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<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 May
15, 2020</B></P>



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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-1</B></P>

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

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<P STYLE="font: bold 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>Mountain Crest Acquisition Corp</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 33%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Delaware</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">6770</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 33%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">37-1958714</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State or other jurisdiction of <BR>
incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Primary Standard Industrial <BR>
Classification Code Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(I.R.S. Employer <BR>
Identification Number)</FONT></TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>311 West 43rd Street<BR>
12th Floor<BR>
New York, NY 10036<BR>
(646) 493-6558</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 <BR>
offices)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suying Liu<BR>
<FONT STYLE="font-weight: normal">311 West 43rd Street<BR>
12th Floor<BR>
New York, NY 10036</FONT><BR>
<FONT STYLE="font-weight: normal">(646) 493-6558</FONT></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>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mitchell S. Nussbaum <BR>
Giovanni Caruso <BR>
Loeb &amp; Loeb LLP <BR>
345 Park Avenue <BR>
New York, New York 10154 <BR>
(212) 407-4000 <BR>
(212) 407-4990 &mdash; Facsimile</B></FONT></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT><B>Dan Brecher</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3 Park Avenue, 15<SUP>th</SUP> Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>212-784-6902</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>212-808-4155 - Facsimile</B></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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; margin: 0pt 0; text-align: justify">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 STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Large accelerated filer </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accelerated filer </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated filer </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Smaller reporting company </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Emerging growth&nbsp;company </FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Title of Class of Security being registered</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount to be<BR> Registered</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proposed<BR> maximum <BR> offering price <BR> per share</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed<BR> Maximum<BR> Aggregate<BR> Offering<BR> Price<SUP>(1)(2)</SUP></B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount of <BR> Registration Fee</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: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units, each consisting of one share of Common Stock, $0.0001 par value<U>&nbsp;</U>and one Right to acquire 1/10 of one share of Common Stock</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">5,750,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; width: 10%; 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-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font-size: 10pt; text-align: right">57,500,000.00</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">7,463.50</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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Shares of Common Stock, $0.0001 par value, included as part of the Units</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">5,750,000</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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"><SUP>(3)</SUP></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">Rights included as part of the Units</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">5,750,000</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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"><SUP>(3)</SUP></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">Shares of Common Stock underlying the Rights included as part of Units</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">575,000</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">10.00</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">5,750,000.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">746.35</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; text-indent: -10pt; padding-left: 10pt">Representative&rsquo;s Unit Purchase Option</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</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100.00</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Units underlying the Representative&rsquo;s Unit Purchase Option</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">345,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">11.50</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">3,967,500.00</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">514.98</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: 1pt; text-indent: -10pt; padding-left: 10pt">Shares of Common Stock included as part of the Representative&rsquo;s Unit Purchase Option</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">345,000</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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"><SUP>(3)</SUP></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">Rights included as part of Representative&rsquo;s Unit Purchase Option</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">345,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; 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"><SUP>(3)</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    of Common Stock underlying the Rights included as a part of the Representative&rsquo;s Unit Purchase Option</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">34,500</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">11.50</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">396,750.00</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">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">51.50</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">67,614,350.00</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">8,776.34</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>



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




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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes Units and shares of Common Stock<U>&nbsp;</U>and Rights underlying such Units which may be issued on exercise of a 45-day option granted to the Underwriters to cover over-allotments, if any.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee pursuant to Rule 457(g).</FONT></TD></TR>
</TABLE>


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



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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #D2232A"><B>The information in this
preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted.</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: 49%; padding-top: 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #D2232A"><B>PRELIMINARY PROSPECTUS</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-top: 8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #D2232A"><B>SUBJECT TO COMPLETION, DATED _______, 2020</B></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">$<FONT STYLE="font-size: 10pt"><B>50,000,000<BR>
Mountain Crest Acquisition Corp<BR>
5,000,000 Units</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mountain Crest Acquisition Corp is a blank
check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic
region our target operates in, it is our intention to pursue prospective targets in North America.</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">This is an initial public offering of our
securities. Each unit that we are offering has a price of $10.00 and consists of one share of common stock and one right to receive
one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination, as described in more detail
in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted Chardan Capital Markets,
LLC, the representative of the underwriters, a 45-day option to purchase up to 750,000 units (over and above the 5,000,000 units
referred to above) solely to cover over-allotments, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sponsor, Sunlight Global Investment
LLC (which is controlled by Suying Liu and Dong Liu) and Chardan Capital Markets, LLC and/or their designees have committed to
purchase from us an aggregate of 321,500 units, or &ldquo;private units,&rdquo; at $10.00 per private unit (for a total purchase
price of $3,215,000). These purchases will take place on a private placement basis simultaneously with the consummation of this
offering. All of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor
and Chardan Capital Markets, LLC have also agreed that if the over-allotment option is exercised by the underwriters, they will
purchase from us at a price of $10.00 per private unit an additional number of private units (up to a maximum of 33,750 private
units) <I>pro rata</I> with the amount of the over-allotment option exercised so that at least $10.00 per share sold to the public
in this offering is held in trust regardless of whether the over-allotment option is exercised in full or part. These additional
private units will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from
the exercise of the over-allotment option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is presently no public market for
our units, shares of common stock or rights. We have applied to have our units listed on the Nasdaq Capital Market, or Nasdaq,
under the symbol &ldquo;<U>MCACU</U>&rdquo;. We cannot guarantee that our securities will be approved for listing on Nasdaq. The
common stock and rights comprising the units will begin separate trading on the 90<SUP>th</SUP> day following the date of this
prospectus unless Chardan Capital Markets, LLC informs us of its decision to allow separate earlier trading, subject to our filing
a Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting our receipt of
the gross proceeds of this offering and issuing a press release announcing when such separate trading will begin. Once the securities
comprising the units begin separate trading as described in this prospectus, the common stock and rights will be traded on Nasdaq
under the symbols &ldquo;<U>MCAC,&rdquo;</U> and &ldquo;<U>MCACR</U>,&rdquo; respectively. We cannot assure you that our securities
will continue to be listed on Nasdaq after this 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">We qualify as an &ldquo;emerging growth
company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, and therefore will be subject to reduced reporting
requirements.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in our securities involves a high degree of risk. See &ldquo;Risks Factors&rdquo; beginning on page 27 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></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Price to Public</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Underwriting<BR> Discounts and<BR> Commissions<SUP>(1)</SUP></B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proceeds,&nbsp;Before<BR> Expenses, to us</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: 61%; font: 10pt Times New Roman, Times, Serif">Per Unit</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">0.60</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(2)</SUP></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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">9.40</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">50,000,000</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">47,000,000</TD><TD STYLE="padding-bottom: 1pt; 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"></P>



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

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

<P STYLE="margin-top: 0; margin-bottom: 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 STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will also sell
    to Chardan, for $100, an option to purchase 300,000 units (or 345,000 units if the over-allotment option is exercised in full)
    at the closing of this offering at $11.50 per unit. Please see the section titled &ldquo;Underwriting&rdquo; for further information
    relating to the underwriting arrangements agreed to between us and the underwriters.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes $1,750,000,
    or $0.35 per unit, equal to 3.5% of the gross proceeds of this offering (or $2,012,500 if the underwriters&rsquo; over-allotment
    option is exercised in full) payable to the underwriters as deferred underwriting discounts and commissions from the funds
    to be placed in the trust account described below. Such funds will be released to the underwriters only upon consummation
    of an initial business combination, as described in this prospectus. If the business combination is not consummated, such
    deferred discount will be forfeited by the underwriters. The underwriters will not be entitled to any interest accrued on
    the deferred underwriting discount.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 2pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon consummation of the offering, $10.20 per unit sold to the
public in this offering (whether or not the underwriters&rsquo; over-allotment option has been exercised in full or part) will
be deposited into a United States-based trust account at Morgan Stanley, maintained by American Stock Transfer &amp; Trust Company,
LLC, acting as trustee. Such amount includes $1,750,000, or $0.35 per unit, (or $2,012,500 if the underwriters&rsquo; over-allotment
option is exercised in full) payable to the underwriters as deferred underwriting discounts and commissions. Except as described
in this prospectus, these funds will not be released until the earlier of the completion of our initial business combination and
our redemption of the shares of common stock sold in this offering upon our failure to consummate a business combination within
the required period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
underwriters are offering the units on a firm commitment basis. Chardan Capital Markets, LLC, acting as the sole book-running
manager and representative of the underwriters, expects to deliver the units to purchasers on or about [</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>],
2020.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Chardan</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
date of this prospectus is </FONT>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif">,
2020</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>

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

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

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

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

<P STYLE="font: bold 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%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 91%">&nbsp;</TD>
    <TD STYLE="width: 9%">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PAGE</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif">SUMMARY FINANCIAL DATA</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif">CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_004"><FONT STYLE="font-family: Times New Roman, Times, Serif">50</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif">51</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif">DIVIDEND POLICY</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_006"><FONT STYLE="font-family: Times New Roman, Times, Serif">54</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif">DILUTION</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif">55</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif">CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif">57</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif">58</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif">PROPOSED BUSINESS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif">63</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif">MANAGEMENT</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif">83</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a12"><FONT STYLE="font-family: Times New Roman, Times, Serif">PRINCIPAL STOCKHOLDERS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a12"><FONT STYLE="font-family: Times New Roman, Times, Serif">92</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a13"><FONT STYLE="font-family: Times New Roman, Times, Serif">CERTAIN TRANSACTIONS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a13"><FONT STYLE="font-family: Times New Roman, Times, Serif">94</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a14"><FONT STYLE="font-family: Times New Roman, Times, Serif">DESCRIPTION OF SECURITIES</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a14"><FONT STYLE="font-family: Times New Roman, Times, Serif">97</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a15"><FONT STYLE="font-family: Times New Roman, Times, Serif">SHARES ELIGIBLE FOR FUTURE SALE</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a15"><FONT STYLE="font-family: Times New Roman, Times, Serif">102</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a16"><FONT STYLE="font-family: Times New Roman, Times, Serif">UNDERWRITING</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a16"><FONT STYLE="font-family: Times New Roman, Times, Serif">103</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a17"><FONT STYLE="font-family: Times New Roman, Times, Serif">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a17"><FONT STYLE="font-family: Times New Roman, Times, Serif">107</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a18"><FONT STYLE="font-family: Times New Roman, Times, Serif">EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a18">107</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a19"><FONT STYLE="font-family: Times New Roman, Times, Serif">WHERE YOU CAN FIND ADDITIONAL INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a19"><FONT STYLE="font-family: Times New Roman, Times, Serif">107</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><A HREF="#a_20"><FONT STYLE="font-family: Times New Roman, Times, Serif">INDEX TO FINANCIAL STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_20"><FONT STYLE="font-family: Times New Roman, Times, Serif">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"></P>

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

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

<DIV STYLE="padding-right: 0.15in; padding-left: 0.15in; border: Black 1pt solid">

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;insider
    shares&rdquo; refer to the 1,437,500 shares of common stock held or controlled by our insiders (as defined below) prior to
    this offering, which include up to an aggregate of 187,500 shares of common stock subject to forfeiture by our insiders to
    the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in part;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;private
    units&rdquo; refer to the 296,500 units (up to a maximum of 326,500 units if over-allotment option is exercised in full) we
    are selling privately to Sunlight Global Investment LLC, our sponsor, and the 25,000 units (up to a maximum of 28,750 units
    if over-allotment option is exercised in full) to Chardan Capital Markets, LLC and/or their designee upon consummation of
    this offering;</FONT></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">&bull;</TD><TD STYLE="text-align: justify">our &ldquo;management&rdquo; or our &ldquo;management team&rdquo; refer to our officers and directors;</TD></TR>                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our &ldquo;public shares&rdquo; refer to shares of common stock which are being sold as part of
the units in this offering (whether they are purchased in this offering or thereafter in the open market) and references to &ldquo;public
stockholders&rdquo; refer to the holders of our public shares, including our insiders to the extent our insiders purchase public
shares, provided that their status as &ldquo;public stockholders&rdquo; shall exist only with respect to such public shares;</TD></TR>                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our &ldquo;rights&rdquo; or &ldquo;public rights&rdquo; refer to the rights which are being sold
as part of the units in this offering;</TD></TR>                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our &ldquo;insiders&rdquo; refer to our officers, directors, sponsor and any holder of our insider
shares;</TD></TR>                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our &ldquo;sponsor&rdquo; refers to Sunlight
Global Investment LLC, the two members of which are Suying Liu, our </FONT>Chairman and Chief Executive Officer<FONT STYLE="font-family: Times New Roman, Times, Serif">,
and Dong Liu, our </FONT>Chief Financial Officer<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD></TR>                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

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

</DIV>

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

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

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

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

<P STYLE="font: bold 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">We are a blank check company formed under the laws of the State
of Delaware on November 12, 2019. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus
as our initial business combination. Although there is no restriction or limitation on what industry or geographic region our target
operates in, it is our intention to pursue prospective targets that are in North America. At the time of preparing this prospectus,
we have not identified any specific business combination, nor has anyone on our behalf initiated or engaged in any substantive
discussions, formal or otherwise, related to such a transaction. Our efforts to date are limited to organizational activities related
to this offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sponsor, Sunlight Global Investment
LLC, is controlled by Dr. Suying Liu, our Chairman and Chief Executive Officer, and Dong Liu, our Chief Financial Officer, both
of whom have accumulated broad industry expertise and transaction experience from investing in and operating diverse businesses.
We believe that our team&rsquo;s expertise and experience in structuring complex transactions and accessing capital for growth,
combined with our extensive relationships through a network of advisors and affiliates, will make us a partner of choice for potential
business combination targets. We intend to focus our efforts on evaluating business combination targets by leveraging our connections
with a variety of family offices, investment funds, and operating businesses. We expect to also take advantage of our sponsor&rsquo;s
extended network with Asian consumer markets by enabling potential business combination targets producing quality products in
North America to tap into such consumer demand abroad.</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: center"><B>Our Board of Directors and Management</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">Our board of directors and management consist of experienced
deal makers, operators, and investors.</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">Dr. Suying Liu, our Chairman and Chief
Executive Officer, has been the Head of Corporate Strategy of Hudson Capital Inc. (Nasdaq: HUSN) since May 2020, where he leads
the company&rsquo;s strategic development for both general operations and specific growth areas. Dr. Liu integrates corporate
finance opportunities with business fundamentals of Hudson Capital, leveraging his as well as the company&rsquo;s broad network
of relationships across a variety of industries such as financial services, general industrial and real estate. Between November
2018 and April 2020, Dr. Liu served as the Chief Strategist of Mansion Capital LLC, a privately-held real estate investment firm
with brokerage and property management operations serving clients from both North America and Asia for their investments in the
U.S. real estate market. With extensive property transaction experience, Dr. Liu has a breadth of connections to operating businesses
that incorporate tactical real estate considerations into their business development strategies. Prior to joining Mansion Capital,
Dr. Liu was an investment strategist at J.P. Morgan Chase &amp; Co. from July 2015 to October 2018. With a primary focus in commercial
mortgages, Dr. Liu assessed the operational strength and financial health of a multitude of commercial real estate operators such
as Starwood, Simon and Westfield, providing investment strategies to major Wall Street institutions spanning private equity, hedge
funds and insurance companies. Dr. Liu began his career in academia, teaching a variety of degree programs from bachelor&rsquo;s
to executive education at Washington University Olin Business School between January 2013 and May 2015 while completing his doctoral
studies, for which he received a PhD in finance in May 2015. Dr. Liu obtained a master&rsquo;s in finance in December 2012 and
his BA in economics and mathematics <I>summa cum laude</I> in May 2010 from Washington University in St. Louis.</P>



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

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

</DIV>

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

<DIV STYLE="padding: 0.15in; border: Black 1pt solid">

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Chief Financial Officer and a member of our board of directors,
Mr. Dong Liu, has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer,
manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which
time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as
provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March
2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of
electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Nelson Haight is a member of our
board of directors. A veteran in the oil &amp; gas industry with over 30 years of professional experience, Mr. Haight currently
serves as the Chief Financial Officer for Element Markets, LLC, an environmental commodities firm, which he joined in September
2019. From November 2018 to June 2019, Mr. Haight was the Chief Financial Officer for Epic Companies, LLC, a family office backed
oilfield service company. Between July 2017 and September 2018, Mr. Haight was the Chief Financial Officer of Castleton Resources,
LLC, a privately held exploration and production company. From December 2011 to July 2017, Mr. Haight served in various capacities
from Vice President to Chief Financial Officer at Midstates Petroleum Company, Inc., an exploration and production company founded
in 1993 and focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously
discovered yet underdeveloped hydrocarbon trends. In 2015, Mr. Haight led the team that raised $625 million in new capital for
Midstates Petroleum. Mr. Haight received an MPA and BBA from the University of Texas at Austin in May 1988 and is a Certified
Public Accountant and member of the American Institute of Certified Public Accountants.</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">Dr. Todd Milbourn is a member of our
board of directors. Dr. Milbourn is the Vice Dean and Hubert C. and Dorothy R. Moog Professor of Finance at Washington University
Olin Business School, where he has researched and built academic programs in the areas of corporate finance, executive compensation
and credit ratings since June 2000. With expertise on valuation, corporate finance, corporate governance, executive compensation
and corporate risk-taking, Dr. Milbourn has been retained as an expert by private firms as well as the U.S. Department of Justice
in cases related to fair rates of return, breach of contract damages and executive compensation programs, among others. Dr. Milbourn
is also the Director and Chair of the Audit Committee of the Xanthus Fund at Oppenheimer, an asset management company with over
1,000 financial advisors and more than $90 billion assets under administration. Dr. Milbourn obtained his PhD in finance from
Indiana University Kelly School of Business in December 1995 and BA in economics and mathematics from Augustana College in May
1991.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Wenhua Zhang is a member of our
board of directors. Mr. Zhang has been a Partner at Azia Capital Fund LP, a private investment firm, since October 2014. Mr. Zhang
began his career in the financial industry as the Vice President of Equity Research in the technology, media and telecom sector
with T. Rowe Price from August 2001 to May 2008, and later joined Bain Capital as Director of the Brookside Fund, a long short
equity investments fund, between July 2008 and December 2010. From February 2011 to August 2012, Mr. Zhang was Senior Vice President
and Portfolio Manager at Harvard Management Company, a wholly owned subsidiary of Harvard University charged with managing the
university's endowment assets, and then as Partner and Portfolio Manager at Newport Asia LLC between October 2012 and October
2014, investing in Asia&rsquo;s high-growth companies on behalf of clients from institutions, endowments, and family offices.
Mr. Zhang received an MBA with dual majors in finance and technology innovation from the Wharton School at the University of Pennsylvania
in May 2001.</P>

</DIV>

<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>

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

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

<DIV STYLE="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0.15in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Acquisition
Strategy</B></FONT><P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our goal is to identify and acquire a business
with untapped opportunity for building a public company. We believe that our management&rsquo;s and directors&rsquo; experiences,
from evaluating assets through investing and company building, will enable us to source and execute a business combination with
high-quality targets. Our selection process will leverage the relationships of our board with leading venture capitalists, private
equity and hedge fund managers, respected peers, and our network of investment banking executives, attorneys, and accountants.
Together with this network of trusted partners, we intend to capitalize the target business and create purposeful strategic initiatives
in order to achieve attractive growth and performance after our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In particular, we intend to focus our
search for an initial business combination on private companies in North America that have positive operating cash flow or compelling
economics and clear paths to positive operating cash flow, significant assets, and successful management teams that are seeking
access to the U.S. public capital markets. Our selection process is expected to leverage our board&rsquo;s deep and broad network
of relationships, industry expertise and deal sourcing capabilities to provide us with a strong pipeline of potential targets.
We expect to distinguish ourselves with our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>Leverage our Extensive Network of Relationships to Create a Unique Pipeline of Acquisition Opportunities.</I> We believe
the combination of our sponsor&rsquo;s experience in structuring complex transactions and our ability to access the network of
relationships of our board with family offices, corporate executives, founders, family-owned businesses and private equity firms,
will enable us to identify and evaluate suitable target businesses in the areas that we deem appropriate.</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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>Employ Rigor to the Process of Identifying Target Companies and Acquiring a Business that Will be Well-Received by the Public
Markets.</I> We believe our board&rsquo;s strong transaction track record, together with their experience in investing in both
the private and public markets, will provide a distinct advantage for identifying, valuing and completing a business combination
that will meet our investors&rsquo; expectations.</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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>Capitalize on Our Strategic Position Bridging High-Quality North American Production and Extensive Asian Consumer Demand.</I>
We believe the access that our board has to North American private companies producing quality products but lacking distribution,
especially to Asian consumers, presents an enormous opportunity when we bring such market channels to these potential business
combination targets. Our sponsor&rsquo;s relationships with Asian consumer markets will allow us to create further synergies with
target companies in addition to expanded capital and production capacities.</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>Investment Criteria </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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to focus on companies that possess
under-researched and underappreciated asset(s) poised for significant growth once capitalized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consistent with our strategy, we have identified
the following criteria to evaluate prospective target businesses. Although we may decide to enter into our initial business combination
with a target business that does not meet the criteria described below, it is our intention to acquire companies that we believe:</P>



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

</DIV>

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

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

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

<DIV STYLE="padding: 0.15in; border: Black 1pt solid">

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>have a scientific or other competitive advantage in the markets;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">We intend to seek target companies that have significant
competitive advantages and underexploited expansion opportunities that can benefit from access to additional capital as well as
our industry relationships and expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">are ready to be public, with strong management, corporate governance and reporting policies in place;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">We will seek to identify companies with strong and
experienced public-ready management teams. Specifically, we will look for management teams that have a proven track record of value
creation for their stockholders. We will seek to partner with a potential target's management team and expect that the operating
and investment abilities of our executive team and board will complement their own capabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">will likely be well received by public investors and are expected to have good access to the public capital markets;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">We believe that there are a substantial number of
potential target businesses with appropriate valuations that can benefit from a public listing and new capital for growth to support
significant revenue and earnings growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">are private equity fund portfolio companies or entities held by non-traditional investors in North America, especially in the
U.S.;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">According to Pitchbook Data, Inc., U.S. private equity
funds raised more than $1.8 trillion from 2006 through 2016 in over 2,700 different funds. As they seek liquidity, particularly
in older-vintage portfolios, we believe that there will be a considerable number of portfolio companies available for sale from
these private equity firms in the coming years that would benefit from public listings. Additionally, non-traditional control investors
such as financial institutions, banks, non-bank lenders, or hedge funds, who do not typically hold and manage private operating
assets, may be anxious to divest their non-core holdings. In the event that those types of investors are liquidating or experiencing
other pressures, they may need to divest certain holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">have significant embedded and/or underexploited growth opportunities that our team is uniquely positioned to identify and monetize;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">We intend to seek target companies that have significant
and underexploited expansion opportunities. This can be accomplished through a combination of accelerating organic growth and finding
attractive add-on acquisition targets. Our management team has significant experience in identifying such targets and in helping
target management assess the strategic and financial fit. Similarly, our management has the expertise to assess the likely synergies
and a process to help a target integrate acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD STYLE="text-align: justify">exhibit unrecognized value or other characteristics that we believe have been misevaluated by the market;</TD></TR></TABLE>

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

</DIV>

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

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

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

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

<DIV STYLE="border: Black 1pt solid; padding-top: 0.15in; padding-right: 0.15in; padding-left: 0.15in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">We will seek target companies
which exhibit value or other characteristics that we believe have been overlooked or misevaluated by the marketplace based on
our company-specific analyses and due diligence. For a potential target company, this process will include, among other things,
a review and analysis of the company&rsquo;s capital structure, quality of current or future earnings, corporate governance, customers,
material contracts, and the industry and trends. We intend to leverage the operational experience and disciplined investment approach
of our team to identify opportunities to unlock value that our experience in complex situations allows us to pursue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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"><FONT STYLE="font-family: Wingdings">&sect;</FONT></TD><TD>will offer attractive risk-adjusted equity returns for our stockholders.</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">We intend to seek to acquire a target on terms and
in a manner that leverage our capital markets and transaction management experience. We expect to evaluate a company based on its
potential to successfully commercialize its product(s), both new and under development. We also expect to evaluate financial returns
based on opportunities for follow-on acquisitions and other value-creation initiatives. Potential upside, for example, from the
growth in the target business&rsquo;s earnings or an improved capital structure will be weighed against any identified downside
risks.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will have until 12 months from the
closing of this offering to consummate our initial business combination. However, if we anticipate that we may not be able to
consummate our initial business combination within 12 months, our insiders or their affiliates may, but are not obligated to,
extend the period of time to consummate a business combination three times by an additional three months each time (for a total
of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation
and the trust agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on the date of this
prospectus, the only way to extend the time available for us to consummate our initial business combination is for our insiders
or their affiliates or designees, upon five days&rsquo; advance notice prior to the applicable deadline, to deposit into the trust
account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case), on or prior
to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination and
deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory note
equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the relevant insider&rsquo;s discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our
initial business combination. In the event that we receive notice from our insiders five days prior to the applicable deadline
of their intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior
to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether
or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders,
decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates or designees)
may deposit the entire amount required. If we are unable to consummate our initial business combination within such time period,
we will, as promptly as possible but not more than ten business days thereafter, redeem 100% of our outstanding public shares
for a pro rata portion of the funds held in the trust account, including a pro rata portion of any interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, and then seek to dissolve and liquidate. However,
we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our
public stockholders. In the event of our dissolution and liquidation, the private units will expire and will be worthless.</P>



