us in connection with or after our initial business combination. We may also obtain financing prior to the closing of our
initial business combination to fund our working capital needs and transaction costs in connection with our search for and
completion of our initial business combination. Our amended and restated certificate of incorporation will provide that,
following this offering and prior to the consummation of our initial business combination, we will be prohibited from issuing
additional securities that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote as a
class with our public shares (a) on any initial business combination or (b) to approve an amendment to our amended and
restated certificate of incorporation to (x) extend the time we have to consummate a business combination beyond 24 months
from the closing of this offering or (y) amend the foregoing provisions, unless (in connection with any such amendment to our
amended and restated certificate of incorporation) we offer our public stockholders the opportunity to redeem their public
shares.
Our Business Combination Process
In evaluating prospective business combinations, we expect to
conduct a thorough due diligence review process that will encompass, among other things, a review of historical and projected financial
and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities and assets, discussion
with customers and suppliers, legal reviews and other reviews as we deem appropriate. We will also utilize the expertise of our
management team and other employees of Mudrick Capital in analyzing potential target companies and evaluating operating projections,
financial projections and determining the appropriate return expectations given the risk profile of the target business.
We are not prohibited from pursuing an initial business combination
with a company that is affiliated with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our
sponsor, officers or directors. In the event we seek to complete our initial business combination with a company that is affiliated
with Mudrick Capital, investment funds or separate accounts advised by Mudrick Capital or our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.
Investment funds and separate accounts advised by Mudrick Capital
will indirectly own founder shares and/or private placement warrants following this offering. Additionally, Mr. Mudrick and Mudrick
Capital will be the beneficial owner of founder shares and/or private placement warrants following this offering by virtue of
exercising investment power of such shares or warrants on behalf of such investment funds and separate accounts. Because of this
ownership, Mudrick Capital, investment funds and separate accounts advised by Mudrick Capital and our officers and directors 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, particularly because such funds and separate accounts managed by Mudrick Capital invest in distressed
and post-restructured companies as part of their investment programs. 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 were to be included by a target business as a condition to any agreement with respect to our initial business combination.
78
All of our executive officers are employed by Mudrick Capital.
Mudrick Capital is continuously made aware of potential business opportunities, one or more of which we may desire to pursue for
an initial business combination; we have not, however, selected any specific business combination target and we have not, nor has
anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.
Mudrick Capital and each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his or her fiduciary or contractual
obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or contractual obligations
of Mudrick Capital and our officers or directors will not materially affect our ability to complete our initial business combination.
We may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity to which Mudrick Capital, investment funds
advised by Mudrick Capital or an officer or director has a fiduciary or contractual obligation. Any such entity may co-invest with
us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete the
initial business combination by making a specified future issuance to any such entity. Our amended and restated certificate of
incorporation will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless
such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of our company and
such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue,
and to the extent the director or officer is permitted to refer that opportunity to us without violating another legal obligation.
Our Management Team
Members of our management team are not obligated to devote any
specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to our affairs until
we have completed our initial business combination. The amount of time that any member of our management team will devote in any
time period will vary based on whether a target business has been selected for our initial business combination and the current
stage of the initial business combination process.
We believe our management team's operating and transaction
experience and relationships with companies will provide us with a substantial number of potential business combination targets.
Over the course of their careers, the members of our management team have developed a broad network of contacts and corporate
relationships. This network has grown through the activities of our management team sourcing, acquiring and financing businesses,
our management team's relationships with sellers, financing sources and target management teams and the experience of our
management team in executing transactions under varying economic and financial market conditions. See the section of this prospectus
entitled "Management" for a more complete description of our management team's experience.
Status as a Public Company
We believe our structure will make us an attractive business
combination partner to target businesses. As a public company, we offer a target business an alternative to the traditional initial
public offering through a merger or other business combination with us. Following an initial business combination, we believe the
target business would have greater access to capital and additional means of creating management incentives that are better aligned
with stockholders' interests than it would as a private company. A target business can further benefit by augmenting its
profile among potential new customers and vendors and aid in attracting talented employees. In a business combination transaction
with us, the owners of the target business may, for example, exchange their shares of stock in the target business for our shares
of Class A common stock (or shares of a new holding company) or for a combination of our shares of Class A common stock and cash,
allowing us to tailor the consideration to the specific needs of the sellers.
79
Although there are various costs and obligations associated
with being a public company, we believe target businesses will find this method a more expeditious and cost-effective method to
becoming a public company than the typical initial public offering. The typical initial public offering process takes a significantly
longer period of time than the typical business combination transaction process, and there are significant expenses and market
and other uncertainties in the initial public offering process, including underwriting discounts and commissions, marketing and
road show efforts that may not be present to the same extent in connection with an initial business combination with us.
Furthermore, once a proposed initial business combination is
completed, the target business will have effectively become public, whereas an initial public offering is always subject to the
underwriters' ability to complete the offering, as well as general market conditions, which could delay or prevent the offering
from occurring or could have negative valuation consequences. Following an initial business combination, we believe the target
business would then have greater access to capital and an additional means of providing management incentives consistent with stockholders'
interests and the ability to use its shares as currency for acquisitions. Being a public company can offer further benefits by
augmenting a company's profile among potential new customers and vendors and aid in attracting talented employees.
While we believe that our structure and our management team's
backgrounds will make us an attractive business partner, some potential target businesses may view our status as a blank check
company, such as our lack of an operating history and our ability to seek stockholder approval of any proposed initial business
combination, negatively.
Our offices are located at 527 Madison Avenue, 6th Floor, New
York, NY 10022, and our telephone number is (646) 747-9500.
We are an "emerging growth company," as defined
in Section 2(a) of the Securities Act, as modified by the the JOBS Act. As such, we are eligible to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not "emerging growth companies"
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions
from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. If some investors find our securities less attractive as a result, there may be a less active
trading market for our securities and the prices of our securities may be more volatile.
In addition, Section 107 of the JOBS Act also provides that
an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of
the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company"
can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend
to take advantage of the benefits of this extended transition period.
We will remain an emerging growth company until the earlier
of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we
have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated filer, which
means the market value of our Class A common stock that is held by non-affiliates exceeds $700 million as of the prior June 30
th
,
and (2) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year
period. References herein to "emerging growth company" shall have the meaning associated with it in the JOBS Act.
Additionally, we are a "smaller reporting company"
as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations,
including, among other things, providing only two years of audited financial statements. We will remain a smaller reporting company
until the last day of the fiscal year in which (1) the market value of our common stock held by non-affiliates exceeds $250 million
as of the prior June 30
th
, or (2) our annual revenues exceed $100 million during such completed fiscal year and the
market value of our common stock held by non-affiliates exceeds $700 million as of the prior June 30.
80
Financial Position
With funds available for an initial business combination initially
in the amount of $289,500,000, after payment of $10,500,000 of deferred underwriting fees (or $332,925,000 after payment of up
to $12,075,000 of deferred underwriting fees if the underwriters' over-allotment option is exercised in full), in each case
before fees and expenses associated with our initial business combination, we offer a target business a variety of options such
as creating a liquidity event for its owners, providing capital for the potential growth and expansion of its operations or strengthening
its balance sheet by reducing its debt or leverage ratio. Because we are able to complete our initial business combination using
our cash, debt or equity securities, or a combination of the foregoing, we have the flexibility to use the most efficient combination
that will allow us to tailor the consideration to be paid to the target business to fit its needs and desires. However, we have
not taken any steps to secure third-party financing and there can be no assurance it will be available to us.
Effecting Our Initial Business Combination
We are not presently engaged in, and we will not engage in,
any operations for an indefinite period of time following this offering. We intend to effectuate our initial business combination
using cash from the proceeds of this offering and the private placement of the private placement warrants, the proceeds of the
sale of our shares in connection with our initial business combination (pursuant to forward purchase agreements or backstop agreements
we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued
to bank or other lenders or the owners of the target, or a combination of the foregoing. We may seek to complete our initial business
combination with a company or business that may be financially unstable or in its early stages of development or growth, which
would subject us to the numerous risks inherent in such companies and businesses.
If our initial business combination is paid for using equity
or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in connection
with our initial business combination or used for redemption of our public shares, we may use the balance of the cash released
to us from the trust account following the closing for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business
combination, to fund the purchase of other companies or for working capital.
We may seek to raise additional funds through a private offering
of debt or equity securities in connection with the completion of our initial business combination, and we may effectuate our
initial business combination using the proceeds of such offering rather than using the amounts held in the trust account. In addition,
we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering
and the sale of the private placement warrants, and, as a result, if the cash portion of the purchase price exceeds the amount
available from the trust account, net of amounts needed to satisfy any redemptions by public stockholders, we may be required
to seek additional financing to complete such proposed initial business combination. Subject to compliance with applicable securities
laws, we would expect to complete such financing only simultaneously with the completion of our initial business combination.
In the case of an initial business combination funded with assets other than the trust account assets, our proxy materials or
tender offer documents disclosing the initial business combination would disclose the terms of the financing and, only if required
by law, we would seek stockholder approval of such financing. There is no limitation on our ability to raise funds through the
issuance of equity or equity-linked securities, including any specified future issuance, or through loans, advances or other indebtedness
in connection with our initial business combination, including pursuant to forward purchase agreements or backstop agreements
we may enter into following consummation of this offering. At this time, we are not a party to any arrangement or understanding
with any third party with respect to raising any additional funds through the sale of securities or otherwise. None of our sponsor,
officers, directors or stockholders is required to provide any financing to us in connection with or after our initial business
combination. Our amended and restated certificate of incorporation will provide that, following this offering and prior to the
consummation of our initial business combination, we will be prohibited from issuing additional securities that would entitle
the holders thereof to (i) receive funds from the trust account or (ii) vote as a class with our public shares (a) on any initial
business combination or (b) to approve an amendment to our amended and restated certificate of incorporation to (x) extend the
time we have to consummate a business combination beyond 24 months from the closing of this offering or (y) amend the foregoing
provisions, unless (in connection with any such amendment to our amended and restated certificate of incorporation) we offer our
public stockholders the opportunity to redeem their public shares.
81
Sources of Target Businesses
We anticipate that target business candidates will be brought
to our attention from various unaffiliated sources, including investment bankers and investment professionals. Target businesses
may be brought to our attention by such unaffiliated sources as a result of being solicited by us by calls or mailings. These sources
may also introduce us to target businesses in which they think we may be interested on an unsolicited basis, since many of these
sources will have read this prospectus and know what types of businesses we are targeting. Our officers and directors, as well
as our sponsor and its affiliates, may also bring to our attention target business candidates that they become aware of through
their business contacts as a result of formal or informal inquiries or discussions they may have, as well as attending trade shows,
conferences or conventions. In addition, we expect to receive a number of proprietary deal flow opportunities that would not otherwise
necessarily be available to us as a result of the business relationships of our officers and directors and our sponsor and their
respective industry and business contacts as well as their affiliates. While we do not presently anticipate engaging the services
of professional firms or other individuals that specialize in business acquisitions on any formal basis, we may engage these firms
or other individuals in the future, in which event we may pay a finder's fee, consulting fee, advisory fee or other compensation
to be determined in an arm's length negotiation based on the terms of the transaction. We will engage a finder only to the
extent our management determines that the use of a finder may bring opportunities to us that may not otherwise be available to
us or if finders approach us on an unsolicited basis with a potential transaction that our management determines is in our best
interest to pursue. Payment of finder's fees is customarily tied to completion of a transaction, in which case any such fee
will be paid out of the funds held in the trust account. In no event, however, will our sponsor or any of our existing officers
or directors, or any entity with which our sponsor or officers are affiliated, be paid any finder's fee, reimbursement, consulting
fee, monies in respect of any payment of a loan or other compensation by the Company prior to, or in connection with any services
rendered for any services they render in order to effectuate, the completion of our initial business combination (regardless of
the type of transaction that it is). Although none of our sponsor, executive officers or directors, or any of their respective
affiliates, will be allowed to receive any compensation, finder's fees or consulting fees from a prospective business combination
target in connection with a contemplated initial business combination, we do not have a policy that prohibits our sponsor, executive
officers or directors, or any of their respective affiliates, from negotiating for the reimbursement of out-of-pocket expenses
by a target business. We have agreed to pay our sponsor a total of  $10,000 per month for office space, utilities and secretarial
and administrative support and to reimburse our sponsor for any out-of-pocket expenses related to identifying, investigating and
completing an initial business combination. Some of our officers and directors may enter into employment or consulting agreements
with the post-transaction company following our initial business combination. The presence or absence of any such fees or arrangements
will not be used as a criterion in our selection process of an initial business combination candidate.
We are not prohibited from pursuing an initial business combination
with an initial business combination target that is affiliated with our sponsor, officers or directors or making the initial business
combination through a joint venture or other form of shared ownership with our sponsor, officers or directors. In the event we
seek to complete our initial business combination with an initial business combination target that is affiliated with our sponsor,
officers or directors, we, or a committee of independent directors, would obtain an opinion from an independent investment banking
firm or another independent entity that commonly renders valuation opinions that such an initial business combination is fair to
our company from a financial point of view.
As more fully discussed in the section of this prospectus entitled
 "Management — Conflicts of Interest," if any of our officers or directors becomes aware of an initial business
combination opportunity that falls within the line of business of any entity to which he or she has then-existing fiduciary or
contractual obligations, he or she may be required to present such business combination opportunity to such entity prior to presenting
such business combination opportunity to us. Our officers and directors currently have certain relevant fiduciary duties or contractual
obligations that may take priority over their duties to us.
82
Potential target companies with whom we may engage in discussions
after the closing of the offering may have had prior discussions with other blank check companies, bankers in the industry and/or
other professional advisors, including blank check companies with which our executive officers or board of directors were affiliated.
We have not contacted any of the prospective target businesses that Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition
Corporation) considered and rejected while it was a blank check company searching for target businesses with which to consummate
an initial business combination. However, we may contact such targets subsequent to the closing of this offering if we become
aware that such targets are interested in a potential initial business combination with us and such transaction would be attractive
to our stockholders.
Selection of a Target Business and Structuring of our Initial
Business Combination
Nasdaq rules require that we must consummate an initial
business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net
assets held in the trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the
income earned on the trust account). The fair market value of our initial business combination will be determined by our board
of directors based upon one or more standards generally accepted by the financial community, such as discounted cash flow valuation,
a valuation based on trading multiples of comparable public businesses or a valuation based on the financial metrics of M&A
transactions of comparable businesses. If our board of directors is not able to independently determine the fair market value
of our initial business combination (including with the assistance of financial advisors), 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. While we consider it unlikely that our board of directors will not be able to make an independent determination
of the fair market value of our initial business combination, it may be unable to do so if it is less familiar or experienced
with the business of a particular target or if there is a significant amount of uncertainty as to the value of a target's
assets or prospects. We do not intend to purchase multiple businesses in unrelated industries in conjunction with our initial
business combination. Subject to this requirement, our management will have virtually unrestricted flexibility in identifying
and selecting one or more prospective target businesses, although we will not be permitted to effectuate our initial business
combination with another blank check company or a similar company with nominal operations. Additionally, pursuant to Nasdaq rules,
any initial business combination must be approved by a majority of our independent directors.
In any case, we will only complete an initial business combination
in which we own or acquire 50% or more of the outstanding voting securities of the target or otherwise acquire a controlling interest
in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. If we
own or acquire less than 100% of the equity interests or assets of a target business or businesses, the portion of such business
or businesses that are owned or acquired by the post-transaction company is what will be taken into account for purposes of Nasdaq's
80% of net assets test. There is no basis for investors in this offering to evaluate the possible merits or risks of any target
business with which we may complete our initial business combination.
To the extent we effect our initial business combination with
a company or business that may be financially unstable or in its early stages of development or growth we may be affected by numerous
risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in a particular
target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.
In evaluating a prospective business target, we expect to conduct
a due diligence review, which may encompass, among other things, meetings with incumbent ownership, management and employees, document
reviews, interviews of customers and suppliers, inspection of facilities, as well as a review of financial and other information
that will be made available to us.
The time required to select and evaluate a target business
and to structure and complete our initial business combination, and the costs associated with this process, are not currently
ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation of, and negotiation
with, a prospective target business with which our initial business combination is not ultimately completed will result in our
incurring losses and will reduce the funds we can use to complete another business combination.
83
Lack of Business Diversification
For an indefinite period of time after the completion of our
initial business combination, the prospects for our success may depend entirely on the future performance of a single business.
Unlike other entities that have the resources to complete business combinations with multiple entities in one or several industries,
it is probable that we will not have the resources to diversify our operations and mitigate the risks of being in a single line
of business. By completing our initial business combination with only a single entity, our lack of diversification may:
·
subject
us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on
the particular industry in which we operate after our initial business combination, and
·
cause
us to depend on the marketing and sale of a single product or limited number of products or services.
Limited Ability to Evaluate the Target's Management
Team
Although we intend to closely scrutinize the management of
a prospective target business when evaluating the desirability of effecting our initial business combination with that business,
our assessment of the target business' management may not prove to be correct. In addition, the future management may not
have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role of members of
our management team, if any, in the target business cannot presently be stated with any certainty. The determination as to whether
any of the members of our management team will remain with the combined company will be made at the time of our initial business
combination. While it is possible that one or more of our directors will remain associated in some capacity with us following
our initial business combination, it is unlikely that any of them will devote their full efforts to our affairs subsequent to
our initial business combination. Moreover, we cannot assure you that members of our management team will have significant experience
or knowledge relating to the operations of the particular target business.
We cannot assure you that any of our key personnel will remain
in senior management or advisory positions with the combined company. The determination as to whether any of our key personnel
will remain with the combined company will be made at the time of our initial business combination.
Following our initial business combination, we may seek to recruit
additional managers to supplement the incumbent management of the target business. We cannot assure you that we will have the ability
to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience necessary to
enhance the incumbent management.
Stockholders May Not Have the Ability to Approve Our Initial
Business Combination
We may conduct redemptions without a stockholder vote pursuant
to the tender offer rules of the SEC. However, we will seek stockholder approval if it is required by law or applicable stock exchange
rule, or we may decide to seek stockholder approval for business or other legal reasons. Presented in the table below is a graphic
explanation of the types of initial business combinations we may consider and whether stockholder approval is currently required
under Delaware law for each such transaction.
Type of Transaction
Whether Stockholder
Approval is Required
Purchase of assets
No
Purchase of stock of target not involving a merger with the company
No
Merger of target into a subsidiary of the company
No
Merger of the company with a target
Yes
84
Under Nasdaq's listing rules, stockholder
approval would be required for our initial business combination if, for example:
·
we issue shares
of Class A common stock that will be equal to or in excess of 20% of the number of shares of our Class A common stock then outstanding;
·
any of our directors,
officers or substantial stockholders (as defined by Nasdaq rules) has a 5% or greater interest (or such persons collectively have
a 10% or greater interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present
or potential issuance of common stock could result in an increase in outstanding common shares or voting power of 5% or more; or
·
the issuance
or potential issuance of common stock will result in our undergoing a change of control.
Permitted Purchases of Our Securities
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our
sponsor, initial stockholders, directors, officers, advisors or their affiliates may purchase public shares or public warrants
in privately-negotiated transactions or in the open market either prior to or following the completion of our initial business
combination. There is no limit on the number of shares or warrants our initial stockholders, directors, officers, advisors or
their affiliates may purchase in such transactions, subject to compliance with applicable law and Nasdaq rules. However, they
have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions
for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession
of any material non-public information not disclosed to the seller or if such purchases are prohibited by Regulation M under the
Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender
offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however,
if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will
comply with such rules. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent
such purchasers are subject to such reporting requirements. None of the funds held in the trust account will be used to purchase
shares or public warrants in such transactions prior to completion of our initial business combination.
Subsequent to the consummation of this offering, we will adopt
an insider trading policy which will require insiders to: (i) refrain from purchasing our securities during certain blackout periods
when they are in possession of any material non-public information and (ii) clear all trades of company securities with a compliance
officer prior to execution. We cannot currently determine whether our insiders will make such purchases pursuant to a Rule 10b5-1
plan, as it will be dependent upon several factors, including but not limited to, the timing and size of such purchases. Depending
on such circumstances, our insiders may either make such purchases pursuant to a Rule 10b5-1 plan or determine that such a
plan is not necessary.
The purpose of any such purchases of shares could be to vote
such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval
of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have a
minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement
would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants
outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection with our initial
business combination. Any such purchases of our securities may result in the completion of our initial business combination that
may not otherwise have been possible. In addition, if such purchases are made, the public "float" of our shares of
Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may
make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.
85
Our sponsor, officers, directors and/or any of their affiliates
anticipate that they may identify the stockholders with whom our sponsor, officers, directors or their affiliates may pursue privately-negotiated
purchases by either the stockholders contacting us directly or by our receipt of redemption requests tendered by stockholders following
our mailing of proxy materials in connection with our initial business combination. To the extent that our sponsor, officers, directors,
advisors or their affiliates enter into a private purchase, they would identify and contact only potential selling stockholders
who have expressed their election to redeem their shares for a
pro rata
share of the trust account or vote against our initial
business combination, whether or not such stockholder has already submitted a proxy with respect to our initial business combination.
Such persons would select the stockholders from whom to acquire shares based on the number of shares available, the negotiated
price per share and such other factors as any such person may deem relevant at the time of purchase. The price per share paid in
any such transaction may be different than the amount per share a public stockholder would receive if it elected to redeem its
shares in connection with our initial business combination. Our sponsor, officers, directors, advisors or their affiliates will
only purchase shares if such purchases comply with Regulation M under the Exchange Act and the other federal securities laws.
Any purchases by our sponsor, officers, directors and/or their
affiliates who are affiliated purchasers under Rule 10b-18 under the Exchange Act will be made only to the extent such purchases
are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2)
and Rule 10b-5 of the Exchange Act. Rule 10b-18 has certain technical requirements that must be complied with in order for
the safe harbor to be available to the purchaser. Our sponsor, officers, directors and/or their affiliates will not make purchases
of common stock if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act. Any such purchases will be reported
pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchases are subject to such reporting requirements.
Redemption Rights for Public Stockholders upon Completion
of our Initial Business Combination
We will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon the completion of our initial business combination at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior
to the consummation of the initial business combination including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations
described herein. The amount in the trust account is initially anticipated to be approximately $10.00 per public share. The per-share
amount we will distribute to investors who properly redeem their shares will not be reduced by deferred underwriting commissions
we will pay to the underwriters. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to
which they have agreed to waive their redemption rights with respect to any founder shares and any public shares held by them in
connection with the completion of our initial business combination.
Manner of Conducting Redemptions
We will provide our public stockholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination either (i) in connection
with a stockholder meeting called to approve the initial business combination or (ii) without a stockholder vote by means of a
tender offer. The decision as to whether we will seek stockholder approval of a proposed initial business combination or conduct
a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the
transaction and whether the terms of the transaction would require us to seek stockholder approval under applicable law or stock
exchange listing requirements.
Asset acquisitions and stock purchases would not typically require
stockholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than
20% of our outstanding common stock or seek to amend our amended and restated certificate of incorporation would require stockholder
approval. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with Nasdaq's
stockholder approval rules.
86
The requirement that we provide our public stockholders with
the opportunity to redeem their public shares by one of the two methods listed above will be contained in provisions of our amended
and restated certificate of incorporation and will apply whether or not we maintain our registration under the Exchange Act or
our listing on Nasdaq. Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.
If we provide our public stockholders with the opportunity to
redeem their public shares in connection with a stockholder meeting, we will:
·
conduct
the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation
of proxies, and not pursuant to the tender offer rules, and
·
file
proxy materials with the SEC.
If we seek stockholder approval, we will complete our initial
business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business
combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital
stock of the Company representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled
to vote at such meeting. Our initial stockholders will count towards this quorum and, pursuant to the letter agreement, our sponsor,
officers and directors have agreed to vote their founder shares and any public shares purchased during or after this offering
(including in open market and privately-negotiated transactions) in favor of our initial business combination. For purposes of
seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval
of our initial business combination once a quorum is obtained. As a result, in addition to our initial stockholders' founder
shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor of
an initial business combination in order to have our initial business combination approved (assuming all outstanding shares are
voted and the over-allotment option is not exercised). We intend to give not less than 10 days' nor more than 60 days'
prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination.
These quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will
consummate our initial business combination. Each public stockholder may elect to redeem its public shares irrespective of whether
they vote for or against the proposed transaction or whether they were a stockholder on the record date for the stockholder meeting
held to approve the proposed transaction.
If a stockholder vote is not required and we do not decide to
hold a stockholder vote for business or other legal reasons, we will:
·
conduct
the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and
·
file
tender offer documents with the SEC prior to completing our initial business combination, which contain substantially the same
financial and other information about the initial business combination and the redemption rights as is required under Regulation
14A of the Exchange Act, which regulates the solicitation of proxies.
In the event we conduct redemptions pursuant to the tender offer
rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange
Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period.
In addition, the tender offer will be conditioned on public stockholders not tendering more than a specified number of public shares,
which number will be based on the requirement that we will only redeem our public shares so long as (after such redemption) our
net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination
and after payment of deferred underwriters' fees and commissions (so that we are not subject to the SEC's "penny
stock" rules) or any greater net tangible asset or cash requirement that may be contained in the agreement relating to our
initial business combination. If public stockholders tender more shares than we have offered to purchase, we will withdraw the
tender offer and not complete the initial business combination.
87
Upon the public announcement of our initial business combination,
if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in
accordance with Rule 10b5-1 to purchase shares of our Class A common stock in the open market, in order to comply with Rule 14e-5
under the Exchange Act.
We intend to require our public stockholders seeking to exercise
their redemption rights, whether they are record holders or hold their shares in "street name," to, at the holder's
option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically
using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy
materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior
to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with
a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written
request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such
shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public
shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy
such delivery requirements. We believe that this will allow our transfer agent to efficiently process any redemptions without the
need for further communication or action from the redeeming public stockholders, which could delay redemptions and result in additional
administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company,
we will promptly return any certificates or shares delivered by public stockholders who elected to redeem their shares.
Our amended and restated certificate of incorporation will provide
that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least $5,000,001
either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters'
fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible
asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the
proposed initial business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to
be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy
other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration
we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount required
to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash
available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class A common stock
submitted for redemption will be returned to the holders thereof.
Limitation on Redemption upon Completion of our Initial Business
Combination if we Seek Stockholder Approval
Notwithstanding the foregoing, if we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant
to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder, together
with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group"
(as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to more than
an aggregate of 15% of the shares sold in this offering, which we refer to as the "Excess Shares." Such restriction
shall also be applicable to our affiliates. We believe this restriction will discourage stockholders from accumulating large blocks
of shares, and subsequent attempts by such holders to use their ability to exercise their redemption rights against a proposed
initial business combination as a means to force us or our management to purchase their shares at a significant premium to the
then-current market price or on other undesirable terms. Absent this provision, a public stockholder holding more than an aggregate
of 15% of the shares sold in this offering could threaten to exercise its redemption rights if such holder's shares are
not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting
our stockholders' ability to redeem no more than 15% of the shares sold in this offering without our prior consent, we believe
we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete our initial
business combination, particularly in connection with an initial business combination with a target that requires as a closing
condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders'
ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
88
Delivering Stock Certificates in Connection with the Exercise
of Redemption Rights
As described above, we intend to require our public stockholders
seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name,"
to, at the holder's option, either deliver their stock certificates to our transfer agent or deliver their shares to our
transfer agent electronically using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system, prior to
the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may
be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct
redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares
to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of
the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish
to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public
stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have up to two business days prior
to the vote on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer
materials until the close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise
its redemption rights. In the event that a stockholder fails to comply with these or any other procedures disclosed in the proxy
or tender offer materials, as applicable, its shares may not be redeemed. Given the relatively short exercise period, it is advisable
for stockholders to use electronic delivery of their public shares.
There is a nominal cost associated with the above-referenced
process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge
the broker submitting or tendering shares a fee of approximately $80.00 and it would be up to the broker whether or not to pass
this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking
to exercise redemption rights to submit or tender their shares. The need to deliver shares is a requirement of exercising redemption
rights regardless of the timing of when such delivery must be effectuated.
Any request to redeem such shares, once made, may be withdrawn
at any time up to the date set forth in the proxy materials or tender offer documents, as applicable. Furthermore, if a holder
of a public share delivered its certificate in connection with an election of redemption rights and subsequently decides prior
to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return the
certificate (physically or electronically). It is anticipated that the funds to be distributed to holders of our public shares
electing to redeem their shares will be distributed promptly after the completion of our initial business combination.
If our initial business combination is not approved or completed
for any reason, then our public stockholders who elected to exercise their redemption rights would not be entitled to redeem their
shares for the applicable
pro rata
share of the trust account. In such case, we will promptly return any certificates delivered
by public holders who elected to redeem their shares.
If our initial proposed initial business combination is not
completed, we may continue to try to complete an initial business combination with a different target until 24 months from the
closing of this offering.
89
Redemption of Public Shares and Liquidation if no Initial
Business Combination
Our amended and restated certificate of incorporation will
provide that we will have only 24 months from the closing of this offering to complete our initial business combination. If we
are unable to complete our initial business combination within such 24-month period, we will: (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000
of interest to pay dissolution expenses), 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), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to our warrants, which will expire worthless if we fail to complete our initial business combination within the 24-month
time period.
Our sponsor, officers and directors have entered into a letter
agreement with us, pursuant to which they have waived their rights to liquidating distributions from the trust account with respect
to any founder shares held by them if we fail to complete our initial business combination within 24 months from the closing of
this offering. However, if our sponsor, officers or directors acquire public shares in or after this offering, they will be entitled
to liquidating distributions from the trust account with respect to such public shares if we fail to complete our initial business
combination within the allotted 24-month time period.
Our sponsor, officers and directors have agreed, pursuant to
a written agreement with us, that they will not propose any amendment to our amended and restated certificate of incorporation
to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an
initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within
24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders'
rights or pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem their
shares of Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, divided by the number of then outstanding public shares. However, we will only redeem our public
shares so long as (after such redemption) our net tangible assets will be at least $5,000,001 either immediately prior to or upon
consummation of our initial business combination and after payment of deferred underwriters' fees and commissions (so that
we are not subject to the SEC's "penny stock" rules). If this optional redemption right is exercised with respect
to an excessive number of public shares such that we cannot satisfy the net tangible asset requirement (described above), we would
not proceed with the amendment or the related redemption of our public shares at such time.
We expect that all costs and expenses associated with implementing
our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the approximately $750,000
of proceeds held outside the trust account, although we cannot assure you that there will be sufficient funds for such purpose.
We will depend on sufficient interest being earned on the proceeds held in the trust account to pay any tax obligations we may
owe. However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan of dissolution,
to the extent that there is any interest accrued in the trust account not required to pay taxes on interest income earned on the
trust account balance, we may request the trustee to release to us an additional amount of up to $100,000 of such accrued interest
to pay those costs and expenses.
If we were to expend all of the net proceeds of this offering
and the sale of the private placement warrants, other than the proceeds deposited in the trust account, and without taking into
account interest, if any, earned on the trust account, the per-share redemption amount received by stockholders upon our dissolution
would be approximately $10.00. The proceeds deposited in the trust account could, however, become subject to the claims of our
creditors which would have higher priority than the claims of our public stockholders. We cannot assure you that the actual per-share
redemption amount received by stockholders will not be substantially less than $10.00. Under Section 281(b) of the DGCL,
our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be made in
full, as applicable, if there are sufficient assets. These claims must be paid or provided for before we make any distribution
of our remaining assets to our stockholders. While we intend to pay such amounts, if any, we cannot assure you that we will have
funds sufficient to pay or provide for all creditors' claims.
90
Although we will seek to have all vendors, service providers,
prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title,
interest or claim of any kind in or to any monies held in the trust account for the benefit of our public stockholders, such parties
may not execute such agreements or even if they execute such agreements, they may not be prevented from bringing claims against
the trust account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims,
as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim
against our assets, including the funds held in the trust account. If any third party refuses to enter into an agreement waiving
such claims to the monies held in the trust account, our management will consider whether competitive alternatives are reasonably
available to the Company, and will only enter into an agreement with such third party if our management believes that such third
party's engagement would be in the best interests of the Company under the circumstances. Examples of possible instances
where we may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular
expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute
a waiver or in cases where management is unable to find a service provider willing to execute a waiver. WithumSmith+Brown, PC,
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.
In addition, there is no guarantee that such entities will agree
to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with
us and will not seek recourse against the trust account for any reason. Upon redemption of our public shares, if we are unable
to complete our initial business combination within the prescribed timeframe, or upon the exercise of a redemption right in connection
with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that
may be brought against us within the 10 years following redemption. Accordingly, the per-share redemption amount received by public
stockholders could be less than the $10.00 per share initially held in the trust account, due to claims of such creditors. Pursuant
to the letter agreement, the form of which is filed as Exhibit 10.1 to the registration statement of which this prospectus forms
a part, our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered
or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality
or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of
(i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation
of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable; provided
that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and
all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified
whether our sponsor has sufficient funds to satisfy their indemnity obligations, and believe that our sponsor's only assets
are securities of our company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. As
a result, if any such claims were successfully made against the trust account, the funds available for our initial business combination
and redemptions could be reduced to less than $10.00 per public share. In such event, we may not be able to complete our initial
business combination, and you would receive such lesser amount per share in connection with any redemption of your public shares.
None of our officers or directors will indemnify us for claims by third parties, including, without limitation, claims by vendors
and prospective target businesses.
91
In the event that the proceeds in the trust account are reduced
below (i) $10.00 per public share or (ii) such lesser amount per public share held in the trust account as of the date of the
liquidation of the trust account, due to reductions in value of the trust assets, in each case net of the amount of interest which
may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy its indemnification obligations or that it
has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal
action against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors
would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that
our independent directors in exercising their business judgment may choose not to do so if, for example, the cost of such legal
action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors
determine that a favorable outcome is not likely. We have not asked our sponsor to reserve for such indemnification obligations
and we cannot assure you that our sponsor would be able to satisfy those obligations, and believe that our sponsor's only
assets are securities of our company. Accordingly, we cannot assure you that due to claims of creditors the actual value of the
per-share redemption price will not be less than $10.00 per public share.
We will seek to reduce the possibility that our sponsor will
have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service providers, prospective
target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest or
claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We will have
access to up to approximately $750,000 from the proceeds of this offering with which to pay any such potential claims (including
costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $100,000).
In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, stockholders
who received funds from our trust account could be liable for claims made by creditors. In the event that our offering expenses
exceed our estimate of $750,000, we may fund such excess with funds from the funds not to be held in the trust account. In such
case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely,
in the event that the offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside
the trust account would increase by a corresponding amount.
Under the DGCL, 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 our public shares in the event we do not complete
our initial business combination within 24 months from the closing of this offering may be considered a liquidating distribution
under Delaware law. If the corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure
that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims
can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to 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.
Furthermore, if the
pro rata
portion of our trust account
distributed to our public stockholders upon the redemption of our public shares in the event we do not complete our initial business
combination within 24 months from the closing of this offering, is not considered a liquidating distribution under Delaware law
and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings that a party
may bring or due to other circumstances that are currently unknown), then pursuant to Section 174 of the DGCL, the statute of
limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years,
as in the case of a liquidating distribution. If we are unable to complete our 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 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), 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), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Accordingly, it is our intention to redeem our public shares as soon as reasonably possible following our 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.
92
Because we will not be complying with Section 280, Section 281(b)
of the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of all existing
and pending claims or claims that may be potentially brought against us within the subsequent 10 years. However, because we are
a blank check company, rather than an operating company, and our operations will be limited to searching for prospective target
businesses to acquire, the only likely claims to arise would be from our vendors (such as lawyers, investment bankers, etc.) or
prospective target businesses. As described above, pursuant to the obligation contained in our underwriting agreement, we will
seek to have all vendors, service providers, prospective target businesses or other entities with which we do business execute
agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account. As a
result of this obligation, the claims that could be made against us are significantly limited and the likelihood that any claim
that would result in any liability extending to the trust account is remote. Further, our sponsor may be liable only to the extent
necessary to ensure that the amounts in the trust account are not reduced below (i) $10.00 per public share or (ii) such lesser
amount per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in
value of the trust assets, in each case net of the amount of interest released to us to pay taxes and will not be liable as to
any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the
Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not
be responsible to the extent of any liability for such third-party claims.
If we file a bankruptcy petition or an involuntary bankruptcy
petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy
law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our
stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will be able to return $10.00
per share to our public stockholders. Additionally, if we file a bankruptcy petition or an involuntary bankruptcy petition is filed
against us that 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 some or all amounts received by our stockholders. Furthermore, our board of directors may be viewed
as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, thereby exposing itself and our company
to claims of punitive damages, by paying public 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 public stockholders will be entitled to receive funds from
the trust account only upon the earlier to occur of: (i) the completion of our initial business combination, (ii) the redemption
of any public shares properly submitted in connection with a stockholder vote to amend any provisions of our amended and restated
certificate of incorporation to (A) modify the substance or timing of our obligation to provide for the redemption of our public
shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the closing of this offering or (B) with respect to any other material provisions relating
to stockholders' rights or pre-initial business combination activity, and (iii) the redemption of all of our public shares
if we are unable to complete our business combination within 24 months from the closing of this offering, subject to applicable
law. In no other circumstances will a stockholder have any right or interest of any kind to or in the trust account. In the event
we seek stockholder approval in connection with our initial business combination, a stockholder's voting in connection with
the initial business combination alone will not result in a stockholder's redeeming its shares to us for an applicable
pro
rata
share of the trust account. Such stockholder must have also exercised its redemption rights as described above. These
provisions of our amended and restated certificate of incorporation, like all provisions of our amended and restated certificate
of incorporation, may be amended with a stockholder vote.
93
Comparison of Redemption or Purchase Prices in Connection
with Our Initial Business Combination and if We Fail to Complete Our Initial Business Combination
The following table compares the redemptions and other permitted
purchases of public shares that may take place in connection with the completion of our initial business combination and if we
are unable to complete our initial business combination within 24 months from the closing of this offering.
Redemptions in Connection
with our Initial Business
Combination
Other Permitted Purchases
of Public Shares by us or our
Affiliates
Redemptions if we fail to
Complete an Initial Business
Combination
Calculation of redemption price
Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a stockholder vote. The same whether we conduct redemptions pursuant to a tender offer or in connection with a stockholder vote. In either case, our public stockholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per public share), including interest earned on the funds held in the trust account and not previously released to us to pay our taxes divided by the number of then outstanding public shares, subject to the limitation that no redemptions will take place, if all of the redemptions would cause our net tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and any limitations (including, but not limited to, cash requirements) agreed to in connection with the negotiation of terms of a proposed initial business combination.
If we seek stockholder approval of our initial business combination, our sponsor, directors, officers, advisors or their affiliates may purchase shares in privately-negotiated transactions or in the open market prior to or following completion of our initial business combination. There is no limit to the prices that our sponsor, directors, officers, advisors or their affiliates may pay in these transactions. Such purchases will be made only to the extent such purchases are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for manipulation under Section 9(a)(2) and Rule 10b-5 of the Exchange Act. None of the funds in the trust account will be used to purchase shares in such transactions.
If we are unable to complete our initial business combination within 24 months from the closing of this offering, we will redeem 100% of the public shares at a per-share price, payable in cash, equal to the aggregate amount, then on deposit in the trust account (which is initially anticipated to be $10.00 per public share including, interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses)), divided by the number of then outstanding public shares.
Impact to remaining stockholders
The redemptions in connection with our initial business combination will reduce the book value per share for our remaining stockholders, who will bear the burden of the deferred underwriting commissions and taxes payable.
If the permitted purchases described above are made there would be no impact to our remaining stockholders because the purchase price would not be paid by us.
The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our initial stockholders, who will be our only remaining stockholders after such redemptions.
94
Comparison of This Offering to Those of Blank Check Companies
Subject to Rule 419
The following table compares the terms of this offering to the
terms of an offering by a blank check company subject to the provisions of Rule 419. This comparison assumes that the gross proceeds,
underwriting commissions and underwriting expenses of our offering would be identical to those of an offering undertaken by a company
subject to Rule 419, and that the underwriters will not exercise their over-allotment option. None of the provisions of Rule 419
apply to our offering.
Terms of our Offering
Terms under a Rule 419 Offering
Escrow of offering proceeds
$300,000,000 of the net proceeds of this offering and the sale of the private placement warrants will be deposited into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee.
Approximately $264,600,000 of the offering proceeds would be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.
Investment of net proceeds
$300,000,000 of the net offering proceeds and the sale of the private placement warrants held in trust will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.
Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.
Receipt of interest on escrowed funds
Interest on proceeds from the trust account to be paid to redeeming stockholders is reduced by (i) any income or franchise taxes paid or payable, and (ii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.
Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination.
95
Terms of our Offering
Terms under a Rule 419 Offering
Limitation on fair value or net assets of target business
Nasdaq rules require that we must consummate an initial business combination
    with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the
    trust account (excluding the amount of deferred underwriting discounts held in trust and taxes payable on the income earned
    on the trust account) .
The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.
Trading of securities issued
We expect the units will begin trading on or promptly after the date of this prospectus. The Class A common stock and warrants comprising the units will begin separate trading on the 52
nd
day following the date of this prospectus unless Jefferies LLC 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 announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering, which closing is anticipated to take place three business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, an additional Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option.
No trading of the units or the underlying Class A common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.
Exercise of the warrants
The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination and 12 months from the closing of this offering.
The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account.
Election to remain an investor
We will provide our public stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay
A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company's registration statement,
96
Terms of our Offering
Terms under a Rule 419 Offering
our taxes, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a stockholder vote. We intend to give approximately 30 days' (but not less than 10 days' nor more than 60 days') prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. If we are not required by law and do not otherwise decide to hold a stockholder vote, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC's proxy rules. In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. If, however, we hold a stockholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.
to decide if it elects to remain a stockholder of the company or require the return of its investment. If the company has not received the notification by the end of the 45
th
business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the stockholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued.
97
Terms of our Offering
Terms under a Rule 419 Offering
Business combination deadline
If we are unable to complete an 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 10 business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
If a business combination has not been completed within 24 months after the effective date of our registration statement, funds held in the trust or escrow account are returned to investors.
Limitation on redemption rights of stockholders holding more than 15% of the shares sold in this offering if we hold a stockholder vote
If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder (including our affiliates), together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to Excess Shares (more than an aggregate of 15% of the shares sold in this offering). Our public stockholders' inability to redeem Excess Shares will reduce their influence over our ability to complete our initial business combination and they could suffer a material loss on their investment in us if they sell any Excess Shares in open market transactions.
Many blank check companies provide no restrictions on the ability of stockholders to redeem shares based on the number of shares held by such stockholders in connection with an initial business combination.
98
Terms of our Offering
Terms under a Rule 419 Offering
Tendering stock certificates in connection with a tender offer or redemption rights
We intend to require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to, at the holder's option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have up to two business days prior to the vote on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer materials until the close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise its redemption rights.
In order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed initial business combination and check a box on the proxy card indicating such holders were seeking to exercise their redemption rights. After the business combination was approved, the Company would contact such stockholders to arrange for them to deliver their certificate to verify ownership.
Release of funds
Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale of the private placement warrants held in the trust account will not be released from the trust account until the earliest to occur of: (i) the completion of our initial business combination, (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation
The proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the failure to effect a business combination within the allotted time.
99
Terms of our Offering
Terms under a Rule 419 Offering
to (A) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or (B) with respect to any other material provisions relating to stockholders' rights or pre-initial business combination activity, and (iii) the redemption of 100% of our public shares if we are unable to complete an initial business combination within the required time frame (subject to the requirements of applicable law). On the completion of our initial business combination, all amounts held in the trust account will be released to us, less amounts released to a separate account controlled by the trustee for disbursal to redeeming stockholders. We will use these funds to pay amounts due to any public stockholders who exercise their redemption rights as described above under "Redemption rights for public stockholders upon completion of our initial business combination," to pay the underwriters their deferred underwriting commissions, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination.
100
Competition
In identifying, evaluating and selecting a target business for
our initial business combination, we may encounter competition from other entities having a business objective similar to ours,
including other blank check companies, private equity groups and leveraged buyout funds, public companies and operating businesses
seeking strategic business combinations. Many of these entities are well established and have extensive experience identifying
and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater financial,
technical, human and other resources than we do. Our ability to acquire larger target businesses will be limited by our available
financial resources. This inherent limitation gives others an advantage in pursuing the initial business combination of a target
business. Furthermore, our obligation to pay cash in connection with our public stockholders who exercise their redemption rights
may reduce the resources available to us for our initial business combination and our outstanding warrants, and the future dilution
they potentially represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a
competitive disadvantage in successfully negotiating an initial business combination.
Facilities
Our executive offices are located at 527 Madison Avenue, 6th
Floor, New York, NY 10022, and our telephone number is (646) 747-9500. Our executive offices are provided to us by our sponsor.
Commencing on the date of this prospectus, we have agreed to pay our sponsor a total of  $10,000 per month for office space,
utilities and secretarial and administrative support. We consider our current office space adequate for our current operations.
101
Employees
We currently have four officers. These individuals are not obligated
to devote any specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to
our affairs until we have completed our initial business combination. The amount of time they will devote in any time period will
vary based on whether a target business has been selected for our initial business combination and the stage of the initial business
combination process we are in.
Periodic Reporting and Financial Information
We will register our units, Class A common stock and warrants
under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and current reports
with the SEC. In accordance with the requirements of the Exchange Act, our annual reports will contain financial statements audited
and reported on by our independent registered public accountants.
We will provide stockholders with audited financial statements
of the prospective target business as part of the proxy solicitation materials or tender offer documents sent to stockholders to
assist them in assessing the target business. In all likelihood, these financial statements will need to be prepared in accordance
with, or reconciled to, GAAP or IFRS, depending on the circumstances, and the historical financial statements may be required to
be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential
targets we may conduct an initial business combination with because some targets may be unable to provide such statements in time
for us to disclose such statements in accordance with federal proxy rules and complete our initial business combination within
the prescribed time frame. We cannot assure you that any particular target business identified by us as a potential business combination
candidate will have financial statements prepared in accordance with GAAP or that the potential target business will be able to
prepare its financial statements in accordance with the requirements outlined above. To the extent that these requirements cannot
be met, we may not be able to acquire the proposed target business. While this may limit the pool of potential business combination
candidates, we do not believe that this limitation will be material.
We will be required to evaluate our internal control procedures
for the fiscal year ending December 31, 2021 as required by the Sarbanes-Oxley Act. Only in the event we are deemed to be a large
accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to have our
internal control procedures audited. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance with the
Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination. Prior to the date of this
prospectus, we will file a Registration Statement on Form 8-A with the SEC to voluntarily register our securities under Section
12 of the Exchange Act. As a result, we will be subject to the rules and regulations promulgated under the Exchange Act. We have
no current intention of filing a Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent
to the consummation of our initial business combination.
We will remain an emerging growth company until the earlier
of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we
have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated filer, which
means the market value of our shares of Class A common stock that are held by non-affiliates exceeds $700 million as of the prior
June 30
th
, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior
three-year period.
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.