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

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

</DIV>

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

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

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

<DIV STYLE="padding: 0.15in; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will either (1) seek stockholder approval
of our initial business combination at a meeting called for such purpose, at which stockholders may seek to convert their shares,
regardless of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate amount
then on deposit in the trust account (net of taxes payable), or (2) provide our stockholders with the opportunity to sell their
shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata
share of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations
described herein. The decision as to whether we will seek stockholder approval of our proposed business combination or allow stockholders
to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors
such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek stockholder approval.
Any tender offer documents used in connection with a business combination will contain substantially the same financial and other
information about the initial business combination as is required under the SEC&rsquo;s proxy rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial per public share redemption
or conversion price will be $10.00 per share, regardless of whether the over-allotment option is exercised. However, we may not
be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the rules of the Nasdaq Stock
Market, our initial business combination must occur with one or more target businesses having an aggregate fair market value of
at least 80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees and taxes payable on the income
earned on the trust account), which we refer to as the 80% test, at the time of the agreement to enter into the initial business
combination. Therefore, the fair market value of the target business will be calculated prior to any conversions of our shares
in connection with a business combination and therefore will be a minimum of $40,800,000 (or $46,920,000 if the over-allotment
option is exercised in full) in order to satisfy the 80% test. While the fair market value of the target business must satisfy
the 80% test, the consideration we pay the owners of the target business may be a combination of cash (whether cash from the trust
account or cash from a debt or equity financing transaction that closes concurrently with the business combination) or our equity
securities. The exact nature and amount of consideration would be determined based on negotiations with the target business, although
we will attempt to primarily use our equity as transaction consideration. If our board is not able to independently determine
the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm
with respect to the satisfaction of such criteria. We will also obtain a fairness opinion from an independent investment banking
firm before consummating a business combination with an entity affiliated with any of our officers, directors or insiders. If
we are no longer listed on Nasdaq, we will not be required to satisfy the 80% test.</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 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 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, but we will only complete such business
combination if the post-transaction company owns 50% or more of the outstanding voting securities of the target or otherwise owns
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act of 1940, as amended, or the Investment Company Act. Even if the post-transaction company owns 50% or more of the voting
securities of the target, our stockholders prior to the business combination may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in the business combination transaction. For example, we could
pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock
of a target. In this case, we 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% test.</P>

</DIV>

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

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

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

<DIV STYLE="padding: 0.15in; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As more fully discussed in &ldquo;Management
 &mdash; Conflicts of Interest,&rdquo; if any of our officers or directors becomes aware of a business combination opportunity that
falls within the line of business of any entity to which he or she has pre-existing fiduciary or contractual obligations, he or
she may be required to present such business combination opportunity to such entity prior to presenting such business combination
opportunity to us. All of our officers, directors and director nominees currently have certain relevant pre-existing fiduciary
duties or contractual obligations.</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 are an &ldquo;emerging growth company,&rdquo;
as defined in Section 2(a) of 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 until we are no longer an &ldquo;emerging growth
company.&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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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)&nbsp;in which we are deemed to be a large accelerated
filer, which means the market value of our 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 during the prior three-year period. References herein to &ldquo;emerging growth company&rdquo; shall have the meaning associated with it in the JOBS Act.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2019, we issued 100 shares
of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50 shares of common
stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In May 2020, we declared a
reverse split of one share of common stock for every 1.5 outstanding shares of common stock, resulting in 1,437,500 shares of
common stock being outstanding. We refer to these shares throughout this prospectus as the &ldquo;insider shares,&rdquo; and the
aggregate purchase price for the insider shares was $25,000, or approximately $0.017 per share. The 1,437,500 insider shares held
or controlled by our insiders include an aggregate of up to 187,500 shares subject to forfeiture to the extent that the underwriters&rsquo;
over-allotment option is not exercised in full or in part, so that our insiders will collectively own or control 20.0% of our
issued and outstanding shares after this offering.</P>

</DIV>

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

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

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

<DIV STYLE="padding: 0.15in; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The insider shares are identical to the
shares of common stock included in the units being sold in this offering. However, our insiders have agreed (A) to vote their insider
shares, private shares and any public shares acquired in or after this offering in favor of any proposed business combination,
(B) not to propose, or vote in favor of, an amendment to our certificate of incorporation that would affect the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 12 months from
the closing of this offering (or 15 or 18 or 21 months, as applicable) 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, net of taxes payable, divided by the number of then outstanding public shares,
(C) not to convert any shares (including the insider shares) into the right to receive cash from the trust account in connection
with a stockholder vote to approve our proposed initial business combination (or sell any shares they hold to us in a tender offer
in connection with a proposed initial business combination) or a vote to amend the provisions of our certificate of incorporation
relating to the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination within 21 months from the closing of this offering, and (D) that the insider shares shall not be entitled to be redeemed
for a pro rata portion of the funds held in the trust account if a business combination is not consummated.</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">On the date of this prospectus, the
insider shares will be placed into an escrow account maintained in New York, New York by American Stock Transfer &amp; Trust Company,
LLC, acting as escrow agent. Subject to certain limited exceptions, 50% of these shares will not be transferred, assigned, sold
or released from escrow until the earlier of six months after the date of the consummation of our initial business combination
and the date on which the closing price of our common stock equals or exceeds $12.50 per share (as adjusted for stock splits,
stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after
our initial business combination and the remaining 50% of the insider shares will not be transferred, assigned, sold or released
from escrow until six months after the date of the consummation of our initial business combination, or earlier, in either case,
if, subsequent to our initial business combination, we complete a liquidation, merger, stock exchange or other similar transaction
which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other
property. The limited exceptions referred to above include (1) transfers among the insiders, to our officers, directors, advisors
and employees, (2) transfers to an insider&rsquo;s affiliates or its members upon its liquidation, (3) transfers to relatives
and trusts for estate planning purposes, (4) transfers by virtue of the laws of descent and distribution upon death, (5) transfers
pursuant to a qualified domestic relations order, (6) private sales made at prices no greater than the price at which the securities
were originally purchased or (7) transfers to us for cancellation in connection with the consummation of an initial business combination,
in each case (except for clause 7) where the transferee agrees to the terms of the escrow agreement and forfeiture, as the case
may be, as well as the other applicable restrictions and agreements of the holders of the insider shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sunlight Global Investment LLC and Chardan
Capital Markets, LLC have committed to purchase from us an aggregate of 321,500 units, or &ldquo;private units,&rdquo; at $10.00
per private unit, of which 296,500 private units will be purchased by Sunlight Global Investment LLC and 25,000 Private Units
will be purchased by Chardan Capital Markets, LLC (for a total purchase price of $3,215,000). These purchases will take place
on a private placement basis simultaneously with the consummation of this offering. All of the proceeds we receive from this purchase
will be placed in the trust account described below. Sunlight Global Investment LLC and Chardan Capital Markets, LLC have also
agreed that if the over-allotment option is exercised by the underwriters, they will purchase from us at a price of $10.00 per
private unit an additional number of private units, of which up to 30,000 private units will be purchased by Sunlight Global Investment
LLC and up to 3,750 private units will be purchased by Chardan Capital Markets, LLC (up to a maximum of 33,750 private units)
<I>pro rata</I> with the amount of the over-allotment option exercised so that at least $10.20 per share sold to the public in
this offering is held in trust regardless of whether the over-allotment option is exercised in full or part. These additional
private units will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from
the exercise of the over-allotment option. The proceeds from the private placement of the private units will be added to the proceeds
of this offering and placed in the same trust account described in this prospectus maintained by American Stock Transfer &amp;
Trust Company, LLC, as trustee.&nbsp;&nbsp;</P>

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

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

</DIV>

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

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

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

<DIV STYLE="padding: 0.15in; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The private units are identical to the
units sold as part of the public units in this offering. However, our initial stockholders have agreed (A)&nbsp;to vote their
insider shares, private shares and any public shares purchased in or after this offering in favor of any proposed business combination,
(B)&nbsp;not to propose, or vote in favor of, prior to and unrelated to an initial business combination, an amendment to our certificate
of incorporation that would affect the substance or timing of the ability of public stockholders to exercise redemption rights
as described herein or of our redemption obligation to redeem all public shares if we cannot complete an initial business combination
within 12 months of the closing of this offering (or 15 or 18 or 21 months, as applicable), unless we provide public stockholders
an opportunity to redeem their public shares in conjunction with any such amendment, (C)&nbsp;not to redeem any shares, including
insider shares, private shares and any public shares purchased in or after this offering into the right to receive cash from the
trust account in connection with a stockholder vote to approve our proposed initial business combination or sell any shares to
us in any tender offer in connection with our proposed initial business combination, and (D)&nbsp;that the founder shares and
private shares shall not participate in any liquidating distribution upon winding up if a business combination is not consummated.</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">If public units or shares are purchased
by any of our directors, officers or initial shareholders, they will be entitled to funds from the trust account to the same extent
as any public shareholder upon our liquidation but will not have redemption rights related thereto.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">Our executive offices are located at 311 West 43rd Street, 12th
Floor, New York, NY 10036 and our telephone number is (646) 493-6558.
 &nbsp;</FONT></P>

</DIV>

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

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

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

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

<DIV STYLE="border: Black 1pt solid; padding-top: 0.15in; padding-right: 0.15in; padding-left: 0.15in">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In making your decision on whether to invest in our securities,
you should take into account not only the backgrounds of the members of our management team, 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
29 of this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 33%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities offered</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,000
    Units, at $10.00 per unit, each unit consisting of one share of common stock&nbsp;and one right entitling the holder thereof
    to receive one-tenth (1/10) of a share of common stock upon consummation of our initial business combination, subject to adjustment
    as described in this prospectus.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed Nasdaq symbols</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We anticipate the units, and the shares of common stock<U>&nbsp;</U>and rights once they begin separate trading, will be listed on Nasdaq under the symbols &ldquo;MCACU,&rdquo; &ldquo;MCAC,&rdquo; and &ldquo;MCACR,&rdquo; respectively.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading commencement and <BR>
separate trading of common <BR>
stock<U>&nbsp;</U>and rights</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
<BR>
The units will begin trading on or promptly after the date of this prospectus. Each of the common stock<U>&nbsp;</U>and rights may trade separately on the 90<SUP>th </SUP>day after the date of this prospectus unless Chardan Capital Markets, LLC determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative strengths of the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities in particular). In no event will Chardan Capital Markets, LLC allow separate trading of the common stock<U>&nbsp;</U>and rights until we file an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. Once the shares of common stock<U>&nbsp;</U>and rights commence separate trading, holders will have the option to continue to hold units or separate their units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of common stock<U>&nbsp;</U>and rights. We will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, or the SEC, including an audited balance sheet, promptly following the closing of this offering, which is anticipated to take place three business days from the date the units commence trading. The audited balance sheet will reflect our receipt of the proceeds from the exercise of the over-allotment option if the over-allotment option is exercised on the date of this prospectus. If the over-allotment option is exercised after the date of this prospectus, we will file an amendment to the Form 8-K or a new Form 8-K to provide updated financial information to reflect the exercise of the over-allotment option. We will also include in the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if Chardan Capital Markets, LLC has allowed separate trading of the common stock<U>&nbsp;</U>and rights prior to the 90<SUP>th </SUP>day after the date of this prospectus.</FONT></TD></TR>
</TABLE>


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

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

</DIV>

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

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

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

<DIV STYLE="border: Black 1pt solid; padding-top: 0.15in; padding-right: 0.15in; padding-left: 0.15in">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Units:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number outstanding before this offering</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0 units</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number to be outstanding after <BR>
this offering and sale of <BR>
private units</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,321,500
    units<SUP>1</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares of common stock:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number outstanding before this <BR>
offering</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,437,500
    shares<SUP>2</SUP></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number to be outstanding after <BR>
this offering and sale of <BR>
private units</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,571,500
    shares<SUP>3</SUP></FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the over-allotment option has not been exercised.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    number includes an aggregate of up to 187,500 shares of common stock held by our initial stockholders that are subject to
    forfeiture if the over-allotment option is not fully exercised by the underwriters.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the over-allotment option has not been exercised and that 187,500 insider shares that are subject to forfeiture if the over-allotment
    option is not exercised by the underwriters in full have been forfeited. If the over-allotment option is exercised in full,
    there will be a total of 7,542,750 shares of common stock issued and outstanding.</FONT></TD></TR>
</TABLE>


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


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


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

</DIV>

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



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

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

<DIV STYLE="border: Black 1pt solid; padding-right: 0.15in; padding-left: 0.15in">

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Rights included as part of units:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number outstanding before this offering</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0 rights</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number to be outstanding after this offering and sale of private units</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,321,500
    rights<SUP>4</SUP></FONT></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>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 33%"><B>Terms of Rights:</B></TD>
    <TD STYLE="vertical-align: bottom; width: 67%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in cases where we are not the surviving
        company in a business combination, each holder of a public right will automatically receive one-tenth (1/10) of a share of common
        stock upon consummation of our initial business combination. In the event we will not be the surviving company upon completion
        of our initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights in
        order to receive the one-tenth (1/10) of a share underlying each right upon consummation of the business combination. We will not
        issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest
        whole share or otherwise addressed in accordance with the applicable provisions of the Delaware General Corporation Law. As a result,
        you must hold rights in multiples of 10 in order to receive shares for all of your rights upon closing of a business combination.
        If we are unable to complete an initial business combination within the required time period and we redeem the public shares for
        the funds held in the trust account, holders of rights will not receive any of such funds for their rights and the rights will
        expire worthless.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

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

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

<P STYLE="margin-top: 0; margin-bottom: 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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total
    of 6,105,250 rights issued and outstanding, including an aggregate of 355,250 rights underlying the private units.</FONT></TD></TR>
</TABLE>


<P STYLE="margin-top: 0; margin-bottom: 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: 33%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering proceeds to be held in trust:</B></FONT></TD>
    <TD STYLE="width: 67%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">$51,000,000 of the net proceeds of this offering and the private
placement (or $58,650,000 if the over-allotment option is exercised in full), or $10.20 per unit sold to the public in this offering
(regardless of whether or not the over-allotment option is exercised in full or part) will be placed in a trust account at Morgan
Stanley, maintained by American Stock Transfer &amp; Trust Company, LLC, acting as trustee pursuant to an agreement to be signed
on the date of this prospectus. $500,000 of net proceeds of this offering will not be held in the trust account.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth below, the proceeds
        in the trust account will not be released until the earlier of: (1)&nbsp;the completion of an initial business combination within
        the required time period and (2)&nbsp;our redemption of 100% of the outstanding public shares if we have not completed a business
        combination in the required time period. &nbsp;Therefore, unless and until our initial business combination is consummated, the
        proceeds held in the trust account will not be available for our use for any expenses related to this offering or expenses which
        we may incur related to the investigation and selection of a target business and the negotiation of an agreement to acquire a target
        business.</P></TD></TR>
</TABLE>


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

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

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

</DIV>

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

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

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

<DIV STYLE="border: Black 1pt solid; padding-right: 0.15in; padding-left: 0.15in">

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 67%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, there can be released to us from the trust account any interest earned on the funds in the trust account that we need to pay our income or other tax obligations. With this exception, expenses incurred by us may be paid prior to a business combination only from the net proceeds of this offering not held in the trust account of approximately $500,000. Additionally, in order to meet our working capital needs following the consummation of this offering if the funds not held in the trust account are insufficient, our initial stockholders, officers and directors or their affiliates may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the relevant insider&rsquo;s discretion, up to $1,500,000 of the notes may be converted upon consummation of our business combination into private units at a price of $10.00 per unit (which, for example, would result in the holders being issued units to acquire 150,000 shares of common stock if $1,500,000 of notes were so converted). If we do not complete a business combination, the loans will only be repaid with funds not held in the trust account, to the extent available.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Insider Shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2019, we issued 100
        shares of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50
        shares of common stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In
        May 2020, we declared a reverse split of one share of common stock for every 1.5 outstanding shares of common stock, resulting
        in 1,437,500 shares of common stock being outstanding. We refer to these shares throughout this prospectus as the &ldquo;insider
        shares,&rdquo; and the aggregate purchase price for the insider shares was $25,000, or approximately $0.017 per share.
        The 1,437,500 insider shares held or controlled by our insiders include an aggregate of up to 187,500 shares subject to
        forfeiture to the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in part, so that
        our insiders will collectively own or control 20.0% of our issued and outstanding shares after this offering. The purchase
        price of the insider shares was determined by dividing the amount of cash contributed to the company by the number of
        insider shares issued. If we increase or decrease the size of the offering pursuant to Rule 462(b) under the Securities
        Act, we will effect a stock dividend or share contribution back to capital, as applicable, immediately prior to the consummation
        of the offering in such amount as to maintain the ownership of our stockholders prior to this offering at 20.0% of the
        number of shares outstanding after this offering. Our insiders will collectively beneficially own approximately 20.0%
        of our issued and outstanding shares after this offering (not including the private units and underlying shares and assuming
        our insiders do not purchase any public units in this offering). Up to 187,500 insider shares will be subject to forfeiture
        by our insiders (and/or their permitted transferees) depending on the extent to which the underwriters&rsquo; over-allotment
        option is exercised.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>


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


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

</DIV>

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

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

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<DIV STYLE="border: Black 1pt solid; padding-right: 0.15in; padding-left: 0.15in">

<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="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The insider shares are identical to the shares of common stock included in the units being sold in this offering, except that:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;the insider shares are subject to certain transfer restrictions, as described in more detail below, and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;our insiders have entered into letter agreements with us, pursuant to which they have agreed (i) to waive their conversion rights with respect to their insider shares and any public shares they purchase in connection with the completion of our initial business combination and (ii) to waive their redemption rights with respect to their insider shares if we fail to complete our initial business combination within 12 months from the closing of this offering (or 15 or 18 or 21, as applicable) (although they will be entitled to redemption rights with respect to any public shares they hold if we fail to complete our business combination within the prescribed time frame).</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;If we submit our initial business combination to our public stockholders for a vote, our insiders have agreed to vote their insider shares, private shares and any public shares purchased during or after this offering in favor of our initial business combination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></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: 33%; padding-left: 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt"><B>Transfer
    restrictions on insider shares</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Our
    insiders have agreed not to transfer, assign or sell any of the insider shares (except to certain permitted transferees) until,
    with respect to 50% of the insider shares, the earlier of six months after the date of the consummation of our initial business
    combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share for any 20 trading
    days within a 30-trading day period following the consummation of our initial business combination and, with respect to the
    remaining 50% of the insider shares, six months after the date of the consummation of our initial business combination, or
    earlier in each case if, subsequent to our initial business combination, we complete a liquidation, merger, stock exchange
    or other similar transaction which results in all of our stockholders having the right to exchange their shares of common
    stock for cash, securities or other property. The insider shares will be held in escrow with American Stock Transfer &amp;
    Trust Company, LLC during the period in which they are subject to the transfer restrictions described above.</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; font-size: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Private units</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunlight
    Global Investment LLC and Chardan Capital Markets, LLC have committed, pursuant to a written agreement, to purchase an aggregate
    of 321,500 private units ($3,215,000) in a private placement that will occur simultaneously with the closing of this offering,
    of which 296,500 private units will be purchased by Sunlight Global Investment LLC and 25,000 private units will be purchased
    by Chardan Capital Markets, LLC. Sunlight Global Investment LLC and Chardan Capital Markets, LLC have also agreed that if
    the over-allotment option is exercised by the underwriters, they will purchase from us at a price of $10.00 per private unit
    an additional number of private units, of which up to 30,000 private units will be purchased by Sunlight Global Investment
    LLC and up to 3,750 private units will be purchased by Chardan Capital Markets, LLC (up to a maximum of 33,750 private units)
    pro rata with the amount of the over-allotment option exercised so that at least $10.20 per share sold to the public in this
    offering is held in trust regardless of whether the over-allotment option is exercised in full or part. The purchase price
    of the private units will be added to the proceeds from this offering to pay for the expenses of this offering and to be held
    in the trust account. If we do not complete our initial business combination within 12 months from the closing of this offering
    (or 15 or 18 or 21 months, as applicable), the proceeds of the sale of the private units will be used to fund the redemption
    of our public shares (subject to the&nbsp;requirements of applicable law) and the private units will be worthless.</FONT></TD></TR>
</TABLE>


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

</DIV>

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Limited payments to insiders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify; width: 67%"><FONT STYLE="font-family: Times New Roman, Times, Serif">There will be no fees, reimbursements or other cash payments paid to our insiders or any of the members of our management team prior to, or for any services they render in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is) other than:</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;repayment at the closing of this offering of non-interest bearing loans up to an aggregate amount of $</FONT>500,000<FONT STYLE="font-family: Times New Roman, Times, Serif">;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;payment of $10,000 per month to Sunlight Global Investment LLC for office space and related services, subject to deferral as described herein;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;reimbursement of out-of-pocket expenses incurred by our insiders or any of their affiliates in connection with certain activities on our behalf, such as identifying and investigating possible business targets and business combinations; and</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;repayment of loans which may be made by our insiders or any of their affiliates to finance transaction costs in connection with an initial business combination, the terms of which have not been determined.</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 24pt; text-align: justify; text-indent: -12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business combination. We have no policy which prohibits our insiders or any member of our management team from negotiating the reimbursement of such expenses by a target business. Our audit committee will review and approve all reimbursements and payments made to any insider or member of our management team, or our or their respective affiliates, and any reimbursements and payments made to members of our audit committee will be reviewed and approved by our board of directors, with any interested director abstaining from such review and approval.</FONT></TD></TR>
</TABLE>

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</DIV>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Potential
    revisions to agreements with<BR>
    insiders</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    We could seek to amend certain agreements made by our management team disclosed in this prospectus without the approval of
    stockholders, although we have no intention to do so. For example, restrictions on our executives relating to the voting of
    securities owned by them, the agreement of our management team to remain with us until the closing of a business combination,
    the obligation of our management team to not propose certain changes to our organizational documents or the obligation of
    the management team and its affiliates to not receive any compensation in connection with a business combination could be
    modified without obtaining stockholder approval. Although stockholders would not be given the opportunity to redeem their
    shares in connection with such changes, in no event would we be able to modify the redemption or liquidation rights of our
    stockholders without permitting our stockholders the right to redeem their shares in connection with any such change. We will
    not agree to any such changes unless we believed that such changes were in the best interests of our stockholders (for example,
    if such a modification were necessary to complete a business combination).</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stockholder
    approval of, or tender <BR>
offer in connection with, initial <BR>
business combination</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><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>
                                                                                                      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                            <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with any proposed initial business combination, we will either (1)&nbsp;seek stockholder approval of such initial business
combination at a meeting called for such purpose at which stockholders may seek to convert their shares into the right to receive
cash from the trust account, regardless of whether they vote for or against the proposed business combination; or (2) provide
our stockholders with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need for a
stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net
of taxes payable), in each case subject to the limitations described herein. The decision as to whether we will seek stockholder
approval of our proposed business combination or allow stockholders to sell their shares to us in a tender offer will be made
by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the
terms of the transaction would otherwise require us to seek stockholder approval. If we provide stockholders with the opportunity
to sell their shares to us by means of a tender offer, we will file tender offer documents with the SEC which will contain substantially
the same financial and other information about the initial business combination as is required under the SEC&rsquo;s proxy rules.
If we seek stockholder approval of our initial business combination, we will consummate the business combination only if a majority
of the outstanding shares of common stock voted are voted in favor of the business combination.</FONT></P></TD></TR>
</TABLE>
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</DIV>

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

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<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In addition, we will not consummate our initial business combination if public stockholders exercise conversion rights in an amount that would cause our net tangible assets to be less than $5,000,001 (so that this offering is not subject to Rule 419 promulgated under the Securities Act) or if we do not satisfy any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration needed to satisfy cash conditions pursuant to the terms of the proposed business combination exceeds the aggregate amount of cash available to us (including any cash we may obtain from financing from third parties or our insiders or their affiliates, which may not be available on terms acceptable to us or at all), we will not complete the business combination (as we may be required to have a lesser number of shares converted). As a result, we may not be able to locate another suitable target within the applicable time period, if at all. However, if we seek stockholder approval of a business combination and if a significant number of public stockholders properly seek to convert their public shares in connection with a proposed business combination, we or our insiders or their affiliates could purchase some or all of such shares in the open market or in private transactions in order to seek to satisfy the cash conditions. 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. No funds from the trust account can be released from the trust account prior to the consummation of a business combination to make such purchases (although such purchases could be made using funds available to us after the closing of a business combination). We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Notwithstanding the foregoing, we or our insiders and their affiliates will not make purchases of shares of common stock if the purchases would violate Sections 9(a)(2) or 10(b) of the Exchange Act or Regulation M, which are rules that prohibit manipulation of a company&rsquo;s stock, and we and they will comply with Rule 10b-18 under the Exchange Act in connection with any open-market purchases. If purchases cannot be made without violating applicable law, no such purchases will be made.</FONT></TD></TR>
</TABLE>
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</DIV>