102
MANAGEMENT
Officers, Directors and Director Nominees
Upon completion of this offering, our directors and officers
will be as follows:
Name
Age
Position
Jason Mudrick
45
Chief Executive Officer and Chairman of the Board of Directors
Victor Danh
42
Vice President
David Kirsch
40
Vice President and Director Nominee
Glenn Springer
47
Chief Financial Officer
Dennis Stogsdill
49
Director Nominee
Scott Kasen
55
Director Nominee
Dr. Brian Kushner
61
Director Nominee
Jason Mudrick
has been our Chief Executive Officer
and chairman of our board of directors since August 2020. Mr. Mudrick is the founder and Chief Investment Officer of Mudrick Capital
Management, L.P. ("Mudrick Capital"), an investment firm that specializes in long and short investments in distressed
credit. Mudrick Capital was founded in 2009 with $5 million under management. As of August 2020, the firm had grown to approximately
$2.5 billion under management, primarily for institutional clients. Mr. Mudrick began his Wall Street career in 2000 advising
on mergers and acquisition transactions as an Associate in Merrill Lynch's Mergers & Acquisitions Investment Banking
Group. In 2001, he joined Contrarian Capital Management, where he began his focus on distressed investing. Beginning in October
2002, Mr. Mudrick served as Managing Director and Portfolio Manager of the Contrarian Equity Fund, a fund specializing in post-restructured
equities, which he managed until his departure at the end of 2008. As Managing Director and Portfolio Manager of the Contrarian
Equity Fund, Mr. Mudrick specialized in investing in post-restructured equities, among other things. In 2009, Mr. Mudrick founded
Mudrick Capital to continue his specialty of investing in distressed debt and post-restructured equities. Mr. Mudrick has served
on numerous ad hoc creditors' committees and eleven post-restructured companies' boards of directors, including Safety-Kleen
Holdings, Integrated Alarm Services Group, Salton, Rotech Healthcare, NJOY Holdings, Corporate Risk Holdings, Fieldwood Energy,
Proenza Schouler, cxLoyalty and Thryv Holdings, Inc., where he is currently the Chairman of the Board. Mr. Mudrick was also Chief
Executive Officer and director of Mudrick Capital Acquisition Corporation, our predecessor special purpose acquisition company.
Mr. Mudrick also spent two years in graduate school teaching economics classes to Harvard University undergraduates. Mr. Mudrick
has a B.A. in Political Science from the College of the University of Chicago and a J.D. from Harvard Law School. Mr. Mudrick
was previously admitted to the New York State Bar. Mr. Mudrick's qualifications to serve on our Board of Directors include
his extensive leadership and board experience, his track record as a founder and Chief Investment Officer of Mudrick Capital,
his current board experience, including as Chairman of the Board of Thryv Holdings, Inc., and his network of contacts in the distressed
investing field.
Victor Danh
has been our Vice President since August
2020. Mr. Danh is a Managing Director and Senior Analyst at Mudrick Capital, where he is responsible for analyzing distressed
credit and equity opportunities across a diverse range of industries and overseeing and coordinating the research team. Prior
to joining Mudrick Capital, Mr. Danh was a Vice President and Assistant Portfolio Manager at Contrarian Capital Management, LLC
from 2003 to 2009 where he focused on deep value and distressed investments in a wide range of industries across the entire capital
structure. Previously, Mr. Danh worked at Merrill Lynch in the Mergers and Acquisitions Group and at UBS in the Technology Investment
Banking Group. Mr. Danh previously served on the Board of Directors of Seventy Seven Energy and is currently serving on the Board
of Directors of Expanse Energy Solutions, Inc. Mr. Danh was also Vice President of Hycroft Mining Holding Corp. (fka Mudrick Capital
Acquisition Corporation). Mr. Danh received a B.A. in Economics from Harvard College.
David Kirsch
has been our Vice President and a member
of our board of directors since August 2020. Mr. Kirsch is a Managing Director and Senior Analyst at Mudrick Capital, where he
is responsible for analyzing distressed credit and equity opportunities across a diverse range of industries. Prior to joining
Mudrick Capital, from 2008 to 2010 Mr. Kirsch was a Senior Analyst and Managing Director at Miura Global Management, a large global
long-short equity hedge fund, where he was responsible for coverage of the financial and consumer industries across the Americas,
Europe and Asia. Mr. Kirsch gained extensive restructuring experience as a Director at Alvarez & Marsal from 2003 – 2008.
At Alvarez & Marsal, he held primary or lead management roles on an interim basis for distressed companies and advised creditors
on balance sheet solutions to maximize the value of their investments. Mr. Kirsch began his Wall Street career as an Analyst in
the Healthcare Industry Group in the Investment Banking Division of Banc of America Securities. He is currently serving on the
Board of Directors of NJOY Holdings, Proenza Schouler and Targus Holdings and previously served on the Board of Directors of NYDJ.
Mr. Kirsch currently serves as Chairman of the Board for Hycroft Mining Holding Corporation and Nelson Education. Mr. Kirsch was
also Vice President and director of Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition Corporation). Mr. Kirsch received
his B.S. Magna Cum Laude in Economics from the Wharton School at the University of Pennsylvania. Mr. Kirsch's qualifications
to serve on our Board of Directors include his extensive leadership and board experience, his track record as Managing Director
and Senior Analyst of Mudrick Capital, his current board experience, and his network of contacts in the distressed investing field.
103
Glenn Springer
has been our Chief Financial Officer
since August 2020. Mr. Springer is the Chief Financial Officer of Mudrick Capital, where he oversees the finance, accounting and
operations functions. Prior to joining Mudrick Capital, Mr. Springer was Chief Financial Officer and Chief Operating Officer at
Turtle Creek Investment Advisors, LLC from 2007 to 2008 where he developed from inception, its operational and financial infrastructure.
Prior to joining Turtle Creek, Mr. Springer served as Chief Financial Officer & Chief Compliance Officer of SBZ Select Investments,
LLC from 2005 to 2007 where he was responsible for the finance, accounting and compliance functions, including the registration
of two investment advisors with the SEC. Previously, Mr. Springer served as Controller (A.A.I.UK), Director of Fund Accounting
and a Risk Management Affiliated Fund Analyst at Asset Alliance Corporation from 2000 to 2004. Prior to Asset Alliance, Mr. Springer
was a Senior Accountant in PricewaterhouseCoopers, LLP's Financial Services and Business Advisory Services Group from 1998
to 2000 where his focus was on audits of a variety of investment companies including hedge funds and private equity funds. Mr.
Springer began his career at Richard A. Eisner & Co. LLP from 1996 to 1998 where he was a Senior Accountant in the Audit Department.
Mr. Springer was also Chief Financial Officer of Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition Corporation). Mr.
Springer received a B.A. from the State University of Albany and an M.B.A. from Baruch College, CUNY. Mr. Springer is a Certified
Public Accountant in the State of New York.
Dennis
                                         Stogsdill
will be one of our directors on the effective date of the registration
                                         statement of which this prospectus forms a part. Mr. Stogsdill has in excess of 25 years
                                         of experience in management consulting, advising troubled companies, lenders and equity
                                         sponsors in distressed and non-distressed situations. Mr. Stogsdill began his career
                                         in 1994 working as a management consultant at GB Consulting and later in 1996 joined
                                         the global restructuring group of Arthur Andersen. In 2001 he helped form the restructuring
                                         group of the investment bank Berenson Minella. In 2002, he joined Alvarez & Marsal
                                         LLC, a global consulting firm specializing in corporate turnarounds and financial restructurings.
                                         Mr. Stogsdill is currently Managing Director at Alvarez & Marsal LLC and has been
                                         involved in all aspects of the reorganization process, including acting in executive-level
                                         roles such as Chief Restructuring Officer. Mr. Stogsdill periodically served as the interim
                                         Chief Executive Officer or Chief Restructuring Officer (or in an analogous position)
                                         of companies which elected to utilize bankruptcy proceedings as a part of their financial
                                         restructuring process and, as such, he served as an executive officer of various companies
                                         which filed bankruptcy petitions under federal law, including, without limitation, Fairway
                                         Group Holdings in 2015, Revel Casino in 2013, Fresh & Easy Markets in 2013 and M&G
                                         Chemicals SA in 2017. Mr. Stogsdill has a B.S. from Rutgers University. Mr. Stogsdill
                                         is well-qualified to serve on our Board of Directors due to his experience in finance,
                                         business, operations and in restructuring and turnaround situations.
Scott Kasen
will be one of our directors on the effective
date of the registration statement of which this prospectus forms a part. Mr. Kasen has been a private investor since 2010. Mr.
Kasen is currently a Member of SK Restaurant Holdings LLC and from February 2016 to November 2018. From August 2016 through August
2020 Mr Kasen served as a director of Thryv Holdings, Inc. and from February 2016 to November 2018 was a member of the board of
directors for Targus Cayman Holdco Limited. Previously, Mr. Kasen has held several senior leadership positions within Contrarian
Capital Management, LLC, including co-portfolio manager of European Fund, LP and Contrarian Capital Senior Secured, LP. Mr. Kasen
has previously held leadership roles as Vice President with The Trump Organization and has served as a partner with A.B. Edelman
Management Company and Velocity Crossover Investors. Mr. Kasen also previously served on the board of directors for Special Metals,
Inc. and Cascade Timberlands, LLC. Mr. Kasen received his Bachelor of Science degree from Rutgers University and his Master of
Business Administration degree from The Columbia Business School. In light of Mr. Kasen's business experience, we believe
it is appropriate for Mr. Kasen to serve as a director.
104
Dr. Brian Kushner
will be one of our directors on
the effective date of the registration statement of which this prospectus forms a part. Dr. Kushner has, since 2009, served as
a Senior Managing Director at FTI Consulting, Inc. (NYSE: FCN), a global business advisory firm, where he serves as the leader
of the Private Capital Advisory Services practice and as the co-leader of the Technology practice, the Aerospace, Defense and
Government Contracting practice and the Activism and M&A Solutions practice. Prior to joining FTI, Dr. Kushner was the co-founder
of CXO, L.L.C., a boutique interim and turnaround management consulting firm that was acquired by FTI at the end of 2008. Over
the past two decades, he has served as Chief Executive Officer, the Chief Restructuring Officer or a Director of more than two
dozen public and private technology, manufacturing, telecom and defense companies, and has led, or participated in the sale or
acquisition of over 25 companies. Dr. Kushner periodically served as the interim CEO or Chief Restructuring Officer (or in an
analogous position) of companies which elected to utilize bankruptcy proceedings as a part of their financial restructuring process
and, as such, he served as an executive officer of various companies which filed bankruptcy petitions under federal law, including,
without limitation, Relativity Media LLC in 2015. Dr. Kushner began his career in 1982 at BDM International, a defense firm, and
remained with them following their acquisition by Ford Motor Company, and stayed on to become Chief Scientist and General Manager
as part of the management team that completed a leveraged buyout of BDM in 1990 with the Carlyle Group. Dr. Kushner serves as
an independent director and Chair of the Audit Committee of Cumulus Media, Inc. (NASDAQ: CMLS), a leader in the radio broadcasting
industry, since 2018; an independent director and member of the Audit, the Finance, the Technology and the Strategy and Operations
Committees of Resideo Technologies, Inc. (NYSE:REZI), a leader in smart home products and systems, since 2019; and an independent
director and Chair of the Audit Committee of Gibson Brands, Inc., a manufacturer of guitars and other musical instruments, since
2018. Dr. Kushner is also a member of the Advisory Council of the College of Natural Sciences at the University of Texas at Austin
and is an Emeritus member of the Engineering College Council at Cornell University in Ithaca, New York. Previously, from 2016
 – 2020, he served as an independent director and Chair of the Audit Committee of Thryv, Inc. (fka Dex Media Holdings Inc.),
a digital and print marketing company; an independent director of DevelopOnBox Holding, LLC d/b/a Zodiac Systems, a video software
engineering services firm, where he served on the Audit and Governance Committees, from 2016 – until the sale of the company
to Orion Innovation in 2020; from 2016 - 2018, he served as a non-executive independent director, Chair of the Remuneration Committee
and a member of the Audit Committee of the Luxfer Group, PLC (NYSE: LXFR), a specialty materials manufacturing company; from 2015
to 2016 he served as an independent director and Chair of the Audit Committee of Everyware Global, Inc, the manufacturing company
that is the parent of the Oneida and Anchor Hocking brands (since renamed the Oneida Group); from 2013 to 2015 the Lead Independent
Director of Damovo, LLC, the ultrahigh reliability and data systems integration company; from 2010 to 2013 as Chair of Caribbean
Asset Holdings, the voice, video and telephony company serving many Caribbean islands; from 2009 to 2013 as managing member and
director of DLN Holdings, LLC, a mid-tier defense contractor; from 2007 to 2012 as director and acting Chair of Sage Telecom,
Inc., a competitive local exchange carrier and a Silver Point Capital portfolio company; from 2006 to 2009 a director of Pacific
Crossing Limited, a telecom carrier; and from 2003 to 2008 an independent director of Headway Resources, a staffing company. Dr.
Kushner was also a director of Hycroft Mining Holding Corp. (fka Mudrick Capital Acquisition Corporation). Dr. Kushner has a Ph.D.
in Applied and Engineering Physics with a minor in Electrical Engineering from Cornell University, as well as an M.S. and B.S.
in Applied and Engineering Physics from Cornell. Dr. Kushner is well-qualified to serve on our Board of Directors due to his substantial
executive-level operational experience in a broad spectrum of industries, his knowledge and expertise in M&A and in IT, his
extensive experience over the last 20 years as an independent director, and his extensive network of contacts in both private
equity, hedge funds and distressed investing.
Number and Terms of Office of Officers and Directors
We will have five directors upon completion of this offering.
Our board of directors will be divided into three classes with only one class of directors being elected in each year and each
class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. In accordance
with Nasdaq's corporate governance requirements, we are not required to hold an annual meeting until one full year after
our first fiscal year end following our listing on Nasdaq.
The term of office of the first class of directors, consisting
of Mr. Stogsdill, will expire at our first annual meeting of stockholders. The term of office of the second class of directors,
consisting of Messrs. Kasen and Kushner, will expire at the second annual meeting of stockholders. The term of office of the third
class of directors, consisting of Mudrick and Kirsch, will expire at the third annual meeting of stockholders.
Our officers are appointed by the board of directors and serve
at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to
appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our officers may consist
of a Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, Vice Presidents, Secretary, Treasurer,
Assistant Secretaries and such other offices as may be determined by the board of directors.
105
Director Independence
Nasdaq's 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. Stogsdill, Kasen and Kushner are "independent
directors" as defined in Nasdaq's listing standards and applicable SEC rules. Our independent directors will have
regularly scheduled meetings at which only independent directors are present.
Officer and Director Compensation
None of our officers has received any cash compensation for
services rendered to us. Commencing on the date of this prospectus, we have agreed to pay our sponsor a total of $10,000
per month for office space, utilities and secretarial and administrative support. Upon completion of our initial business combination
or our liquidation, we will cease paying these monthly fees. Other than the foregoing, no compensation of any kind, including any
finder's fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will be paid by us to our officers
and directors prior to, or in connection with any services rendered in order to effectuate, the consummation of our initial business
combination (regardless of the type of transaction that it is). However, these individuals will be reimbursed for any out-of-pocket
expenses incurred in connection with activities on our behalf such as identifying potential target businesses and performing due
diligence on suitable business combinations. We do not have a policy that prohibits our sponsor, executive officers or directors,
or any of their respective affiliates, from negotiating for the reimbursement of out-of-pocket expenses by a target business. Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their
affiliates. Any such payments prior to an initial business combination will be made using funds held outside the trust account.
Other than quarterly audit committee review of such payments, we do not expect to have any additional controls in place governing
our reimbursement payments to our directors and executive officers for their out-of-pocket expenses incurred in connection with
identifying and consummating an initial business combination.
After the completion of our initial business combination, directors
or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of
these fees will be fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials or tender offer
documents furnished to our stockholders in connection with a proposed initial business combination. We have not established any
limit on the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely
the amount of such compensation will be known at the time of the proposed initial business combination, because the directors of
the post-combination business will be responsible for determining officer and director compensation. Any compensation to be paid
to our officers will be determined, or recommended to the board of directors for determination, either by a compensation committee
constituted solely by independent directors or by a majority of the independent directors on our board of directors.
We do not intend to take any action to ensure that members
of our management team maintain their positions with us after the consummation of our initial business combination, although
it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain
with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to
retain their positions with us may influence our management's motivation in identifying or selecting a target business
but we do not believe that the ability of our management to remain with us after the consummation of our initial business
combination will be a determining factor in our decision to proceed with any potential business combination. We are not party
to any agreements with our officers and directors that provide for benefits upon termination of employment.
Committees of the Board of Directors
Our board of directors will have two standing committees: an
audit committee and a compensation committee . Subject to phase-in rules and a limited exception, Nasdaq rules and Rule 10A-3 of
the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors, and Nasdaq
rules require that the compensation committee of a listed company each be comprised solely of independent directors.
106
Audit Committee
Prior to the consummation of this offering, we will establish
an audit committee of our board of directors. Messrs. Stogsdill, Kasen and Kushner will serve as members of our audit committee,
and Mr. Kushner will chair the audit committee.
Under Nasdaq's 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.
Stogsdill, Kasen and Kushner meet the independent director standard under Nasdaq's listing standards and under Rule 10-A-3(b)(1)
of the Exchange Act.
Each member of the audit committee is financially literate and
our board of directors has determined that Mr. Kushner qualifies as an "audit committee financial expert" as defined
in applicable SEC rules.
We will adopt an audit committee charter, which will detail
the principal functions of the audit committee, including:
•      the
appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm
engaged by us;
•      pre-approving
all audit and permitted non-audit services to be provided by the independent registered public accounting firm engaged by us, and
establishing pre-approval policies and procedures;
•      setting
clear hiring policies for employees or former employees of the independent registered public accounting firm, including but not
limited to, as required by applicable laws and regulations;
•      setting
clear policies for audit partner rotation in compliance with applicable laws and regulations;
•      obtaining
and reviewing a report, at least annually, from the independent registered public accounting firm describing (i) the independent
registered public accounting firm's internal quality-control procedures, (ii) any material issues raised by the most
recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or
professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and
any steps taken to deal with such issues and (iii) all relationships between the independent registered public accounting firm
and us to assess the independent registered public accounting firm's independence;
•      reviewing
and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the
SEC prior to us entering into such transaction; and
•      reviewing
with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory
or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published
reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting
standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.
Compensation Committee
Prior to the consummation of this offering, we will establish
a compensation committee of our board of directors. Messrs. Stogsdill, Kasen and Kushner will serve as members of our compensation
committee. Under Nasdaq's listing standards and applicable SEC rules, we are required to have at least two members of the
compensation committee, all of whom must be independent. Messrs. Stogsdill, Kasen and Kushner are independent and Mr. Kasen will
chair the compensation committee.
We will adopt a compensation committee charter, which will detail
the principal functions of the compensation committee, including:
•      reviewing
and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation,
if any is paid by us, evaluating our Chief Executive Officer's performance in light of such goals and objectives and determining
and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;
•      reviewing
and approving on an annual basis the compensation, if any is paid by us, of all of our other officers;
•      reviewing
on an annual basis our executive compensation policies and plans;
•      implementing
and administering our incentive compensation equity-based remuneration plans;
•      assisting
management in complying with our proxy statement and annual report disclosure requirements;
107
•     approving
all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;
•     if
required, producing a report on executive compensation to be included in our annual proxy statement; and
•     reviewing,
evaluating and recommending changes, if appropriate, to the remuneration for directors.
Notwithstanding the foregoing, as indicated above, other than
the payment to our sponsor of  $10,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative
support and reimbursement of expenses, no compensation of any kind, including finders, consulting or other similar fees, will be
paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services
they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that prior to
the consummation of an initial business combination, the compensation committee will only be responsible for the review and recommendation
of any compensation arrangements to be entered into in connection with such initial business combination.
The charter will also provide that the compensation committee
may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will
be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging
or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will
consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.
Director Nominations
We do not have a standing nominating committee though we
intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules. In accordance
with Rule 5605 of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection by
the board of directors. The board of directors believes that the independent directors can satisfactorily carry out the responsibility
of properly selecting or approving director nominees without the formation of a standing nominating committee. The directors who
will participate in the consideration and recommendation of director nominees are Messrs. Stogsdill, Kasen and Kushner. In accordance
with Rule 5605 of the Nasdaq rules, all such directors are independent. As there is no standing nominating committee, we do not
have a nominating committee charter in place.
The board of directors will also consider director candidates
recommended for nomination by our stockholders during such times as they are seeking proposed nominees to stand for election at
the next annual meeting of stockholders (or, if applicable, a special meeting of stockholders). Our stockholders that wish to nominate
a director for election to our board of directors should follow the procedures set forth in our bylaws.
We have not formally established any specific, minimum qualifications
that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for
director, the board of directors considers educational background, diversity of professional experience, knowledge of our business,
integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our stockholders.
Compensation Committee Interlocks and Insider Participation
None of our officers currently serves, or in the past year has
served, as a member of the compensation committee of any entity that has one or more officers serving on our board of directors.
Code of Ethics
Prior to the consummation of this offering, we will have
adopted a Code of Ethics applicable to our directors, officers and employees. We will file a copy of our Code of Ethics and
our audit and compensation committee charters as exhibits to the registration statement of which this prospectus is a part.
You will be able to review these documents by accessing our public filings at the SEC's web site at
www.sec.gov
.
In addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any
amendments to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K. See the section of this
prospectus entitled "Where You Can Find Additional Information."
108
Conflicts of Interest
Mudrick Capital manages several investment vehicles. Funds and
separate accounts managed by Mudrick Capital or its affiliates may compete with us for business combination opportunities. If these
funds or separate accounts decide to pursue any such opportunity, we may be precluded from procuring such opportunities. In addition,
investment ideas generated within Mudrick Capital may be suitable for both us and for a current or future Mudrick Capital fund
or separate account and may be directed to such investment vehicle rather than to us. Neither Mudrick Capital nor members of our
management team who are also employed by Mudrick Capital have any obligation to present us with any opportunity for a potential
business combination of which they become aware, unless presented to such member solely in his or her capacity as an officer of
the company. Mudrick Capital and our management may have similar obligations to future investment vehicles or third parties.
We may, at our option, pursue an Affiliated Joint Acquisition
opportunity with any such fund or other investment vehicle, but such parties would co-invest only if permitted by applicable regulatory
and other legal limitations and to the extent considered appropriate. Such entity may co-invest with us in the target business
at the time of our initial business combination, or we could raise additional proceeds to complete the initial business combination
by making a specified future issuance to any such fund or vehicle.
Mudrick Capital and each of our officers and directors
presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly,
if any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to
which he or she has then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or
contractual obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or
contractual obligations of Mudrick Capital and our officers or directors will not materially affect our ability to complete
our initial business combination. We may, at our option, pursue an Affiliated Joint Acquisition opportunity with an entity to
which Mudrick Capital or an officer or director has a fiduciary or contractual obligation. Any such entity may co-invest with
us in the target business at the time of our initial business combination, or we could raise additional proceeds to complete
the initial business combination by making a specified future issuance to any such entity. Our amended and restated
certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director
or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer
of our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be
reasonable for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without
violating another legal obligation.
Potential investors should also be aware of the following other
potential conflicts of interest:
•     None
of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of
interest in allocating his or her time among various business activities.
•     In
the course of their other business activities, our officers and directors may become aware of investment and business opportunities
which may be appropriate for presentation to us, as well as the other entities with which they are affiliated. Our management may
have conflicts of interest in determining to which entity a particular business opportunity should be presented.
•     Our
initial stockholders have agreed to waive their redemption rights with respect to any founder shares and any public shares
held by them in connection with the consummation of our initial business combination. Additionally, our initial stockholders
have agreed to waive their redemption rights with respect to any founder shares held by them if we fail to consummate our
initial business combination within 24 months after the closing of this offering. If we do not complete our initial business
combination within such applicable time period, the proceeds of the sale of the private placement warrants held in the trust
account will be used to fund the redemption of our public shares, and the private placement warrants will expire worthless.
With certain limited exceptions, the founder shares will not be transferable, assignable by our sponsor until the earlier of:
(A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination,
(x) if the reported closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30 —
trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete
a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of our
stockholders having the right to exchange their shares of common stock for cash, securities or other property. With certain
limited exceptions, the private placement warrants and the Class A common stock underlying such warrants, will not be
transferable, assignable or saleable by our sponsor or its permitted transferees until 30 days after the completion of our
initial business combination. Since our sponsor and officers and directors may directly or indirectly own common stock and
warrants following this offering, our officers and directors 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.
109
•     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
sponsor, officers or directors may have a conflict of interest with respect to evaluating a business combination and financing
arrangements as we may obtain loans from our sponsor or an affiliate of our sponsor or any of our officers or directors to finance
transaction costs in connection with an intended initial business combination. Up to $1,500,000 of such loans may be convertible
into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement
warrants, including as to exercise price, exercisability and exercise period.
The conflicts described above may not be resolved in our favor.
In general, officers and directors of a corporation incorporated
under the laws of the State of Delaware are required to present business opportunities to a corporation if:
•     the
corporation could financially undertake the opportunity;
•     the
opportunity is within the corporation's line of business; and
•     it
would not be fair to our company and its stockholders for the opportunity not to be brought to the attention of the corporation.
Accordingly, as a result of multiple business affiliations,
our officers and directors may have similar legal obligations relating to presenting business opportunities meeting the above-listed
criteria to multiple entities. Furthermore, our amended and restated certificate of incorporation will provide that we renounce
our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such
person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted
to refer that opportunity to us without violating another legal obligation.
110
Below is a table summarizing the entities to which our officers,
directors and director nominees currently have fiduciary duties or contractual obligations:
Individual
Entity
Entity's
    Business
Affiliation
Jason Mudrick
(1)
Mudrick Capital Management, L.P. ("MCM")
Institutional Investor
President and Chief Investment Officer
Private funds and separated accounts
    managed by MCM
(2)
Investment Vehicles
President and Chief Investment Officer
    of MCM
NJOY Holdings, Inc.
Electronic Cigarettes
Director
Thryv Holdings, Inc.
Marketing Management and Software
Chairman of the Board
Fieldwood Energy
Oil & Gas Exploration & Production
Director
Proenza Schouler
Apparel, Accessories & Luxury Goods
Director
cxLoyalty
Software and Services
Director
Victor Danh
(3)
Mudrick Capital Management, L.P. ("MCM")
Institutional Investor
Managing Director
Private funds and separated accounts
    managed by MCM
(2)
Investment Vehicles
Managing Director of MCM
Expanse Energy Solutions, Inc.
Oil & Gas Equipment & Services
Director
David Kirsch
(4)
Mudrick Capital Management, L.P. ("MCM")
Institutional Investor
Managing Director
Private funds and separated accounts
    managed by MCM
(2)
Investment Vehicles
Managing Director of MCM
Nelson Education Ltd.
Educational Services
Chairman
Hycroft Mining
    Holding Corporation
Mining
Chairman
NJOY Holdings,
    Inc.
Electronic Cigarettes
Director
Proenza Schouler
Apparel, Accessories & Luxury Goods
Director
Targus Holdings
Laptop Bags and
    other Computer Accessories
Director
Private funds
    and separated accounts managed by MCM
(2)
Investment Vehicles
Managing Director
    of MCM
Glenn Springer
(5)
Mudrick Capital
    Management, L.P. ("MCM")
Institutional Investor
Chief Financial
    Officer
Scott Kasen
(6)
SK Restaurant Holdings LLC
Investment Vehicles
Member
Dennis Stogsdill
(7)
Alvarez
                                         & Marsal LLC
Consulting
Managing
                                         Director
Dr. Brian Kushner
(8)
FTI
                                         Consulting
Cumulus Media, Inc.
Resideo Technologies,
        Inc.
Gibson Brands, Inc.
Consulting
Media
Technology
Manufacturing
Senior
                                         Managing Director
Director
Director
Director
(1)
Mr. Mudrick has a fiduciary duty with respect to each of the listed entities.
(2)
Mudrick Capital Management, L.P. acts as investment manager to certain private investment funds and separately managed accounts.
(3)
Mr. Danh has a fiduciary duty with respect to each of the listed entities.
(4)
Mr. Kirsch has a fiduciary duty with respect to each of the listed entities.
(5)
Mr. Springer has a fiduciary duty with respect to each of the listed entities.
(6)
Mr. Kasen has a fiduciary duty with respect to each of the listed entities.
(7)
Mr. Stogsdill has a fiduciary duty with respect to each of the listed entities.
(8)
Dr. Brian Kushner has a fiduciary duty with respect to each of the listed entities.
Accordingly, if any of the above executive officers, directors
or director nominees becomes aware of a business combination opportunity which is suitable for any of the above entities to which
he has current fiduciary or contractual obligations, he will honor his fiduciary or contractual obligations to present such business
combination opportunity to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however,
that any of the foregoing fiduciary duties or contractual obligations will materially affect our ability to complete our initial
business combination.
We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, officers or directors. In the event we seek to complete our initial business
combination with such a company, we, or a committee of independent directors, would obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions, that such an initial business combination
is fair to our company from a financial point of view.
Our sponsor may form, and our officers and directors may
become an officer or director of, another special purpose acquisition company with a class of securities intended to be registered
under the Exchange Act prior to the completion of our initial business combination.
In the event that we submit our initial business combination
to our public stockholders for a vote, pursuant to the letter agreement, our sponsor, officers and directors have agreed to vote
any founder shares held by them and any public shares purchased during or after the offering (including in open market and privately-negotiated
transactions) in favor of our initial business combination.
111
Limitation on Liability and Indemnification of Officers and
Directors
Our amended and restated certificate of incorporation will
provide that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now
exists or may in the future be amended. In addition, our amended and restated certificate of incorporation will provide that
our directors will not be personally liable for monetary damages to us or our stockholders 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 such indemnification. We will purchase a policy
of directors' and officers' liability insurance that insures our officers and directors against the cost of defense,
settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and
directors. Except with respect to any public shares they may acquire in this offering or thereafter (in the event we do not consummate
an initial business combination), our officers and directors have agreed to waive (and any other persons who may become an officer
or director prior to the initial business combination will also be required to waive) any right, title, interest or claim of any
kind in or to any monies in the trust account, and not to seek recourse against the trust account for any reason whatsoever, including
with respect to such indemnification.
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 officers and directors, 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 officers and directors pursuant to these indemnification provisions.
We believe that these provisions, the directors' and officers'
liability insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.
112
PRINCIPAL STOCKHOLDERS
The following table sets forth information regarding the beneficial
ownership of our common stock as of the date of this prospectus, and as adjusted to reflect the sale of our common stock included
in the units offered by this prospectus, and assuming no purchase of units in this offering, by:
·
each
person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock;
·
each
of our executive officers, directors and director nominees; and
·
all
our executive officers, directors and director nominees 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 or beneficial ownership of the private placement warrants as these warrants are not exercisable within
60 days of the date of this prospectus.
In August 2020, our sponsor paid $25,000 to cover certain offering
costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which are subject to
forfeiture depending on the extent to which the underwriters' over-allotment option is exercised). The following table presents
the number of shares and percentage of our common stock owned by our initial stockholders before and after this offering. The post-offering
numbers and percentages presented assume that the underwriters do not exercise their over-allotment option, that our sponsor forfeits
an aggregate 1,125,000 founder shares on a
pro rata
basis, and that there are 37,500,000 shares of our common stock, consisting
of (i) 30,000,000 shares of our Class A common stock and (ii) 7,500,000 shares of our Class B common stock, issued and outstanding
after this offering.
Before
    Offering
After
    Offering
Name
    and Address of Beneficial Owner
(1)
Number
    of
Shares
Beneficially
Owned
(2)
Approximate
Percentage of
Outstanding
Common Stock
Number
    of
Shares
Beneficially
Owned
(2)
Approximate
Percentage of
Outstanding
Common Stock
Mudrick
    Capital Acquisition Holdings II LLC
(3)
8,625,000
100.0
%
7,500,000
20.0
%
Jason
    Mudrick
(3)
—
—
—
—
Victor
    Danh
—
—
—
—
David
    Kirsch
—
—
—
—
Glenn
    Springer
—
—
—
—
Dennis
    Stogsdill
(3)
—
—
—
—
Scott
    Kasen
(3)
—
—
—
—
Dr.
    Brian Kushner
(3)
—
—
—
—
All
    executive officers and directors as a group (7 individuals)
8,625,000
100.0
%
7,500,000
20.0
%
(1)
Unless otherwise noted, the business address of each
of the following entities or individuals is c/o Mudrick Capital Acquisition Corporation II, 527 Madison Avenue, 6th Floor, New
York, NY 10022.
(2)
Interests shown consist solely of founder shares, classified
as shares of Class B common stock. Such shares are convertible into shares of Class A common stock on a one-for-one basis, subject
to adjustment, as described in the section of this prospectus entitled "Description of Securities."
(3)
Our sponsor is the record holder of such shares. Mudrick
                                     Capital Management, L.P. is the managing member of our sponsor and has voting and investment
                                     discretion with respect to the securities held by our sponsor. Jason Mudrick is the sole
                                     member of Mudrick Capital Management, LLC, the general partner of Mudrick Capital Management,
                                     L.P. As such, Mudrick Capital Management, L.P. and Jason Mudrick may be deemed to have beneficial
                                     ownership of the securities held directly by our sponsor. Each such entity or person disclaims
                                     any beneficial ownership of the reported shares other than to the extent of any pecuniary
                                     interest they may have therein, directly or indirectly. Our sponsor is 100% owned by investment
                                     funds and separate accounts managed by Mudrick Capital Management, L.P. Each of our independent
                                     directors hold a direct or indirect interest in our sponsor.
113
Immediately after this offering, our initial stockholders will
beneficially own 20% of the then-issued and outstanding shares of our common stock (assuming they do not purchase any units in
this offering). If we increase or decrease the size of the offering, we will effect a stock dividend or a share contribution back
to capital, or other appropriate mechanism, as applicable, with respect to our Class B common stock immediately prior to the consummation
of the offering in such amount as to maintain the ownership of our initial stockholders at 20% of the issued and outstanding shares
of our common stock upon the consummation of this offering. Because of this ownership block, our initial stockholders may be able
to effectively influence the outcome of all matters requiring approval by our stockholders, including the election of directors,
amendments to our amended and restated certificate of incorporation and approval of significant corporate transactions, including
approval of our initial business combination.
The holders of the founder shares have agreed (A) to vote any
shares owned by them in favor of any proposed initial business combination and (B) not to redeem any shares in connection with
a stockholder vote to approve a proposed initial business combination or in connection with a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation.
Our sponsor, Mudrick Capital and our executive officers and
directors are deemed to be our "promoters" as such term is defined under the federal securities laws.
Restrictions on Transfers of Founder Shares and Private Placement
Warrants
The founder shares, private placement warrants and any shares
of Class A common stock issued upon conversion or exercise thereof are each subject to transfer restrictions pursuant to lock-up
provisions in a letter agreement with us to be entered into by our sponsor, officers and directors. Those lock-up provisions provide
that such securities are not transferable or salable (i) in the case of the founder shares, until the earlier of (A) one year
after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the reported
closing price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock
for cash, securities or other property, and (ii) in the case of the private placement warrants and the Class A common stock underlying
such warrants, until 30 days after the completion of our initial business combination, except in each case (a) to our officers
or directors, any affiliates or family members of any of our officers or directors, any members of our sponsor, or any affiliates
of our sponsor, (b) in the case of an individual, by gift to a member of one of the members of the individual's immediate
family or to a trust, the beneficiary of which is a member of one of the individual's immediate family, an affiliate of
such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales
or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation
of an initial business combination at prices no greater than the price at which the shares or warrants were originally purchased;
(f) in the event of our liquidation prior to the completion of our initial business combination; or (g) by virtue of the laws
of Delaware or the organizational documents of our sponsor upon dissolution of our sponsor; provided, however, that in the case
of clauses (a) through (e) or (g) these permitted transferees must enter into a written agreement agreeing to be bound by these
transfer restrictions and the other restrictions contained in the letter agreement and by the same agreements entered into by
our sponsor with respect to such securities (including provisions relating to voting, the trust account and liquidation distributions
described elsewhere in this prospectus).
Registration Rights
The holders of (i) the founder shares, which were issued in
a private placement prior to the closing of this offering, (ii) private placement warrants, which will be issued in a private placement
simultaneously with the closing of this offering and the shares of Class A common stock underlying such private placement warrants
and (iii) private placement warrants that may be issued upon conversion of working capital loans (and the securities underlying
such securities) will have registration rights to require us to register a sale of any of our securities held by them pursuant
to a registration rights agreement to be signed prior to or on the effective date of this offering. These holders of these securities
will be entitled to make up to three demands, excluding short form registration demands, that we register such securities for sale
under the Securities Act. In addition, these holders will have "piggy-back" registration rights to include their securities
in other registration statements filed by us, subject to certain limitations. We will bear the expenses incurred in connection
with the filing of any such registration statements.
114
CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS
In August 2020, our sponsor paid $25,000 to cover certain offering
costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which are subject to
forfeiture depending on the extent to which the underwriters' over-allotment option is exercised). The number of founder
shares issued was determined based on the expectation that such founder shares would represent 20% of the outstanding shares upon
completion of this offering. If we increase or decrease the size of the offering we will effect a stock dividend or a share contribution
back to capital or other appropriate mechanism, as applicable, with respect to our Class B common stock immediately prior to the
consummation of the offering in such amount as to maintain the ownership of our initial stockholders at 20% of the issued and outstanding
shares of our common stock upon the consummation of this offering. Up to 1,125,000 founder shares are subject to forfeiture by
our sponsor depending on the extent to which the underwriters' over-allotment option is exercised. The founder shares (including
the Class A common stock issuable upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned
or sold by the holder.
Our sponsor has committed, pursuant to a written agreement,
to purchase an aggregate of 7,500,000 (or 8,400,000 if the over-allotment option is exercised in full) private placement warrants
for a purchase price of $1.00 per warrant in a private placement that will occur simultaneously with the closing of this offering.
As such, our sponsor's interest in this transaction is valued at between $7,500,000 and $8,400,000, depending on the number
of private placement warrants purchased. Each private placement warrant entitles the holder thereof to purchase one share of our
Class A common stock at a price of $11.50 per share. The private placement warrants (including the Class A common stock issuable
upon exercise thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder.
Commencing on the date of this prospectus, we have agreed to
pay our sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support. Upon
completion of our initial business combination or our liquidation, we will cease paying these monthly fees.
Other than the foregoing, no compensation of any kind, including
any finder's fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will be paid by us to our
sponsor, officers and directors, or any affiliate of our sponsor or officers, prior to, or in connection with any services rendered
in order to effectuate, the consummation of an initial business combination (regardless of the type of transaction that it is).
However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our behalf
such as identifying potential target businesses and performing due diligence on suitable business combinations. We do not have
a policy that prohibits our sponsor, executive officers or directors, or any of their respective affiliates, from negotiating for
the reimbursement of out-of-pocket expenses by a target business. Our audit committee will review on a quarterly basis all payments
that were made to our sponsor, officers, directors or our or any of their affiliates and will determine which expenses and the
amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred
by such persons in connection with activities on our behalf.
Prior to the closing of this offering, our sponsor has agreed
to loan us up to an aggregate of $300,000 to be used for a portion of the expenses of this offering. As of August 3, 2020, we had
borrowed $12,500 under such promissory note. These loans are non-interest bearing, unsecured and are due at the earlier of March
31, 2021 or the closing of this offering. The loan will be repaid upon the closing of this offering out of the estimated $750,000
of offering proceeds that has been allocated to the payment of offering expenses (other than underwriting commissions) not held
in the trust account. The value of our sponsor's interest in this transaction corresponds to the principal amount outstanding
under any such loan.
In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination, we would repay
such loaned amounts. In the event that the initial business combination does not close, we may use a portion of the working capital
held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used for such repayment.
Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. The
warrants would be identical to the private placement warrants, including as to exercise price, exercisability and exercise period.
The terms of such loans by our officers and directors, if any, have not been determined and no written agreements exist with respect
to such loans. We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not
believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds
in our trust account.
After our initial business combination, members of our management
team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being
fully disclosed to our stockholders, to the extent then known, in the proxy solicitation materials or tender offer documents, as
applicable, furnished to our stockholders. It is unlikely the amount of such compensation will be known at the time of distribution
of such proxy solicitation materials or tender offer documents, as applicable, as it will be up to the directors of the post-combination
business to determine executive and director compensation.
115
We will enter into a registration rights agreement with respect
to the private placement warrants, the warrants issuable upon conversion of working capital loans (if any) and the shares of Class
A common stock issuable upon exercise of the foregoing and upon conversion of the founder shares, which is described under the
section of this prospectus entitled "Description of Securities — Registration Rights."
Policy for Approval of Related Party Transactions
The audit committee of our board of directors will adopt a policy
setting forth the policies and procedures for its review and approval or ratification of "related party transactions."
A "related party transaction" is any consummated or proposed transaction or series of transactions: (i) in which the
company was or is to be a participant; (ii) the amount of which exceeds (or is reasonably expected to exceed) $120,000 in the aggregate
over the duration of the transaction (without regard to profit or loss); and (iii) in which a "related party" had,
has or will have a direct or indirect material interest. "Related parties" under this policy will include: (i) our
directors, nominees for director or executive officers; (ii) any record or beneficial owner of more than 5% of any class of our
voting securities; (iii) any immediate family member of any of the foregoing if the foregoing person is a natural person; and (iv)
any other person who maybe a "related person" pursuant to Item 404 of Regulation S-K under the Exchange Act. Pursuant
to the policy, the audit committee will consider (i) the relevant facts and circumstances of each related party transaction, including
if the transaction is on terms comparable to those that could be obtained in arm's-length dealings with an unrelated third
party, (ii) the extent of the related party's interest in the transaction, (iii) whether the transaction contravenes our
code of ethics or other policies, (iv) whether the audit committee believes the relationship underlying the transaction to be in
the best interests of the company and its stockholders and (v) the effect that the transaction may have on a director's status
as an independent member of the board and on his or her eligibility to serve on the board's committees. Management will present
to the audit committee each proposed related party transaction, including all relevant facts and circumstances relating thereto.
Under the policy, we may consummate related party transactions only if our audit committee approves or ratifies the transaction
in accordance with the guidelines set forth in the policy. The policy will not permit any director or executive officer to participate
in the discussion of, or decision concerning, a related person transaction in which he or she is the related party.
116
DESCRIPTION OF SECURITIES
Pursuant to our amended and restated certificate of incorporation,
our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001 par value, 10,000,000 shares of Class
B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001 par value. The following description
summarizes the material terms of our capital stock. Because it is only a summary, it may not contain all the information that is
important to you.
Units
Each
                                         unit has an offering price of $10.00 and consists of one share of Class A common stock
                                         and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof
                                         to purchase one share of our Class A common stock at a price of $11.50 per share, subject
                                         to adjustment as described in this prospectus. Only whole warrants are exercisable. No
                                         fractional warrants will be issued upon separation of the units and only whole warrants
                                         will trade.
We expect the Class A common stock and warrants comprising the
units will begin separate trading on the 52
nd
day following the date of this prospectus unless Jefferies LLC 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 announcing when such separate trading will begin. Once the shares of Class A common stock and
warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component
securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of Class
A common stock and warrants.
In no event will the Class A common stock and warrants be traded
separately until we have filed a Current Report on Form 8-K with the SEC, which includes an audited balance sheet reflecting our
receipt of the gross proceeds at the closing of this offering. We will file a Current Report on Form 8-K which includes this audited
balance sheet upon the completion of this offering, which closing is anticipated to take place three business days after the date
of this prospectus. If the underwriters' over-allotment option is exercised following the initial filing of such Current
Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect
the exercise of the underwriters' over-allotment option.
Common Stock
Upon the closing of this offering, 37,500,000 shares of our
common stock will be outstanding (assuming no exercise of the underwriters' over-allotment option and the corresponding forfeiture
of 1,125,000 founder shares by our sponsor), consisting of:
·
30,000,000
shares of our Class A common stock underlying the units being offered in this offering; and
·
7,500,000
shares of Class B common stock held by our initial stockholders.
If we increase or decrease the size of the offering we will
effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class B common stock immediately prior to the consummation of this offering in such amount as to maintain the ownership of
our initial stockholders at 20% of the issued and outstanding shares of our common stock upon the consummation of this offering.
Common stockholders of record are entitled to one vote for each
share held on all matters to be voted on by stockholders. Holders of record of the Class A common stock and holders of record of
the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each
share of common stock entitling the holder to one vote except as required by law. Unless specified in our amended and restated
certificate of incorporation or bylaws, or as required by applicable provisions of the DGCL or applicable stock exchange rules,
the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such matter voted on
by our stockholders. Our board of directors will be divided into three classes, each of which will generally serve for a term of
three years with only one class of directors being elected in each year. There is no cumulative voting with respect to the election
of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can elect all
of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.
Because our amended and restated certificate of incorporation
authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were to enter into an initial business combination,
we may (depending on the terms of such an initial business combination) be required to increase the number of shares of Class
A common stock which we are authorized to issue at the same time as our stockholders vote on the initial business combination
to the extent we seek stockholder approval in connection with our initial business combination.
117
In accordance with Nasdaq's corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end
following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of
stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written
consent in lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the
consummation of our initial business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which
requires an annual meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our
initial business combination, they may attempt to force us to hold one by submitting an application to the Delaware Court of
Chancery in accordance with Section 211(c) of the DGCL.
We will provide our stockholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account and not previously released to us
to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount
in the trust account is initially anticipated to be approximately $10.00 per public share. The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their
redemption rights with respect to any founder shares and any public shares held by them in connection with the completion of our
initial business combination. We will provide our public stockholders with the opportunity to redeem all or a portion of their
public shares upon the completion of our initial business combination either (i) in connection with a stockholder meeting called
to approve the initial business combination or (ii) without a stockholder vote by means of a tender offer. If we seek stockholder
approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted
are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person
or by proxy of shares of outstanding capital stock of the Company representing a majority of the voting power of all outstanding
shares of capital stock of the Company entitled to vote at such meeting. If we conduct redemptions by means of a tender offer,
the tender offer documents will contain substantially the same financial and other information about the initial business combination
and the redemption rights as is required under the SEC's proxy rules.
If we seek stockholder approval, the participation of our sponsor,
officers, directors, advisors or any of their affiliates in privately negotiated transactions (as described in this prospectus),
if any, could result in the approval of our initial business combination even if a majority of our public stockholders vote, or
indicate their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding
shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is
obtained. We intend to give approximately 30 days' (but not less than 10 days' nor more than 60 days') prior
written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These
quorum and voting thresholds, and the voting agreements of our initial stockholders, may make it more likely that we will consummate
our initial business combination.
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our
amended and restated certificate of incorporation will provide that a public stockholder, together with any affiliate of such
stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined under
Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of
the shares of common stock sold in this offering, which we refer to as the Excess Shares. However, we would not be restricting
our stockholders' ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
Our stockholders' inability to redeem the Excess Shares will reduce their influence over our ability to complete our initial
business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on
the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if
we complete the initial business combination. And, as a result, such stockholders will continue to hold that number of shares
exceeding 15% and, in order to dispose such shares would be required to sell their stock in open market transactions, potentially
at a loss.
118
If we seek stockholder approval in connection with our
initial business combination, pursuant to a letter agreement, our sponsor, officers and directors have agreed to vote their
founder shares and any public shares purchased during or after this offering (including in open market and
privately-negotiated transactions) in favor of our initial business combination.
As a result, in addition to our initial stockholders'
founder shares, we would need only 11,250,001, or 37.5%, of the 30,000,000 public shares sold in this offering to be voted in favor
of an initial business combination in order to have our initial business combination approved (assuming all outstanding shares
are voted and the over-allotment option is not exercised). Additionally, each public stockholder may elect to redeem its public
shares irrespective of whether they vote for or against the proposed transaction or whether they were a stockholder on the record
date for the stockholder meeting held to approve the proposed transaction (subject to the limitation described in the preceding
paragraph).
Pursuant to our amended and restated certificate of incorporation,
if we are unable to complete our 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 no more than 10 business days
thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the
number of then outstanding public shares, which redemption will completely extinguish public stockholders' rights as stockholders
(including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject
in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive
their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to
complete our initial business combination within 24 months from the closing of this offering. However, if our initial stockholders
acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with
respect to such public shares if we fail to complete our initial business combination within the prescribed time period.