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

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

<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: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    insiders have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after this offering
    in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment to our certificate of
    incorporation that would affect the substance or timing of our obligation to redeem 100% of our public shares if we do not
    complete our initial business combination within 12 months from the closing of this offering (or 15 or 18 or 21 months if
    we have extended the period of time as described in this prospectus), 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 earned on the funds held in the trust account
    and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public
    shares, (C) not to convert any shares (including the insider shares and private shares) into the right to receive cash from
    the trust account in connection with a stockholder vote to approve our proposed initial business combination (or sell any
    shares they hold to us in a tender offer in connection with a proposed initial business combination) or a vote to amend the
    provisions of our certificate of incorporation relating to the substance or timing of our obligation to redeem 100% of our
    public shares if we do not complete our initial business combination within 12 months from the closing of this offering (or
    15 or 18 or 21 months if we have extended the period of time as described in this prospectus) and (D) that the insider shares
    and private shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the trust account if a
    business combination is not consummated. Depending on how a business combination was structured, any stockholder approval
    requirement could be satisfied by obtaining the approval of either (i) a majority of the shares of our common stock that were
    voted at the meeting (assuming a quorum was present at the meeting), or (ii) a majority of the outstanding shares of our common
    stock. Because our insiders will collectively beneficially own approximately 20.0% of our issued and outstanding shares of
    common stock (not including the private units and underlying securities and assuming our insiders do not purchase any units
    in this offering) upon consummation of this offering, a minimum of approximately 71,376 public shares, or 1.09% of the outstanding
    shares of our common stock (if the approval requirement was a majority of shares voted and assuming that only a quorum was
    present at the meeting, that the over-allotment option is not exercised, that Chardan votes in favor of the transaction, and
    that the initial stockholders do not purchase any units in this offering or units or shares in the after-market), would need
    to be voted in favor of a business combination in order for it to be approved. </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None of our insiders, director nominees or their affiliates has committed to purchase units in this offering or any units or shares of common stock in the open market or in private transactions. However, if a significant number of stockholders vote, or indicate an intention to vote, against a proposed business combination, our insiders or their affiliates could make such purchases in the open market or in private transactions in order to influence the vote. Notwithstanding the foregoing, our insiders and their affiliates will not make purchases of shares of common stock if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act.</FONT></TD></TR>
</TABLE>


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</DIV>

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

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    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Conditions
    to completing our initial business combination</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
is no limitation on our ability to raise funds privately or through loans in connection with our initial business combination.
Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value
of at least 80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees and taxes payable on the income
earned on the trust account) at the time of the agreement to enter into the initial business combination. If we are no longer
listed on Nasdaq, we will not be required to satisfy the 80% test.</FONT></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If our board is not able to independently determine the fair market value of the target business or businesses, we may obtain an opinion from an independent investment banking or accounting firm as to the fair market value of the target business. We will complete our initial business combination only if the post-transaction company in which our public stockholders own shares will own or acquire 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target 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 50% or more of the voting securities of the target, our stockholders prior to the business combination may collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target and us in the business combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% test, provided that in the event that the business combination involves more than one target business, the 80% test will be based on the aggregate value of all of the target businesses.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Conversion rights</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">In connection with any stockholder meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless of whether he, she or it is voting for or against such proposed business combination, to demand that we convert his, her or its public shares into a <I>pro rata</I> share of the trust account upon consummation of the business combination.</TD></TR>

</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify">We may require public stockholders wishing to exercise conversion rights, whether they are a record holder or hold their shares in &ldquo;street name,&rdquo; to either tender the certificates they are seeking to convert to our transfer agent or to deliver the shares they are seeking to convert to the transfer agent electronically using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s option, at any time at or prior to the vote on the business combination. There is a nominal cost associated with this tendering process and the act of certificating the shares or delivering them through the DWAC System. The transfer agent will typically charge the tendering broker $45 and it would be up to the broker whether or not to pass this cost on to the converting holder. However, this fee would be incurred regardless of whether or not we require holders to deliver their shares prior to the vote on the business combination in order to exercise conversion rights. This is because a holder would need to deliver shares to exercise conversion rights regardless of the timing of when such delivery must be effectuated. However, in the event we require stockholders to deliver their shares prior to the vote on the proposed business combination and the proposed business combination is not consummated, this may result in an increased cost to stockholders.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under Delaware law, we may be required to give a minimum of only ten days&rsquo; notice for each general meeting. As a result, if we require public stockholders who wish to convert their shares of common stock into the right to receive a <I>pro rata</I> portion of the funds in the trust account to comply with the foregoing delivery requirements, holders may not have sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able to exercise their conversion rights and may be forced to retain our securities when they otherwise would not want to.</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 67%; padding-bottom: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If we require public stockholders who wish to convert their shares of common stock to comply with specific delivery requirements for conversion described above and such proposed business combination is not consummated, we will promptly return such certificates to the tendering public stockholders.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Release
    of funds in trust account on closing of our initial business combination</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
On the completion of our initial business combination, all amounts held in the trust account will be released to us. We will use these funds to pay amounts due to any public stockholders who exercise their conversion rights as described above under &ldquo;&mdash; Conversion rights,&rdquo; to pay the underwriters their deferred underwriting commissions, to pay all or a portion of the consideration payable to the target or targets or owners of the target or targets 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 stock 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, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.</FONT></TD></TR>
</TABLE>

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</DIV>

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<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="vertical-align: top; width: 33%; padding-left: 10pt; font-size: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation if no business combination</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 67%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are unable to complete our initial business combination within 12 months from the closing of this offering, we will (i)
    cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
    days thereafter, redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account,
    which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive
    further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
    such redemption, subject to the approval of our remaining holders of common stock and our board of directors, dissolve and
    liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors
    and the requirements of other applicable law. However, if we anticipate that we may not be able to consummate our initial
    business combination within 12 months, our insiders or their affiliates may, but are not obligated to, extend the period of
    time to consummate a business combination three times by an additional three months each time (for a total of up to 21 months
    to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation and the
    trust agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on the date of this prospectus,
    the only way to extend the time available for us to consummate our initial business combination is for our insiders or their
    affiliates or designees, upon five days&rsquo; advance notice prior to the applicable deadline, to deposit into the trust
    account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case), on or prior
    to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination
    and deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory
    note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
    unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of
    our initial business combination, or, at the relevant insider&rsquo;s discretion, converted upon consummation of our business
    combination into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the
    private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation
    of our initial business combination. In the event that we receive notice from our insiders five days prior to the applicable
    deadline of their intent to effect an extension, we intend to issue a press release announcing such intention at least three
    days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline
    announcing whether or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated
    to fund the trust account to extend the time for us to complete our initial business combination. To the extent that some,
    but not all, of our insiders, decide to extend the period of time to consummate our initial business combination, such insiders
    (or their affiliates or designees) may deposit the entire amount required.</FONT></TD></TR>
</TABLE>


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

</DIV>

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

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<DIV STYLE="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 0.15in; padding-left: 0.15in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    connection with our redemption of 100% of our outstanding public shares, each holder will receive an amount equal to (1) the
    number of public shares being converted by such public holder divided by the total number of public shares multiplied by (2)
    the amount then in the trust account (initially $10.20 per share), which includes the deferred underwriting commission, plus
    a pro rata portion of any interest earned on the funds held in the trust account and not previously released to us or necessary
    to pay our taxes (subject in each case to our obligations under Delaware law to provide for claims of creditors). </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    proceeds deposited in the trust account could, however, become subject to claims of our creditors that are in preference to
    the claims of our stockholders. We may not have funds sufficient to pay or provide for all creditors&rsquo; claims. Although
    we will seek to have all vendors, service providers (excluding our independent registered public accounting firm), prospective
    target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest
    or claim of any kind in or to any monies held in the trust account for the benefit of our public stockholders, there is no
    guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from
    bringing claims against the trust account including, but not limited to, fraudulent inducement, breach of fiduciary responsibility
    or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an
    advantage with respect to a claim against our assets, including the funds held in the trust account. If any third-party refuses
    to execute an agreement waiving such claims to the monies held in the trust account, our management will perform an analysis
    of the alternatives available to it and will only enter into an agreement with a third-party that has not executed a waiver
    if management believes that such third-party&rsquo;s engagement would be significantly more beneficial to us than any alternative.
    Examples of possible instances where we may engage a third-party that refuses to execute a waiver include the engagement of
    a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those
    of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider
    willing to execute a waiver. The underwriters 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. In order to protect the amounts held in the trust account, our sponsor has agreed that it
    will be liable to us if and to the extent any claims by a vendor for services rendered or products sold to us, or a prospective
    target business with which we have discussed entering into a transaction agreement, reduce the amounts in the trust account
    to below the lesser of (i) $10.20 per public share and (ii) the actual amount per public share held in the trust account as
    of the date of the liquidation of the trust account if less than $10.20 per share due to reductions in the value of the trust
    assets, in each case less taxes payable, provided that such liability will not apply to any claims by a third-party who executed
    a waiver of any and all rights to seek access to the trust account nor will it apply to any claims under our indemnity of
    the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. In the event
    that an executed waiver is deemed to be unenforceable against a third-party, our sponsor will not be responsible to the extent
    of any liability for such third-party claims. However, we have not asked our sponsor to reserve for such indemnification obligations,
    nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and we believe
    that our sponsor&rsquo;s only assets are securities of our company. Therefore, we cannot assure you that our sponsor would
    be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties, including,
    without limitation, claims by vendors and prospective target businesses.</FONT></TD></TR>
</TABLE>


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</DIV>

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<P STYLE="margin: 0"></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: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event that the proceeds in the trust account are reduced below the lesser of (i) $10.20 per public share and (ii) the
    actual amount per public share held in the trust account as of the date of the liquidation of the trust account if less than
    $10.20 per share due to reductions in the value of the trust assets, in each case less taxes payable, and our sponsor asserts
    that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular
    claim, our independent directors would determine whether to take legal action against our sponsor to enforce its indemnification
    obligations. While we currently expect that our independent directors would take legal action on our behalf against our sponsor
    to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business
    judgment may choose not to do so in any particular instance. Accordingly, we cannot assure you that due to claims of creditors
    the actual value of the per-share redemption price will not be less than $10.20 per share.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $10.20 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, and thereby exposing itself and our company to claims of punitive damages,
    by paying public stockholders from the trust account prior to addressing the claims of creditors. We cannot assure you that
    claims will not be brought against us for these reasons.</FONT></TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom; width: 67%">The holders of the insider shares and private units (and underlying securities) will not participate in any redemption distribution with respect to their insider shares and private units (and underlying securities), but may have any public shares redeemed upon liquidation.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If we are unable to conclude our initial business combination and we expend all of the net proceeds of this offering not deposited in the trust account, without taking into account any interest earned on the trust account, we expect that the initial per-share redemption price will be approximately $10.20.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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: 33%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 67%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will pay the costs of any liquidation following the redemptions from our remaining assets outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation (currently anticipated to be no more than approximately $15,000) and have agreed not to seek repayment for such expenses.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The underwriters have agreed to waive their rights to the deferred underwriting commissions held in the trust account in the event we do not consummate a business combination within 12 months from the closing of this offering (or 15 or 18 or 21 months, as applicable) and in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of our public shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We are a newly formed company that has conducted no operations
and has generated no revenues. Until we complete our initial business combination, we will have no operations and will generate
no operating revenues. In making your decision whether to invest in our securities, you should take into account not only the background
of our management team, but also the special risks we face as a blank check company. This offering is not being conducted in compliance
with Rule 419 promulgated under the Securities Act. Accordingly, you will not be entitled to protections normally afforded to investors
in Rule 419 blank check offerings. For additional information concerning how Rule 419 blank check offerings differ from this offering,
please see &ldquo;Proposed Business &mdash; Comparison to offerings of blank check companies subject to Rule 419.&rdquo; You should
carefully consider these and the other risks set forth in the section entitled &ldquo;Risk Factors&rdquo; beginning on page 27
of this prospectus.</FONT></P>

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

</DIV>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</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; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Actual</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; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Actual</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; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As
    Adjusted<SUP>(1)</SUP></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">Balance Sheet Data:</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Audited)</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="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Unaudited)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Working capital (deficiency)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(100,723</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(132,029</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">49,774,397</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">100,231</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">181,326</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">51,524,397</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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total liabilities<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">100,723</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">157,029</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">1,750,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value of common stock subject to possible conversion/tender<SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">44,774,389</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: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders&rsquo; equity (deficit)<SUP>(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">(492</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">24,297</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="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,008</TD><TD STYLE="padding-bottom: 1pt; 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"></P>



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

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

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


<P STYLE="margin-top: 0; margin-bottom: 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: 0%"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    $3,215,000 we will receive from the sale of the private units.</FONT></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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    &ldquo;as adjusted&rdquo; liabilities represents up to $1,750,000 of deferred underwriting commissions.</FONT></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: 0%"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    &ldquo;as adjusted&rdquo; value of common stock which may be subject to possible conversion/tender for cash is derived by
    taking 4,389,646 shares of common stock which may be converted, representing the maximum number of shares that may be converted
    or sold while maintaining at least $5,000,001 in net tangible assets after this offering, multiplied by a conversion price
    of $10.20.</FONT></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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &ldquo;as adjusted&rdquo; stockholders&rsquo; equity includes the payment of $100 for Representative&rsquo;s Purchase Option.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
 &ldquo;as adjusted&rdquo; total assets amount includes the $51,000,000 to be held in the trust account, including the deferred
underwriting discounts and commissions of $1,750,000, plus $500,000 in cash held outside the trust account. If our initial business
combination is not consummated, the trust account, less amounts we are permitted to withdraw as described in this prospectus,
will be distributed solely to our public shareholders (subject to our obligations under Delaware law to provide for claims of
creditors). The actual deferred offering costs of $156,326 will be reclassified as a charge to additional paid-in capital from
the gross proceeds in connection with the consummation of the offering. Any additional offering costs will also be charged to
additional paid-in capital.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Risks
Associated with Our Business</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are a newly formed
early stage company with no operating history and, accordingly, 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a newly formed early stage 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, which is to complete
our initial business combination with one or more target businesses. We have not engaged in any substantive discussions and we
have no plans, arrangements or understandings with any prospective target business concerning a business combination and may be
unable to complete our business combination. If we fail to complete our business combination, we will never generate any operating
revenues.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2020, we had $25,000 in
cash and a working capital deficit of $132,029. Further, we have incurred and expect to continue to incur significant costs in
pursuit of our finance and acquisition plans. Management&rsquo;s plans to address this need for capital through this offering
are discussed in the section of this prospectus titled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations.&rdquo; We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The
financial statements contained elsewhere in this prospectus do not include any adjustments that might result from our inability
to consummate this offering or our inability to continue as a going concern.</P>



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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to consummate
our initial business combination, our public stockholders may be forced to wait more than 12 months (or 15 or 18 or 21 months if
we have extended the period of time as described in this prospectus) before receiving distributions from the trust account.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will have until 12 months from the
closing of this offering (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus) to
consummate our initial business combination. We have no obligation to return funds to investors prior to such date unless we
consummate our initial business combination prior thereto and only then in cases where investors have sought to convert their
shares. Only after the expiration of this full time period will holders of our common stock be entitled to distributions from
the trust account if we are unable to complete our initial business combination. Accordingly, investors&rsquo; funds may be
unavailable to them until after such date and to liquidate your investment, public security holders may be forced to sell
their public shares, potentially at a loss.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: italic bold 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">Since the net proceeds of this offering
are intended to be used to complete our 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 United States securities laws. However, since we will have net tangible
assets in excess of $5,000,001 upon the successful consummation of this offering and will file a Current Report on Form 8-K, including
an audited balance sheet demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors of blank
check companies such as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules which
would, for example, completely restrict the transferability of our securities, require us to complete our initial business combination
within 12 months (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus) of the effective
date of the initial registration statement and restrict the use of interest earned on the funds held in the trust account. Because
we are not subject to Rule 419, our units will be immediately tradable, we will be entitled to withdraw amounts from the funds
held in the trust account prior to the completion of our initial business combination and we may have a longer period of time to
complete such a business combination than we would if we were subject to such rule.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we determine to amend
certain agreements made by our management team, many of the disclosures contained in this prospectus regarding those agreements
would no longer apply.</I></B></P>

<P STYLE="font: italic bold 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 could seek to amend certain
agreements with our management team disclosed in this prospectus without the approval of our stockholders, although we have
no current intention to do so. For example, restrictions on our executives relating to the voting of securities owned by
them, the agreement of our management team to remain with us until the closing of a business combination, the obligation of
our management team to not propose certain changes to our organizational documents or the obligation of the management team
and its affiliates to not receive any compensation in connection with a business combination could be modified without
obtaining stockholder approval. Although stockholders would not be given the opportunity to redeem their shares in connection
with such changes, in no event would we be able to modify the redemption or liquidation rights of our stockholders without
permitting our stockholders the right to redeem their shares in connection with any such change. We will not agree to any
such changes unless we believed that such changes were in the best interests of our stockholders (for example, if such a
modification were necessary to complete a business combination).</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we deviate from the
acquisition criteria or guidelines set forth in this prospectus, investors in this offering may have rescission rights or may bring
an action for damages against us or we could be subject to civil or criminal actions taken by governmental authorities.</I></B></P>

<P STYLE="font: italic bold 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">If we were to elect to deviate from the
acquisition criteria or guidelines set forth in this prospectus, each person who purchased units in this offering and still held
such securities upon learning of the facts relating to the deviation may seek rescission of the purchase of the units he or she
acquired in the offering (under which a successful claimant has the right to receive the total amount paid for his or her securities
pursuant to an allegedly deficient prospectus, plus interest and less any income earned on the securities, in exchange for surrender
of the securities) or bring an action for damages against us (compensation for loss on an investment caused by alleged material
misrepresentations or omissions in the sale of a security). In such event, we could also be subject to civil or criminal actions
taken by governmental authorities. For instance, the SEC can seek injunctions under Section 20(b) of the Securities Act if it believes
a violation under the Securities Act has occurred or is imminent. The SEC can also seek civil penalties under Sections 20(d) and
24 if a party has violated the Securities Act or an injunctive action taken by the SEC or if a party willfully, in a registration
statement filed under the Securities Act, makes any untrue statement of a material fact or omits to state any material fact required
to be stated therein or necessary to make the statements therein not misleading. Furthermore, Section 20 allows the SEC to refer
matters to the attorney general to bring criminal penalties against an issuer.</P>

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

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

<P STYLE="font: italic bold 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
amended and restated certificate of incorporation currently authorizes the issuance of up to [</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>]
shares of common stock, par value $0.0001 per share. Immediately after this offering and the purchase of the private units (assuming
no exercise of the underwriters&rsquo; over-allotment option), there will be approximately [<FONT STYLE="font-family: Symbol">&middot;</FONT>]
authorized but unissued shares of common stock available for issuance (after appropriate reservation for the issuance of the shares
underlying the public rights, private units, shares underlying the private units and the issuance of the securities underlying
the underwriters&rsquo; purchase option). Although we have no commitment as of the date of this offering, we may issue a substantial
number of additional shares of common stock to complete our initial business combination. The issuance of additional shares of
common stock:</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">may significantly reduce the equity interest of investors in this offering;</TD></TR>                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;</TD></TR>                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">may cause a change in control if a substantial number of shares of common stock are issued, which
may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation
or removal of our present officers and directors; and</TD></TR>                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">may adversely affect prevailing market prices for our shares of common stock.</TD></TR>                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may issue notes or
other debt securities, or otherwise incur substantial debt, to complete a business combination, which may adversely affect our
leverage and financial condition and thus negatively impact the value of our stockholders&rsquo; investment in us.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have no commitments as of the
date of this prospectus to issue any notes or other debt securities, or to otherwise incur outstanding debt, we may choose to incur
substantial debt to complete our business combination. However, 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; 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">default and foreclosure on our assets if our operating revenues after our initial business combination
are insufficient to repay our debt obligations;</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&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>                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand;</TD></TR>                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our inability to obtain necessary additional financing if the debt security contains covenants
restricting our ability to obtain such financing while the debt security is outstanding; and</TD></TR>                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who
have less debt.</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be limited to
the funds held outside of the trust account to fund our search for target businesses, to pay our tax obligations and to complete
our initial business combination.</I></B></P>

<P STYLE="font: italic bold 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">Of the net proceeds of this offering, $500,000
is anticipated to be available to us initially outside the trust account to fund our working capital requirements. Especially if
the over-allotment option is exercised in full, we may not have sufficient funds available with which to structure, negotiate or
close our initial business combination. In such event, we would need to borrow funds from our insiders to operate or may be forced
to liquidate. Our insiders are under no obligation to loan us any funds. If we are unable to obtain the funds necessary, we may
be forced to cease searching for a target business and may be unable to complete our initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may not have sufficient
working capital to cover our operating expenses.</I></B></P>

<P STYLE="font: italic bold 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">Following the consummation of this offering,
the amounts available to us to pay our operating expenses will consist only of the approximately $500,000 initially held outside
of the trust account. Therefore, if our expenses exceed our estimates, we will not have sufficient funds outside the trust account
to cover our expenses. In such event, we would need to borrow funds from our insiders or from third parties to continue to operate.
However, our insiders and third parties are under no obligation to loan us any funds. If we are unable to obtain the necessary
funds, we may be forced to cease searching for a target business and liquidate without completing our initial business combination.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reimbursement of
out-of-pocket expenses incurred by our insiders or any of their affiliates in connection with certain activities on our
behalf, such as identifying and investigating possible business targets and business combinations, could reduce the funds
available to us to consummate a business combination. In addition, an indemnification claim by one or more of our officers
and directors in the event that any of them are sued in their capacity as an officer or director could also reduce the funds
available to us outside of the trust account.</I></B></P>

<P STYLE="font: italic bold 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 may reimburse our insiders or any of
their affiliates for out-of-pocket expenses incurred in connection with certain activities on our behalf, such as identifying and
investigating possible business targets and business combinations. There is no limit on the amount of out-of-pocket expenses reimbursable
by us; provided that, to the extent such expenses exceed the available proceeds not deposited in the trust account, such expenses
would not be reimbursed by us unless we consummate an initial business combination. In addition, pursuant to our certificate of
incorporation and Delaware law, we may be required to indemnify our officers and directors in the event that any of them are sued
in their capacity as an officer or director. We will also enter into agreements with our officers and directors to provide contractual
indemnification in addition to the indemnification provided for in our certificate of incorporation and under Delaware law. In
the event that we reimburse our insiders or any of their affiliates for out-of-pocket expenses prior to the consummation of a business
combination or are required to indemnify any of our officers or directors pursuant to our certificate of incorporation, Delaware
law, or the indemnity agreements that we will enter into with them, we would use funds available to us outside of the trust account
for our working capital requirements. Any reduction in the funds available to us could have a material adverse effect on our ability
to locate and investigate prospective target businesses and to structure, negotiate, conduct due diligence in connection with or
consummate our initial business combination.</P>

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

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

<P STYLE="font: italic bold 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">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 (excluding
our independent registered public accounting firm), prospective target businesses and other entities with which we do business
execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account
for the benefit of our public 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 execute an agreement waiving such claims to the monies held in the trust account, our management
will perform an analysis of the alternatives available to it and will only enter into an agreement with a third-party that has
not executed a waiver if management believes that such third-party&rsquo;s engagement would be significantly more beneficial to
us than any alternative.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 consummate an initial business combination within 12 months from the closing of this
offering (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus), 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 $10.20 per public share initially held in the trust account,
due to claims of such creditors. Pursuant to the letter agreement the form of which is filed as an exhibit to the registration
statement of which this prospectus forms a part, our sponsor has agreed that it will be liable to us if and to the extent any
claims by a third-party (excluding our independent registered public accounting firm) for services rendered or products sold to
us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amounts in
the trust account to below the lesser of (i) $10.20 per public 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 $10.20 per share due to reductions in the value of the trust
assets, in each case less taxes payable, provided that such liability will not apply to any claims by a third-party who executed
a waiver of any and all rights to seek access to the trust account nor will it apply to any claims under our indemnity of the
underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event
that an executed waiver is deemed to be unenforceable against a third-party, our sponsor will not be responsible to the extent
of any liability for such third-party claims. However, we have not asked our sponsor to reserve for such indemnification obligations,
nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and we believe
that our sponsor&rsquo;s only assets are securities of our company. Therefore, we cannot assure you that our sponsor would be
able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties, including,
without limitation, claims by vendors and prospective target businesses.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the proceeds in the
trust account are reduced below the lesser of (i) $10.20 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 $10.20 per share due to reductions in the value of the trust
assets, in each case less taxes payable, and our sponsor asserts that it is unable to satisfy its obligations or that it has no
indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action
against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would
take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our
independent directors in exercising their business judgment and subject to their fiduciary duties may choose not to do so in any
particular instance. If our independent directors choose not to enforce these indemnification obligations, the amount of funds
in the trust account available for distribution to our public stockholders may be reduced below $10.20 per share.</P>



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

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

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

<P STYLE="font: italic bold 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">If we have not completed our initial
business combination within 12 months from the closing of this offering (or 15 or 18 or 21 months if we have extended the
period of time as described in this prospectus), we will (i) cease all operations except for the purpose of winding up, (ii)
as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public
shares for a pro rata portion of the funds held in the trust account, which redemption will completely extinguish public
stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining holders of common stock and our board of directors, dissolve and liquidate, subject (in the case of (ii) and
(iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other
applicable law. We may not properly assess all claims that may be potentially brought against us. As such, our stockholders
could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of
our stockholders may extend well beyond the third anniversary of the date of distribution. Accordingly, third parties may
seek to recover from our stockholders amounts owed to them by us.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 the members of our board of
directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of our board of
directors and us to claims of punitive damages.</I></B></P>

<P STYLE="font: italic bold 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">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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of rights will not have
redemption rights.</I></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">If we are unable to complete an initial
business combination within the required time period and we redeem the funds held in the trust account, the rights will expire
and holders will not receive any of the amounts held in the trust account in exchange for such rights.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Since we have not yet
selected a particular industry or target business with which to complete our initial business combination, we are unable to currently
ascertain the merits or risks of the industry or business in which we may ultimately operate.</I></B></P>

<P STYLE="font: italic bold 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Although we intend to focus our search on target businesses
operating in North America, we may consummate our initial business combination with a target business in any industry or geographic
region we choose and are not limited to any particular industry, type of business or geographic region. Accordingly, there is no
current basis for you to evaluate the possible merits or risks of the particular industry in which we may ultimately operate or
the target business which we may ultimately consummate our initial business combination. To the extent we complete our initial
business combination with a financially unstable company or an entity in its development stage, we may be affected by numerous
risks inherent in the business operations of those entities. If we complete our initial business combination with an entity in
an industry characterized by a high level of risk, we may be affected by the currently unascertainable risks of that industry.
We may not properly ascertain or assess all of the significant risk factors. An investment in our shares may not ultimately prove
to be more favorable to investors in this offering than a direct investment, if an opportunity were available, in a target business.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The requirement that
our initial business combination occur with one or more target businesses having an aggregate fair market value equal to at least
80% of the value of the trust account at the time of the execution of a definitive agreement for our initial business combination
may limit the type and number of companies that we may complete such a business combination with.</I></B></P>

<P STYLE="font: italic bold 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">Pursuant to the Nasdaq listing rules, our
initial business combination must occur with one or more target businesses having an aggregate fair market value equal to at least
80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees and taxes payable on the income earned on
the trust account) at the time of the execution of a definitive agreement for our initial business combination. This restriction
may limit the type and number of companies that we may complete a business combination with. If we are unable to locate a target
business or businesses that satisfy this fair market value test, we may be forced to liquidate and you will only be entitled to
receive your pro rata portion of the funds in the trust account. If we are no longer listed on Nasdaq, we will not be required
to satisfy the 80% test.</P>

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

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

<P STYLE="font: italic bold 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 may structure our initial business
combination such that the post-transaction company owns 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, but we will only
complete such business combination if the post-transaction company owns 50% or more of the outstanding voting securities of
the target or otherwise owns 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 50% or more of the voting
securities of the target, our stockholders prior to the business combination may collectively own a minority interest in the
post-transaction company, depending on valuations ascribed to the target and us in the business combination transaction. For
example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the
outstanding capital stock of a target. In this case, we 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. In
addition, other minority stockholders may subsequently combine their holdings resulting in a single person or group obtaining
a larger share of the company&rsquo;s stock than we initially acquired. Accordingly, this may make it more likely that our
management will not be able to maintain our control of the target business.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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. While we intend to closely scrutinize any individuals we engage
after our initial business combination, our assessment of these individuals may not prove to be correct.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to successfully effect our
initial business combination is dependent upon the efforts of our key personnel. We believe that our success depends on the continued
service of our key personnel, at least until we have consummated our initial business combination. None of our officers are required
to commit any specified amount of time to our affairs (although we expect them to devote approximately 10 hours per week to our
business) and, accordingly, they will have conflicts of interest in allocating management time among various business activities,
including identifying potential business combinations and monitoring the related due diligence. If our officers&rsquo; and directors&rsquo;
other business affairs require them to devote more substantial amounts of time to their other business activities, it could limit
their ability to devote time to our affairs and could have a negative impact on our ability to consummate our initial business
combination. In addition, we do not have employment agreements with, or key-man insurance on the life of, any of our officers.
The unexpected loss of the services of our key personnel could have a detrimental effect on us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The role of our key personnel after our
initial business combination, however, remains to be determined. Although some of our key personnel serve in senior management
or advisory positions following our initial business combination, it is likely that most, if not all, of the management of the
target business will remain in place. These individuals may be unfamiliar with the requirements of operating a public company,
which could cause us to have to expend time and resources helping them become familiar with such requirements. This could be expensive
and time-consuming and could lead to various regulatory issues which may adversely affect our operations.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our officers and directors
may not have significant experience or knowledge regarding the jurisdiction or industry of the target business we may seek to consummate
our initial business combination with.</I></B></P>

<P STYLE="font: italic bold 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 may consummate a business combination
with a target business in any geographic location or industry we choose. Our officers and directors may not have enough experience
or sufficient knowledge relating to the jurisdiction of the target or its industry to make an informed decision regarding our initial
business combination.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our key personnel may be able to remain
with the company after the completion of our business combination only if they are able to negotiate employment or consulting
agreements in connection with the business combination. Such negotiations would take place simultaneously with the negotiation
of the business combination and could provide for such individuals to receive compensation in the form of cash payments and/or
our securities for services they would render to us after the completion of the business combination. The personal and financial
interests of such individuals may influence their motivation in identifying and selecting a target business.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our insiders and their
affiliates may be owed reimbursement for out-of-pocket expenses which may cause them to have conflicts of interest in determining
whether a particular business combination is most advantageous.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our insiders and their affiliates may incur
out-of-pocket expenses in connection with certain activities on our behalf, such as identifying and investigating possible business
targets and combinations. We have no policy that would prohibit these individuals and their affiliates from negotiating the reimbursement
of such expenses by a target business. As a result, the personal and financial interests of such individuals may influence their
motivation in identifying and selecting a target business.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Members of our management
team may have affiliations with entities engaged in business activities similar to those intended to be conducted by us and, accordingly,
may have conflicts of interest in determining to which entity a particular business opportunity should be presented.</I></B></P>

<P STYLE="font: italic bold 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">Members of our management team may have
affiliations with companies, including companies that are engaged in business activities similar to those intended to be conducted
by us. Accordingly, they may participate in transactions and have obligations that may be in conflict or competition with our consummation
of our initial business combination. As a result, a potential target business may be presented by our management team to another
entity prior to its presentation to us and we may not be afforded the opportunity to engage in a transaction with such target business.
For a more detailed description of the potential conflicts of interest of our management, see the section titled &ldquo;Management
 &mdash; Conflicts of Interest.&rdquo;</P>

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

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

<P STYLE="font: italic bold 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 light of the involvement of our insiders
and director nominees with other entities, we may decide to acquire one or more businesses affiliated with our insiders and director
nominees. Our directors and director nominees also serve as officers and board members for other entities, including, without limitation,
those described under &ldquo;Management &mdash; Conflicts of Interest.&rdquo; Our insiders and director nominees are not currently
aware of any specific opportunities for us to complete our business combination with any entities with which they are affiliated,
and there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we
will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction
if we determined that such affiliated entity met our criteria for a business combination as set forth in &ldquo;Proposed Business
 &mdash; Effecting Our Initial Business Combination &mdash; Selection of a Target Business and Structuring of Our Initial Business
Combination,&rdquo; such transaction was approved by a majority of our disinterested and independent directors (if we have any
at that time), and we obtain an opinion from an independent investment banking firm that the business combination is fair to our
unaffiliated stockholders from a financial point of view. Despite our agreement to obtain an opinion from an independent investment
banking firm regarding the fairness to our company from a financial point of view of a business combination with one or more domestic
or international businesses affiliated with our insiders, potential conflicts of interest still may exist and, as a result, the
terms of the business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of
interest.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The shares
beneficially owned by our insiders, including our officers and directors, will not participate in a redemption and,
therefore, our insiders may have a conflict of interest in determining whether a particular target business is appropriate
for our initial business combination.</I></B></P>

<P STYLE="font: italic bold 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">Our insiders, including our officers and
directors, have waived their right to convert their insider shares and private shares in connection with a business combination
and their redemption rights with respect to their insider shares and private shares if we are unable to consummate our initial
business combination. Accordingly, these securities will be worthless if we do not consummate our initial business combination.
The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting
a target business and completing a business combination. 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.</P>



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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we are unable to consummate
a business combination, any loans made by our insiders, including our officers and directors, or their affiliates would not be
repaid, resulting in a potential conflict of interest in determining whether a potential transaction is in our stockholders&rsquo;
best interest.</I></B></P>

<P STYLE="font: italic bold 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 meet our working capital needs
following the consummation of this offering, our insiders, including our officers and directors, or their affiliates may, but are
not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion.
The loans would be non-interest bearing and would be payable at the consummation of a business combination. If we fail to consummate
a business combination within the required time period, the loans would not be repaid. Consequently, our directors and officers
may have a conflict of interest in determining whether the terms, conditions and timing of a particular business combination are
appropriate and in our stockholders&rsquo; best interest.</P>

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

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

<P STYLE="font: italic bold 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 anticipate that our securities will
be listed on Nasdaq, a national securities exchange, upon consummation of this offering. Although after giving effect to this offering
we expect to meet, on a pro forma basis, the minimum initial listing standards set forth in the Nasdaq listing standards, we cannot
assure you that our securities will be, or will continue to be, listed on Nasdaq in the future or prior to our initial business
combination. In order to continue listing our securities on Nasdaq prior to our initial business combination, we must maintain
certain financial, distribution and stock price levels. Generally, we must maintain a minimum amount in stockholders&rsquo; equity
(generally $5.0 million) 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 $4.00 per share and our stockholders&rsquo;
equity would generally be required to be at least $5.0 million. We cannot assure you that we will be able to meet those initial
listing requirements at that time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Nasdaq delists our securities from trading
on its exchange, we could face significant material adverse consequences, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a limited availability of market quotations for our securities;</TD></TR>                                                                                                                                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">reduced liquidity with respect to our securities;</TD></TR>                                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">a determination that our shares are a &ldquo;penny stock,&rdquo; which will require brokers trading
in our shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading
market for our shares;</TD></TR>                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">a limited amount of news and analyst coverage for our company; and</TD></TR>                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">a decreased ability to issue additional securities or obtain additional financing in the future.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: italic bold 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">It is likely we will consummate our initial
business combination with a single target business, although we have the ability to simultaneously consummate our initial business
combination with several target businesses. By consummating a business combination with only a single entity, our lack of diversification
may subject us to numerous economic, competitive and regulatory developments. Further, we would not be able to diversify our operations
or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to
complete several business combinations in different industries or different areas of a single industry. Accordingly, the prospects
for our success may be:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This lack of diversification may subject
us to numerous economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact upon
the particular industry in which we may operate subsequent to our initial business combination.</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">Alternatively, if we determine to simultaneously
consummate our initial business combination with several businesses and such businesses are owned by different sellers, we will
need for each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other
business combinations, which may make it more difficult for us, and delay our ability, to complete the business combination. With
multiple business combinations, we could also face additional risks, including additional burdens and costs with respect to possible
multiple negotiations and due diligence investigations (if there are multiple sellers) and the additional risks associated with
the subsequent assimilation of the operations and services or products of the target 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; text-align: justify">&nbsp;</P>

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

<P STYLE="font: italic bold 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">If our initial business combination
requires us to use substantially all of our cash to pay the purchase price, because we will not know how many public
stockholders may exercise conversion rights, we may either need to reserve part of the trust account for possible payment
upon such conversion, or we may need to arrange third-party financing to help fund our initial business combination. In the
event that the business combination involves the issuance of our stock as consideration, we may be required to issue a higher
percentage of our stock to make up for a shortfall in funds. Raising additional funds to cover any shortfall may involve
dilutive equity financing or incurring indebtedness at higher than desirable levels. This may limit our ability to effectuate
the most attractive business combination available to us.</P>

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

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to consummate
an initial business combination if a target business requires that we have a certain amount of cash at closing, in which case public
stockholders may have to remain stockholders of our company and wait until our redemption of the public shares to receive a pro
rata share of the trust account or attempt to sell their shares in the open market.</I></B></P>

<P STYLE="font: italic bold 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">A potential target may make it a closing
condition to our initial business combination that we have a certain amount of cash in excess of the $5,000,001 of net tangible
assets we are required to have pursuant to our organizational documents available at the time of closing. If the number of our
public stockholders electing to exercise their conversion rights has the effect of reducing the amount of money available to us
to consummate an initial business combination below such minimum amount required by the target business and we are not able to
locate an alternative source of funding, we will not be able to consummate such initial business combination and we may not be
able to locate another suitable target within the applicable time period, if at all. In that case, public stockholders may have
to remain stockholders of our company and wait the full 12 months (or 15 or 18 or 21 months if we have extended the period of time
to complete a business combination as described in this prospectus) in order to be able to receive a portion of the trust account,
or attempt to sell their shares in the open market prior to such time, in which case they may receive less than they would have
in a liquidation of the trust account.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Public stockholders,
together with any affiliates of theirs or any other person with whom they are acting in concert or as a &ldquo;group,&rdquo; will
be restricted from seeking conversion rights with respect to more than 20% of the shares of common stock sold in this offering.</I></B></P>

<P STYLE="font: italic bold 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 connection with any meeting held to
approve an initial business combination, we will offer each public stockholder (but not our insiders) the right to have his, her,
or its shares of common stock converted into cash. Notwithstanding the foregoing, a public stockholder, together with any affiliate
of his or hers or any other person with whom he or she is acting in concert or as a &ldquo;group,&rdquo; will be restricted from
seeking conversion rights with respect to more than 20% of the shares of common stock sold in this offering. Generally, in this
context, a stockholder will be deemed to be acting in concert or as a group with another stockholder when such stockholders agree
to act together for the purpose of acquiring, voting, holding or disposing of our equity securities. Accordingly, if you purchase
more than 20% of the shares of common stock sold in this offering and our proposed business combination is approved, you will not
be able to seek conversion rights with respect to the full amount of your shares and may be forced to hold such additional shares
of common stock or sell them in the open market. The value of such additional shares may not appreciate over time following our
initial business combination, and the market price of our shares of common stock may not exceed the per-share conversion price.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may require public
stockholders who wish to convert their shares of common stock in connection with a vote of stockholders on a proposed business
combination to comply with specific requirements for conversion that may make it more difficult for them to exercise their conversion
rights prior to the deadline for exercising their rights.</I></B></P>

<P STYLE="font: italic bold 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 connection with any stockholder
meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless of
whether he or she is voting for or against such proposed business combination, to demand that we convert his or her shares of
common stock into a share of the trust account. We may require public stockholders seeking to convert their shares in
connection with a stockholder vote on a proposed business combination, whether they are a record holder or hold their shares
in &ldquo;street name,&rdquo; to either tender their certificates to our transfer agent or to deliver their shares to the
transfer agent electronically using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the
holder&rsquo;s option, at least two business days on the initial business combination (a tender of shares is always required
in connection with a tender offer). In order to obtain a physical stock certificate, a stockholder&rsquo;s broker and/or
clearing broker, DTC and our transfer agent will need to act to facilitate this request. It is our understanding that
stockholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However,
because we do not have any control over this process or over the brokers or DTC, it may take significantly longer than two
weeks to obtain a physical stock certificate. While we have been advised that it takes a short time to deliver shares through
the DWAC System, this may not be the case. Under Delaware law and our bylaws, we are required to provide at least 10
days&rsquo; advance notice of any stockholder meeting, which would be the minimum amount of time a public stockholder would
have to determine whether to exercise conversion rights. Accordingly, if it takes longer than we anticipate for stockholders
to deliver their shares, stockholders who wish to convert may be unable to meet the deadline for exercising their conversion
rights and thus may be unable to convert their shares.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we require public
stockholders who wish to convert their shares of common stock to comply with the delivery requirements discussed above for conversion,
such converting stockholders may be unable to sell their securities when they wish to in the event that the proposed business combination
is not approved.</I></B></P>

<P STYLE="font: italic bold 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">If we require public stockholders who wish
to convert their shares of common stock to comply with the delivery requirements discussed above for conversion and such proposed
business combination is not consummated, we will promptly return such certificates to the tendering public stockholders. Accordingly,
investors who attempted to convert their shares in such a circumstance will be unable to sell their securities after the failed
business combination until we have returned their securities to them. The market price for our shares of common stock may decline
during this time and you may not be able to sell your securities when you wish to, even while other stockholders that did not seek
conversion may be able to sell their securities.</P>

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

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

<P STYLE="font: italic bold 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 expect to encounter intense competition
from entities other than blank check companies having a business objective similar to ours, including venture capital funds, leveraged
buyout funds and operating businesses competing for acquisitions. Many of these entities are well established and have extensive
experience in identifying and effecting business combinations directly or through affiliates. Many of these competitors possess
greater technical, human and other resources than we do and our financial resources will be relatively limited when contrasted
with those of many of these competitors. Therefore, our ability to compete in consummating our initial business combination with
certain sizable target businesses may be limited by our available financial resources. This inherent competitive limitation gives
others an advantage in pursuing a business combination with certain target businesses. Furthermore, seeking stockholder approval
of our initial business combination may delay the consummation of a transaction. Additionally, our rights and unit purchase option,
and the future dilution they represent, may not be viewed favorably by certain target businesses. Any of the foregoing may place
us at a competitive disadvantage in successfully negotiating our initial business combination.</P>



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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our ability to consummate
an attractive business combination may be impacted by the market for initial public offerings.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our efforts to identify a prospective
target business will not be limited to any particular industry or geographic region, although our intention is to pursue
prospective targets that are in North America. If the market for initial public offerings is limited, we believe there will
be a greater number of attractive target businesses open to consummating an initial business combination with us as a means
to achieve publicly held status. Alternatively, if the market for initial public offerings is robust, we believe that there
will be fewer attractive target businesses amenable to consummating an initial business combination with us to become a
public reporting company. Accordingly, during periods with strong public offering markets, it may be more difficult for us to
complete an initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">COVID-19 or the significant outbreak of
another infectious disease 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 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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we believe that the net proceeds
of this offering will be sufficient to allow us to consummate a business combination, because we have not yet identified any prospective
target business, the capital requirements for any particular transaction remain to be determined. If the net proceeds of this offering
prove to be insufficient, either because of the size of the business combination, the depletion of the available net proceeds in
search of a target business, or the obligation to convert into cash a significant number of shares of common stock, we will be
required to seek additional financing. Such financing may not be available on acceptable terms, if at all. To the extent that additional
financing proves to be unavailable when needed to consummate a particular business combination, we would be compelled to either
restructure the transaction or abandon that particular business combination and seek an alternative target business candidate.
In addition, if we consummate a business combination, we may require additional financing to fund the operations or growth of the
target business. The failure to secure additional financing could have a material adverse effect on the continued development or
growth of the target business. None of our officers, directors or stockholders is required to provide any financing to us in connection
with or after our initial business combination.</P>

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

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

<P STYLE="font: italic bold 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">Upon consummation of our offering and sale
of the private units, our insiders will collectively beneficially own approximately 20.0% of our issued and outstanding shares
of common stock (not including the private units and underlying securities and assuming our insiders do not purchase any units
in this offering). None of our insiders director nominees or their affiliates has committed to purchase units in this offering
or any units or shares from persons in the open market or in private transactions. However, our insiders or their affiliates could
determine in the future to make such purchases in the open market or in private transactions, to the extent permitted by law, in
order to influence the vote. In connection with any vote for a proposed business combination, our insiders have agreed to vote
the shares of common stock owned by them immediately before this offering as well as the private shares and any shares of common
stock acquired in this offering or in the aftermarket in favor of such proposed business combination, and therefore will have a
significant influence on the vote.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our board of directors
is divided into three classes and, therefore, our insiders will continue to exert control over us until the closing of a business
combination.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors is and will be
divided into three classes, each of which will generally serve for a term of three years with only one class of directors
being elected in each year. It is unlikely that there will be an annual meeting of stockholders to elect new directors prior
to the consummation of our initial business combination, in which case all of the current directors will continue in office
until at least the consummation of the business combination. Accordingly, you may not be able to exercise your voting rights
under corporate law for up to 12 months (or 15 or 18 or 21 months if we have extended the period of time to complete a
business combination as described in this prospectus). If there is an annual meeting, as a consequence of our
 &ldquo;staggered&rdquo; board of directors, fewer than half of the board of directors will be considered for election and our
insiders, because of their ownership position, will have considerable influence regarding the outcome. Accordingly, our
insiders will continue to exert control at least until the consummation of our initial business combination.</P>

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

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

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

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

<P STYLE="font: italic bold 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 accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing
on Nasdaq. Under Section 211(b) of the Delaware General Corporation Law, 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. It is unlikely that there will be 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 Delaware
General Corporation Law, 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 Delaware General Corporation Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our insiders paid an aggregate of
approximately $25,000, or approximately $0.017 per share, for the insider shares, and, accordingly, you will experience immediate
and substantial dilution from the purchase of our shares of common stock.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The difference between the public offering
price per share and the pro forma net tangible book value per share of common stock after this offering constitutes the dilution
to the investors in this offering. Our insiders acquired the insider shares for approximately $0.017 per share, significantly
contributing to this dilution. Upon consummation of this offering, you and the other new investors will incur an immediate and
substantial dilution of approximately 79.8% or $7.25 per share (the difference between the pro forma net tangible book value per
share of $1.84, and the initial offering price of $9.09 per share (including the shares of common stock issuable upon conversion
of rights)), taking into account that the net tangible book value per share prior to this offering was ($0.09). This is because
investors in this offering will be contributing approximately 93.9% of the total amount paid to us for our outstanding shares
of common stock after this offering but will only own 77.4% of our outstanding shares of common stock (including the shares of
common stock underlying the rights). Accordingly, the per-share purchase price you will be paying substantially exceeds our per
share net tangible book value.</P>



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

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

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

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

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We may enter into agreements
with consultants or financial advisers that provide for the payment of fees upon the consummation of our initial business combination,
and, therefore, such consultants or financial advisers may have conflicts of interest.</I></B></P>

<P STYLE="font: italic bold 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 may enter into agreements with consultants
or financial advisers that provide for the payment of fees upon the consummation of our initial business combination. If we pay
consultants or financial advisers fees that are tied to the consummation of our initial business combination, they may have conflicts
of interest when providing services to us, and their interests in such fees may influence their advice with respect to a potential
business combination. For example, if a consultant&rsquo;s or financial advisor&rsquo;s fee is based on the size of the transaction,
then they may be influenced to present us with larger transactions that may have lower growth opportunities or long-term value
versus smaller transactions that may have greater growth opportunities or provide greater value to our stockholders. Similarly,
consultants whose fees are based on consummation of a business combination may be influenced to present potential business combinations
to us regardless of whether they provide longer-term value for our stockholders. While we will endeavor to structure agreements
with consultants and financial advisors to minimize the possibility and extent of these conflicts of interest, we cannot assure
you that we will be able to do so and that we will not be impacted by the adverse influences they create.</P>

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

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

<P STYLE="font: italic bold 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">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; 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">restrictions on the nature of our investments; and</TD></TR>                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">restrictions on the issuance of securities,</TD></TR>                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">each of which may make it difficult for
us to complete our business combination.</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, we may have imposed upon us
certain burdensome requirements, including:</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">registration as an investment company;</TD></TR>                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">adoption of a specific form of corporate structure; and</TD></TR>                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.</TD></TR>                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 a business combination and thereafter to operate the post-transaction business or assets for the long
term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy
unrelated businesses or assets or to be a passive investor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not believe that our anticipated
principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only
be invested in United States &ldquo;government securities&rdquo; within the meaning of Section 2(a)(16) of the Investment Company
Act having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under
the Investment Company Act which invest only in direct U.S. government treasury obligations. 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 earlier
to occur of either: (i) the completion of our primary business objective, which is a business combination; or (ii) absent a business
combination, 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 a business combination. If we
are unable to complete our initial business combination, our public stockholders may receive only approximately $10.20 per share
on the liquidation of our 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><I>The determination of the offering
price of our units and the size of this offering is more arbitrary than the pricing of securities and size of an offering of an
operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly
reflects the value of such units than you would have in a typical offering of an operating company.</I></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">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 rights were negotiated
between us and the underwriters. In determining the size of this offering, management held customary organizational meetings with
the representative 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 common stock and rights underlying the units, include:</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">the history of other similarly structured blank check companies;</TD></TR>                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">prior offerings of those companies;</TD></TR>                                                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our prospects for consummating an initial business combination with an operating business at attractive
values;</TD></TR>                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our capital structure;</TD></TR>                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">securities exchange listing requirements;</TD></TR></TABLE>

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

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

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<P STYLE="margin: 0; font-size: 10pt">&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">market demand;</TD></TR>                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">expected liquidity of our securities;</TD></TR>                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">general conditions of the securities markets at the time of the offering; and</TD></TR>                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">other factors as were deemed relevant.</TD></TR>                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The requirement that
we complete our initial business combination within 12 months from the closing of this offering </I></B>(or 15 or 18 or 21 months
if we have extended the period of time as described in this prospectus) <B><I>may give potential target businesses leverage over
us in negotiating our initial business combination.</I></B></P>