In the event of a liquidation, dissolution or winding up of
the Company after an initial business combination, our stockholders are entitled to share ratably in all assets remaining available
for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our stockholders with the opportunity to redeem their public shares for cash equal
to their
pro rata
share of the aggregate amount then on deposit in the trust account, including interest (which will be
net of taxes paid by us) upon the completion of our initial business combination, subject to the limitations described herein.
Founder Shares
The founder shares are identical to the shares of Class A
common stock included in the units being sold in this offering, and holders of founder shares have the same stockholder
rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions, as
described in more detail below, (ii) our sponsor, officers and directors have entered into a letter agreement with us,
pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares and any public
shares held by them in connection with the completion of our initial business combination, (B) to waive their redemption
rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation to (i) modify the substance or timing of our obligation to provide
for the redemption of our public shares in connection with an initial business combination or to redeem 100% of our public
shares if we do not complete our initial business combination within 24 months from the closing of this offering or (ii) with
respect to any other material provisions relating to stockholders' rights or pre-initial business combination activity,
and (C) to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by
them if we fail to complete our initial business combination within 24 months from the closing of this offering, although
they will be entitled to liquidating distributions from the trust account with respect to any public shares they hold if we
fail to complete our initial business combination within such time period, (iii) the founder shares are shares of our Class B
common stock that will automatically convert into shares of our Class A common stock at the time of our initial business
combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights as described herein and
(iv) are entitled to registration rights. If we submit our initial business combination to our public stockholders for a
vote, our sponsor, officers and directors have agreed (and its permitted transferees will agree) pursuant to the letter
agreement to vote any founder shares held by them and any public shares purchased during or after this offering (including in
open market and privately-negotiated transactions) in favor of our initial business combination.
119
In the case that additional shares of Class A common stock or
equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of shares
of Class A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis,
20% of the sum of the total number of all shares of common stock outstanding upon the completion of this offering, plus the total
number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, including pursuant to a specified future issuance, excluding any shares of Class A common stock or equity-linked
securities exercisable for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial
business combination and any private placement-equivalent warrants issued to our sponsor, officers or directors upon conversion
of working capital loans; provided that such conversion of founder shares will never occur on a less than one for one basis. We
cannot determine at this time whether a majority of the holders of our Class B common stock at the time of any future issuance
would agree to waive such adjustment to the conversion ratio. They may waive such adjustment due to (but not limited to) the following:
(i) closing conditions that are part of the agreement for our initial business combination; (ii) negotiation with Class A stockholders
on structuring an initial business combination; or (iii) negotiation with parties providing financing that would trigger the anti-dilution
provisions of the Class B common stock. If such adjustment is not waived, the issuance would not reduce the percentage ownership
of holders of our Class B common stock, but would reduce the percentage ownership of holders of our Class A common stock. If such
adjustment is waived, the issuance would reduce the percentage ownership of holders of both classes of our common stock. The term
 "equity-linked securities" refers to any debt or equity securities that are convertible, exercisable or exchangeable
for shares of Class A common stock issued in a financing transaction in connection with our initial business combination, including
but not limited to a private placement of equity or debt. Securities could be "deemed issued" for purposes of the conversion
rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities.
With certain limited exceptions, the founder shares are not
transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after the completion of our initial
business combination or (B) subsequent to our initial business combination, (x) if the reported closing price of our Class
A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our initial business
combination or (y) the date, following the completion of our initial business combination, on which we complete a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the
right to exchange their shares of common stock for cash, securities or other property.
Preferred Stock
Our amended and restated certificate of incorporation will
provide that shares of preferred stock may be issued from time to time in one or more series. Our board of directors will be authorized
to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights
and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board of directors
will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect
the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our
board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing
a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. Although
we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future.
No shares of preferred stock are being issued or registered in this offering.
120
Redeemable Warrants
Public Stockholders' Warrants
Each
                                         whole warrant entitles the registered holder to purchase one share of our Class A common
                                         stock at a price of $11.50 per share, subject to adjustment as discussed below, at any
                                         time commencing on the later of 12 months from the closing of this offering and 30 days
                                         after the completion of our initial business combination. Pursuant to the warrant agreement,
                                         a warrantholder may exercise its warrants only for a whole number of Class A common stock.
                                         This means only a whole warrant may be exercised at a 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 at least two units, you will not be able
                                         to receive or trade a whole warrant. The warrants will expire five years after the completion
                                         of our initial business combination, at 5:00 p.m., New York City time, or earlier upon
                                         redemption or liquidation.
We will not be obligated to deliver any shares of Class A common
stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the shares of Class A common stock underlying the warrants is then effective and a current
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration.
No warrant will be exercisable and we will not be obligated to issue shares of Class A common stock upon exercise of a warrant
unless Class A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the
securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions in the two
immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to
exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net cash settle
any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing
such warrant, if not cash settled, will have paid the full purchase price for the unit solely for the share of Class A common stock
underlying such unit.
We are not registering the shares of Class A common stock issuable
upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 15
business days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration
statement registering the issuance of the shares of Class A common stock issuable upon exercise of the warrants, to cause such
registration statement to become effective and to maintain a current prospectus relating to those shares of Class A common stock
until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares
of Class A common stock issuable upon exercise of the warrants is not effective by the 60
th
business day after the closing
of our initial business combination or within a specified period following the consummation of our initial business combination,
warrantholders 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.
Once the warrants become exercisable, we may call the warrants
for redemption:
·
in
whole and not in part;
·
at
a price of $0.01 per warrant;
·
upon
not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrantholder;
and
·
if,
and only if, the reported closing price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending
three business days before we send the notice of redemption to the warrantholders.
If and when the warrants become redeemable by us, we may not
exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration
or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use
our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those
states in which the warrants were initially offered by us in this offering.
121
We have established the last of the redemption criteria discussed
above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder will be entitled
to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common stock may fall below the
$18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like),
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 any holder that wishes to exercise its warrant to do so on a cashless basis. In determining
whether to require all holders to exercise their warrants on a cashless basis, our management will consider, among other factors,
our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum
number of shares of Class A common stock issuable upon the exercise of our warrants. If our management takes advantage of this
option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of Class
A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying
the warrants multiplied by and the excess of the "fair market value" (defined below) over the exercise price of the
warrants by (y) the fair market value. The "fair market value" shall mean the average reported closing price of the
Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the
information necessary to calculate the number of shares of Class A common stock to be received upon exercise of the warrants, including
the "fair market value" in such case. Requiring a cashless exercise in this manner will reduce the number of shares
to be issued and thereby lessen the dilutive effect of a warrant redemption. We believe this feature is an attractive option to
us if we do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants
for redemption and our management does not take advantage of this option, our sponsor and its permitted transferees would still
be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described above
that other warrantholders would have been required to use had all warrantholders been required to exercise their warrants on a
cashless basis, as described in more detail below.
A holder of a warrant may notify us in writing in the event
it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that
after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify) of the shares
of Class A common stock outstanding immediately after giving effect to such exercise.
If the number of outstanding shares of Class A common
stock is increased by a stock dividend payable in shares of Class A common stock, or by a split-up of shares of Class A
common stock or other similar event, then, on the effective date of such stock dividend, split-up or similar event, the
number of shares of Class A common stock issuable on exercise of each warrant will be increased in proportion to such
increase in the outstanding shares of Class A common stock. A rights offering to holders of Class A common stock entitling
holders to purchase shares of Class A common stock at a price less than the fair market value will be deemed a stock dividend
of a number of shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock
actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are
convertible into or exercisable for Class A common stock) and (ii) one minus the quotient of (x) the price per share of Class
A common stock paid in such rights offering divided by (y) the fair market value. For these purposes (i) if the rights
offering is for securities convertible into or exercisable for Class A common stock, in determining the price payable for
Class A common stock, there will be taken into account any consideration received for such rights, as well as any additional
amount payable upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A
common stock as reported during the 10 trading day period ending on the trading day prior to the first date on which the
shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the right
to receive such rights.
In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A common stock
on account of such shares of Class A common stock (or other shares of our capital stock into which the warrants are convertible),
other than (a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of
Class A common stock in connection with a proposed initial business combination, (d) to satisfy the redemption rights of
the holders of Class A common stock in connection with a stockholder vote to amend our amended and restated certificate of incorporation
to (i) modify the substance or timing of our obligation to provide for the redemption of our public shares in connection with
an initial business combination or to redeem 100% of our public shares if we do not complete our initial business combination
within 24 months from the closing of this offering or (ii) with respect to any other material provisions relating to stockholders'
rights or pre-initial business combination activity, or (e) in connection with the redemption of our public shares upon our failure
to complete our initial business combination, then the warrant exercise price will be decreased, effective immediately after the
effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of Class A common stock in respect of such event.
122
If the number of outstanding shares of our Class A common stock
is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Class A common stock or other
similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar
event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to such
decrease in outstanding shares of Class A common stock.
Whenever the number of shares of Class A common stock purchasable
upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the
warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of shares
of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator
of which will be the number of shares of Class A common stock so purchasable immediately thereafter.
In case of any reclassification or reorganization of the
outstanding shares of Class A common stock (other than those described above or that solely affects the par value of such
shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other
than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or
reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with
which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would have received
if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of Class A common stock in such a transaction is payable in the form of Class A common stock in the successor
entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant
properly exercises the warrant within 30 days following public disclosure of such transaction, the warrant exercise price
will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement)
of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when
an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants
otherwise do not receive the full potential value of the warrants. This formula is to compensate the warrant holder for the
loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within 30
days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted
market price for an instrument is available.
The warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should review a copy of the warrant
agreement, which will be filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description
of the terms and conditions applicable to the warrants. The warrant agreement provides that the terms of the warrants may be amended
without the consent of any holder to cure any ambiguity or correct any defective provision, and that all other modifications or
amendments will require the vote or written consent of the holders of at least a majority of the then outstanding public warrants
and, solely with respect to any amendment to the terms of the private placement warrants, a majority of the then outstanding private
placement warrants.
The warrants may be exercised upon surrender of the
warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise
price (or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants
being exercised. The warrantholders do not have the rights or privileges of holders of Class A common stock or any voting
rights until they exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A
common stock upon exercise of the warrants, each holder will be entitled to one vote for each share held of record on all
matters to be voted on by stockholders.
123
No
                                         fractional shares will be issued upon exercise of the warrants. If, upon exercise of
                                         the warrants, a holder would be entitled to receive a fractional interest in a share,
                                         we will, upon exercise, round down to the nearest whole number of shares of Class A common
                                         stock to be issued to the warrantholder. As a result, warrantholders not purchasing a
                                         number of warrants divisible by two must sell any odd number of warrants in order to
                                         obtain full value from the fractional interests that will not be issued.
In addition, if (x) we issue additional shares of Class A common
stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to
be determined in good faith by our board of directors and, in the case of any such issuance to our sponsor or its affiliates, without
taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the consummation of our initial business combination (net of
redemptions), and (z) the Market Value is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger
price described above will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
Issued Price.
We have agreed that, subject to applicable law, any action,
proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought and enforced in
the courts of the State of New York or the United States District Court for the Southern District of New York, and we irrevocably
submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim. See "Risk
Factors — Our warrant agreement will designate the courts of the State of New York or the United States District Court for
the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated
by holders of our warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes
with our company." This provision applies to claims under the Securities Act but does not apply to claims under the Exchange
Act or any claim for which the federal district courts of the United States of America are the sole and exclusive forum.
Private Placement Warrants
The private placement warrants (including the Class A common
stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except, among other limited exceptions as described under the section of this
prospectus entitled "Principal Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Warrants,"
to our officers and directors and other persons or entities affiliated with our sponsor) and they will not be redeemable by us
so long as they are held by our sponsor or its permitted transferees. Except as described below, the private placement warrants
have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering, including
as to exercise price, exercisability and exercise period. If the private placement warrants are held by holders other than the
sponsor or its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on
the same basis as the warrants included in the units being sold in this offering.
124
If holders of the private placement warrants elect to exercise
them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares of Class
A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying
the warrants multiplied by the excess of the "fair market value" (defined below) over the exercise price of the warrants
by (y) the fair market value. The "fair market value" means the average reported closing price of the Class A common
stock for the 10 trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent
to the warrant agent. The reason that we have agreed that these warrants will be exercisable on a cashless basis so long as they
are held by the sponsor or its permitted transferees is because it is not known at this time whether they will be affiliated with
us following an initial business combination. If they remain affiliated with us, their ability to sell our securities in the open
market will be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except
during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider
cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders
who could exercise their warrants sell the shares of Class A common stock issuable upon exercise of the warrants freely in the
open market, the insiders could be significantly restricted from doing so. As a result, we believe that allowing the holders to
exercise such warrants on a cashless basis is appropriate.
125
In order to finance transaction costs in connection with
an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such loans may be convertible into warrants
at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants,
including as to exercise price, exercisability and exercise period. The terms of such working capital loans by our sponsor or
their affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect
to such loans.
Our sponsor has agreed not to transfer, assign or sell any of
the private placement warrants (including the Class A common stock issuable upon exercise of any of these warrants) until
the date that is 30 days after the date we complete our initial business combination, except that, among other limited exceptions
as described under the section of this prospectus entitled "Principal Stockholders — Restrictions on Transfers of Founder
Shares and Private Placement Warrants" made to our officers and directors and other persons or entities affiliated with our
sponsor.
Dividends
We have not paid any cash dividends on our common stock to date
and do not intend to pay cash dividends prior to the completion of 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 conditions subsequent
to completion of an initial business combination. The payment of any cash dividends subsequent to an initial business combination
will be within the discretion of our board of directors at such time. If we increase or decrease the size of this offering we will
effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to
our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our
initial stockholders at 20% of the issued and outstanding shares of our common stock upon the consummation of this offering. Further,
if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
therewith.
Our Transfer Agent and Warrant Agent
The transfer agent for our common stock and warrant agent for
our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust
Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and employees
against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any
liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.
Our Amended and Restated Certificate of Incorporation
Our amended and restated certificate of incorporation contains
certain requirements and restrictions relating to this offering that will apply to us until the completion of our initial business
combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders,
who will collectively beneficially own 20% of our common stock upon the closing of this offering (assuming they do not purchase
any units in this offering), will participate in any vote to amend our amended and restated certificate of incorporation and will
have the discretion to vote in any manner they choose. Specifically, our amended and restated certificate of incorporation will
provide, among other things, that:
·
if we are unable to complete our initial business combination within
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 10 business days thereafter subject to lawfully available funds therefor, redeem 100%
of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to
$100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidating distributions,
if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims
of creditors and the requirements of other applicable law;
126
·
prior to our initial business combination, we may not issue additional
shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account, (ii) vote on any initial
business combination or (iii) vote on matters related to our pre-initial business combination activity;
·
although we do not intend to enter into an initial business combination
with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so.
In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent
investment banking firm or another independent entity that commonly renders valuation opinions, that such an initial business combination
is fair to our company from a financial point of view;
·
if a stockholder vote on our initial business combination is not required
by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem our public
shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to
completing our initial business combination, which contain substantially the same financial and other information about our initial
business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; whether or not we maintain
our registration under the our Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity
to redeem their public shares by one of the two methods listed above;
·
so long
                                         as we obtain and maintain a listing for our securities on Nasdaq, Nasdaq rules require
                                         that we must consummate an initial business combination with one or more operating businesses
                                         or assets with a fair market value equal to at least 80% of the net assets held in the
                                         trust account (excluding the amount of deferred underwriting discounts held in trust
                                         and taxes payable on the income earned on the trust account);
·
if our stockholders approve an amendment to our amended and restated
certificate of incorporation to (A) modify the substance or timing of our obligation to provide for the redemption of our public
shares in connection with an initial business combination or to redeem 100% of our public shares if we do not complete our initial
business combination within 24 months from the closing of this offering or (B) with respect to any other material provisions relating
to stockholders' rights or pre-initial business combination activity, we will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes, divided by the number of then outstanding public shares; and
·
we will not effectuate our initial business combination
with another blank check company or a similar company with nominal operations.
In addition, our amended and restated certificate of incorporation
will provide that we will only redeem our public shares so long as (after such redemption) our net tangible assets will be at least
$5,000,001 either immediately prior to or upon consummation of our initial business combination and after payment of deferred underwriters'
fees and commissions.
Certain Anti-Takeover Provisions of Delaware Law and our
Amended and Restated Certificate of Incorporation and Bylaws
We will be subject to the provisions of Section 203 of the DGCL
regulating corporate takeovers upon completion of this offering. This statute prevents certain Delaware corporations, under certain
circumstances, from engaging in a "business combination" with:
·
a stockholder who owns 15% or more of our outstanding voting stock
(otherwise known as an "interested stockholder");
·
an affiliate of an interested stockholder; or
·
an associate of an interested stockholder, for three
years following the date that the stockholder became an interested stockholder.
A "business combination" includes a merger or sale
of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:
·
our board of directors approves the transaction that made the stockholder
an "interested stockholder," prior to the date of the transaction;
127
·
after the completion of the transaction
that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding
at the time the transaction commenced, other than statutorily excluded shares of common stock; or
·
on or subsequent to the date of the transaction,
the initial business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not
by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.
Our amended and restated certificate of incorporation will provide
that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person can
gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.
Our authorized but unissued common stock and preferred stock
are available for future issuances without 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 for certain lawsuits
Our amended and restated certificate of incorporation will
require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors,
officers and employees for breach of fiduciary duty and certain other 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 or (C) for which the Court of
Chancery does not have subject matter 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 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.
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, subject to certain exceptions.
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. In addition, our amended and restated certificate of incorporation provides that, unless we consent in writing to
the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent
permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities
Act of 1933, as amended, or the rules and regulations promulgated thereunder. We note, however, that there is uncertainty as to
whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the
rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts
over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder.
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 Chief Executive Officer or by the Chairman.
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 received by
our secretary at our principal executive offices not later than the close of business on the 90
th
day nor earlier than
the opening of business on the 120
th
day prior to the anniversary date of the immediately preceding annual meeting
of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must comply
with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and content of a 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.
128
Action by written consent
Subsequent to the consummation of the offering, any action required
or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting of such stockholders
and may not be effected by written consent of the stockholders other than with respect to our Class B common stock.
Classified Board of Directors
Our board of directors will initially be divided into three
classes, Class I, Class II and Class III, with members of each class serving staggered three-year terms. Our amended and restated
certificate of incorporation will provide that the authorized number of directors may be changed only by resolution of the board
of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any time,
but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares
of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy on
our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote
of a majority of our directors then in office.
Class B Common Stock Consent Right
For so long as any shares of Class B common stock remain outstanding,
we may not, without the prior vote or written consent of the holders of a majority of the shares of Class B common stock then outstanding,
voting separately as a single class, amend, alter or repeal any provision of our certificate of incorporation, whether by merger,
consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences or relative,
participating, optional or other or special rights of the Class B common stock. Any action required or permitted to be taken at
any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice and without a vote, if
a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding Class B
common stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting
at which all shares of Class B common stock were present and voted.
Securities Eligible for Future Sale
Immediately after the consummation of this offering (assuming
no exercise of the underwriters' over-allotment option) we will have 37,500,000 (or 43,125,000 if the underwriters'
over-allotment option is exercised in full) shares of common stock outstanding. Of these shares, the 30,000,000 shares (or 34,500,000
if the underwriters' over-allotment option is exercised in full) sold in this offering will be freely tradable without restriction
or further registration under the Securities Act, except for any shares purchased by one of our affiliates within the meaning
of Rule 144 under the Securities Act. All of the remaining 7,500,000 (or 8,625,000 if the underwriters' over-allotment option
is exercised in full) shares and all 7,500,000 (or 8,400,000 if the underwriters' over-allotment option is exercised in
full) private placement warrants are restricted securities under Rule 144, in that they were issued in private transactions not
involving a public offering, and the shares of Class B common stock and private placement warrants are subject to transfer restrictions
as set forth elsewhere in this prospectus. These restricted securities will be entitled to registration rights as more fully described
below under "— Registration Rights."
Rule 144
Pursuant to Rule 144, a person who has beneficially owned restricted
shares of our common stock or warrants for at least six months would be entitled to sell their securities; provided that (i) such
person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale
and (ii) we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and have
filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were
required to file reports) preceding the sale.
129
Persons who have beneficially owned
restricted shares of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any
time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled
to sell within any three-month period only a number of securities that does not exceed the greater of:
·
1% of the total number of shares of Class A common stock then outstanding,
which will equal 375,000 shares immediately after this offering (or 431,250 if the underwriters exercise their over-allotment option
in full); or
·
the average weekly reported trading volume of the
Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.
Sales by our affiliates under Rule 144 are also limited by manner
of sale provisions and notice requirements and to the availability of current public information about us.
Restrictions on the Use of Rule 144 by Shell Companies or
Former Shell Companies
Rule 144 is not available for the resale of securities initially
issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously
a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:
·
the issuer of the securities that was formerly a shell company has
ceased to be a shell company;
·
the issuer of the securities is subject to the reporting requirements
of Section 13 or 15(d) of the Exchange Act;
·
the issuer of the securities has filed all Exchange Act reports and
materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required
to file such reports and materials), other than Current Reports on Form 8-K; and
·
at least one year has elapsed from the time that
the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
As a result, our initial stockholders will be able to sell their
founder shares and private placement warrants, as applicable, pursuant to Rule 144 without registration one year after we have
completed our initial business combination.
Registration Rights
The holders of (i) the founder shares, which were issued in
a private placement prior to the closing of this offering, (ii) private placement warrants, which will be issued in a private placement
simultaneously with the closing of this offering and the shares of Class A common stock underlying such private placement warrants
and (iii) private placement warrants that may be issued upon conversion of working capital loans (and their underlying securities)
will have registration rights to require us to register a sale of any of our securities held by them pursuant to a registration
rights agreement to be signed prior to or on the effective date of this offering. These holders of these securities will be entitled
to make up to three demands, excluding short form registration demands, that we register such securities for sale under the Securities
Act. In addition, these holders will have "piggy-back" registration rights to include their securities in other registration
statements filed by us, subject to certain limitations. We will bear the expenses incurred in connection with the filing of any
such registration statements.
Listing of Securities
We have applied to list our units, Class A common stock
and warrants on Nasdaq under the symbols "MUDSU," "MUDS" and "MUDSW," respectively. We expect
that our units will be listed on Nasdaq on or promptly after the effective date of the registration statement. Following the date
the shares of our Class A common stock and warrants are eligible to trade separately, we anticipate that the shares of our Class
A common stock and warrants will be listed separately and as a unit on Nasdaq. We cannot guarantee that our securities will be
approved for listing on Nasdaq.
130
U.S. FEDERAL INCOME TAX CONSIDERATIONS
2
The following discussion is a summary of certain material
U.S. federal income tax consequences of the acquisition, ownership and disposition of our units, shares of Class A common stock
and warrants, which we refer to collectively as our securities. Because the components of a unit are separable at the option of
the holder, the holder of a unit generally should be treated, for U.S. federal income tax purposes, as the owner of the underlying
Class A common stock and one-half of one redeemable warrant components of the unit, as the case may be. As a result, the discussion
below with respect to actual holders of Class A common stock and warrants should also apply to holders of units (as the deemed
owners of the underlying Class A common stock and warrants that comprise the units). This discussion applies only to securities
that are held as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"),
for U.S. federal income tax purposes and is applicable only to holders who purchased units in this offering.
This discussion is a summary only and does not describe all
of the tax consequences that may be relevant to you in light of your particular circumstances, including, but not limited to, the
alternative minimum tax, the Medicare tax on certain investment income and the different consequences that may apply if you are
subject to special rules that apply to certain types of investors, including, but not limited to:
·
financial institutions or financial services entities;
·
broker-dealers;
·
governments or agencies or instrumentalities thereof;
·
regulated investment companies;
·
real estate investment trusts;
·
expatriates or former long-term residents of the United States;
·
insurance companies;
·
dealers or traders subject to a mark-to-market method of accounting
with respect to the securities;
·
persons holding the securities as part of a "straddle,"
hedge, integrated investment or similar transaction;
·
U.S. holders (as defined below) whose functional currency is not the
U.S. dollar;
·
partnerships or other pass-through entities or arrangements for U.S.
federal income tax purposes and any beneficial owners of such entities or arrangements; and
·
tax-exempt entities.