<P STYLE="font: italic bold 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 12 months from the closing of this
offering to complete our initial business combination (or 15 or 18 or 21 months if we have extended the period of time as described
in this prospectus). Any potential target business with which we enter into negotiations concerning a business combination will
be aware of this requirement. Consequently, such target business may obtain leverage over us in negotiating a business combination,
knowing that if we do not complete a business combination with that particular target business, we may be unable to complete a
business combination with any other target business. This risk will increase as we get closer to the time limit referenced above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will only be required to obtain a fairness
opinion with respect to the target business that we seek to consummate our initial business combination with if it is an entity
that is affiliated with any of our insiders. In all other instances, we will have no obligation to obtain an opinion. 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 tender offer documents
or proxy solicitation materials, as applicable, related to our initial business combination</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><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 approximately $10.20 per share on the liquidation of our trust account.</I></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">We anticipate that the investigation of
each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other
instruments will require substantial management time and attention and substantial costs for accountants, attorneys and others.
If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed transaction
likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may fail to
complete our initial business combination for any number of reasons, including those beyond our control. Any such event will result
in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate and acquire
or merge with another business. If we are unable to complete our initial business combination, our public stockholders may receive
only approximately $10.20 per share on the liquidation of our 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"></P>

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

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

<P STYLE="font: italic bold 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">Section 404 of the Sarbanes-Oxley Act of
2002, or the Sarbanes-Oxley Act, requires that we evaluate and report on our system of internal control and may require that we
have such system of internal control audited. If we fail to maintain the adequacy of our internal control, we could be subject
to regulatory scrutiny, civil or criminal penalties and/or stockholder litigation. Any inability to provide reliable financial
reports could harm our business. Section 404 of the Sarbanes-Oxley Act also requires that our independent registered public accounting
firm report on management&rsquo;s evaluation of our system of internal control, although as an &ldquo;emerging growth company&rdquo;
as defined in the JOBS Act, we may take advantage of an exemption to this requirement. A target company may not be in compliance
with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal control. 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 initial business combination.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are an emerging growth
company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available
to emerging growth 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: italic bold 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 JOBS Act permits &ldquo;emerging growth
companies&rdquo; like us to take advantage of certain exemptions from various reporting requirements applicable to other public
companies that are not emerging growth companies. As long as we qualify as an emerging growth company, we would be permitted, and
we intend to, omit the auditor&rsquo;s attestation on internal control over financial reporting that would otherwise be required
by the Sarbanes-Oxley Act, as described above. We also intend to take advantage of the exemption provided under the JOBS Act from
the requirements to submit say-on-pay, say-on-frequency and say-on-golden parachute votes to our stockholders and we will avail
ourselves of reduced executive compensation disclosure that is already available to smaller reporting 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">In addition, Section 107 of the JOBS Act
also provides that an emerging growth company can take advantage of the exemption from complying with new or revised accounting
standards provided in Section 7(a)(2)(B) of the Securities Act as long as we are an emerging growth company. An emerging growth
company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to private
companies. We have elected to take advantage of these benefits until we are no longer an emerging growth company or until we affirmatively
and irrevocably opt out of this exemption. Our financial statements may therefore not be comparable to those of companies that
comply with such new or revised accounting standards.</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">Following this offering, we will continue
to be an emerging growth company until the earliest to occur of (i) the last day of the fiscal year during which we had total annual
gross revenues of at least $1.07 billion (as indexed for inflation), (ii) the last day of the fiscal year following the fifth anniversary
of the date of the first sale of units under this registration statement, (iii) the date on which we have, during the previous
three-year period, issued more than $1 billion in non-convertible debt, or (iv) the date on which we are deemed to be a &ldquo;large
accelerated filer,&rdquo; as defined under the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Until such time that we lose
 &ldquo;emerging growth company&rdquo; status, it is unclear if investors will find our securities less attractive because we
may rely on these exemptions. If some investors find our securities less attractive as a result, there may be a less active
trading market for our securities and our stock prices may be more volatile and could cause our stock prices to decline.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we effect our initial
business combination with a company located 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: italic bold 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 may effect our initial business combination
with a company located outside of the United States. If we did, we would be subject to any special considerations or risks associated
with companies operating in the target business&rsquo; home jurisdiction, including any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">rules and regulations or currency conversion or corporate withholding taxes on individuals;</TD></TR>                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">tariffs and trade barriers;</TD></TR>                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">regulations related to customs and import/export matters;</TD></TR>                                                                                                                                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">longer payment cycles;</TD></TR>                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">tax issues, such as tax law changes and variations in tax laws as compared to the United States;</TD></TR>                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">currency fluctuations and exchange controls;</TD></TR>                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">challenges in collecting accounts receivable;</TD></TR>                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">cultural and language differences;</TD></TR>                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">employment regulations;</TD></TR>                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">crime, strikes, riots, civil disturbances, terrorist attacks and wars; and</TD></TR>                                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">deterioration of political relations with the United States.</TD></TR>                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to adequately address
these additional risks. If we are unable to do so, our operations may suffer.</P>

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

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

<P STYLE="font: italic bold 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">If we effect our initial business
combination with a target business located outside of the United States, the laws of the country in which such target
business is domiciled will govern almost all of the material agreements relating to its operations. The target business may
not be able to enforce any of its material agreements in such jurisdiction and appropriate remedies to enforce its rights
under such material agreements may not be available in this new jurisdiction. The system of laws and the enforcement of
existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States. The
inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business,
business opportunities or capital. Additionally, if we consummate our initial business combination with a company located
outside of the United States, it is likely that substantially all of our assets would be located outside of the United States
and some of our officers and directors might reside outside of the United States. As a result, it may not be possible for
investors in the United States to enforce their legal rights, to effect service of process upon our directors or officers or
to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties of our directors and
officers under federal securities laws of the United States.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our 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 more difficult the removal of management and may discourage transactions that otherwise
could involve payment of a premium over prevailing market prices for our securities.</P>

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

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

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Because we must furnish
our stockholders with target business financial statements prepared in accordance with U.S. generally accepted accounting principles
or international financial reporting standards, we may lose the ability to complete an otherwise advantageous initial business
combination with some prospective target businesses.</I></B></P>

<P STYLE="font: italic bold 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 federal proxy rules require that a
proxy statement with respect to a vote on a business combination meeting certain financial significance tests include historical
and/or pro forma financial statement disclosure in periodic reports. These financial statements may be required to be prepared
in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or GAAP, or
international financial reporting standards, or IFRS as issued by the International Accounting Standards Board or the IASB, depending
on the circumstances and the historical financial statements may be required to be audited in accordance with the standards of
the Public Company Accounting Oversight Board (United States), or PCAOB. We will include the same financial statement disclosure
in connection with any tender offer documents we use, whether or not they are required under the tender offer rules. These financial
statement requirements may limit the pool of potential target businesses we may consummate our 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.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is currently no
market for our securities and a market for our securities may not develop, which would adversely affect the liquidity and price
of our securities.</I></B></P>

<P STYLE="font: italic bold 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">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; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: italic bold 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 are subject to laws and regulations
enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal
requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly.
Those laws and regulations and their interpretation and application may also change from time to time and those changes could have
a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable
laws or regulations, as interpreted and applied, could have a material adverse effect on our business and results of operations.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There are no authorities
addressing the proper allocation of tax basis to the components of a unit, and therefore, investors may not appropriately allocate
such basis for U.S. federal income tax purposes.</I></B></P>

<P STYLE="font: italic bold 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">No statutory, administrative or judicial
authority directly addresses the treatment of a unit or instruments similar to a unit for U.S. federal income tax purposes and,
therefore, that treatment is not entirely clear. We intend to treat the acquisition of a unit, for U.S. federal income tax purposes,
as the acquisition of one share of our common stock and one right to receive one-tenth (1/10) of a share of our common stock upon
the consummation of an initial business combination, and, by purchasing a unit, you agree to adopt such treatment for U.S. federal
income tax purposes. 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 our common stock and one right to receive one-tenth (1/10) of a share of our common
stock upon the consummation of an initial business combination based on the relative fair market value of each at the time of issuance.
The price allocated should be the stockholder&rsquo;s tax basis in such share or right, 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 our share of our common stock and
one right to receive one-tenth (1/10) of a share of our common stock upon the consummation of an initial business combination comprising
the unit, and the amount realized on the disposition should be allocated between the common stock and the right based on their
respective relative fair market values at the time of disposition. The foregoing treatment of the unit and a holder&rsquo;s purchase
price allocation are not binding on the Internal Revenue Service, or &ldquo;IRS&rdquo;, or the courts. The IRS or the courts may
not agree with such characterization and investors could suffer adverse U.S. federal income tax consequences as a result. Accordingly,
we urge each prospective investor to consult its own tax advisors regarding the tax consequences of an investment in a unit (including
alternative characterizations of a unit).</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>Redemptions of our common stock pursuant
to the redemption provisions described in this prospectus could give rise to dividend income (rather than gain on a sale or exchange)
in certain circumstances.</I></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">In the event that an investor&rsquo;s common
stock is redeemed pursuant to the redemption provisions described in this prospectus, the treatment of the transaction for U.S.
federal income tax purposes will depend on whether the redemption qualifies as sale of the common stock or is instead treated as
a dividend. Whether a redemption qualifies for sale treatment will depend largely on the total number of shares of our stock treated
as held by the investor (including any stock constructively owned by the investor as a result of owning rights or by attribution)
relative to all of our shares outstanding both before and after the redemption. If the redemption does not qualify for sale treatment,
all or a portion of such redemption could be treated as a taxable dividend to the extent of our current or accumulated earnings
and profits for tax purposes (which include earnings for the entire year of such payment, including after such payment is made).
Amounts treated as dividends to non-U.S. investors may be subject to withholding tax. Certain non-corporate U.S. investors may
be eligible for reduced rates of taxation upon dividends. The rules regarding the tax treatment of such redemptions are complex
and will depend on each investor&rsquo;s own circumstances. Each investor should consult with its own tax advisors as to the tax
consequences of a redemption.</P>



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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statements contained in this prospectus
that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to,
statements regarding our or our management&rsquo;s expectations, hopes, beliefs, intentions or strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words &ldquo;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 our:</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">ability to complete our initial business combination;</TD></TR>                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">success in retaining or recruiting, or changes required in, our officers, key employees or directors
following our initial business combination;</TD></TR>                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">officers and directors allocating their time to other businesses and potentially having conflicts
of interest with our business or in approving our initial business combination, as a result of which they would then receive expense
reimbursements;</TD></TR>                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">potential ability to obtain additional financing to complete our initial business combination;</TD></TR>                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">pool of prospective target businesses;</TD></TR>                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">the ability of our officers and directors to generate a number of potential investment opportunities;</TD></TR>                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">potential change in control if we acquire one or more target businesses for stock;</TD></TR>                                                                                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">the potential liquidity and trading of our securities;</TD></TR>                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">the lack of a market for our securities;</TD></TR>                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">use of proceeds not held in the trust account or available to us from interest income on the trust
account balance; or</TD></TR>                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">financial performance following this offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include,
but are not limited to, those factors described under the heading &ldquo;Risk Factors.&rdquo; Should one or more of these risks
or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate that the net proceeds of this
offering, in addition to the funds we will receive from the sale of the private units, will be used as set forth in the following
table:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; 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 STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; 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 Exercised</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From offering</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57,500,000</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From sale of private
    units</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-family: Times New Roman, Times, Serif; font-size: 10pt">3,215,000</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-family: Times New Roman, Times, Serif; font-size: 10pt">3,552,500</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total gross proceeds</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-family: Times New Roman, Times, Serif; font-size: 10pt">53,215,000</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-family: Times New Roman, Times, Serif; font-size: 10pt">61,052,500</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering expenses<SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-contingent underwriting discount (2.5% of
    gross proceeds from offering)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,250,000</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,437,500</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial Trustee Fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,500</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq listing fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing and engraving expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&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>&nbsp;</TD>
    <TD>&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: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC/FINRA Expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,418</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,418</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous</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-family: Times New Roman, Times, Serif; font-size: 10pt">114,082</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-family: Times New Roman, Times, Serif; font-size: 10pt">114,082</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total offering expenses
    (not including the deferred underwriting discount)</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-family: Times New Roman, Times, Serif; font-size: 10pt">1,715,000</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></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-family: Times New Roman, Times, Serif; font-size: 10pt">1,902,500</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Held in the trust account<SUP>(4)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,000,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,650,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not held in the trust account</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">500,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of net proceeds not held in the trust account<SUP>(5)</SUP></FONT></TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; 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"><SUP>&nbsp;</SUP></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="text-indent: -0.125in; padding-left: 0.125in; width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Legal,
    accounting and other third-party expenses attendant to the search for target businesses and to the due diligence investigation,
    structuring and negotiation of our initial business combination</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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">50,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal and accounting fees related to regulatory
    reporting obligations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</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"><SUP>&nbsp;</SUP></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">10</TD><TD STYLE="font-size: 10pt; 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">Consulting, travel and miscellaneous expenses incurred
    during search for initial business combination target</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Payment for office space, administrative and support
    services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">120,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>&nbsp;</SUP></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">24</TD><TD STYLE="font-size: 10pt; 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">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">11</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Working capital to cover miscellaneous
    expenses, including D&amp;O insurance</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">175,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(5)</SUP></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">35</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Total</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">500,000</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><SUP>&nbsp;</SUP></TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

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

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"></FONT></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-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"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The
                                         offering expenses relate to all expenses associated with the offering. However, a portion
                                         of the offering expenses, including the SEC registration fee, the FINRA filing fee, the
                                         non-refundable portion of the Nasdaq listing fee and a portion of the legal and audit
                                         fees, have already been paid from the funds we received as loans from our insiders described
                                         below. Therefore, these loans will be repaid using the proceeds of the offering since
                                         they were used to pay the offering costs described in the Use of Proceeds table.</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"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">No discounts or commissions will be paid with respect to the purchase of the private units.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
    not include the deferred underwriting commission payable to Chardan Capital Markets, LLC in an amount equal to 3.5% of the
    total gross proceeds raised in the offering ($1,750,000, or $2,012,500 if the underwriter&rsquo;s over-allotment option is
    exercised in full).</FONT></TD></TR>
</TABLE>


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


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">The funds held in the trust account
                                         may, but need not, be used to pay our expenses relating to completing our initial business
                                         combination, including a deferred underwriting commission payable to Chardan Capital
                                         Markets, LLC in an amount equal to 3.5% of the total gross proceeds raised in the offering
                                         described below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">These expenses are estimates only. Our actual expenditures for some or all of these items may differ
from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates
in connection with negotiating and structuring our initial business combination based upon the level of complexity of that business
combination. We do not anticipate any change in the categories of our intended use of proceeds.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sponsor and Chardan Capital Markets,
LLC have committed to purchase the private units for an aggregate purchase price of $3,215,000 (or $3,552,500 if the over-allotment
option is exercised in full) from us on a private placement basis simultaneously with the consummation of this offering. All of
the proceeds we receive from these purchases will be placed in the trust account described below.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">$51,000,000, or $58,650,000 if the over-allotment option is
exercised in full, of net proceeds of this offering and the sale of the private units will be placed in a trust account in the
United States at Morgan Stanley, maintained by American Stock Transfer &amp; Trust Company, LLC, as trustee. The funds held in
the trust account will be invested only in United States government treasury bills, bonds or notes having a maturity of 180 days
or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act
of 1940 and that invest solely in U.S. treasuries, so that we are not deemed to be an investment company under the Investment Company
Act. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our income
or other tax obligations, the proceeds will not be released from the trust account until the earlier of the completion of our initial
business combination or our redemption of 100% of the outstanding public shares if we have not completed a business combination
in the required time period. The proceeds held in the trust account may be used as consideration to pay the sellers of a target
business with which we complete our initial business combination to the extent not used to pay converting stockholders. Any amounts
not paid as consideration to the sellers of the target business may be used to finance operations of the target business.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The payment to Sunlight Global
Investment LLC, of a monthly fee of $10,000 is for general and administrative services including office space, utilities and
secretarial support. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a
determination by our audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated
expenses in connection with our initial business combination. Any such unpaid amount will accrue without interest and be due
and payable no later than the date of the consummation of our initial business combination. This arrangement is being agreed
to by Sunlight Global Investment LLC for our benefit. We believe that the fee charged by Sunlight Global Investment LLC is at
least as favorable as we could have obtained from an unaffiliated person. This arrangement will terminate upon completion of
our initial business combination or the distribution of the trust account to our public stockholders. Other than the $10,000
per month fee, no compensation of any kind (including finder&rsquo;s fees, consulting fees or other similar compensation)
will be paid to our insiders, members of our management team or any of our or their respective affiliates, for services
rendered to us prior to or in connection with the consummation of our initial business combination (regardless of the type of
transaction that it is). However, such individuals will receive reimbursement for any out-of-pocket expenses incurred by them
in connection with activities on our behalf, such as identifying potential target businesses, performing business due
diligence on suitable target businesses and business combinations, as well as traveling to and from the offices, plants or
similar locations of prospective target businesses to examine their operations. Since the role of present management after
our initial business combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to
those persons after our initial business combination.</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 net proceeds from this offering available
to us out of trust for our working capital requirements in searching for our initial business combination will be approximately
$500,000.</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 allocation of the net proceeds available
to us outside of the trust account represents our best estimate of the intended uses of these funds. In the event that our assumptions
prove to be inaccurate, we may reallocate some of such proceeds within the above described categories. If our estimate of the costs
of undertaking due diligence and negotiating our 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. In this
event, we could seek such additional capital through loans or additional investments from our insiders, members of our management
team or third parties, but our insiders, members of our management team or third parties are not under any obligation to advance
funds to, or invest in, us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will likely use substantially all
of the net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination
and to pay our expenses relating thereto, including the deferred underwriting commission payable to Chardan Capital Markets, LLC
in an amount equal to 3.5% of the total gross proceeds raised in the offering upon consummation of our initial business combination.
To the extent that our capital stock is used in whole or in part as consideration to effect our initial business combination,
the proceeds held in the trust account which are not used to consummate a business combination will be disbursed to the combined
company and will, along with any other net proceeds not expended, be used as working capital to finance the operations of the
target business. Such working capital funds could be used in a variety of ways, including continuing or expanding the target business&rsquo;
operations, for strategic acquisitions and for marketing, research and development of existing or new products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent we are unable to consummate
a business combination, we will pay the costs of liquidation from our remaining assets outside of the trust account. If such funds
are insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation (currently anticipated to be
no more than $15,000) and have agreed not to seek repayment of such expenses.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
believe that, upon consummation of this offering, we will have sufficient available funds to operate for up to the next 12 months
(or 15 or 18 or 21 months if our time to complete a business combination is extended as described herein), assuming that our initial
business combination is not consummated during that time. However, if necessary, in order to meet our working capital needs following
the consummation of this offering, our insiders may, but are not obligated to, loan us funds, from time to time or at any time,
in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes
would either be paid upon consummation of our initial business combination, without interest, or, at the lender&rsquo;s discretion,
up to $</FONT>1,500,000 <FONT STYLE="font-family: Times New Roman, Times, Serif">of the notes may be converted upon consummation
of our business combination into additional private units at a price of $10.00 per unit. Our stockholders have approved the issuance
of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the
consummation of our initial business combination. If we do not complete a business combination, any loans and advances from our
insiders or their affiliates, will be repaid only from amounts remaining outside our trust account, if any.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A public stockholder will be entitled
to receive funds from the trust account only in the event of (1) our redemption of 100% of the outstanding public shares if
we have not completed a business combination in the required time period, (2) if that public stockholder elects to convert
public shares in connection with a stockholder vote or (3) if that public stockholder sells shares to us in any tender offer
in connection with a proposed 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"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not paid any cash dividends on
our shares of common stock to date and do not intend to pay cash dividends prior to the completion of our initial business combination.
The payment of cash dividends subsequent to the completion of our initial business combination 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 dividends subsequent to our initial business combination will be within the discretion of our board of directors
at such time. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations
and, accordingly, our board of directors does not anticipate declaring any dividends in the foreseeable future. In addition, our
board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future,
except if we increase the size of the offering, including pursuant to Rule 462(b) under the Securities Act, in which case we will
effect a stock dividend immediately prior to the consummation of the offering in such amount as to maintain our insiders&rsquo;
ownership at an aggregate of 20.0% of our issued and outstanding shares of our common stock upon the consummation of this offering
(not including the private units and underlying securities and assuming our insiders do not purchase units in 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>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>DILUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The difference between the public offering
price per share and the pro forma net tangible book value per share after this offering constitutes the dilution to investors
in this offering. Net tangible book value per share is determined by dividing our net tangible book value, which is our total
tangible assets less total liabilities (including the value of shares of common stock which may be converted into cash), by the
number of outstanding shares of common stock.</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">At March 31, 2020, our net tangible book
value was $(132,029), or approximately ($0.09) per share. For purposes of the dilution calculation, in order to present the maximum
estimated dilution as a result of this offering, we have assumed (i) the issuance of 0.10 of a share for each right outstanding,
as such issuance will occur upon a business combination without the payment of additional consideration and (ii) the number of
shares included in the units offered hereby will be deemed to be 5,500,000 (consisting of 5,000,000 shares included in the units
we are offering by this prospectus and 500,000 shares for the outstanding rights), and the price per share in this offering will
be deemed to be $9.09. After giving effect to the sale of 5,000,000 (or 5,750,000 if the underwriters exercise their over-allotment
option in full) shares of common stock included in the units we are offering by this prospectus, and the deduction of underwriting
discounts and estimated expenses of this offering, and the sale of the private units, our pro forma net tangible book value at
March 31, 2020 would have been $5,000,008 or $1.84 (or $5,000,005 or $1.65 if the underwriters exercise their over-allotment option in full)
per share, representing an immediate increase in net tangible book value of $1.93 (or $1.74 if the underwriters exercise their
over-allotment option in full) per share to our insiders and an immediate dilution of $7.25 (or $7.44 if the underwriters exercise
their over-allotment option in full) per share or 79.8% (or 81.9% if the underwriters exercise their over-allotment option in
full) to new investors not exercising their conversion rights. For purposes of presentation, our pro forma net tangible book value
after this offering is $44,774,389 (or $52,161,892 if the underwriters exercise their over-allotment option in full) less than
it otherwise would have been because if we effect our initial business combination, the conversion rights of the public stockholders
(but not our insiders) may result in the conversion or tender of up to 4,389,646 (or 5,113,911 if the underwriters exercise their
over-allotment option in full) shares sold in this offering.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table illustrates the dilution
to our public stockholders on a per-share 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"></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="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assuming Full Conversion</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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">Assuming No Conversion</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="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="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Without<BR> Over-<BR> Allotment</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">With Over-<BR> Allotment<BR> Option</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Without<BR> Over-<BR> Allotment</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">With Over-<BR> Allotment<BR> Option</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: 48%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">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">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9.09</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">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9.09</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">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9.09</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">&nbsp;</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">9.09</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">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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.09</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">(0.09</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">(0.09</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">(0.09</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">Increase attributable to new investors</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">1.93</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">1.74</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">7.10</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">7.10</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: -9pt; padding-left: 9pt">Pro forma net tangible book value after this offering and the sale of the units</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">1.84</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">1.65</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">7.01</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">7.01</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: 1pt">Dilution to new investors</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">7.25</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">7.44</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">2.08</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">2.08</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: 2.5pt">Percentage of dilution to new investors</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">79.8</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</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">81.9</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</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">22.9</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">%</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">22.9</TD><TD STYLE="padding-bottom: 2.5pt; 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; text-align: justify"></P>

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



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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information
with respect to our insiders and the new investors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Without
    Over-allotment</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">With
    Over-allotment</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares
    Purchased</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total
    Consideration</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Average<BR>
    Price<BR> per</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Shares
    Purchased</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Total
    Consideration</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Average<BR>
    Price<BR> per</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percentage</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percentage</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Share</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Number</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percentage</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Percentage</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Share</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-size: 8pt">Insider shares</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,250,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">17.60</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">25,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">0.05</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">.02</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,437,500</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">17.63</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">25,000</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">0.04</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">0.017</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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: -9pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Shares
    underlying private units <SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">353,650</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">4.98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">3,215,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">6.04</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">9.09</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">390,775</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">4.79</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">3,552,500</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">5.82</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">9.09</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">New
    investors <SUP>(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">5,500,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">77.42</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">50,000,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">93.91</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">9.09</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">6,325,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">77.58</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">57,500,000</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">94.14</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">9.09</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">7,103,650</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100.00</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">53,240,000</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100.00</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">8,153,275</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100.00</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">61,077,500</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">100.00</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>



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

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 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-size: 10pt; margin-top: 0; margin-bottom: 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: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    over-allotment is not exercised and the forfeiture of an aggregate of 187,500 insider shares.</FONT></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: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    the issuance of an additional 32,150 shares underlying the rights contained in the private unit holders, or an additional
    &nbsp;35,525 shares if the underwriters exercise their over-allotment option in full.</FONT></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: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    the issuance of an additional 500,000 shares underlying the rights contained in the new investors, or an additional 575,000
    shares if the underwriters exercise their over-allotment option in full.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The pro forma net tangible book value per
share after the offering and the sale of the private units is calculated as follows:</P>