This discussion is based on the Code and administrative pronouncements,
judicial decisions and final, temporary and proposed Treasury regulations as of the date hereof, which are subject to change, possibly
on a retroactive basis, and changes to any of which subsequent to the date of this prospectus may affect the tax consequences described
herein. This discussion does not address any aspect of state, local or non-U.S. taxation, or any U.S. federal taxes other than
income taxes (such as gift and estate taxes).
We have not sought and will not seek any rulings from the IRS
regarding the matters discussed below. There can be no assurance that the IRS or court will not take a contrary position regarding
the tax consequences of the purchase, ownership and disposition of our common stock.
You are urged to consult your tax advisor with respect to the
application of U.S. federal tax laws to your particular situation, as well as any tax consequences arising under the laws of any
state, local or foreign jurisdiction.
Personal Holding Company Status
We could be subject to a second level of U.S. federal income
tax on a portion of our income if we are determined to be a personal holding company, or PHC, for U.S. federal income tax purposes.
A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given taxable year if (i) at
any time during the last half of such taxable year, five or fewer individuals (without regard to their citizenship or residency
and including as individuals for this purpose certain entities such as certain tax-exempt organizations, pension funds and charitable
trusts) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation
by value and (ii) at least 60% of the corporation's adjusted ordinary gross income, as determined for U.S. federal income
tax purposes, for such taxable year consists of PHC income (which includes, among other things, dividends, interest, certain royalties,
annuities and, under certain circumstances, rents).
2
NTD: Subject to W&C tax
review.
131
Depending on the date and size of our initial business combination,
it is possible that at least 60% of our adjusted ordinary gross income may consist of PHC income. In addition, depending on the
concentration of our stock in the hands of individuals, including the members of our sponsor and certain tax-exempt organizations,
pension funds and charitable trusts, it is possible that more than 50% of our stock may be owned or deemed owned (pursuant to the
constructive ownership rules) by such persons during the last half of a taxable year. Thus, no assurance can be given that we will
not be a PHC following this offering or in the future. If we are or were to become a PHC in a given taxable year, we would be subject
to an additional PHC tax, currently 20%, on our undistributed PHC income, which generally includes our taxable income, subject
to certain adjustments.
Allocation of Purchase Price and Characterization of a Unit
No
                                         statutory, administrative or judicial authority directly addresses the treatment of a
                                         unit or instruments similar to a unit for U.S. federal income tax purposes and, therefore,
                                         that treatment is not entirely clear. The acquisition of a unit should be treated for
                                         U.S. federal income tax purposes as the acquisition of one share of our Class A common
                                         stock and one-half of one warrant to acquire one share of our Class A common stock. For
                                         U.S. federal income tax purposes, each holder of a unit must allocate the purchase price
                                         paid by such holder for such unit between the one share of Class A common stock and the
                                         one-half of one warrant based on the relative fair market value of each at the time of
                                         issuance. The price allocated to each share of Class A common stock and the one-half
                                         of one warrant should be the stockholder's tax basis in such share or one-half
                                         of one warrant, as the case may be. Any disposition of a unit should be treated for U.S.
                                         federal income tax purposes as a disposition of the share of Class A common stock and
                                         one-half of one warrant comprising the unit, and the amount realized on the disposition
                                         should be allocated between the Class A common stock and the one-half of one warrant
                                         based on their respective relative fair market values at the time of disposition. The
                                         separation of shares of Class A common stock and warrants comprising units should not
                                         be a taxable event for U.S. federal income tax purposes.
The foregoing treatment of the shares of Class A common stock
and warrants and a holder's purchase price allocation are not binding on the Internal Revenue Service ("IRS")
or the courts. Because there are no authorities that directly address instruments that are similar to the units, no assurance can
be given that the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly,
each prospective investor is urged to consult its own tax advisors regarding the tax consequences of an investment in a unit (including
alternative characterizations of a unit). The balance of this discussion assumes that the characterization of the units described
above is respected for U.S. federal income tax purposes.
U.S. Holders
This section applies to you if you are a "U.S. holder."
A U.S. holder is a beneficial owner of our units, shares of Class A common stock or warrants who or that is, for U.S. federal income
tax purposes:
·
an individual who is a citizen or resident of the United States;
·
a corporation (or other entity taxable as a corporation for U.S. federal
income tax purposes) organized in or under the laws of the United States, any state thereof or the District of Columbia;
·
an estate the income of which is includible in gross income for U.S.
federal income tax purposes regardless of its source; or
·
a trust, if (i) a court within the United States
is able to exercise primary supervision over the administration of the trust and one or more United States persons (as defined
in the Code) have authority to control all substantial decisions of the trust or (ii) it has a valid election in effect under Treasury
Regulations to be treated as a United States person.
Taxation of Distributions.
If
we pay distributions in cash or other property to U.S. holders of shares of our Class A common stock, such distributions
generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings
and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings
and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder's
adjusted tax basis in our Class A common stock. Any remaining excess will be treated as gain realized on the sale or other disposition
of the Class A common stock and will be treated as described under "U.S. Holders — Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock and Warrants" below.
132
Dividends we pay to a U.S. holder that is a taxable corporation
generally will qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions
(including, but not limited to, dividends treated as investment income for purposes of investment interest deduction limitations),
and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder generally will constitute
 "qualified dividends" that will be subject to tax at the maximum tax rate accorded to long-term capital gains. It is
unclear whether the redemption rights with respect to the Class A common stock described in this prospectus may prevent a U.S.
holder from satisfying the applicable holding period requirements with respect to the dividends received deduction or the preferential
tax rate on qualified dividend income, as the case may be. If the holding period requirements are not satisfied, then a corporation
may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount,
and non-corporate holders may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential
rate that applies to qualified dividend income.
Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition
of Class A Common Stock and Warrants.
Upon a sale or other taxable disposition of our Class A common
stock or warrants which, in general, would include a redemption of Class A common stock or warrants that is treated as a sale of
such securities as described below, and including, as a result of a dissolution and liquidation in the event we do not consummate
an initial business combination within the required time period, a U.S. holder generally will recognize capital gain or loss in
an amount equal to the difference between the amount realized and the U.S. holder's adjusted tax basis in the Class A common
stock or warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. holder's holding
period for the Class A common stock or warrants so disposed of exceeds one year. It is unclear, however, whether the redemption
rights with respect to the Class A common stock described in this prospectus may suspend the running of the applicable holding
period for this purpose. If the running of the holding period for the Class A common stock is suspended, then non-corporate
U.S. holders may not be able to satisfy the one-year holding period requirement for long-term capital gain treatment, in which
case any gain on a sale or taxable disposition of the shares or warrants would be subject to short-term capital gain treatment
and would be taxed at regular ordinary income tax rates. Long-term capital gains recognized by non-corporate U.S. holders will
be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.
Generally,
                                         the amount of gain or loss recognized by a U.S. holder is an amount equal to the difference
                                         between (i) the sum of the amount of cash and the fair market value of any property received
                                         in such disposition (or, if the Class A common stock or warrants are held as part of
                                         units at the time of the disposition, the portion of the amount realized on such disposition
                                         that is allocated to the Class A common stock or the warrants based upon the then fair
                                         market values of the Class A common stock and the warrants included in the units) and
                                         (ii) the U.S. holder's adjusted tax basis in its Class A common stock or warrants
                                         so disposed of. A U.S. holder's adjusted tax basis in its Class A common stock
                                         or warrants generally will equal the U.S. holder's acquisition cost (that is, as
                                         discussed above, the portion of the purchase price of a unit allocated to a share of
                                         Class A common stock or one-half of one warrant or, as discussed below, the U.S. holder's
                                         initial basis for Class A common stock received upon exercise of warrants) less, in the
                                         case of a share of Class A common stock, any prior distributions treated as a return
                                         of capital.
Redemption of Class A Common Stock.
In
the event that a U.S. holder's Class A common stock is redeemed pursuant to the redemption provisions described in this
prospectus under the section of this prospectus entitled "Description of Securities — Common Stock" or if we
purchase a U.S. holder's Class A common stock in an open market transaction, the treatment of the transaction for U.S. federal
income tax purposes will depend on whether the redemption qualifies as a sale of the Class A common stock under Section 302 of
the Code. If the redemption qualifies as a sale of common stock, the U.S. holder will be treated as described under "U.S.
Holders — Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants"
above. If the redemption does not qualify as a sale of common stock, the U.S. holder will be treated as receiving a corporate
distribution with the tax consequences described above under "U.S. Holders — Taxation of Distributions." Whether
a redemption qualifies for sale treatment will depend largely on the total number of shares of our stock treated as held by the
U.S. holder (including any stock constructively owned by the U.S. holder as a result of owning warrants) relative to all of our
shares outstanding both before and after the redemption. The redemption of Class A common stock generally will be treated as a
sale of the Class A common stock (rather than as a corporate distribution) if the redemption (i) is "substantially disproportionate"
with respect to the U.S. holder, (ii) results in a "complete termination" of the U.S. holder's interest in us
or (iii) is "not essentially equivalent to a dividend" with respect to the U.S. holder. These tests are explained
more fully below.
133
In determining whether any of the foregoing tests are
satisfied, a U.S. holder takes into account not only stock actually owned by the U.S. holder, but also shares of our stock
that are constructively owned by it. A U.S. holder may constructively own, in addition to stock owned directly, stock owned
by certain related individuals and entities in which the U.S. holder has an interest or that have an interest in such U.S.
holder, as well as any stock the U.S. holder has a right to acquire by exercise of an option, which would generally include
Class A common stock which could be acquired pursuant to the exercise of the warrants. In order to meet the substantially
disproportionate test, the percentage of our outstanding voting stock actually and constructively owned by the U.S. holder
immediately following the redemption of Class A common stock must, among other requirements, be less than 80% of the
percentage of our outstanding voting stock actually and constructively owned by the U.S. holder immediately before the
redemption. There will be a complete termination of a U.S. holder's interest if either (i) all of the shares of our
stock actually and constructively owned by the U.S. holder are redeemed or (ii) all of the shares of our stock actually owned
by the U.S. holder are redeemed and the U.S. holder is eligible to waive, and effectively waives in accordance with specific
rules, the attribution of stock owned by certain family members and the U.S. holder does not constructively own any other
shares of our stock. The redemption of the Class A common stock will not be essentially equivalent to a dividend if a U.S.
holder's conversion results in a "meaningful reduction" of the U.S. holder's proportionate interest
in us. Whether the redemption will result in a meaningful reduction in a U.S. holder's proportionate interest in us
will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small
reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no
control over corporate affairs may constitute such a "meaningful reduction." A U.S. holder should consult with
its own tax advisors as to the tax consequences of a redemption.
If none of the foregoing tests is satisfied, then the redemption
will be treated as a corporate distribution and the tax effects will be as described under "U.S. Holders — Taxation
of Distributions," above. After the application of those rules, any remaining tax basis of the U.S. holder in the redeemed
Class A common stock will be added to the U.S. holder's adjusted tax basis in its remaining stock, or, if it has none,
to the U.S. holder's adjusted tax basis in its warrants or possibly in other stock constructively owned by it.
Exercise or Lapse of a Warrant.
Except
as discussed below with respect to the cashless exercise of a warrant, a U.S. holder generally will not recognize taxable
gain or loss on the acquisition of common stock upon exercise of a warrant for cash. The U.S. holder's tax basis in the share
of our Class A common stock received upon exercise of the warrant generally will be an amount equal to the sum of the U.S. holder's
initial investment in the warrant (i.e., the portion of the U.S. holder's purchase price for a unit that is allocated
to the warrant, as described above under "— Allocation of Purchase Price and Characterization of a Unit")
and the exercise price. It is unclear whether the U.S. holder's holding period for the Class A common stock received upon
exercise of the warrants will begin on the date following the date of exercise or on the date of exercise of the warrants; in either
case, the holding period will not include the period during which the U.S. holder held the warrants. If a warrant is allowed to
lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such holder's tax basis in the warrant.
The tax consequences of a cashless exercise of a warrant are
not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event or
because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S.
holder's basis in the Class A common stock received would equal the holder's basis in the warrants exercised therefor.
If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. holder's holding period
in the Class A common stock would be treated as commencing on the date following the date of exercise or on the date of exercise
of the warrant. If the cashless exercise were treated as a recapitalization, the holding period of the Class A common stock would
include the holding period of the warrants exercised therefor.
It is also possible that a cashless exercise could be treated
in whole or in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder may be deemed
to have surrendered a number of warrants with an aggregate fair market value equal to the exercise price for the total number
of warrants to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference between
the fair market value of the Class A common stock represented by the warrants deemed surrendered and the U.S. holder's tax
basis in the warrants deemed surrendered. In this case, a U.S. holder's tax basis in the Class A common stock received would
equal the sum of the U.S. holder's initial investment in the warrants exercised (i.e., the portion of the U.S. holder's
purchase price for a unit that is allocated to the warrant, as described above under "— Allocation of Purchase Price
and Characterization of a Unit") and the exercise price of such warrants. It is unclear whether a U.S. holder's holding
period for the Class A common stock would commence on the date following the date of exercise or on the date of exercise of the
warrant; in either case, the holding period would not include the period during which the U.S. holder held the warrant.
134
Due to
the absence of authority on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder's
holding period would commence with respect to the Class A common stock received, there can be no assurance which, if any, of the
alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S.
holders should consult their tax advisors regarding the tax consequences of a cashless exercise.
Possible Constructive Distributions.
The
terms of each warrant provide for an adjustment to the number of shares of Class A common stock for which the warrant may be exercised
or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled "Description
of Securities — Redeemable Warrants — Public Stockholders' Warrants." An adjustment which has the effect
of preventing dilution generally is not taxable. The U.S. holders of the warrants would, however, be treated as receiving a constructive
distribution from us if, for example, the adjustment to the number of such shares or to such exercise price increases the warrantholders'
proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of Class A common
stock that would be obtained upon exercise or through a decrease in the exercise price of the warrant). Such constructive distribution
would be subject to tax in the same manner as if the U.S. holders of the warrants received a cash distribution from us equal to
the fair market value of such increased interest resulting from the adjustment.
Information Reporting and Backup Withholding.
In
general, information reporting requirements may apply to dividends paid to a U.S. holder and to the proceeds of the sale or other
disposition of our units, shares of Class A common stock and warrants, unless the U.S. holder is an exempt recipient. Backup withholding
may apply to such payments if the U.S. holder fails to provide a taxpayer identification number, a certification of exempt status
or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).
Backup withholding is not an additional tax. Any amounts withheld
under the backup withholding rules will be allowed as a refund or a credit against a U.S. holder's U.S. federal income tax
liability provided the required information is timely furnished to the IRS.
All U.S. holders should consult their tax advisors regarding
the application of information reporting and backup withholding to them.
Non-U.S. Holders
This section applies to you if you are a "Non-U.S. holder."
As used herein, the term "Non-U.S. holder" means a beneficial owner of our units, Class A common stock or warrants
who or that is for U.S. federal income tax purposes:
·
a non-resident alien individual (other than certain former citizens
and residents of the United States subject to U.S. tax as expatriates);
·
a foreign corporation; or
·
an estate or trust that is not a U.S. holder;
but generally does not include an individual who is present
in the United States for 183 days or more in the taxable year of disposition. If you are such an individual, you should consult
your tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership or sale or other disposition
of our securities.
Taxation of
Distributions.
In general, any distributions (including constructive distributions) we make to a
Non-U.S. holder of shares of our Class A common stock, to the extent paid out of our current or accumulated earnings and
profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax
purposes and, provided such dividends are not effectively connected with the Non-U.S. holder's conduct of a trade or
business within the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of
30%, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and
provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). In the
case of any constructive dividend, it is possible that this tax would be withheld from any amount owed to a Non-U.S. holder
by the applicable withholding agent, including cash distributions on other property or sales proceeds from warrants or other
property subsequently paid or credited to such holder. Any distribution not constituting a dividend will be treated first as
reducing (but not below zero) the Non-U.S. holder's adjusted tax basis in its shares of our Class A common stock and,
to the extent such distribution exceeds the Non-U.S. holder's adjusted tax basis, as gain realized from the sale or
other disposition of the Class A common stock, which will be treated as described under "Non-U.S. Holders — Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants" above. In addition, if we
determine that we are classified as a "United States real property holding corporation" (see "Non-U.S.
Holders — Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants"
above), we will withhold 15% of any distribution that exceeds our current and accumulated earnings and profits.
135
The withholding tax does not apply to dividends paid to a Non-U.S.
holder who provides a Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. holder's conduct
of a trade or business within the United States. Instead, such dividends generally will be subject to U.S. federal income tax,
net of certain deductions, at the same graduated individual or corporate rates applicable to U.S. holder (subject to an exemption
or reduction in such tax as may be provided by an applicable income tax treaty). A Non-U.S. corporation receiving effectively connected
dividends may also be subject to an additional "branch profits tax" imposed at a rate of 30% (or a lower applicable
treaty rate).
Gain on Sale, Taxable Exchange or Other Taxable Disposition
of Class A Common Stock and Warrants.
A Non-U.S. holder generally will not be subject to U.S. federal
income or withholding tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition of our Class A
common stock, which would include a dissolution and liquidation in the event we do not complete an initial business combination
within the required time period, or warrants (including an expiration or redemption of our warrants), in each case without regard
to whether those securities were held as part of a unit, unless:
·
the gain is effectively connected with the conduct of a trade or business by the Non-U.S. holder within the United States (and,
under certain income tax treaties, is attributable to a United States permanent establishment or fixed base maintained by the Non-U.S.
holder); or
·
we are or have been a "United States real property holding corporation" for U.S.
federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period
that the Non-U.S. holder held our Class A common stock, and, in the case where shares of our Class A common stock are regularly
traded on an established securities market, the Non-U.S. holder has owned, directly or constructively, more than 5% of our Class
A common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. holder's
holding period for the shares of our Class A common stock. There can be no assurance that our Class A common stock will be treated
as regularly traded on an established securities market for this purpose.
Unless an applicable treaty provides otherwise, gain described
in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S.
holder were a United States resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign
corporation may also be subject to an additional "branch profits tax" at a 30% rate (or lower treaty rate).
If the second bullet point above applies to a Non-U.S. holder,
gain recognized by such holder on the sale, exchange or other disposition of our Class A common stock or warrants will be subject
to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Class A common stock or warrants from
such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized upon such disposition.
We cannot determine whether we will be a United States real property holding corporation in the future until we complete an initial
business combination. We will be classified as a United States real property holding corporation if the fair market value of our
 "United States real property interests" equals or exceeds 50% of the sum of the fair market value of our worldwide
real property interests plus our other assets used or held for use in a trade or business, as determined for U.S. federal income
tax purposes.
Redemption of Class A Common Stock.
The
characterization for U.S. federal income tax purposes of the redemption of a Non-U.S. holder's Class A common stock generally
will correspond to the U.S. federal income tax characterization of such a redemption of a U.S. holder's Class A common stock,
as described under "U.S. Holders —Redemption of Class A Common Stock" above, and the consequences of the
redemption to the Non-U.S. holder will be as described above under "Non-U.S. Holders — Taxation of Distributions"
and "Non-U.S. Holders — Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants,"
as applicable.
Exercise of a Warrant.
The
U.S. federal income tax treatment of a Non-U.S. holder's exercise of a warrant, or the lapse of a warrant held by a
Non-U.S. holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by
a U.S. holder, as described under "U.S. Holders — Exercise or Lapse of a Warrant" above, although to the
extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described above in
 "Non-U.S. Holders — Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and
Warrants."
136
Possible Constructive Distributions
.    The
terms of each warrant provide for an adjustment to the number of shares of Class A common stock for which the warrant may be exercised
or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled "Description
of Securities — Redeemable Warrants — Public Stockholders' Warrants." An adjustment which has the effect
of preventing dilution generally is not taxable. The Non-U.S. holders of the warrants would, however, be treated as receiving a
constructive distribution from us if, for example, the adjustment to the number of such shares or to such exercise price increases
the warrantholders' proportionate interest in our assets or earnings and profits (e.g., through an increase in the number
of shares of Class A common stock that would be obtained upon exercise or through a decrease in the exercise price of the
warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares of our Class
A common stock, or as a result of the issuance of a stock dividend to holders of shares of our Class A common stock, in each case
which is taxable to the holders of such shares as a distribution. Such constructive distribution would be subject to tax in the
same manner as if the Non-U.S. holders of the warrants received a cash distribution from us equal to the fair market value of such
increased interest resulting from the adjustment.
Information Reporting and Backup Withholding.
Information
returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of
our units, shares of Class A common stock and warrants. A Non-U.S. holder may have to comply with certification procedures to establish
that it is not a United States person in order to avoid information reporting and backup withholding requirements. The certification
procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements
necessary to avoid the backup withholding as well.
Backup withholding is not an additional tax. The amount of any
backup withholding from a payment to a Non-U.S. holder will be allowed as a credit against such holder's U.S. federal income
tax liability and may entitle such holder to a refund; provided that the required information is timely furnished to the IRS.
All Non-U.S. holders should consult their tax advisors regarding
the application of information reporting and backup withholding to them.
FATCA Withholding Taxes.
Sections
1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred
as the "Foreign Account Tax Compliance Act" or "FATCA") generally impose withholding at a rate of 30% in
certain circumstances on dividends in respect of our securities which are held by or through certain foreign financial institutions
(including investment funds), unless any such institution (1) enters into, and complies with, an agreement with the IRS to report,
on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned by certain
U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments,
or (2) if required under an intergovernmental agreement between the United States and an applicable foreign country, reports such
information to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement
between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which
our securities are held will affect the determination of whether such withholding is required. Similarly, dividends in respect
of our securities held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions will
generally be subject to withholding at a rate of 30%, unless such entity either (1) certifies to us or the applicable withholding
agent that such entity does not have any "substantial United States owners" or (2) provides certain information regarding
the entity's "substantial United States owners," which will in turn be provided to the U.S. Department of Treasury.
All prospective investors should consult their tax advisors regarding the possible implications of FATCA on their investment in
our securities.
Thirty
percent
withholding under FATCA was scheduled
to apply to payments of gross proceeds from the sale or other disposition of property that produces U.S.-source interest or dividends
beginning on January 1, 2019, but on December 13, 2018, the IRS released proposed regulations that, if finalized in their proposed
form, would eliminate the obligation to withhold on gross proceeds. Such proposed regulations also delayed withholding on certain
other payments received from other foreign financial institutions that are allocable, as provided for under final Treasury Regulations,
to payments of U.S.-source dividends, and other fixed or determinable annual or periodic income. Although these proposed Treasury
Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are issued.
137
UNDERWRITING
Jefferies LLC is acting as sole book-running manager of the
offering and as representative of the underwriters named below. Subject to the terms and conditions set forth in the underwriting
agreement between us and Jefferies LLC, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally
and not jointly, to purchase from us, the respective number of units shown opposite its name below:
Underwriter
Number of Units
Jefferies LLC
Total
30,000,000
The underwriting agreement will provide that the
obligations of the underwriters to purchase the units included in this offering are subject to all applicable laws and
regulations and certain conditions precedent such as the receipt by the underwriters of officers' certificates and
legal opinions and approval of certain legal matters by their counsel. The underwriting agreement will provide that the
underwriters will purchase all of the units if any of them are purchased (other than those covered by the over-allotment
option described below). We have agreed to indemnify the underwriters and certain of their controlling persons and their
affiliates, successors and permitted assigns against certain liabilities, including liabilities under the Securities Act, and
to contribute to payments that the underwriters may be required to make in respect of those liabilities.
The underwriters have advised us that, following the completion
of this offering, they currently intend to make a market in the units as permitted by applicable laws and regulations. However,
the underwriters are not obligated to do so, and the underwriters may discontinue any market-making activities at any time without
notice in their sole discretion. Accordingly, no assurance can be given as to the liquidity of the trading market for the units,
that you will be able to sell any of the units held by you at a particular time or that the prices that you receive when you sell
will be favorable.