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

<P STYLE="margin-top: 0; margin-bottom: 0"></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="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assuming Full Conversion</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&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">Assuming No Conversion</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="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="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Without<BR> Over-Allotment<SUP>(1)</SUP></B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">With<BR> Over-Allotment<BR> Option</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Without<BR> Over-Allotment<SUP>(1)</SUP></B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>With<BR> Over-Allotment<BR> Option<SUP>(2)</SUP></B></P></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: 10pt Times New Roman, Times, Serif">Numerator</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: White">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net tangible book value before the 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: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(132,029</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">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(132,029</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">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(132,029</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">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(132,029</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="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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net proceeds from this offering and private placement of private units</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">51,500,000</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">59,150,000</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">51,500,000</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">59,150,000</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: -9pt; padding-left: 9pt">Plus: Offering costs accrued for and paid in advance</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">156,326</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">156,326</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">156,326</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">156,326</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">Plus: Proceeds from unit purchase option</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</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</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</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</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">Less: Deferred underwriting 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">(1,750,000</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">(2,012,500</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">(1,750,000</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">(2,012,500</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; padding-bottom: 1pt">Less: Proceeds held in the trust account subject to conversion/tender</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">(44,774,389</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">(52,161,892</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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,008</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,005</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">49,774,397</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">57,161,897</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">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><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">Shares of common stock outstanding prior to 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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(1)</SUP></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">1,437,500</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">1,250,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><SUP>(1)</SUP></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">1,437,500</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">Shares of common stock to be sold in 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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</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">5,750,000</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">5,000,000</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">5,750,000</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: -9pt; padding-left: 9pt">Shares of common stock underlying the rights to be included in the public units</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">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">575,000</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">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">575,000</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">Shares of common stock included in the private units</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">321,500</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">355,250</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">321,500</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">355,250</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: -9pt; padding-left: 9pt">Shares of common stock underlying the rights to be included in the private units</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">32,150</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">35,525</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">32,150</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">35,525</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less: Shares subject to conversion/tender</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">(4,389,646</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">(5,113,911</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">&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></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,714,004</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,039,364</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,103,650</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,153,275</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>




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

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



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

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Reflects the forfeiture of an aggregate of 187,500 insider shares.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our capitalization
at March 31, 2020 and as adjusted to give effect to the sale of our units offered by this prospectus and the private units and
the application of the estimated net proceeds derived from the sale of such securities:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">March 31, 2020</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="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="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As Adjusted<SUP>(1)</SUP></B></P></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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes payable to related parties<SUP>(2)</SUP></FONT></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">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">156,593</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</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; padding-bottom: 1pt">Deferred underwriting commissions payable</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">1,750,000</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: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Common stock, $.0001 par value; 0 and 4,389,646 shares which are subject to conversion/tender</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">44,774,389</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">Stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><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; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock, $.0001 par value, 5,000,000 shares authorized (actual); [</FONT><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">] shares authorized (as adjusted); 1,437,500 shares issued and outstanding, actual; 2,181,854<SUP>(3)</SUP> shares issued and outstanding (excluding 4,389,646 shares subject to possible conversion/tender), as adjusted</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">144</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">218</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">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">24,856</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">5,000,493</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-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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 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">(703</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">(703</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: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total stockholders&rsquo; equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">24,297</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">5,000,008</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: 2.5pt">Total capitalization</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">180,890</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">51,524,397</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"></P>



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    the $3,215,000 in aggregate we will receive from the sale of the private units. Assumes the over-allotment option has not
    been exercised.</FONT></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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    sponsor has agreed to loan us up to $500,000 to be used for a portion of the expenses of this offering. As of March&nbsp;31,
    2020, we had borrowed $156,593 under the promissory note with our sponsor to be used for a portion of the expenses of this
    offering</FONT></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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the over-allotment option has not been exercised and an aggregate of 187,500 insider shares have been forfeited by our insiders
    as a result thereof.</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><B>MANAGEMENT&rsquo;S DISCUSSION AND
ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We were formed on November 12, 2019 for the purpose of entering
into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination
with one or more target businesses. Our efforts to identify a prospective target business will not be limited to any particular
industry or geographic region, although we intend to focus our search on target businesses in North America. We intend to utilize
cash derived from the proceeds of this offering and the private placement of the private units, our securities, debt or a combination
of cash, securities and debt, in effecting our initial business combination. The issuance of additional shares of common stock
or preferred stock in our initial business combination:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&bull;</TD><TD STYLE="text-align: justify">may significantly dilute the equity interest of our investors in this offering who would not have
pre-emption rights in respect of any such issuance;</TD></TR>                                                             <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;</TD></TR>                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">will likely cause a change in control if a substantial number of our shares of common stock are
issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely
will also result in the resignation or removal of our present officers and directors; and</TD></TR>                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">may adversely affect prevailing market prices for our securities.</TD></TR>                                                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, if we issue debt securities,
it could result in:</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">default and foreclosure on our assets if our operating revenues after our initial business combination
are insufficient to pay our debt obligations;</TD></TR>                                                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">acceleration of our obligations to repay the indebtedness even if we have made all principal and
interest payments when due if the debt security contains covenants that required the maintenance of certain financial ratios or
reserves and we breach any such covenant without a waiver or renegotiation of that covenant;</TD></TR>                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand;</TD></TR>                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">our inability to obtain additional financing, if necessary, if the debt security contains covenants
restricting our ability to obtain additional financing while such security is outstanding; and</TD></TR>                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who
have less debt.</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Results of Operations and Known Trends or Future Events</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have neither engaged in any
operations nor generated any revenues to date. Our only activities since inception have been organizational activities and
those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues until
after completion of our initial business combination. We will generate non-operating income in the form of interest income on
cash and cash equivalents after this offering. There has been no significant change in our financial or trading position and
no material adverse change has occurred since the date of our audited financial statements. After this offering, we expect to
incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing
compliance), as well as for due diligence expenses. We expect our expenses to increase substantially after the closing of
this offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As indicated in the accompanying financial
statements, at March 31, 2020, we had $25,000 in cash and a working capital deficit of $132,029. Further, we have incurred and
expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this
uncertainty through this offering. We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
liquidity needs have been satisfied to date through receipt of approximately $25,000 from the sale of the insider shares and loans
from related parties up to an aggregate amount of $500,000 that are more fully described below. Our deferred offering costs through
March 31, 2020 have been $156,326. We estimate that the net proceeds from (1) the sale of the units in this offering, after deducting
offering expenses of approximately $465,000 and underwriting discounts and commissions of $1,250,000 (or&nbsp;$1,437,500 if the
over-allotment option is exercised in full) and (2) the sale of the private units for a purchase price of $3,215,000 (or $3,552,500
if the over-allotment option is exercised in full), will be $</FONT>51,500,000 (or $59,150,000 if the over-allotment option is
exercised in full). $51,000,000 (or&nbsp;$58,650,000 if the over-allotment option is exercised in full), which includes $1,750,000
of deferred underwriting commissions ($2,012,500 if the underwriter&rsquo;s over-allotment option is exercised in full) will be
held in the trust account. The remaining $500,000 will not be held in the trust account.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use substantially all of the
net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination
and to pay our expenses relating thereto, including a deferred underwriting commission payable to the underwriters in an amount
equal to 3.5% of the total gross proceeds raised in the offering upon consummation of our initial business combination. To the
extent that our capital stock is used in whole or in part as consideration to effect our initial business combination, the remaining
proceeds held in the trust account as well as any other net proceeds not expended will be used as working capital to finance the
operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding
the target business&rsquo; operations, for strategic acquisitions and for marketing, research and development of existing or new
products. Such funds could also be used to repay any operating expenses or finders&rsquo; fees which we had incurred prior to the
completion of our initial business combination if the funds available to us outside of the trust account were insufficient to cover
such expenses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that, upon consummation of this
offering, the $500,000 of net proceeds not held in the trust account, will be sufficient to allow us to operate for at least the
next 12 months (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus), assuming that
a business combination is not consummated during that time. Over this time period, we will be using these funds for identifying
and evaluating prospective business combination candidates, performing business due diligence on prospective target businesses,
traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents
and material agreements of prospective target businesses, selecting the target business to consummate our initial business combination
with and structuring, negotiating and consummating the business combination. We anticipate that we will incur approximately:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">$50,000 of expenses for the search for target businesses and for the legal, accounting and other
third-party expenses attendant to the due diligence investigations, structuring and negotiating of our initial business combination;</TD></TR>                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">$50,000 of expenses for the due diligence and investigation of a target business by our officers,
directors and insiders;</TD></TR>                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">$50,000 of expenses in legal and accounting fees relating to our SEC reporting obligations;</TD></TR>                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">$120,000 for the payment of the administrative fee to Sunlight Global Investment LLC (of $10,000
per month for up to 12 months), subject to deferral as described herein;</TD></TR>                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">$55,000 for Nasdaq continued listing fees; and</TD></TR>                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">$175,000 for general working
                                         capital that will be used for miscellaneous expenses, including D&amp;O insurance.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our estimates of the costs of undertaking
due diligence and negotiating our 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 consummate our initial business combination or because we become obligated to convert a significant
number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities
or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only
consummate such financing simultaneously with the consummation of our initial business combination. Following our initial business
combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2019, Sunlight Global Investment
LLC agreed to loan us $500,000 to cover expenses related to this offering. As of March 31, 2020, we had borrowed $156,593 under
the promissory note to be used for a portion of the expenses of this offering The loan is payable without interest at the closing
of this 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
do not believe we will need to raise additional funds following this offering in order to meet the expenditures required for operating
our business. However, in order to finance transaction costs in connection with an intended initial business combination, our insiders
or their affiliates may, but are not obligated to, loan us funds as may be required. 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. Such loans would be evidenced by promissory notes. The notes
would either be paid upon consummation of our initial business combination, without interest, or, at the lender&rsquo;s discretion,
up to $</FONT>1,500,000 <FONT STYLE="font-family: Times New Roman, Times, Serif">of the notes may be converted upon consummation
of our business combination into additional private units at a price of $10.00 per unit. If we do not complete a business combination,
any other outstanding loans from our insiders or their affiliates will be repaid only from amounts remaining outside our trust
account, if any. We believe the purchase price of these units will approximate the fair value of such units when issued. However,
if it is determined that, at the time of issuance, the fair value of such units exceeds the purchase price, we would record compensation
expense for the excess of the fair value of the units on the day of issuance over the purchase price in accordance with ASC 718
 &mdash; Compensation &mdash; Stock Compensation.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not currently required to maintain
an effective system of internal control as defined by Section 404 of the Sarbanes-Oxley Act. We will be required to comply with
the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending December 31, 2021. As of the date of this
prospectus, we have not completed an assessment, nor has our independent registered public accounting firm tested our systems,
of internal control. We expect to assess the internal control 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 control. A target business may not be in compliance with the provisions
of the Sarbanes-Oxley Act regarding the adequacy of internal control. 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; 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">staffing for financial, accounting and external reporting areas, including segregation of duties;</TD></TR>                                                                                                                                                                                                               <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">reconciliation of accounts;</TD></TR>                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">proper recording of expenses and liabilities in the period to which they relate;</TD></TR>                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">evidence of internal review and approval of accounting transactions;</TD></TR>                                                                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">documentation of processes, assumptions and conclusions underlying significant estimates; and</TD></TR>                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">documentation of accounting policies and procedures.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because it will take time, management involvement
and perhaps outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements
and market expectations for our operation of a target business, we may incur significant expense in meeting our public reporting
responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so
effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quantitative and Qualitative Disclosures about Market
Risk</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net proceeds of this offering and the
sale of the private units held in the trust account will be invested in U.S. government treasury bills with a maturity of 180 days
or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only
in direct U.S. government treasury obligations. 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: justify">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations; Quarterly Results</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 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. No unaudited quarterly operating data is included in this prospectus as we have conducted no operations to date.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 5, 2012, the JOBS Act was
signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying
public companies. We will qualify as an &ldquo;emerging growth company&rdquo; and under the JOBS Act will be allowed to comply
with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing
to delay the adoption of new or revised accounting standards, and, as a result, we may not comply with new or revised accounting
standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result,
our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public
company effective dates.</P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A><B>PROPOSED BUSINESS</B></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a blank check company formed under the laws of the State
of Delaware on November 12, 2019. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus
as our initial business combination. Although there is no restriction or limitation on what industry or geographic region our target
operates in, it is our intention to pursue prospective targets that are in North America. At the time of preparing this prospectus,
we have not identified any specific business combination, nor has anyone on our behalf initiated or engaged in any substantive
discussions, formal or otherwise, related to such a transaction. Our efforts to date are limited to organizational activities related
to this offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our sponsor, Sunlight Global Investment
LLC, is controlled by Dr. Suying Liu, our Chairman and Chief Executive Officer, and Dong Liu, our Chief Financial Officer, both
of whom have accumulated broad industry expertise and transaction experience from investing in and operating diverse businesses.
We believe that our team&rsquo;s expertise and experience in structuring complex transactions and accessing capital for growth,
combined with our extensive relationships through a network of advisors and affiliates, will make us a partner of choice for potential
business combination targets. We intend to focus our efforts on evaluating business combination targets by leveraging our connections
with a variety of family offices, investment funds, and operating businesses. We expect to also take advantage of our sponsor&rsquo;s
extended network with Asian consumer markets by enabling potential business combination targets producing quality products in
North America to tap into such consumer demand abroad.</P>

<P STYLE="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 Board of Directors and Management</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">Our board of directors and management consist of experienced
deal makers, operators, and investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dr. Suying Liu, our Chairman and Chief
Executive Officer, has been the Head of Corporate Strategy of Hudson Capital Inc. (Nasdaq: HUSN) since May 2020, where he leads
the company&rsquo;s strategic development for both general operations and specific growth areas. Dr. Liu integrates corporate
finance opportunities with business fundamentals of Hudson Capital, leveraging his as well as the company&rsquo;s broad network
of relationships across a variety of industries such as financial services, general industrial and real estate. Between November
2018 and April 2020, Dr. Liu served as the Chief Strategist of Mansion Capital LLC, a privately-held real estate investment firm
with brokerage and property management operations serving clients from both North America and Asia for their investments in the
U.S. real estate market. With extensive property transaction experience, Dr. Liu has a breadth of connections to operating businesses
that incorporate tactical real estate considerations into their business development strategies. Prior to joining Mansion Capital,
Dr. Liu was an investment strategist at J.P. Morgan Chase &amp; Co. from July 2015 to October 2018. With a primary focus in commercial
mortgages, Dr. Liu assessed the operational strength and financial health of a multitude of commercial real estate operators such
as Starwood, Simon and Westfield, providing investment strategies to major Wall Street institutions spanning private equity, hedge
funds and insurance companies. Dr. Liu began his career in academia, teaching a variety of degree programs from bachelor&rsquo;s
to executive education at Washington University Olin Business School between January 2013 and May 2015 while completing his doctoral
studies, for which he received a PhD in finance in May 2015. Dr. Liu obtained a master&rsquo;s in finance in December 2012 and
his BA in economics and mathematics <I>summa cum laude</I> in May 2010 from Washington University in St. Louis.</P>



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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Chief Financial Officer and a member of our board of directors,
Mr. Dong Liu, has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer,
manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which
time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as
provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March
2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of
electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Nelson Haight is a member of our
board of directors. A veteran in the oil &amp; gas industry with over 30 years of professional experience, Mr. Haight currently
serves as the Chief Financial Officer for Element Markets, LLC, an environmental commodities firm, which he joined in September
2019. From November 2018 to June 2019, Mr. Haight was the Chief Financial Officer for Epic Companies, LLC, a family office backed
oilfield service company. Between July 2017 and September 2018, Mr. Haight was the Chief Financial Officer of Castleton Resources,
LLC, a privately held exploration and production company. From December 2011 to July 2017, Mr. Haight served in various capacities
from Vice President to Chief Financial Officer at Midstates Petroleum Company, Inc., an exploration and production company founded
in 1993 and focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously
discovered yet underdeveloped hydrocarbon trends. In 2015, Mr. Haight led the team that raised $625 million in new capital for
Midstates Petroleum. Mr. Haight received an MPA and BBA from the University of Texas at Austin in May 1988 and is a Certified
Public Accountant and member of the American Institute of Certified Public Accountants.</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">Dr. Todd Milbourn is a member of our
board of directors. Dr. Milbourn is the Vice Dean and Hubert C. and Dorothy R. Moog Professor of Finance at Washington University
Olin Business School, where he has researched and built academic programs in the areas of corporate finance, executive compensation
and credit ratings since June 2000. With expertise on valuation, corporate finance, corporate governance, executive compensation
and corporate risk-taking, Dr. Milbourn has been retained as an expert by private firms as well as the U.S. Department of Justice
in cases related to fair rates of return, breach of contract damages and executive compensation programs, among others. Dr. Milbourn
is also the Director and Chair of the Audit Committee of the Xanthus Fund at Oppenheimer, an asset management company with over
1,000 financial advisors and more than $90 billion assets under administration. Dr. Milbourn obtained his PhD in finance from
Indiana University Kelly School of Business in December 1995 and BA in economics and mathematics from Augustana College in May
1991.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Wenhua Zhang is a member of our
board of directors. Mr. Zhang has been a Partner at Azia Capital Fund LP, a private investment firm, since October 2014. Mr. Zhang
began his career in the financial industry as the Vice President of Equity Research in the technology, media and telecom sector
with T. Rowe Price from August 2001 to May 2008, and later joined Bain Capital as Director of the Brookside Fund, a long short
equity investments fund, between July 2008 and December 2010. From February 2011 to August 2012, Mr. Zhang was Senior Vice President
and Portfolio Manager at Harvard Management Company, a wholly owned subsidiary of Harvard University charged with managing the
university's endowment assets, and then as Partner and Portfolio Manager at Newport Asia LLC between October 2012 and October
2014, investing in Asia&rsquo;s high-growth companies on behalf of clients from institutions, endowments, and family offices.
Mr. Zhang received an MBA with dual majors in finance and technology innovation from the Wharton School at the University of Pennsylvania
in May 2001.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Acquisition Strategy</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 goal is to identify and acquire a business with
untapped opportunity for building a public company. We believe that our management&rsquo;s and directors&rsquo; experiences,
from evaluating assets through investing and company building, will enable us to source and execute a business combination
with high-quality targets. Our selection process will leverage the relationships of our board with leading venture
capitalists, private equity and hedge fund managers, respected peers, and our network of investment banking executives,
attorneys, and accountants. Together with this network of trusted partners, we intend to capitalize the target business and
create purposeful strategic initiatives in order to achieve attractive growth and performance after our initial business
combination.</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 particular, we intend to focus our search for an initial
business combination on private companies in North America that have positive operating cash flow or compelling economics and clear
paths to positive operating cash flow, significant assets, and successful management teams that are seeking access to the U.S.
public capital markets. Our selection process is expected to leverage our board&rsquo;s deep and broad network of relationships,
industry expertise and deal sourcing capabilities to provide us with a strong pipeline of potential targets. We expect to distinguish
ourselves with our ability to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>Leverage our Extensive Network of Relationships to Create a Unique Pipeline of Acquisition Opportunities.</I> We believe
the combination of our sponsor&rsquo;s experience in structuring complex transactions and our ability to access the network of
relationships of our board with family offices, corporate executives, founders, family-owned businesses and private equity firms,
will enable us to identify and evaluate suitable target businesses in the areas that we deem appropriate.<BR>
<BR>
</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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>Employ Rigor to the Process of Identifying Target Companies and Acquiring a Business that Will be Well-Received by the Public
Markets.</I> We believe our board&rsquo;s strong transaction track record, together with their experience in investing in both
the private and public markets, will provide a distinct advantage for identifying, valuing and completing a business combination
that will meet our investors&rsquo; expectations.<BR>
<BR>
</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: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify"><I>Capitalize on Our Strategic Position Bridging High-Quality North American Production and Extensive Asian Consumer Demand.</I>
We believe the access that our board has to North American private companies producing quality products but lacking distribution,
especially to Asian consumers, presents an enormous opportunity when we bring such market channels to these potential business
combination targets. Our sponsor&rsquo;s relationships with Asian consumer markets will allow us to create further synergies with
target companies in addition to expanded capital and production capacities.</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>Investment Criteria</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to focus on companies that possess under-researched
and underappreciated asset(s) poised for significant growth once capitalized.</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">Consistent with our strategy, we have identified the following
criteria to evaluate prospective target businesses. Although we may decide to enter into our initial business combination with
a target business that does not meet the criteria described below, it is our intention to acquire companies that we believe:</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: Wingdings">&sect;</FONT></TD><TD>have a scientific or other competitive advantage in the markets;</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We intend to seek target companies that have significant
competitive advantages and underexploited expansion opportunities that can benefit from access to additional capital as well as
our industry relationships and expertise.</P>

<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>

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<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: Wingdings">&sect;</FONT></TD><TD>are ready to be public, with strong management, corporate governance and reporting policies in place;</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We will seek to identify companies with strong and
experienced public-ready management teams. Specifically, we will look for management teams that have a proven track record of value
creation for their stockholders. We will seek to partner with a potential target's management team and expect that the operating
and investment abilities of our executive team and board will complement their own capabilities.</P>

<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: Wingdings">&sect;</FONT></TD><TD>will likely be well received by public investors and are expected to have good access to the public capital markets;</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We believe that there are a substantial number of
potential target businesses with appropriate valuations that can benefit from a public listing and new capital for growth to support
significant revenue and earnings growth.</P>

<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: Wingdings">&sect;</FONT></TD><TD>are private equity fund portfolio companies or entities held by non-traditional investors in North America, especially in the
U.S.;</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">According to Pitchbook Data, Inc., U.S. private equity
funds raised more than $1.8 trillion from 2006 through 2016 in over 2,700 different funds. As they seek liquidity, particularly
in older-vintage portfolios, we believe that there will be a considerable number of portfolio companies available for sale from
these private equity firms in the coming years that would benefit from public listings. Additionally, non-traditional control investors
such as financial institutions, banks, non-bank lenders, or hedge funds, who do not typically hold and manage private operating
assets, may be anxious to divest their non-core holdings. In the event that those types of investors are liquidating or experiencing
other pressures, they may need to divest certain holdings.</P>

<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: Wingdings">&sect;</FONT></TD><TD>have significant embedded and/or underexploited growth opportunities that our team is uniquely positioned to identify and monetize;</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We intend to seek target companies that have significant
and underexploited expansion opportunities. This can be accomplished through a combination of accelerating organic growth and finding
attractive add-on acquisition targets. Our management team has significant experience in identifying such targets and in helping
target management assess the strategic and financial fit. Similarly, our management has the expertise to assess the likely synergies
and a process to help a target integrate acquisitions.</P>

<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: Wingdings">&sect;</FONT></TD><TD>exhibit unrecognized value or other characteristics that we believe have been misevaluated by the market;</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We will seek target companies which exhibit
value or other characteristics that we believe have been overlooked or misevaluated by the marketplace based on our
company-specific analyses and due diligence. For a potential target company, this process will include, among other things, a
review and analysis of the company&rsquo;s capital structure, quality of current or future earnings, corporate governance,
customers, material contracts, and the industry and trends. We intend to leverage the operational experience and disciplined
investment approach of our team to identify opportunities to unlock value that our experience in complex situations allows us
to pursue.</P>

<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: Wingdings">&sect;</FONT></TD><TD>will offer attractive risk-adjusted equity returns for our stockholders.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We intend to seek to acquire a target on terms and
in a manner that leverage our capital markets and transaction management experience. We expect to evaluate a company based on its
potential to successfully commercialize its product(s), both new and under development. We also expect to evaluate financial returns
based on opportunities for follow-on acquisitions and other value-creation initiatives. Potential upside, for example, from the
growth in the target business&rsquo;s earnings or an improved capital structure will be weighed against any identified downside
risks.</P>

<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>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will have until 12 months from the
closing of this offering to consummate our initial business combination. However, if we anticipate that we may not be able to
consummate our initial business combination within 12 months, our insiders or their affiliates may, but are not obligated to,
extend the period of time to consummate a business combination three times by an additional three months each time (for a total
of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation
and the trust agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on the date of this
prospectus, the only way to extend the time available for us to consummate our initial business combination is for our insiders
or their affiliates or designees, upon five days&rsquo; advance notice prior to the applicable deadline, to deposit into the trust
account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case), on or prior
to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination and
deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory note
equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the relevant insider&rsquo;s discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our
initial business combination. In the event that we receive notice from our insiders five days prior to the applicable deadline
of their intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior
to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether
or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders,
decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates or designees)
may deposit the entire amount required. If we are unable to consummate our initial business combination within such time period,
we will, as promptly as possible but not more than ten business days thereafter, redeem 100% of our outstanding public shares
for a pro rata portion of the funds held in the trust account, including a pro rata portion of any interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, and then seek to dissolve and liquidate. However,
we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our
public stockholders. In the event of our dissolution and liquidation, the private units will expire and will be worthless.</P>



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

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

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

<!-- Field: Split-Segment; Name: 8 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will either (1) seek stockholder approval
of our initial business combination at a meeting called for such purpose, at which stockholders may seek to convert their shares,
regardless of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate amount
then on deposit in the trust account (net of taxes payable), or (2) provide our stockholders with the opportunity to sell their
shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata
share of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations
described herein. The decision as to whether we will seek stockholder approval of our proposed business combination or allow stockholders
to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors
such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek stockholder approval.
Any tender offer documents used in connection with a business combination will contain substantially the same financial and other
information about the initial business combination as is required under the SEC&rsquo;s proxy rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial per public share redemption
or conversion price will be $10.20 per share, regardless of whether the over-allotment option is exercised. However, we may not
be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the rules of the Nasdaq Stock
Market, our initial business combination must occur with one or more target businesses having an aggregate fair market value of
at least 80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees and taxes payable on the income
earned on the trust account), which we refer to as the 80% test, at the time of the agreement to enter into the initial business
combination. Therefore, the fair market value of the target business will be calculated prior to any conversions of our shares
in connection with a business combination and therefore will be a minimum of $40,800,000 (or $46,920,000 if the over-allotment
option is exercised in full) in order to satisfy the 80% test. While the fair market value of the target business must satisfy
the 80% test, the consideration we pay the owners of the target business may be a combination of cash (whether cash from the trust
account or cash from a debt or equity financing transaction that closes concurrently with the business combination) or our equity
securities. The exact nature and amount of consideration would be determined based on negotiations with the target business, although
we will attempt to primarily use our equity as transaction consideration. If our board is not able to independently determine the
fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm with
respect to the satisfaction of such criteria. We will also obtain a fairness opinion from an independent investment banking firm
before consummating a business combination with an entity affiliated with any of our officers, directors or insiders. If we are
no longer listed on Nasdaq, we will not be required to satisfy the 80% test.</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 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 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, but we will only
complete such business combination if the post-transaction company owns 50% or more of the outstanding voting securities of
the target or otherwise owns a controlling interest in the target sufficient for it not to be required to register as an
investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act. Even if the
post-transaction company owns 50% or more of the voting securities of the target, our stockholders prior to the business
combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the
target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a
substantial number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we 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% test.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As more fully discussed in &ldquo;Management
 &mdash; Conflicts of Interest,&rdquo; if any of our officers or directors becomes aware of a business combination opportunity that
falls within the line of business of any entity to which he or she has pre-existing fiduciary or contractual obligations, he or
she may be required to present such business combination opportunity to such entity prior to presenting such business combination
opportunity to us. All of our officers, directors and director nominees currently have certain relevant pre-existing fiduciary
duties or contractual obligations.</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 are an &ldquo;emerging growth company,&rdquo;
as defined in Section 2(a) of 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 until we are no longer an &ldquo;emerging growth
company.&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">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)&nbsp;in which we are deemed to be a large accelerated
filer, which means the market value of our 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 during the prior three-year
period. References herein to &ldquo;emerging growth company&rdquo; shall have the meaning associated with it in the JOBS Act.</P>

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

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

<P STYLE="font: bold 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 connection with any proposed
business combination, we will either (1) seek stockholder approval of our initial business combination at a meeting called
for such purpose at which public stockholders (but not our insiders, officers or directors) may seek to convert their shares
of common stock, regardless of whether they vote for or against the proposed business combination, into a portion of the
aggregate amount then on deposit in the trust account, or (2) provide our stockholders with the opportunity to sell their
shares to us by means of a tender offer (and therefore avoid the need for a stockholder vote) for an amount equal to their
pro rata share of the aggregate amount then on deposit in the trust account, in each case subject to the limitations
described herein. If we determine to engage in a tender offer, such tender offer will be structured so that each stockholder
may tender all of his, her or its shares rather than some pro rata portion of his, her or its shares. The decision as to
whether we will seek stockholder approval of a proposed business combination or whether we 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. We anticipate that our business combination could be completed by way of a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or other similar transaction. Stockholder approval will not be
required under Delaware law if the business combination is structured as an acquisition of assets of the target company, a
share exchange with target company stockholders or a purchase of stock of the target company; however, Nasdaq rules would
require us to obtain stockholder approval if we seek to issue shares representing 20% or more of our outstanding shares as
consideration in a business combination. A merger of our company into a target company would require stockholder approval
under Delaware law. A merger of a target company into our company would not require stockholder approval unless the merger
results in a change to our certificate of incorporation, or if the shares issued in connection with the merger exceed 20% of
our outstanding shares prior to the merger. A merger of a target company with a subsidiary of our company would not require
stockholder approval unless the merger results in a change in our certificate of incorporation; however, Nasdaq rules would
require us to obtain stockholder approval of such a transaction if we week to issue shares representing 20% or more of our
outstanding shares as consideration.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 provide our stockholders with an opportunity
to tender their shares to us pursuant to a tender offer pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate
issuer tender offers, and we will file tender offer documents with the SEC which will contain substantially the same financial
and other information about the initial business combination as is required under the SEC&rsquo;s proxy rules.</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 the event we allow stockholders to tender
their shares pursuant to the tender offer rules, our tender offer 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 may not purchase public shares
in an amount that would cause our net tangible assets to be less than $5,000,001 (so that we are not subject to the SEC&rsquo;s
 &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement which may be contained in the agreement
relating to our initial business combination. If public 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, however, stockholder approval of the
transaction is required by law or Nasdaq requirements, or we decide to obtain stockholder approval for business or other legal
reasons, we will:</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">permit stockholders to convert their shares 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</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">file proxy materials with the SEC.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that we seek stockholder
approval of our initial business combination, we will distribute proxy materials and, in connection therewith, provide
stockholders with the conversion rights described above upon completion of the initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will consummate our initial business
combination only if public stockholders do not exercise conversion rights in an amount that would cause our net tangible assets
to be less than $5,000,001 and a majority of the outstanding shares of common stock voted are voted in favor of the business combination.
As a result, if stockholders owning approximately 87.8% (or approximately 88.9% if the over-allotment option is exercised in full)
or more of the shares of common stock sold in this offering exercise conversion rights, the business combination will not be consummated.
However, the actual percentages will only be able to be determined once a target business is located and we can assess all of
the assets and liabilities of the combined company (which would include the fee payable to the underwriters in an amount equal
to 3.5% of the total gross proceeds raised in the offering as described elsewhere in this prospectus, any out-of-pocket expenses
incurred by our insiders or their affiliates in connection with certain activities on our behalf, such as identifying and investigating
possible business targets and business combinations that have not been repaid at that time, as well as any other liabilities of
ours and the liabilities of the target business) upon consummation of the proposed business combination, subject to the requirement
that we must have at least $5,000,001 of net tangible assets upon closing of such business combination. As a result, the actual
percentages of shares that can be converted may be significantly lower than our estimates. We chose our net tangible asset threshold
of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under the Securities Act. However, if we seek
to consummate an initial business combination with a target business that imposes any type of working capital closing condition
or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial business combination,
our net tangible asset threshold may limit our ability to consummate such initial business combination (as we may be required
to have a lesser number of shares converted) and may force us to seek third-party financing which may not be available on terms
acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we may not be
able to locate another suitable target within the applicable time period, if at all. Public stockholders may therefore have to
wait 12 months from the closing of this offering (or 15 or 18 or 21 months if we have extended the period of time as described
in this prospectus) in order to be able to receive a portion of 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">Our insiders, including our officers and
directors, have agreed (1) to vote any shares of common stock owned by them in favor of any proposed business combination, (2)
not to convert any shares of common stock into the right to receive cash from the trust account in connection with a stockholder
vote to approve a proposed initial business combination or a vote to amend the provisions of our certificate of incorporation
relating to stockholders&rsquo; rights or pre-business combination activity and (3) not to sell any shares of common stock in
any tender in connection with a proposed initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on how a business combination
was structured, any stockholder approval requirement could be satisfied by obtaining the approval of either (i) a majority of
the shares of our common stock that were voted at the meeting (assuming a quorum was present at the meeting), or (ii) a majority
of the outstanding shares of our common stock. Because our insiders, including our officers and directors, will collectively beneficially
own approximately 20.0% of our issued and outstanding shares of common stock (not including the private units and underlying securities
and assuming our insiders do not purchase any units in this offering) upon consummation of this offering, a minimum of approximately
71,376 public shares, or 1.09% of the outstanding shares of our common stock (if the approval requirement was a majority of shares
voted and the minimum number of shares required for a quorum attended the meeting and assuming the over-allotment option has not
been exercised and an aggregate of 187,500 insider shares have been forfeited as a result thereof), would need to be voted in
favor a business combination in order for it to be 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of our insiders or their affiliates
has indicated any intention to purchase units or shares of common stock from persons in the open market or in private transactions.
However, if we seek stockholder approval of a business combination and if we hold a meeting to approve a proposed business combination
and a significant number of stockholders vote, or indicate an intention to vote, against such proposed business combination, we
or our insiders or their affiliates could make such purchases in the open market or in private transactions in order to influence
the vote. 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. No funds from the trust account can be released from the trust account prior
to the consummation of a business combination to make such purchases (although such purchases could be made using funds available
to us after the closing of a business combination). We do not currently anticipate that such purchases, if any, would constitute
a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private
rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject
to such rules, the purchasers will comply with such rules. Notwithstanding the foregoing, we or our insiders or their affiliates
will not make purchases of shares of common stock if the purchases would violate Sections 9(a)(2) or 10(b) of the Exchange Act
or Regulation M, which are rules that prohibit manipulation of a company&rsquo;s stock, and we and they will comply with Rule 10b-18
under the Exchange Act in connection with any open-market purchases. If purchases cannot be made without violating applicable law,
no such purchases will be made. The purpose of such purchases would be to (i) vote such shares in favor of the business combination
and thereby increase the likelihood of obtaining stockholder approval of the business combination or (ii) to satisfy a closing
condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing
of our business combination, where it appears that such requirement would otherwise not be met. This may result in the completion
of our business combination that may not otherwise have been possible. In addition, if such purchases are made, the public &ldquo;float&rdquo;
of our common stock may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult
to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange. Our insiders anticipate
that they may identify the stockholders with whom our insiders or their affiliates may pursue privately negotiated purchases by
either the stockholders contacting us directly or by our receipt of redemption requests submitted by stockholders following our
mailing of proxy materials in connection with our initial business combination. To the extent that our insiders 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 the business combination.</P>

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

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

<P STYLE="font: bold 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">At any meeting called to approve an initial
business combination, any public stockholder, whether voting for or against such proposed business combination, will be entitled
to demand that his or her shares of common stock be converted for a full pro rata portion of the amount then in the trust account
(initially $10.20 per share), plus any pro rata interest earned on the funds held in the trust account and not previously released
to us or necessary to pay our taxes. Alternatively, we may provide our public stockholders with the opportunity to sell their shares
of our common stock to us through a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their
pro rata share of the aggregate amount then on deposit in the trust account, net of taxes payable.</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, a
public stockholder, together with any affiliate of his or hers or any other person with whom he or she is acting in concert
or as a &ldquo;group&rdquo; (as defined in Section 13(d)(3) of the Exchange Act), will be restricted from seeking conversion
rights with respect to 20% or more of the shares of common stock sold in this offering. Such a public stockholder would still
be entitled to vote against a proposed business combination with respect to all shares of common stock owned by him or her,
or his or her affiliates. We believe this restriction will prevent stockholders from accumulating large blocks of shares
before the vote held to approve a proposed business combination and attempt to use the conversion right as a means to force
us or our management to purchase their shares at a significant premium to the then current market price. By not allowing a
stockholder to convert more than 20% of the shares of common stock sold in this offering, we believe we have limited the
ability of a small group of stockholders to unreasonably attempt to block a transaction which is favored by our other public
stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of our insiders will have the right
to receive cash from the trust account in connection with a stockholder vote to approve a proposed initial business combination
or a vote to amend the provisions of our certificate of incorporation relating to stockholders&rsquo; rights or pre-business combination
activity with respect to any shares of common stock owned by them, directly or indirectly, whether acquired prior to this offering
or purchased by them in this offering or in the aftermarket.</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 may also require public stockholders
who wish to convert, whether they are a record holder or hold their shares in &ldquo;street name,&rdquo; to either tender their
certificates to our transfer agent at any time through the vote on the business combination or to deliver their shares to the transfer
agent electronically using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s
option. The proxy solicitation materials that we will furnish to stockholders in connection with the vote for any proposed business
combination will indicate whether we are requiring stockholders to satisfy such delivery requirements. Accordingly, a stockholder
would have from the time the stockholder received our proxy statement through the vote on the business combination to deliver his
or her shares if he or she wishes to seek to exercise his or her conversion rights. Under Delaware law and our bylaws, we are required
to provide at least 10 days&rsquo; advance notice of any stockholder meeting, which would be the minimum amount of time a public
stockholder would have to determine whether to exercise conversion rights.</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">There is a nominal cost associated with
the above-referenced delivery process and the act of certificating the shares or delivering them through the DWAC System. The transfer
agent will typically charge the tendering broker $45.00 and it would be up to the broker whether or not to pass this cost on to
the holder. However, this fee would be incurred regardless of whether or not we require holders to deliver their shares prior to
the vote on the business combination in order to exercise conversion rights. This is because a holder would need to deliver shares
to exercise conversion rights regardless of the timing of when such delivery must be effectuated. However, in the event we require
stockholders to deliver their shares prior to the vote on the proposed business combination and the proposed business combination
is not consummated, this may result in an increased cost to stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing is different from the procedures
used by many blank check companies. Traditionally, in order to perfect conversion rights in connection with a blank check company&rsquo;s
business combination, the company would distribute proxy materials for the stockholders&rsquo; vote on an initial business combination,
and a holder could simply vote against a proposed business combination and check a box on the proxy card indicating such holder
was seeking to exercise his or her conversion rights. After the business combination was approved, the company would contact such
stockholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the stockholder then
had an &ldquo;option window&rdquo; after the consummation of the business combination during which he or she could monitor the
price of the company&rsquo;s stock in the market. If the price rose above the conversion price, he or she could sell his or her
shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the conversion
rights, to which stockholders were aware they needed to commit before the stockholder meeting, would become a &ldquo;continuing&rdquo;
right surviving past the consummation of the business combination until the holder delivered its certificate.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The requirement for physical or electronic
delivery prior to the meeting ensures that a holder&rsquo;s election to convert his or her shares is irrevocable once the business
combination is 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">Any request to convert such shares once
made may be withdrawn at any time up to the vote on the proposed business combination. Furthermore, if a holder of a public share
delivered his or her certificate in connection with an election of their conversion and subsequently decides prior to the vote
on the proposed business combination not to elect to exercise such rights, he or she may simply request that the transfer agent
return the certificate (physically or electronically).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the initial business combination is
not approved or completed for any reason, then our public stockholders who elected to exercise their conversion rights would not
be entitled to convert their shares for the applicable pro rata share of the trust account. In such case, we will promptly return
any shares delivered by public holders.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Liquidation if No Business Combination</B></P>

<P STYLE="font: bold 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">If we do not complete a business combination
within 12 months from the closing of this, we will (i)&nbsp;cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and
our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. At such time, the rights will expire and
holders of the rights will receive nothing upon a liquidation with respect to such rights, and the rights will be worthless. However,
if we anticipate that we may not be able to consummate our initial business combination within 12 months, our insiders or their
affiliates may, but are not obligated to, extend the period of time to consummate a business combination three times by an additional
three months each time (for a total of up to 21 months to complete a business combination). Pursuant to the terms of our amended
and restated certificate of incorporation and the trust agreement to be entered into between us and American Stock Transfer &amp;
Trust Company, LLC on the date of this prospectus, the only way to extend the time available for us to consummate our initial
business combination is for our insiders or their affiliates or designees, upon five days&rsquo; advance notice prior to the applicable
deadline, to deposit into the trust account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per
share in either case), on or prior to the date of the applicable deadline. In the event that they elected to extend the time to
complete a business combination and deposited the applicable amount of money into trust, the insiders would receive a non-interest
bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable
to close a business combination unless there are funds available outside the trust account to do so. Such notes would either be
paid upon consummation of our initial business combination, or, at the relevant insider&rsquo;s discretion, converted upon consummation
of our business combination into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance
of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the
consummation of our initial business combination. In the event that we receive notice from our insiders five days prior to the
applicable deadline of their intent to effect an extension, we intend to issue a press release announcing such intention at least
three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline
announcing whether or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. To the extent that some, but
not all, of our insiders, decide to extend the period of time to consummate our initial business combination, such insiders (or
their affiliates or designees) may deposit the entire amount required.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation
Law, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received
by them in a dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption
of 100% of our outstanding public shares in the event we do not complete our initial business combination within the required time
period may be considered a liquidation distribution under Delaware law. If the corporation complies with certain procedures set
forth in Section 280 of the Delaware General Corporation Law intended to ensure that it makes reasonable provision for all claims
against it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day
period during which the corporation may reject any claims brought, and an additional 150-day waiting period before any redemptions
are made to stockholders, any liability of stockholders with respect to a redemption is limited to the lesser of such stockholder&rsquo;s
pro rata share of the claim or the amount distributed to the stockholder, and any liability of the stockholder would be barred
after the third anniversary of the dissolution.</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">Furthermore, if the pro rata portion of
our trust account distributed to our public stockholders upon the redemption of 100% of our public shares in the event we do not
complete our initial business combination within the required time period is not considered a liquidation distribution under Delaware
law and such redemption distribution is deemed to be unlawful, then pursuant to Section 174 of the Delaware General Corporation
Law, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead
of three years, as in the case of a liquidation distribution. It is our intention to redeem our public shares as soon as reasonably
possible following the 12<FONT STYLE="vertical-align: baseline">th</FONT> or 15th or 18th or 21st month from the closing of this
offering and, therefore, we do not intend to comply with the above procedures. As such, our stockholders could potentially be liable
for any claims to the extent of distributions received by them (but no more) and any liability of our stockholders may extend well
beyond the third anniversary of such date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we will not be complying with Section
280 of the Delaware General Corporation Law, Section 281(b) of the Delaware General Corporation Law requires us to adopt a plan,
based on facts known to us at such time that will provide for our payment of all existing and pending claims or claims that may
be potentially brought against us within the subsequent 10 years. However, because we are a blank check company, rather than an
operating company, and our operations will be limited to seeking to complete an initial business combination, the only likely claims
to arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will seek to have all third parties
(including any vendors or other entities we engage after this offering) and any prospective target businesses enter into valid
and enforceable agreements with us waiving any right, title, interest or claim of any kind they may have in or to any monies held
in the trust account. The underwriters in this offering will execute such a waiver agreement. As a result, the claims that could
be made against us will be limited, thereby lessening the likelihood that any claim would result in any liability extending to
the trust. We therefore believe that any necessary provision for creditors will be reduced and should not have a significant impact
on our ability to distribute the funds in the trust account to our public stockholders. Nevertheless, there is no guarantee that
vendors, service providers and prospective target businesses will execute such agreements. In the event that a potential contracted
party was to refuse to execute such a waiver, we will execute an agreement with that entity only if our management first determines
that we would be unable to obtain, on a reasonable basis, substantially similar services or opportunities from another entity
willing to execute such a waiver. Examples of instances where we may engage a third-party that refused to execute a waiver would
be the engagement of a third-party consultant who cannot sign such an agreement due to regulatory restrictions, such as our auditors
who are unable to sign due to independence requirements, or whose particular expertise or skills are believed by management to
be superior to those of other consultants that would agree to execute a waiver or a situation in which management does not believe
it would be able to find a provider of required services willing to provide the waiver. There is also no guarantee that, even
if they execute such agreements with us, they will not seek recourse against the trust account. Our insiders have agreed that
they will be jointly and severally liable to us if and to the extent any claims by a vendor for services rendered or products
sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount
of funds in the trust account to below $10.20 per public share, except as to any claims by a third-party who executed a valid
and enforceable agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held
in the trust account and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities,
including liabilities under the Securities Act. Our board of directors has evaluated our insiders&rsquo; financial net worth and
believes they will be able to satisfy any indemnification obligations that may arise. However, our insiders may not be able to
satisfy their indemnification obligations, as we have not required our insiders to retain any assets to provide for their indemnification
obligations, nor have we taken any further steps to ensure that they will be able to satisfy any indemnification obligations that
arise. Moreover, our insiders will not be liable to our public stockholders and instead will only have liability to us. As a result,
if we liquidate, the per-share distribution from the trust account could be less than approximately $10.20 due to claims or potential
claims of creditors. We will distribute to all of our public stockholders, in proportion to their respective equity interests,
an aggregate sum equal to the amount then held in the trust account, inclusive of any interest not previously released to us,
(subject to our obligations under Delaware law to provide for claims of creditors 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are unable to consummate an initial
business combination and are forced to redeem 100% of our outstanding public shares for a portion of the funds held in the trust
account, we anticipate notifying the trustee of the trust account to begin liquidating such assets promptly after such date and
anticipate it will take no more than 10 business days to effectuate the redemption of our public shares. Our insiders have waived
their rights to participate in any redemption with respect to their insider shares. We will pay the costs of any subsequent liquidation
from our remaining assets outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds
necessary to complete such liquidation (currently anticipated to be no more than approximately $15,000) and have agreed not to
seek repayment of such expenses. Each holder of public shares will receive a full pro rata portion of the amount then in the trust
account, plus any pro rata interest earned on the funds held in the trust account and not previously released to us or necessary
to pay our taxes. The proceeds deposited in the trust account could, however, become subject to claims of our creditors that are
in preference to the claims of public stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our public stockholders shall be entitled
to receive funds from the trust account only in the event of our failure to complete our initial business combination in the required
time period or if the stockholders seek to have us convert their respective shares of common stock upon a business combination
which is actually completed by us. In no other circumstances shall a stockholder have any right or interest of any kind to or in
the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are forced to file a bankruptcy
case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held in the trust account could
be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties
with priority over the claims of our stockholders. To the extent any bankruptcy claims deplete the trust account, the per share
redemption or conversion amount received by public stockholders may be less than $10.20.</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">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. Claims may be brought against us for these reasons.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation contains
certain requirements and restrictions relating to this offering that will apply to us until the consummation of our initial business
combination. If we hold a stockholder vote to amend any provisions of our certificate of incorporation relating to stockholder&rsquo;s
rights or pre-business combination activity (including the substance or timing within which we have to complete a business combination),
we will 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 earned
on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, divided by the
number of then outstanding public shares, in connection with any such vote. Our insiders have agreed to waive any conversion rights
with respect to any insider shares, private shares and any public shares they may hold in connection with any vote to amend our
certificate of incorporation. Specifically, our certificate of incorporation provides, among other things, that:</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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">prior to the consummation of our initial business combination, we shall either (1) seek stockholder
approval of our initial business combination at a meeting called for such purpose at which public stockholders may seek to convert
their shares of common stock, regardless of whether they vote for or against the proposed business combination, into a portion
of the aggregate amount then on deposit in the trust account, net of taxes payable, or (2) provide our stockholders with the opportunity
to sell their shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to
their pro rata share of the aggregate amount then on deposit in the trust account, net of taxes payable, in each case subject to
the limitations described herein;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">we will consummate our initial business combination only if public stockholders do not exercise
conversion rights in an amount that would cause our net tangible assets to be less than $5,000,001 and a majority of the outstanding
shares of common stock voted are voted in favor of the business combination;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">if our initial business combination is not consummated within 12 months (or 15 or 18 or 21 months,
as applicable) the closing of this offering, then our existence will terminate and we will distribute all amounts in the trust
account to all of our public holders of shares of common stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">upon
                                         the consummation of this offering, $51,000,000, or $58,650,000 if the over-allotment
                                         option is exercised in full, shall be placed into the trust account;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">we may not consummate any other business combination, merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar transaction prior to our initial business combination; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">prior to our initial business combination, we may not issue additional shares of capital stock
that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination.</TD></TR></TABLE>

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

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

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

<!-- Field: Split-Segment; Name: 9 -->
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Potential Revisions to Agreements with Insiders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of our insiders has entered into letter
agreements with us pursuant to which each of them has agreed to do certain things relating to us and our activities prior to a
business combination. We could seek to amend these letter agreements without the approval of stockholders, although we have no
intention to do so. In particular:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Restrictions relating to liquidating the trust account if we failed to consummate a business combination
in the time-frames specified above could be amended, but only if we allowed all stockholders to redeem their shares in connection
with such amendment;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Restrictions relating to our insiders being required to vote in favor of a business combination
or against any amendments to our organizational documents could be amended to allow our insiders to vote on a transaction as they
wished;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The requirement of members of the management team to remain our officer or director until the closing
of a business combination could be amended to allow persons to resign from their positions with us if, for example, the current
management team was having difficulty locating a target business and another management team had a potential target business;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The restrictions on transfer of our securities could be amended to allow transfer to third parties
who were not members of our original management team;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The obligation of our management team to not propose amendments to our organizational documents
could be amended to allow them to propose such changes to our stockholders;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The obligation of insiders to not receive any compensation in connection with a business combination
could be modified in order to allow them to receive such compensation; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The requirement to obtain a valuation for any target business affiliated with our insiders, in
the event it was too expensive to do so.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as specified above, stockholders
would not be required to be given the opportunity to redeem their shares in connection with such changes. Such changes could result
in:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our having an extended period of time to consummate a business combination (although with less
in trust as a certain number of our stockholders would certainly redeem their shares in connection with any such extension);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our insiders being able to vote against a business combination or in favor of changes to our organizational
documents;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our operations being controlled by a new management team that our stockholders did not elect to
invest with;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our insiders receiving compensation in connection with a business combination; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our insiders closing a transaction with one of their affiliates without receiving an independent
valuation of such business.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not agree to any such changes
unless we believed that such changes were in the best interests of our stockholders (for example, if we believed such a
modification were necessary to complete a business combination). Each of our officers and directors has fiduciary obligations
to us requiring that he or she act in our best interests and the best interests of our stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In identifying, evaluating and selecting
a target business, we may encounter intense competition from other entities having a business objective similar to ours. Many of
these entities are well established and have extensive experience identifying and effecting business combinations directly or through
affiliates. Many of these competitors possess greater technical, human and other resources than us and our financial resources
will be relatively limited when contrasted with those of many of these competitors. While we believe there may be numerous potential
target businesses that we could complete a business combination with utilizing the net proceeds of this offering, our ability to
compete in completing a business combination with certain sizable target businesses may be limited by our available financial resources.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following also may not be viewed favorably
by certain target businesses:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our obligation to seek stockholder approval of our initial business combination or engage in a
tender offer may delay the completion of a transaction;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our obligation to convert shares of common stock held by our public stockholders may reduce the
resources available to us for our initial business combination;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our obligation to pay the deferred underwriting commission to the underwriters upon consummation
of our initial business combination;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our obligation to either repay working capital loans that may be made to us by our insiders or
their affiliates;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our obligation to register the resale of the insider shares, as well as the private units (and
underlying securities) and any shares issued to our insiders or their affiliates upon conversion of working capital loans; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the impact on the target business&rsquo; assets as a result of unknown liabilities under the securities
laws or otherwise depending on developments involving us prior to the consummation of a business combination.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any of these factors may place us at a
competitive disadvantage in successfully negotiating our initial business combination. Our management believes, however, that our
status as a public entity and potential access to the United States public equity markets may give us a competitive advantage over
privately held entities having a similar business objective as ours in connection with an initial business combination with a target
business with significant growth potential on favorable terms.</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">If we succeed in effecting our initial
business combination, there will be, in all likelihood, intense competition from competitors of the target business. Subsequent
to our initial business combination, we may not have the resources or ability to compete effectively.</P>