The underwriters are offering the units subject to their acceptance
of the units from us and subject to prior sale. The underwriters reserve the right to withdraw, cancel or modify offers to the
public and to reject orders in whole or in part. In addition, the underwriters have advised us that they do not intend to confirm
sales to any account over which they exercise discretionary authority.
Commission and Expenses
The underwriters have advised us that they propose to offer
the units to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers,
which may include the underwriters, at that price less a concession not in excess of $___ per unit. The underwriters may allow,
and certain dealers may reallow, a discount from the concession not in excess of $___ per unit to certain brokers and dealers.
After the offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representative.
No such reduction will change the amount of proceeds to be received by us as set forth on the cover page of this prospectus.
The following table shows the public offering price, the underwriting
discounts and commissions that we are to pay the underwriters and the proceeds, before expenses, to us in connection with this
offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional
units.
Paid by Mudrick Capital Acquisition
Corporation II
No Exercise
Full Exercise
Per Unit
(1)
$
0.55
$
0.55
Total
(1)(2)
$
16,500,000
$
18,975,000
(1)     $0.20
per unit, or $6,000,000 in the aggregate (or $6,900,000 in the aggregate if the underwriters' option to purchase additional
units is exercised in full), is payable upon the closing of this offering. $0.35 per unit, or $10,500,000 in the aggregate (or
$12,075,000 in the aggregate if the underwriters' option to purchase additional units is exercised in full) payable to the
underwriters for deferred underwriting commissions will be placed in a trust account located in the United States as described
herein. The deferred commissions will be released to the underwriters only on and concurrently with completion of an initial business
combination.
138
If we do not complete our initial business combination within
24 months from the closing of this offering, the underwriters have agreed that (i) they will forfeit any rights or claims to their
deferred underwriting discounts and commissions, including any accrued interest thereon, then in the trust account and (ii) the
deferred underwriters' discounts and commissions will be distributed on a
pro rata
basis, together with any accrued
interest thereon (which interest will be net of taxes payable) to the public stockholders.
We estimate expenses payable by us in connection with this offering,
other than the underwriting discounts and commissions referred to above, will be approximately $750,000. We have agreed to pay
for FINRA-related fees and expenses of the underwriters' legal counsel, not to exceed $25,000 and have agreed to provide
Jefferies LLC with a right of first refusal to provide investment banking and/or financial advisory services in connection with
certain future transactions.
Determination of Offering Price
Prior to this offering, there has not been a public market for
our securities. Consequently, the initial public offering price for our units was determined by negotiations between us and the
representative. Among the factors considered in these negotiations were the history and prospects of companies whose principal
business is the acquisition of other companies, prior offerings of those companies, our management, our capital structure, and
currently prevailing general conditions in equity securities markets, including current market valuations of publicly traded companies
considered comparable to our company.
We offer no assurances that the initial public offering price
will correspond to the price at which the units will trade in the public market subsequent to the offering or that an active trading
market for the units will develop and continue after the offering.
Listing
We intend to apply to have our units listed on Nasdaq under
the trading symbol "MUDSU." We expect that our Class A common stock and warrants will be listed under the symbols
 "MUDS" and "MUDSW," respectively, once the Class A common stock and warrants begin separate trading.
Stamp Taxes
If you purchase units offered in this prospectus, you may be
required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the offering
price listed on the cover page of this prospectus.
Option to Purchase Additional Units
We have granted to the underwriters an option, exercisable
for 45 days from the date of this prospectus, to purchase, from time to time, in whole or in part, up to an aggregate of
4,500,000 units from us at the public offering price set forth on the cover page of this prospectus, less underwriting
discounts and commissions. If the underwriters exercise this option, each underwriter will be obligated, subject to specified
conditions, to purchase a number of additional units proportionate to that underwriter's initial purchase commitment as
indicated in the table above. This option may be exercised only if the underwriters sell more units than the total number set
forth on the cover page of this prospectus.
Letter Agreement
We, our sponsor and our officers and directors have agreed
that, for a period of 180 days from the date of this prospectus, we and they will not, without the prior written consent of
Jefferies LLC, offer, sell, contract to sell, grant any option to sell (including any short sale), pledge, transfer,
establish an open "put equivalent option" within the meaning of Rule 16a-l(h) under the Exchange Act, as amended,
or otherwise dispose of, directly or indirectly, any units, warrants, shares of common stock or any other securities
convertible into, or exercisable, or exchangeable for, shares of common stock currently or hereafter owned either of record
or beneficially, or publicly announce an intention to do any of the foregoing; provided, however, that we may (1) issue and
sell the private placement warrants, (2) issue and sell the additional units to cover our underwriters' over-allotment
option (if any), (3) register with the SEC pursuant to an agreement to be entered into concurrently with the issuance and
sale of the securities in this offering, the resale of the private placement warrants and shares of Class A common stock
issuable upon exercise of the warrants and the founder shares and (4) issue securities in connection with an initial business
combination. Jefferies LLC in its sole discretion may release any of the securities subject to these lock-up agreements at
any time without notice.
139
Our initial stockholders have agreed not to transfer, assign
or sell any of their founder shares until the earlier to occur of (A) one year after the completion of our initial business combination
or (B) subsequent to our initial business combination, (x) if the reported closing price of our Class A common stock equals or
exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any
20 trading days within any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the
date on which we complete a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results
in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property (except
as described herein under the section of this prospectus entitled "Principal Stockholders — Restrictions on Transfers
of Founder Shares and Private Placement Warrants"). Any permitted transferees will be subject to the same restrictions and
other agreements of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions throughout
this prospectus as the lock-up.
The private placement warrants (including the Class A common
stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except with respect to permitted transferees as described herein under the
section of this prospectus entitled "Principal Stockholders — Restrictions on Transfers of Founder Shares and Private
Placement Warrants").
Stabilization
The underwriters have advised us that they, pursuant to Regulation
M under the Exchange Act, as amended, and certain persons participating in the offering may engage in short sale transactions,
purchases to cover short positions, which may include purchases pursuant to the over-allotment option, stabilizing transactions,
syndicate covering transactions or the imposition of penalty bids in connection with this offering. These activities may have the
effect of stabilizing or maintaining the market price of the units at a level above that which might otherwise prevail in the open
market. Establishing short sales positions may involve either "covered" short sales or "naked" short sales.
"Covered" short sales are sales made in an amount
not greater than the underwriters' option to purchase additional units in this offering. The underwriters may close out any
covered short position by either exercising their option to purchase additional units or purchasing units in the open market. In
determining the source of units to close out the covered short position, the underwriters will consider, among other things, the
price of units available for purchase in the open market as compared to the price at which they may purchase units through the
option to purchase additional units.
"Naked" short sales are sales in excess of the option
to purchase additional units. The underwriters must close out any naked short position by purchasing units in the open market.
A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the
price of our units in the open market after pricing that could adversely affect investors who purchase in this offering.
A stabilizing bid is a bid for the purchase of units on behalf
of the underwriters for the purpose of fixing or maintaining the price of the units. A syndicate covering transaction is the bid
for or the purchase of units on behalf of the underwriters to reduce a short position incurred by the underwriters in connection
with the offering. Similar to other purchase transactions, the underwriter's purchases to cover the syndicate short sales
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, the price of our units may be higher than the price that might otherwise exist in the open market.
A penalty bid is an arrangement permitting the underwriters to reclaim the selling concession otherwise accruing to a syndicate
member in connection with the offering if the units originally sold by such syndicate member are purchased in a syndicate covering
transaction and therefore have not been effectively placed by such syndicate member.
Neither we nor any of the underwriters make any representation
or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our
units. The underwriters are not obligated to engage in these activities and, if commenced, any of the activities may be discontinued
at any time.
140
The underwriters may also engage in passive market making transactions
in our units on Nasdaq in accordance with Rule 103 of Regulation M during a period before the commencement of offers or sales of
our units in this offering and extending through the completion of distribution. A passive market maker must display its bid at
a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive
market maker's bid, that bid must then be lowered when specified purchase limits are exceeded.
Electronic Distribution
A prospectus in electronic format may be made available by e-mail
or on the web sites or through online services maintained by one or more of the underwriters or their affiliates. In those cases,
prospective investors may view offering terms online and may be allowed to place orders online. The underwriters may agree with
us to allocate a specific number of 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 the underwriters' web sites and any information contained in any other web site maintained by any of the underwriters
is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters and should not be relied upon by
investors.
Other Activities and Relationships
We have granted Jefferies LLC a right
of first refusal to provide certain advisory services and participate in certain future financings for a period of not more than three years from the date of commencement of sales of this offering. Such right of first
refusal is deemed to be underwriting compensation in connection with this offering. Otherwise, we are not under any
contractual obligation to engage any of the underwriters to provide any services for us after this offering, and have no
present intent to do so. However, any of the underwriters may 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 of the underwriters and no fees for such services will be paid to
any of the underwriters prior to the date that is 90 days from the date of this prospectus, unless FINRA determines that such
payment would not be deemed underwriters' compensation in connection with this offering and we may pay the underwriters
of this offering or any entity with which they are affiliated a finder's fee or other compensation for services
rendered to us in connection with the completion of a business combination.
The underwriters and certain of their 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. The underwriters and certain of their affiliates have, from time to time, performed, and may in the
future perform, various commercial and investment banking and financial advisory services for us and our affiliates, for
which they received or will receive customary fees and expenses.
In the ordinary course of their various business activities,
the underwriters and certain of their affiliates may make or hold a broad array of investments and actively trade debt and equity
securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the
accounts of their customers, and such investment and securities activities may involve securities and/or instruments issued by
us and our affiliates. The underwriters and certain of their respective affiliates may also communicate independent investment
recommendations, market color or trading ideas and/or publish or express independent research views in respect of such securities
or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities
and instruments.
Selling Restrictions
Canada
Resale Restrictions
The distribution of the securities in Canada is being made
only in the provinces of Ontario, Quebec, Alberta and British Columbia on a private placement basis exempt from the
requirement that we prepare and file a prospectus with the securities regulatory authorities in each province where trades of
these securities are made. Any resale of the securities in Canada must be made under applicable securities laws, which may
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. Purchasers are advised to
seek legal advice prior to any resale of the securities.
141
Representations of Canadian Purchasers
By purchasing the securities in Canada and accepting delivery
of a purchase confirmation, a purchaser is representing to us and the dealer from whom the purchase confirmation is received that:
·
the
purchaser is entitled under applicable provincial securities laws to purchase the securities without the benefit of a prospectus
qualified under those securities laws as it is an "accredited investor" as defined under National Instrument 45-106
 —
Prospectus Exemptions
;
·
the
purchaser is a "permitted client" as defined in National Instrument 31-103 —
Registration Requirements, Exemptions
and Ongoing Registrant Obligations
;
·
where
required by law, the purchaser is purchasing as principal and not as agent; and
·
the
purchaser has reviewed the text above under Resale Restrictions.
Conflicts of Interest
Canadian purchasers are hereby notified that the underwriters
are relying on the exemption set out in section 3A.3 or 3A.4, if applicable, of National Instrument 33-105 — Underwriting
Conflicts from having to provide certain conflict of interest disclosure in this document.
Statutory Rights of Action
Securities legislation in certain provinces or territories of
Canada may provide a purchaser with remedies for rescission or damages if the prospectus (including any amendment thereto) such
as this document contains a misrepresentation; provided that the remedies for rescission or damages are exercised by the purchaser
within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser of
these securities in Canada should refer to any applicable provisions of the securities legislation of the purchaser's province
or territory for particulars of these rights or consult with a legal advisor.
Enforcement of Legal Rights
All of our directors and officers, as well as the experts named
herein, may be 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 or a substantial portion of our assets and the assets of those persons may
be 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.
Taxation and Eligibility for Investment
Canadian purchasers of the securities should consult their own
legal and tax advisors with respect to the tax consequences of an investment in the securities in their particular circumstances
and about the eligibility of the securities for investment by the purchaser under relevant Canadian legislation.
Australia
This prospectus is not a disclosure document for the purposes
of Australia's Corporations Act 2001 (Cth) of Australia, or Corporations Act, has not been lodged with the Australian Securities
 & Investments Commission and is only directed to the categories of exempt persons set out below. Accordingly, if you receive
this prospectus in Australia:
You confirm and warrant that you are either:
·
a
 "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;
·
a
 "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's
certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related
regulations before the offer has been made;
·
a
person associated with the Company under Section 708(12) of the Corporations Act; or
·
a
 "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act.
142
To the extent that you are unable to confirm or warrant that
you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act any offer made
to you under this prospectus is void and incapable of acceptance.
You warrant and agree that you will not offer any of the securities
issued to you pursuant to this prospectus for resale in Australia within 12 months of those securities being issued unless any
such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.
European Economic Area
In relation to each member state of the European Economic Area
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:
(a)
to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b)
to fewer than 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
(c)
in any other circumstances that do not require the publication by us of a prospectus pursuant to Article 3 of the
                                                                 Prospectus Directive, provided that no such offer of units referred to in (a) to (c) above shall result in a requirement
for us or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a prospectus pursuant
to Article 16 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.
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 ( as amended, including by Directive 2010/73/EU)
and includes any relevant implementing measure in each relevant member state.
We have not authorized and do not authorize the making of any
offer of units through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the
final placement of the units as contemplated in this prospectus. Accordingly, no purchaser of the units, other than the underwriters,
is authorized to make any further offer of the units on behalf of us or the underwriters.
Hong Kong
No securities have been offered or sold, and no securities may
be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares
or debentures, whether as principal or agent; or to "professional investors" as defined in the Securities and Futures
Ordinance (Cap. 571) of Hong Kong ("SFO") and any rules made under that ordinance; or in other circumstances which
do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong ("CO")
or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO. No document, invitation or
advertisement relating to the securities has been issued or 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 of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities
which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as
defined in the SFO and any rules made under that Ordinance.
This prospectus has not been registered with the Registrar of
Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong Kong, and the securities
may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required,
and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities
described in this prospectus and the relevant offering documents and that he is not acquiring, and has not been offered any securities
in circumstances that contravene any such restrictions.
Israel
This document does not constitute a prospectus under the Israeli
Securities Law, 5728-1968 (the "Israel Securities Law"), and has not been filed with or approved by the Israel Securities
Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the units is directed
only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum
(the "Addendum"), to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident
funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters,
venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined
in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing
for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the
Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are
aware of the meaning of same and agree to it.
143
Japan
The offering has not been and will not be registered under the
Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended) ("FIEL"), and the underwriters
will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which
term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan),
or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except
pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable
laws, regulations and ministerial guidelines of Japan.
Singapore
This prospectus has not been and will not be lodged or 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 securities may not be circulated or distributed, nor
may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to 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. Solely for the purposes of its obligations
pursuant to Sections 309B(1)(a) and 309B(1)(c) of the SFA, the Company has determined, and hereby notifies all relevant persons
(as defined in Section 309A of the SFA) that the units are "prescribed capital markets products" (as defined in the
Securities and Futures (Capital Markets Products) Regulations 2018) and "Excluded Investment Products" (as defined
in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment
Products).
Where the securities are subscribed or purchased under Section
275 of the SFA by a relevant person which is:
·
a
corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments
and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
·
a
trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust
is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) 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 securities pursuant to an offer made under Section 275 of the SFA except:
·
to
an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer
referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
·
where
no consideration is or will be given for the transfer;
·
where
the transfer is by operation of law;
·
as
specified in Section 276(7) of the SFA; or
·
as
specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.
Switzerland
The securities 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 prospectus 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 prospectus
nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.
144
Neither this prospectus nor any other offering or marketing
material relating to the offering, the Company or the securities have been or will be filed with or approved by any Swiss regulatory
authority. In particular, this prospectus will not be filed with, and the offer of securities will not be supervised by, the Swiss
Financial Market Supervisory Authority FINMA, and the offer of securities 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 securities.
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, as amended (the "Order") and/or (ii) high net worth entities falling within Article 49(2)(a)
to (d) of the Order and other persons to whom it may lawfully be communicated (each such person being referred to as a "relevant
person").
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.
145
LEGAL MATTERS
Ellenoff Grossman & Schole LLP, New York, New York, has
passed upon the validity of the securities offered hereby on behalf of us. Certain legal matters will be passed upon on behalf
of the underwriters by White & Case LLP, New York, New York.
EXPERTS
The balance sheet of Mudrick Capital Acquisition Corporation
II as of August 3, 2020, and the related statements of operations, changes in stockholder's equity and cash flows for the
period July 30, 2020 (inception) through August 3, 2020, have been audited by WithumSmith+Brown, PC, independent registered public
accounting firm, as stated in their report which is incorporated herein. Such financial statements have been incorporated herein
in reliance on the report of such firm given upon their authority as experts in accounting and auditing.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form
S-1 under the Securities Act with respect to the securities we are offering by this prospectus. This prospectus does not contain
all of the information included in the registration statement. For further information about us and our securities, you should
refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we make reference
in this prospectus to any of our contracts, agreements or other documents, the references are materially complete but may not include
a description of all aspects of such contracts, agreements or other documents, and you should refer to the exhibits attached to
the registration statement for copies of the actual contract, agreement or other document.
Upon completion of this offering, we will be subject to the
information requirements of the Exchange Act and will file annual, quarterly and current event reports, proxy statements and other
information with the SEC. You can read our SEC filings, including the registration statement, over the Internet at the SEC's
website at
www.sec.gov
.
146
Index
to Financial Statements
Page
Audited Financial Statements of Mudrick Capital Acquisition Corporation II:
Report of Independent Registered Public Accounting Firm
F-2
Balance Sheet as of August 3, 2020
F-3
Statement of Operations for the period from July 30, 2020 (inception) through August 3, 2020
F-4
Statement of Changes in Stockholder's Equity for the period from July 30, 2020 (inception) through August 3, 2020
F-5
Statement of Cash Flows for the period from July 30, 2020 (inception) through August 3, 2020
F-6
Notes to Financial Statements
F-7
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Stockholder and the Board of Directors of
Mudrick Capital Acquisition Corporation II
Opinion on the Financial Statements
We have audited the accompanying balance
sheet of Mudrick Capital Acquisition Corporation II (the "Company") as of August 3, 2020, the related statements of
operations, changes in stockholder's equity and cash flows for the period from July 30, 2020 (inception) through August 3,
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 August 3, 2020, and the results
of its operations and its cash flows for the period from July 30, 2020 (inception) through August 3, 2020, in conformity with accounting
principles generally accepted in the United States of America.
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/ WithumSmith+Brown, PC
We have served as the Company's auditor
since 2020.
New York, New York
August 17, 2020
F-
2
MUDRICK CAPITAL ACQUISITION CORPORATION
II
BALANCE SHEET
AUGUST 3, 2020
ASSETS
Deferred offering costs
$
42,500
Total Assets
$
42,500
LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities:
Accrued expenses
$
1,000
Accrued offering costs
5,000
Promissory note – related party
12,500
Total Current Liabilities
18,500
Commitments and contingencies
Stockholder's Equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
—
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; none issued and outstanding
—
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 8,625,000 shares issued and outstanding
(1)
863
Additional paid-in capital
24,137
Accumulated deficit
(1,000
)
Total Stockholder's Equity
24,000
Total Liabilities and Stockholder's Equity
$
42,500
(1)
Includes an aggregate of up to 1,125,000 shares of Class B
common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note
5).
The accompanying notes are an integral part
of these financial statements.
F-
3
MUDRICK CAPITAL ACQUISITION CORPORATION
II
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM JULY 30, 2020 (INCEPTION) THROUGH AUGUST 3, 2020
Formation costs
$
1,000
Net loss
$
(1,000
)
Weighted average shares outstanding, basic and diluted
(1)
7,500,000
Basic and diluted net loss per common share
$
(0.00
)
(1)
Excludes an aggregate of up to 1,125,000 shares of Class B
common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note
5).
The accompanying notes are an integral part
of these financial statements.
F-
4
MUDRICK CAPITAL ACQUISITION CORPORATION
II
STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY
FOR THE PERIOD FROM JULY 30, 2020 (INCEPTION) THROUGH AUGUST 3, 2020
Class B
Common Stock
Additional
Paid-in
Accumulated
Total
Stockholder's
Shares
Amount
Capital
Deficit
Equity
Balance, July 30, 2020 (inception)
—
$
—
$
—
$
—
$
—
Issuance of Class B common stock to Sponsor
(1)
8,625,000
863
24,137
—
25,000
Net loss
—
—
—
(1,000
)
(1,000
)
Balance, August 3, 2020
8,625,000
$
863
$
24,137
$
(1,000
)
$
24,000
(1)
Includes an aggregate of up to 1,125,000 shares of Class B
common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note
5).
The accompanying notes are an integral part
of these financial statements.
F-
5
MUDRICK CAPITAL ACQUISITION CORPORATION
II
STATEMENT OF CASH FLOWS
FOR THE PERIOD FROM JULY 30, 2020 (INCEPTION) THROUGH AUGUST 3, 2020
Cash flows from operating activities:
Net loss
$
(1,000
)
Adjustment to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accrued expenses
1,000
Net cash used in operating activities
—
Net change in cash
—
Cash at beginning of period
—
Cash at end of period
$
—
Non-cash financing activities:
Deferred offering costs paid directly by Sponsor in exchange for the issuance of Class B common stock
$
25,000
Deferred offering costs included in accrued offering costs
$
5,000
Deferred offering costs paid through promissory note
$
12,500
The accompanying notes are an integral part
of these financial statements.
F-
6
MUDRICK CAPITAL ACQUISITION CORPORATION
II
NOTES TO FINANCIAL STATEMENTS
NOTE 1 — DESCRIPTION OF ORGANIZATION
AND BUSINESS OPERATIONS
Mudrick Capital Acquisition Corporation
II (the "Company") was incorporated in Delaware on July 30, 2020. The Company was formed for the purpose of effecting
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or
more businesses (the "Business Combination").
The Company is not limited to a particular
industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth
company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As of August 3, 2020, the Company had not
commenced any operations. All activity for the period from July 30, 2020 (inception) through August 3, 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 its initial Business Combination, at the earliest. The Company
anticipates it 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 30,000,000 units
(the "Units" and, with respect to the Class A common stock included in the Units being offered, the "Public
Shares") at $10.00 per Unit (or 34,500,000 Units if the underwriters' over-allotment option is exercised in full),
which is discussed in Note 3, and the sale of 7,500,000 warrants (or 8,400,000 warrants if the underwriters' over-allotment
option is exercised in full) (the "Private Placement Warrants") at a price of $1.00 per Private Placement Warrant
in a private placement to Mudrick Capital Acquisition Holdings II LLC (the "Sponsor"), that will close simultaneously
with the Proposed Public Offering.
The Company's management has broad
discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of Private
Placement 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's
initial Business Combination must be 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 (as defined below) (excluding the deferred underwriting commissions and taxes payable on
the income earned on the Trust Account) at the time of the agreement to enter into a 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 business sufficient for it not to be required to register
as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). 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 a portion of the proceeds from the sale of the Private Placement 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 185 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 funds held in the Trust Account, as described below.
The Company will provide the holders of
the outstanding Public Shares (the "Public Stockholders") with the opportunity to convert 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. The Public Stockholders will be entitled
to convert their Public Shares for a pro rata portion of the amount then in the Trust Account (initially $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 a redemption value and classified as temporary equity upon
the completion of the Proposed Public Offering in accordance with the Accounting Standards Codification ("ASC") Topic
480 "Distinguishing Liabilities from Equity."
The Company will proceed with a Business
Combination if the Company has net tangible assets of at least $5,000,001 either immediately prior to or upon 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 reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the "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 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 Sponsor has agreed
to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the Proposed Public Offering
in favor of approving a Business Combination. Additionally, each Public Stockholder may elect to convert their Public Shares without
voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction.
F-
7
MUDRICK CAPITAL ACQUISITION CORPORATION
II
NOTES TO FINANCIAL STATEMENTS
Notwithstanding the foregoing, if the Company
seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the
Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person
with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")), will be restricted from redeeming its shares with respect to
more than an aggregate of 15% of the Public Shares, without the prior consent of the Company.
The Sponsor has agreed (a) to waive
its redemption rights with respect to the Founder Shares and Public Shares held by it in connection with the completion of a Business
Combination and (b) not to propose an amendment to the Certificate of Incorporation (i) to modify the substance or timing
of the Company's obligation to provide for the redemption of its Public Shares in connection with a Business Combination
or to redeem 100% of its Public Shares if the Company does not complete a Business Combination within the Combination Period (as
defined below) or (ii) with respect to any other material provisions relating to stockholders' rights or pre-business
combination activity, 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 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 pay taxes (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish
Public Stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any), and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of 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. There will be no redemption
rights or liquidating distributions with respect to the Company's warrants, which will expire worthless if the Company fails
to complete a Business Combination within the Combination Period.
The Sponsor has agreed to waive its liquidation
rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period.
However, if the Sponsor acquires Public Shares in or after the Proposed Public Offering, such Public Shares will be entitled to
liquidating distributions from the Trust Account if the Company fails to complete a Business Combination within the Combination
Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust
Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such
amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public
Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution
will be less than the Proposed Public Offering price per Unit ($10.00).
In order to protect the amounts held in
the Trust Account, the Sponsor 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 the lesser of (i) $10.00 per Public Share and (ii) the
actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00
per public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not
apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held
in the Trust Account nor will it apply to any claims under the Company's indemnity of the underwriters of the Proposed Public
Offering against certain liabilities, including liabilities under the Securities Act 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 Sponsor 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 Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service
providers (except for the Company's independent registered accounting firm), prospective target businesses and 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.
NOTE 2 — SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements are
presented in conformity with accounting principles generally accepted in the United States of America ("GAAP")
and pursuant to the rules and regulations of the SEC.
The Company does not have sufficient liquidity
to meet its anticipated obligations over the next year from the date of issuance of these financial statements. In connection with
the Company's assessment of going concern considerations in accordance with Accounting Standards Update ("ASU")
2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management
has determined that the Company has access to funds from the Sponsor that are sufficient to fund the working capital needs of the
Company until the earlier of the consummation of the Proposed Public Offering or one year from the date of issuance of these financial
statements.
F-
8
MUDRICK CAPITAL ACQUISITION CORPORATION
II
NOTES TO FINANCIAL STATEMENTS
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 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.
Deferred Offering Costs
Deferred offering costs consist of legal,
accounting 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. The Company's deferred tax assets were deemed to be de minimis as of August 3, 2020.
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 August 3, 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.
The provision for income taxes was deemed
to be de minimis for the period from July 30, 2020 (inception) through August 3, 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. Weighted average shares were reduced for the effect of an aggregate of 1,125,000 shares of Class B
common stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 5). At
August 3, 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.
F-
9
MUDRICK CAPITAL ACQUISITION CORPORATION
II
NOTES TO FINANCIAL STATEMENTS
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. The Company has not experienced losses on this account and management
believes the Company is not exposed to significant risks on such account.
Fair Value of Financial Instruments
The fair value of the Company's assets
and liabilities, which qualify as financial instruments under ASC 820, "Fair Value Measurement," approximates the carrying
amounts represented in the balance sheet, primarily due to their short-term nature.
Recent Accounting Standards
Management does not believe that any recently
issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's
financial statements.
NOTE 3 — PROPOSED PUBLIC
OFFERING
Pursuant
                                         to the Proposed Public Offering, the Company intends to offer for sale 30,000,000 Units
                                         (or 34,500,000 Units if the underwriters' over-allotment option is exercised
                                         in full) at a price of $10.00 per Unit. Each Unit will consist of one share of Class A
                                         common stock and one-half of one redeemable warrant ("Public Warrant"). Each
                                         whole Public Warrant will entitle the holder to purchase one share of Class A common
                                         stock at a price of $11.50 per share, subject to adjustment (see Note 7).
NOTE 4 — PRIVATE PLACEMENT
The Sponsor has agreed to purchase
an aggregate of 7,500,000 Private Placement Warrants (or 8,400,000 Private Placement Warrants if the underwriters' over-allotment
is exercised in full) at a price of $1.00 per Private Placement Warrant ($7,500,000, or an aggregate of $8,400,000 if the underwriters'
over-allotment is exercised in full) from the Company in a private placement that will occur simultaneously with the closing of
the Proposed Public Offering. Each Private Placement Warrant is exercisable to purchase one share of Class A common stock
at a price of $11.50 per share, subject to adjustment (see Note 7). The proceeds from the sale of the Private Placement Warrants
will be added to the net proceeds from the Proposed Public Offering held in the Trust Account. If the Company does not complete
a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants held in the
Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the
Private Placement Warrants will expire worthless.
NOTE 5 — RELATED PARTIES
Founder Shares
During the period ended August 3, 2020,
the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 8,625,000 shares of Class B common
stock (the "Founder Shares"). The Founder Shares include an aggregate of up to 1,125,000 shares subject to forfeiture
to the extent that the underwriters' over-allotment is not exercised in full or in part, so that the number of Founder Shares
will equal, on an as-converted basis, approximately 20% of the Company's issued and outstanding ordinary shares after the
Proposed Public Offering.
The Sponsor has agreed, subject to limited
exceptions, not to transfer, assign or sell any of the Founder Shares until the earlier to occur of: (A) one year after the
completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of
the Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after
a Business Combination, or (y) the date on which the Company completes a liquidation, merger, capital stock exchange or other
similar transaction that results in all of the Public Stockholders having the right to exchange their shares of common stock for
cash, securities or other property.
Promissory Note — Related
Party
On July 30, 2020, the Sponsor issued an
unsecured promissory note to the Company (the "Promissory Note"), pursuant to which the Company may borrow up to an
aggregate principal amount of $300,000. The Promissory Note is non-interest bearing and payable on the earlier of (i) March 31,
2021 or (ii) the consummation of the Proposed Public Offering. As of August 3, 2020, there was $12,500 outstanding under the
Promissory Note.
F-
10
MUDRICK CAPITAL ACQUISITION CORPORATION
II
NOTES TO FINANCIAL STATEMENTS
Related Party Loans
In order to finance transaction costs
in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company's officers
and directors may, but are not obligated to, loan the Company funds as may be required ("Working Capital Loans").
Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion of a Business Combination,
without interest, or, at the lender's discretion, up to $1,500,000 of the notes may be converted upon completion of a Business
Combination into warrants at a price of $1.00 per warrant. Such warrants would be identical to the Private Placement Warrants.
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.
As of August 3, 2020, there were no amounts outstanding under the Working Capital Loans.
NOTE 6 — COMMITMENTS AND
CONTINGENCIES
Risks and Uncertainties
Management is currently evaluating the
impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have
a negative effect on the Company's financial position, results of its operations, close of the Proposed Public Offering and/or
search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Registration Rights
The holders of the Founder Shares, Private
Placement Warrants and securities that may be issued upon conversion of Working Capital Loans will be entitled to registration
rights require the Company to register a sale of any of the securities held by them pursuant to a registration rights agreement
to be signed prior to or on the effective date of Proposed Public Offering. The holders of the majority of these securities will
be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities for
sale under the Securities Act. In addition, these holders will have certain "piggy-back" registration rights to include
their securities in other registration statements filed by the Company, subject to certain limitations. 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 3,000,000 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 $6,000,000 in the aggregate (or $6,900,000 in the aggregate if the underwriters'
over-allotment option is exercised in full), payable upon the closing of the Proposed Public Offering. In addition, the underwriters
will be entitled to a deferred fee of $0.35 per Unit, or $10,500,000 in the aggregate (or $12,075,000 in the aggregate if
the underwriters' over-allotment option is exercised in full). The deferred fee will become payable to the underwriters from
the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms
of the underwriting agreement.
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 designations,
voting and other rights and preferences as may be determined from time to time by the Company's board of directors. At August
3, 2020, there were no shares of preferred stock issued or outstanding.
Class A Common Stock
—
The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders
of Class A common stock are entitled to one vote for each share. At August 3, 2020, there were no shares of Class A common
stock issued or outstanding.
Class B Common Stock
—
The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders
of Class B common stock are entitled to one vote for each share. At August 3, 2020, there were 8,625,000 shares of Class B
common stock issued and outstanding, of which an aggregate of up to 1,125,000 shares of Class B common stock are subject to
forfeiture to the extent that the underwriters' over-allotment option is not exercised in full or in part so that the number
of Founder Shares will equal 20% of the Company's issued and outstanding common stock after the Proposed Public Offering.
Holders of Class A common stock and
holders of Class B common stock will vote together as a single class on all matters submitted to a vote of our shareholders
except as otherwise required by law.
F-
11
MUDRICK CAPITAL ACQUISITION CORPORATION
II
NOTES TO FINANCIAL STATEMENTS
The shares of Class B common stock
will automatically convert into Class A common stock at the time of a Business Combination on a one-for-one basis, subject
to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed
issued in connection with a Business Combination, the number of shares of Class A common stock issuable upon conversion of all
Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of
common stock outstanding upon the completion of the Proposed Public Offering, plus the total number of shares of Class A common
stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed
issued, by the Company in connection with or in relation to the consummation of a Business Combination, including pursuant to a
specified future issuance, excluding any shares of Class A common stock or equity-linked securities exercisable for or convertible
into shares of Class A common stock issued, or to be issued, to any seller in a Business Combination and any private placement-equivalent
warrants issued to the Sponsor, officers or directors upon conversion of Working Capital Loans; provided that such conversion of
Founder Shares will never occur on a less than one for one basis.
Warrants
— Public
Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon separation of the Units
and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion
of a Business Combination and (b) 12 months from the closing of the Proposed Public Offering. The Public Warrants will expire five
years after the completion of a Business Combination or earlier upon redemption or liquidation.
The Company will not be obligated to deliver
any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant
exercise unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying
the warrants is then effective and a current prospectus relating thereto is current, subject to the Company satisfying its obligations
with respect to registration. No warrant will be exercisable and the Company will not be obligated to issue shares of Class A common
stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants.
The Company has agreed that as soon as
practicable, but in no event later than 15 business days, after the closing of a Business Combination, it will use its best efforts
to file with the SEC a registration statement registering the issuance of the shares of Class A common stock issuable upon exercise
of the warrants, to cause such registration statement to become effective and to maintain a current prospectus relating to those
shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration
statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business
day after the closing of a Business Combination or 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.
Once the warrants become exercisable, the
Company may redeem the outstanding Public Warrants:
•
in whole and not in part;
•
at a price of $0.01 per Public Warrant;
•
upon not less than 30 days' prior written notice of redemption to each warrant holder;
and
•
if, and only if, the reported closing price of the Class A common stock equals or exceeds
$18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within a 30-trading day period ending three business days before the Company sends the notice of redemption to warrant holders
If and when the warrants become redeemable
by the Company, the Company may not exercise its redemption right if the issuance of shares of common stock upon exercise of the
warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect
such registration or qualification. 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 exercise price and number of shares of common stock issuable upon exercise of the warrants may be adjusted in certain
circumstances including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuance of common stock at a price below its exercise price. 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
F-
12
MUDRICK CAPITAL ACQUISITION CORPORATION
II
NOTES TO FINANCIAL STATEMENTS
In addition, if (x) the Company issues
additional shares of Class A 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 Class A 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 Sponsor or its affiliates, without taking into account any Founder Shares held by
the Sponsor or its affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate
gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the
funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the
volume weighted average trading price of the Company's Class A common stock during the 20 trading day period starting
on the trading day after the day on which the Company completes a Business Combination (such price, the "Market Value")
is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the
higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the
nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.
The Private Placement Warrants will be
identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering, except that the Private Placement
Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable,
assignable or saleable until 30 days after the completion of a Business Combination, subject to certain limited exceptions.
Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except as described
above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are
held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable
by the Company and exercisable by such holders on the same basis as the Public Warrants.
NOTE 8 — SUBSEQUENT EVENTS
The Company evaluated subsequent
events and transactions that occurred after the balance sheet date up to August 17, 2020, the date that the financial
statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would
have required adjustment or disclosure in the financial statements.
F-
13
30,000,000 Units
Mudrick Capital Acquisition Corporation
II
PRELIMINARY
PROSPECTUS
Sole Book-Running Manager
Jefferies
,
2020
Until
,
2020, 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.
We have not, and the underwriter has not, authorized anyone
to provide you with any information or to make any representatives other than contained in this prospectus. We and the underwriter
take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide
you. We are not, and the underwriter is not, making an offer to sell securities in any jurisdiction where the offer or sale is
not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than the
date on the front of this prospectus.
No dealer, salesperson or any other person is authorized to
give any information or make any representations in connection with this offering other than those contained in this prospectus
and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus
does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this
prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the
offer or solicitation is not authorized or is unlawful.
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/FINRA expenses
$
100,000
Accounting fees and expenses
37,500
Printing and engraving expenses
40,000
Travel and road show expenses
25,000
Directors & officers liability insurance premiums
(1)
100,000
Legal fees and expenses
250,000
Nasdaq listing and filing fees
75,000
Miscellaneous
122,500
Total
$
750,000
(1)
This amount represents the approximate amount of annual
director and officer liability insurance premiums the registrant anticipates paying following the completion of its initial public
offering and until it completes an initial business combination.
Item 14. Indemnification of Directors and officers.
Our amended and restated certificate of incorporation will provide
that all of our directors, officers, employees and agents shall be entitled to be indemnified by us to the fullest extent permitted
by Section 145 of the DGCL. 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.
II-
1
(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 officers and directors 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. A right to indemnification or to advancement of expenses arising under a provision of the certificate of
incorporation or a bylaw shall not be eliminated or impaired by an amendment to such provision after the occurrence of the act
or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification
or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes
such elimination or impairment after such action or omission has occurred.
(g)
A corporation shall have power to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving
at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture,
trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity,
or arising out of such person's status as such, whether or not the corporation would have the power to indemnify such person
against such liability under this section.
(h)
For purposes of this section, references to "the
corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent
of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and
authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer,
employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same
position under this section with respect to the resulting or surviving corporation as such person would have with respect to such
constituent corporation if its separate existence had continued.
II-
2
(i)
For purposes of this section, references to "other
enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed
on a person with respect to any employee benefit plan; and references to "serving at the request of the corporation"
shall include any service as a director, officer, employee or agent of the corporation which imposes duties on, or involves services
by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and
a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of
the corporation" as referred to in this section.
(j)
The indemnification and advancement of expenses provided
by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators
of such a person.
(k)
The Court of Chancery is hereby vested with exclusive
jurisdiction to hear and determine all actions for advancement of expenses or indemnification brought under this section or under
any by law, 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.
In accordance with Section 102(b)(7) of the DGCL, our amended
and restated certificate of incorporation, provides that no director shall be personally liable to us or any of our stockholders
for monetary damages resulting from breaches of their fiduciary duty as directors, except to the extent such limitation on or exemption
from liability is not permitted under the DGCL. The effect of this provision of our amended and restated certificate of incorporation
is to eliminate our rights and those of our stockholders (through stockholders' derivative suits on our behalf) to recover
monetary damages against a director for breach of the fiduciary duty of care as a director, including breaches resulting from negligent
or grossly negligent behavior, except, as restricted by Section 102(b)(7) of the DGCL. However, this provision does not limit or
eliminate our rights or the rights of any stockholder to seek non-monetary relief, such as an injunction or rescission, in the
event of a breach of a director's duty of care.
If the DGCL is amended to authorize corporate action further
eliminating or limiting the liability of directors, then, in accordance with our amended and restated certificate of incorporation,
the liability of our directors to us or our stockholders will be eliminated or limited to the fullest extent authorized by the
DGCL, as so amended. Any repeal or amendment of provisions of our amended and restated certificate of incorporation limiting or
eliminating the liability of directors, whether by our stockholders or by changes in law, or the adoption of any other provisions
inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change
in law permits us to further limit or eliminate the liability of directors on a retroactive basis.
Our amended and restated certificate of incorporation also
will provide that we will, to the fullest extent authorized or permitted by applicable law, indemnify our current and former
officers and directors, as well as those persons who, while directors or officers of our corporation, are or were serving as
directors, officers, employees or agents of another entity, trust or other enterprise, including service with respect to an
employee benefit plan, in connection with any threatened, pending or completed proceeding, whether civil, criminal,
administrative or investigative, against all expense, liability and loss (including, without limitation, attorneys'
fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by
any such person in connection with any such proceeding.
II-
3
Notwithstanding the foregoing, a person eligible for indemnification
pursuant to our amended and restated certificate of incorporation indemnifies us in connection with a proceeding initiated by such
person only if such proceeding was authorized by our board of directors, except for proceedings to enforce rights to indemnification.
The right to indemnification which will be conferred by our
amended and restated certificate of incorporation is a contract right that includes the right to be paid by us the expenses incurred
in defending or otherwise participating in any proceeding referenced above in advance of its final disposition, provided, however,
that if the DGCL requires, an advancement of expenses incurred by our officer or director (solely in the capacity as an officer
or director of our corporation) will be made only upon delivery to us of an undertaking, by or on behalf of such officer or director,
to repay all amounts so advanced if it is ultimately determined that such person is not entitled to be indemnified for such expenses
under our amended and restated certificate of incorporation or otherwise.
The rights to indemnification and advancement of expenses will
not be deemed exclusive of any other rights which any person covered by our amended and restated certificate of incorporation may
have or hereafter acquire under law, our amended and restated certificate of incorporation, our bylaws, an agreement, vote of stockholders
or disinterested directors, or otherwise.
Any repeal or amendment of provisions of our amended and restated
certificate of incorporation affecting indemnification rights, whether by our stockholders or by changes in law, or the adoption
of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent
such amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any
way diminish or adversely affect any right or protection existing at the time of such repeal or amendment or adoption of such inconsistent
provision with respect to any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.
Our amended and restated certificate of incorporation permits us, to the extent and in the manner authorized or permitted by law,
to indemnify and to advance expenses to persons other that those specifically covered by our amended and restated certificate of
incorporation.
Our bylaws, which we intend to adopt immediately prior to the
closing of this offering, include the provisions relating to advancement of expenses and indemnification rights consistent with
those which will be set forth in our amended and restated certificate of incorporation. In addition, our bylaws provide for a right
of indemnity to bring a suit in the event a claim for indemnification or advancement of expenses is not paid in full by us within
a specified period of time. Our bylaws also permit us to purchase and maintain insurance, at our expense, to protect us and/or
any director, officer, employee or agent of our corporation or another entity, trust or other enterprise against any expense, liability
or loss, whether or not we would have the power to indemnify such person against such expense, liability or loss under the DGCL.
Any repeal or amendment of provisions of our bylaws affecting
indemnification rights, whether by our board of directors, stockholders or by changes in applicable law, or the adoption of any
other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such
amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any way
diminish or adversely affect any right or protection existing thereunder with respect to any act or omission occurring prior to
such repeal or amendment or adoption of such inconsistent provision.
We will enter into 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.
Pursuant to the Underwriting Agreement to be filed as
Exhibit 1.1 to this Registration Statement, we have agreed to indemnify the underwriters and the underwriters have agreed to
indemnify us against certain civil liabilities that may be incurred in connection with this offering, including certain
liabilities under the Securities Act.
Item 15. Recent Sales of Unregistered Securities.
In August 2020, our sponsor paid $25,000 to cover certain
offering costs on our behalf in consideration of 8,625,000 founder shares (up to an aggregate of 1,125,000 shares of which
are subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised. The
number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the
outstanding shares of common stock upon completion of this offering. Such securities were issued in connection with our
organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. Our sponsor is
an accredited investor for purposes of Rule 501 of Regulation D.
II-
4
In addition, our sponsor has committed,
pursuant to a written agreement, to purchase from us an aggregate of 7,500,000 warrants (or 8,400,000 warrants if the over-allotment
option is exercised in full) at a price of $1.00 per warrant ($7,500,000 in the aggregate, or $8,400,000 if the over-allotment
option is exercised in full). This purchase will take place on a private placement basis simultaneously with the completion of
our initial public offering. This issuance will be made pursuant to the exemption from registration contained in Section 4(a)(2)
of the Securities Act.
Item 16. Exhibits and Financial Statement Schedules.
(a)
Exhibits.
The
list of exhibits preceding the signature page of this registration statement is incorporated herein by reference.
(b)
Financial
Statements.
See page F-1 for an index to the financial statements and schedules included in the registration
statement.
Item 17. Undertakings.
(a)
The undersigned registrant hereby undertakes to provide
to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered
in such names as required by the underwriters to permit prompt delivery to each purchaser.
(b)
Insofar as indemnification for liabilities arising under
the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such
issue.
(c)
The undersigned registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities
Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon
Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the
Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.
(2)
For the purpose of determining any liability under the
Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
II-
5
(3)
For the purpose of determining liability under the Securities
Act of 1933 of any purchaser, if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part
of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is
first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.
(4)
For the purpose of determining liability of a registrant
under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes
that in a primary offering of securities of an undersigned registrant pursuant to this registration statement, regardless of the
underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to
offer or sell such securities to such purchaser:
(i)
any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424;
(ii)
any free writing prospectus relating to the offering
prepared by or on behalf of the undersigned registrant or used or referred to by an undersigned registrant;
(iii)
the portion of any other free writing prospectus relating
to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and
(iv)
any other communication that is an offer in the offering
made by the undersigned registrant to the purchaser.
II-
6
EXHIBIT INDEX
Exhibit
Description
1.1
Form of Underwriting Agreement**
3.1
Certificate of Incorporation*
3.2
Form of Amended and Restated Certificate of Incorporation**
3.3
By Laws*
4.1
Specimen Unit Certificate**
4.2
Specimen Class A Common Stock Certificate**
4.3
Specimen Warrant Certificate**
4.4
Form of Warrant Agreement between Continental Stock Transfer & Trust Company, LLC and the Registrant**
5.1
Opinion of Ellenoff Grossman & Schole LLP**
10.1
Form of Letter Agreement among the Registrant and our officers directors and sponsor.**
10.2
Promissory
    Note, dated July 30, 2020, issued to the sponsor*
10.4
Form of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company, LLC and the Registrant**
10.5
Form of Registration Rights Agreement between the Registrant and certain security holders**
10.6
Securities
    Subscription Agreement, dated July 30, 2020, between the Registrant and the sponsor*
10.7
Form of Private Placement Warrants Purchase Agreement between the Registrant and the sponsor**
10.8
Form of Administrative Support Agreement by and between the Registrant and the sponsor**
10.9
Form of Indemnity Agreement**
14
Form of Code of Ethics**
23.1
Consent of WithumSmith+Brown, PC*
23.2
Consent of Ellenoff Grossman & Schole LLP (included in Exhibit 5.1)**
24
Power of Attorney (included in signature page)**
99.1
Form of Audit Committee Charter**
99.2
Form of Compensation Committee Charter**
99.3
Consent of Brian Kushner*
99.4
Consent of Dennis Stogsdill*
99.5
Consent of Scott Kasen*
*          filed
herewith
**        to
be filed by amendment
II-
7
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant has duly caused this amended Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 9
th
day of October,
2020.
MUDRICK CAPITAL ACQUISITION
    CORPORATION II
By:
/s/ Jason Mudrick
Jason Mudrick
Chief Executive Officer and Chairman
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
constitutes and appoints each of Jason Mudrick and Glenn Springer his true and lawful attorney-in-fact and agent, with full power
of substitution and resubstitution, for such person and in his name, place and stead, in any and all capacities, to sign this Registration
Statement on Form S-1 (including all pre-effective and post-effective amendments and registration statements filed pursuant to
Rule 462 under the Securities Act of 1933), and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and confirming that any such attorney-in-fact and agent, or his
substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933,
as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Name
Position
Date
/s/ Jason Mudrick
Chief Executive
    Officer and Chairman
October
                                         9, 2020
Jason Mudrick
(principal executive officer)
/s/ Glenn Springer
Chief Financial
    Officer and Director
October
                                         9, 2020
Glenn Springer
(principal financial and accounting officer)
II-
8