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

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

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




<P STYLE="font: bold 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently maintain our principal executive
offices at 311 West 43rd Street, 12th Floor, <FONT STYLE="font-weight: normal">New York, NY 10036</FONT>. The cost for this space
is included in the $10,000 per-month fee (subject to deferral as described herein) payable to Sunlight Global Investment LLC, for
office space, utilities and secretarial services. Our agreement with Sunlight Global Investment LLC provides that, commencing on
the date that our securities are first listed on the Nasdaq Capital Market and until we consummate a business combination, such
office space, as well as utilities and secretarial services, will be made available to us as may be required from time to time.
We believe that the fee charged by Sunlight Global Investment LLC is at least as favorable as we could have obtained from an unaffiliated
person. We consider our current office space, combined with the other office space otherwise available to our executive officers,
adequate for our current operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have two executive officers. These individuals are not obligated to devote any specific number of hours to our matters and intend
to devote only as much time as they deem necessary to our affairs. The amount of time they will devote in any time period will
vary based on whether a target business has been selected for the business combination and the stage of the business combination
process the company is in. Accordingly, once a suitable target business to consummate our initial business combination with has
been located, management will spend more time investigating such target business and negotiating and processing the business combination
(and consequently spend more time on our affairs) than had been spent prior to locating a suitable target business. We presently
expect our executive officers to devote an average of approximately 10 hours per week to our business. We do not intend to have
any full time employees prior to the consummation of our initial business combination.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Periodic Reporting and Audited Financial Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have registered our units, common stock
and rights under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and
current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual report will contain financial
statements audited and reported on by our independent registered public accountants.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will provide stockholders with audited
financial statements of the prospective target business as part of any proxy solicitation materials or tender offer documents sent
to stockholders to assist them in assessing the target business. These financial statements will need to be prepared in accordance
with or reconciled to United States GAAP or IFRS as issued by the IASB. A particular target business identified by us as a potential
business combination candidate may not have the necessary financial statements. To the extent that this requirement cannot be met,
we may not be able to consummate our initial business combination with the proposed target business.</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 may be required by the Sarbanes-Oxley
Act to have our internal control over financial reporting audited for the year ending December 31, 2021. A target company may not
be in compliance with the provisions of the Sarbanes-Oxley Act regarding the adequacy of their internal control over financial
reporting. The development of the internal control over financial reporting of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such initial business combination.</P>




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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no material litigation, arbitration,
governmental proceeding or any other legal proceeding currently pending or known to be contemplated against us or any members of
our management team in their capacity as such, and we and the members of our management team have not been subject to any such
proceeding in the 10 years preceding the date of this prospectus.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison to Offerings of Blank Check Companies Subject
to Rule 419</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 53%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Terms
        of the Offering</B></P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Terms
        Under a Rule 419 Offering</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Escrow of offering proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$51,000,000 of the net offering proceeds and proceeds from the
sale of the private units will be deposited into a trust account in the United States at Morgan Stanley, maintained by American
Stock Transfer &amp; Trust Company, LLC, acting as trustee.</FONT></TD>
    <TD STYLE="padding-left: 8.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$43,200,000
    of the offering proceeds would be required to be deposited into either an escrow account with an insured depositary institution
    or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having
    the beneficial interests in the account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment of net proceeds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$51,000,000 of net
    offering proceeds and proceeds from the sale of the private units held in the trust account will be invested only in U.S.
    government treasury bills, bonds or notes with a maturity of 180 days or less or in money market funds meeting the applicable
    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="padding-left: 8.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-align: right; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation on fair value or net assets of target business</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination.</FONT></TD>
    <TD STYLE="padding-left: 8.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.</FONT></TD></TR>
</TABLE>


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

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



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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-left: 10pt; text-align: right; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading of securities issued</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 53%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The units may commence trading on or promptly after the date of this prospectus. The common stock<U>&nbsp;</U>and rights comprising the units will begin to trade separately on the 90<SUP>th</SUP> day after the date of this prospectus unless Chardan Capital Markets, LLC informs us of its decision to allow earlier separate trading (based upon its assessment of the relative strengths of the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities in particular), provided we have filed with the SEC a Current Report on Form 8-K, which includes an audited balance sheet reflecting our receipt of the proceeds of this offering.</FONT></TD>
    <TD STYLE="width: 33%; padding-left: 8.65pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No trading of the units or the underlying common stock<U>&nbsp;</U>and rights would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.</FONT></TD></TR>
</TABLE>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 52%">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Terms
        of the Offering</P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Terms
        Under a Rule 419 Offering</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Election to remain an investor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We will either (i) give our stockholders the opportunity to vote on the business combination or (ii) provide our public stockholders with the opportunity to sell their shares of our common stock for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, less taxes. If we hold a meeting to approve a proposed business combination, we will send each stockholder a proxy statement containing information required by the SEC. Alternatively, if we do not hold a meeting and instead conduct a tender offer, we will conduct such tender offer in accordance with the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination as we would have included in a proxy statement. Under Delaware law and our bylaws, we must provide at least 10 days&rsquo; advance notice of any meeting of stockholders. Accordingly, this is the minimum amount of time we would need to provide holders to determine whether to exercise their rights to convert their shares into cash or to remain an investor in our company.</FONT></TD>
    <TD STYLE="padding-left: 11.05pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company&rsquo;s registration statement, to decide if he, she or it elects to remain a stockholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45<SUP>th</SUP> 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">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; width: 12%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Business combination deadline</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 52%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our certificate of incorporation,
        if we are unable to complete our initial business combination within 12 months (or 15 or 18 or 21 months, as applicable) from the
        closing of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
        possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares which redemption will completely
        extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions,
        if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
        of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above)
        to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.05pt; text-align: justify">If an acquisition has not been
        completed within 18 months after the effective date of the company&rsquo;s registration statement, funds held in the trust or escrow
        account are returned to investors.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest earned on the funds in the trust account</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">There can be released to us, from time to time, any interest earned on the funds in the trust account that we may need to pay our tax obligations.</FONT></TD>
    <TD STYLE="padding-left: 6.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Release of funds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Except for interest earned on the funds in the trust account that may be released to us to pay our tax obligations the proceeds held in the trust account will not be released until the earlier of the completion of our initial business combination and our liquidation upon failure to effect our initial business combination within the allotted time.</FONT></TD>
    <TD STYLE="padding-left: 6.55pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A><B>MANAGEMENT</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current directors, director nominees
and executive officers are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Name</B></P></TD>
    <TD STYLE="width: 7%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Age</B></P></TD>
    <TD STYLE="width: 55%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Position</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Suying Liu</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">32</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Dong Liu</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">34</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer and Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Nelson Haight</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">55</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Todd Milbourn</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">51</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Wenhua Zhang</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dr.
Suying Liu </B></FONT>has served as our Chairman and Chief Executive Officer and as a member of our board of directors since the
company&rsquo;s inception in November 2019. Dr. Liu has been the Head of Corporate Strategy of Hudson Capital Inc. (Nasdaq: HUSN)
since May 2020, where he leads the company&rsquo;s strategic development for both general operations and specific growth areas.
Dr. Liu integrates corporate finance opportunities with business fundamentals of Hudson Capital, leveraging his as well as the
company&rsquo;s broad network of relationships across a variety of industries such as financial services, general industrial and
real estate. Between November 2018 and April 2020, Dr. Liu served as the Chief Strategist of Mansion Capital LLC, a privately-held
real estate investment firm with brokerage and property management operations serving clients from both North America and Asia
for their investments in the U.S. real estate market. With extensive property transaction experience, Dr. Liu has a breadth of
connections to operating businesses that incorporate tactical real estate considerations into their business development strategies.
Prior to joining Mansion Capital, Dr. Liu was an investment strategist at J.P. Morgan Chase &amp; Co. from July 2015 to October
2018. With a primary focus in commercial mortgages, Dr. Liu assessed the operational strength and financial health of a multitude
of commercial real estate operators such as Starwood, Simon and Westfield, providing investment strategies to major Wall Street
institutions spanning private equity, hedge funds and insurance companies. Dr. Liu began his career in academia, teaching a variety
of degree programs from bachelor&rsquo;s to executive education at Washington University Olin Business School between January 2013
and May 2015 while completing his doctoral studies, for which he received a PhD in finance in May 2015. Dr. Liu obtained a master&rsquo;s
in finance in December 2012 and his BA in economics and mathematics <I>summa cum laude</I> in May 2010 from Washington University
in St. Louis. We believe Dr. Liu is qualified to serve on our board based on his diverse experience in corporate and investment
strategies as well as his leadership analyzing and implementing substantial transactions in many geographical regions.</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>Dong Liu</B> has served as our Chief Financial Officer and a member of our
board of directors since the company&rsquo;s inception in November 2019. Mr. Liu has been the Chief Financial Officer of Dongguan
Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial
customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu
has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising
on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao
Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses
in the greater China region as well as Europe. We believe Mr. Liu is qualified to serve on our board based on his experience as
chief financial officer and as manager of accounting, budgeting, capital allocation, and forecasting 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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Nelson Haight</B> has served as
a member of our board of directors since January 2020. A veteran in the oil &amp; gas industry with over 30 years of professional
experience, Mr. Haight currently serves as the Chief Financial Officer for Element Markets, LLC, an environmental commodities
firm, which he joined in September 2019. From November 2018 to June 2019, Mr. Haight was the Chief Financial Officer for Epic
Companies, LLC, a family office backed oilfield service company. Between July 2017 and September 2018, Mr. Haight was the Chief
Financial Officer of Castleton Resources, LLC, a privately held exploration and production company. From December 2011 to July
2017, Mr. Haight served in various capacities from Vice President to Chief Financial Officer at Midstates Petroleum Company, Inc.,
an exploration and production company founded in 1993 and focused on the application of modern drilling and completion techniques
to oil/liquids-prone resources in previously discovered yet underdeveloped hydrocarbon trends. In 2015, Mr. Haight led the team
that raised $625 million in new capital for Midstates Petroleum. Mr. Haight received an MPA and BBA from the University of Texas
at Austin in May 1988 and is a Certified Public Accountant and member of the American Institute of Certified Public Accountants.
We believe Mr. Haight is qualified to serve on our board based on his experience in financial management and raising capital for
public and private 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Dr.
Todd Milbourn</B></FONT> has served as a member of our board of directors since January 2020. Dr. Milbourn is the Vice Dean and
Hubert C. and Dorothy R. Moog Professor of Finance at Washington University Olin Business School, where he has researched and
built academic programs in the areas of corporate finance, executive compensation and credit ratings since June 2000. With expertise
on valuation, corporate finance, corporate governance, executive compensation and corporate risk-taking, Dr. Milbourn has been
retained as an expert by private firms as well as the U.S. Department of Justice in cases related to fair rates of return, breach
of contract damages and executive compensation programs, among others. Dr. Milbourn is also the Director and Chair of the Audit
Committee of the Xanthus Fund at Oppenheimer, an asset management company with over 1,000 financial advisors and more than $90
billion assets under administration. Dr. Milbourn obtained his PhD in finance from Indiana University Kelly School of Business
in December 1995 and BA in economics and mathematics from Augustana College in May 1991. We believe Dr. Milbourn is qualified
to serve on our board based on his academic and practical experience in the areas of finance, compensation, and corporate governance.</P>



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




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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Wenhua
Zhang</B></FONT> has served as a member of our board of directors since January 2020. Mr. Zhang has been a Partner at Azia Capital
Fund LP, a private investment firm, since October 2014. Mr. Zhang began his career in the financial industry as the Vice President
of Equity Research in the technology, media and telecom sector with T. Rowe Price from August 2001 to May 2008, and later joined
Bain Capital as Director of the Brookside Fund, a long short equity investments fund, between July 2008 and December 2010. From
February 2011 to August 2012, Mr. Zhang was Senior Vice President and Portfolio Manager at Harvard Management Company, a wholly
owned subsidiary of Harvard University charged with managing the university's endowment assets, and then as Partner and Portfolio
Manager at Newport Asia LLC between October 2012 and October 2014, investing in Asia&rsquo;s high-growth companies on behalf of
clients from institutions, endowments, and family offices. Mr. Zhang received an MBA with dual majors in finance and technology
innovation from the Wharton School at the University of Pennsylvania in May 2001. We believe Mr. Zhang is qualified to serve on
our board based on his extensive network of relationships in the asset management industry and his experience as an institutional
investment manager deploying capital in a variety of sectors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number and Terms of Office of Officers and Directors</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon consummation of this offering,
our board of directors will have five members, three of whom will be deemed &ldquo;independent&rdquo; under SEC and Nasdaq rules.
Our board of directors will be divided into three classes with only one class of directors being elected in each year and each
class serving a three-year term. The term of office of the first class of directors, consisting of Dr. Todd Milbourn and Wenhua
Zhang, will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting
of Dong Liu and Nelson Haight, will expire at the second annual meeting. The term of office of the third class of directors, consisting
of Dr. Suying Liu, will expire at our third annual meeting of stockholders. We may not hold an annual meeting of stockholders
until after we consummate our initial business combination.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our 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 directors
may consist of a chairman of the board, and that our officer may consist of chief executive officer, president, chief financial
officer, executive vice president(s), vice president(s), secretary, treasurer and such other officers as may be determined by the
board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No executive officer has received any
cash compensation for services rendered to us. Commencing on the date of this prospectus through the completion of our
initial business combination with a target business, we will pay to Sunlight Global Investment LLC, a fee of $10,000 per
month for providing us with office space and certain office and secretarial services. However, pursuant to the terms of such
agreement, we may delay payment of such monthly fee upon a determination by our audit committee that we lack sufficient funds
held outside the trust to pay actual or anticipated expenses in connection with our initial business combination. Any such
unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of our initial
business combination. Other than the $10,000 per month administrative fee, no compensation or fees of any kind, including
finder&rsquo;s fees, consulting fees and other similar fees, will be paid to our insiders or any of the members of our
management team, for services rendered prior to or in connection with the consummation of our initial business combination
(regardless of the type of transaction that it is). However, such individuals will receive reimbursement for any
out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target
businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling to
and from the offices, plants or similar locations of prospective target businesses to examine their operations. There is no
limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed
the available proceeds not deposited in the trust account and the interest income earned on the amounts held in the trust
account, such expenses would not be reimbursed by us unless we consummate an initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After our initial business combination,
members of our management team who remain with us may be paid consulting, management or other fees from the combined company with
any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials furnished
to our stockholders. It is unlikely the amount of such compensation will be known at the time of a stockholder meeting held to
consider our initial business combination, as it will be up to the directors of the post-combination business to determine executive
and director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current
Report on Form 8-K, as required by the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq
listing standards require that within one year of the listing of our securities on the Nasdaq Capital Market we have at least three
independent directors and 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 had determined that Nelson Haight, </FONT>Dr.
Todd Milbourn <FONT STYLE="font-family: Times New Roman, Times, Serif">and </FONT>Wenhua Zhang <FONT STYLE="font-family: Times New Roman, Times, Serif">are
 &ldquo;independent director&rdquo; as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors
will have regularly scheduled meetings at which only independent directors are present.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will only enter into a business combination
if it is approved by a majority of our independent directors. Additionally, we will only enter into transactions with our officers
and directors and their respective affiliates that are on terms no less favorable to us than could be obtained from independent
parties. Any related-party transactions must be approved by our audit committee and a majority of disinterested directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Effective
as of the date of this prospectus, we will establish an audit committee of the board of directors, which will consist of Nelson
Haight, </FONT>Dr. Todd Milbourn <FONT STYLE="font-family: Times New Roman, Times, Serif">and </FONT>Wenhua Zhang<FONT STYLE="font-family: Times New Roman, Times, Serif">,
each of whom is an independent director. </FONT>Dr. Todd Milbourn <FONT STYLE="font-family: Times New Roman, Times, Serif">will
serve as chairman of the audit committee. The audit committee&rsquo;s duties, which are specified in our Audit Committee Charter,
include, but are not limited to:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing and discussing with management and the independent auditor the annual audited financial
statements, and recommending to the board whether the audited financial statements should be included in our Form 10-K;</TD></TR>                                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">discussing with management and the independent auditor significant financial reporting issues and
judgments made in connection with the preparation of our financial statements;</TD></TR>                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">discussing with management major risk assessment and risk management policies;</TD></TR>                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">monitoring the independence of the independent auditor;</TD></TR>                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">verifying the rotation of the lead (or coordinating) audit partner having primary responsibility
for the audit and the audit partner responsible for reviewing the audit as required by law;</TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">reviewing and approving all related-party transactions;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">inquiring and discussing with management our compliance with applicable laws and regulations;</TD></TR>                                                                                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">pre-approving all audit services and permitted non-audit services to be performed by our independent
auditor, including the fees and terms of the services to be performed;</TD></TR>                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">appointing or replacing the independent auditor;</TD></TR>                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">determining the compensation and oversight of the work of the independent auditor (including resolution
of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or
issuing an audit report or related work;</TD></TR>                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">establishing procedures for the receipt, retention and treatment of complaints received by us regarding
accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting
policies; and</TD></TR>                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">approving reimbursement of expenses incurred by our management team in identifying potential target
businesses.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Experts on Audit Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee will at all times be
composed exclusively of &ldquo;independent directors&rdquo; who are &ldquo;financially literate&rdquo; as defined under the Nasdaq
listing standards. The Nasdaq listing standards define &ldquo;financially literate&rdquo; as being able to read and understand
fundamental financial statements, including a company&rsquo;s balance sheet, income statement and cash flow statement.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, we must certify to Nasdaq that the committee has, and will continue to have, at least one member who has past employment
experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background
that results in the individual&rsquo;s financial sophistication. The board of directors has determined that </FONT>Dr. Todd Milbourn
<FONT STYLE="font-family: Times New Roman, Times, Serif">qualifies as an &ldquo;audit committee financial expert,&rdquo; as defined
under rules and regulations of the SEC.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee
of the board of directors consisting of Nelson Haight, </FONT>Dr. Todd Milbourn <FONT STYLE="font-family: Times New Roman, Times, Serif">and
</FONT>Wenhua Zhang<FONT STYLE="font-family: Times New Roman, Times, Serif">, each of whom is an independent director. </FONT>Wenhua
Zhang <FONT STYLE="font-family: Times New Roman, Times, Serif">will serve as chairman of the compensation committee. We will adopt
a compensation committee charter, which will detail the principal functions of the compensation committee, including:</FONT></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">reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief
Executive Officer&rsquo;s compensation, evaluating our Chief Executive Officer&rsquo;s performance in light of such goals and objectives
and determining and approving the remuneration (if any) of our Chief Executive Officer&rsquo;s based on such evaluation;</TD></TR>                                                                                                                                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">reviewing and approving the compensation of all of our other executive officers;</TD></TR>                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">reviewing our executive compensation policies and plans;</TD></TR>                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">implementing and administering our incentive compensation equity-based remuneration plans;</TD></TR></TABLE>

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

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="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">assisting management in complying with our proxy statement and annual report disclosure requirements;</TD></TR>                                                                                                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">approving all special perquisites, special cash payments and other special compensation and benefit
arrangements for our executive officers and employees;</TD></TR>                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">producing a report on executive compensation to be included in our annual proxy statement; and</TD></TR>                                                                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The charter will also provide that the
compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or
other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser.
However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation
committee will consider the independence of each such adviser, including the factors required by NASDAQ and the SEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">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(e)(2) of the NASDAQ rules, a majority of the independent
directors may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent
directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation
of a standing nominating committee. Nelson Haight, </FONT>Dr. Todd Milbourn <FONT STYLE="font-family: Times New Roman, Times, Serif">and
</FONT>Wenhua Zhang <FONT STYLE="font-family: Times New Roman, Times, Serif">will participate in the consideration and recommendation
of director nominees. In accordance with Rule&nbsp;5605(e)(1)(A) 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 the Board should follow the procedures set forth in our bylaws.</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation Committee Interlocks and Insider Participation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not have a compensation
committee in place prior to the completion of our initial business combination. Any executive compensation matters that arise
prior to the time we have a compensation committee in place will be determined by our independent directors. None of our
directors who currently serve as members of our compensation committee is, or has at any time in the past been, one of our
officers or employees. None of our executive officers currently serves, or in the past year has served, as a member of the
compensation committee of any other entity that has one or more executive officers serving on our board of directors. None of
our executive officers currently serves, or in the past year has served, as a member of the board of directors of any other
entity that has one or more executive officers serving on our compensation committee.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective upon consummation of this offering,
we will adopt a code of ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies
the business and ethical principles that govern all aspects of our business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should be aware of the following
potential conflicts of interest:</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">None of our officers and directors is required to commit their full time to our affairs and, accordingly,
they may have conflicts of interest in allocating their time among various business activities.</TD></TR>                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">In the course of their other business activities, our officers and directors may become aware of
investment and business opportunities which may be appropriate for presentation to our company as well as the other entities with
which they are affiliated. Our officers and directors may have conflicts of interest in determining to which entity a particular
business opportunity should be presented.</TD></TR>                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">Our officers and directors may in the future become affiliated with entities, including other blank
check companies, engaged in business activities similar to those intended to be conducted by our company.</TD></TR>                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">Unless we consummate our initial business combination, our officers, directors and other insiders
will not receive reimbursement for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount
of available proceeds not deposited in the trust account.</TD></TR>                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">The insider shares beneficially owned by our officers and directors will be released from escrow
only if our initial business combination is successfully completed. Additionally, if we are unable to complete an initial business
combination within the required time frame, our officers and directors will not be entitled to receive any amounts held in the
trust account with respect to any of their insider shares or private units. Furthermore, Sunlight Global Investment LLC has agreed
that the private units will not be sold or transferred by it until after we have completed our initial business combination. For
the foregoing reasons, our board may have a conflict of interest in determining whether a particular target business is an appropriate
business with which to effect our initial business combination.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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; 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">the corporation could financially undertake the opportunity;</TD></TR>                                                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">the opportunity is within the corporation&rsquo;s line of business; and</TD></TR>                                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">it would not be fair to the corporation and its stockholders for the opportunity not to be brought
to the attention of the corporation.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 certificate of incorporation provides
that the doctrine of corporate opportunity will not apply with respect to any of our officers or directors in circumstances
where the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have. In
order to minimize potential conflicts of interest which may arise from multiple affiliations, our officers and directors
(other than our independent directors) have agreed to present to us for our consideration, prior to presentation to any other
person or entity, any suitable opportunity to acquire a target business, until the earlier of: (1) our consummation of an
initial business combination and (2) 12 months from the date of this prospectus <FONT STYLE="font-family: Times New Roman, Times, Serif">(or
15 or 18 or 21 months if we have extended the period of time to complete a business combination as described in this
prospectus). This agreement is, however, subject to any pre-existing fiduciary and contractual obligations such officer or
director may from time to time have to another entity. Accordingly, if any of them becomes aware of a business combination
opportunity which is suitable for an entity to which he or she has pre-existing fiduciary or contractual obligations, he or
she will honor his or her 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 the pre-existing
fiduciary duties or contractual obligations of our officers and directors will materially undermine our ability to complete
our business combination because in most cases the affiliated companies are closely held entities controlled by the officer
or director or the nature of the affiliated company&rsquo;s business is such that it is unlikely that a conflict will
arise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the current
material pre-existing fiduciary or contractual obligations of our officers, directors and director nominees:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Name of Individual</B></P></TD>
    <TD STYLE="width: 24%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Name
        of Affiliated<BR>
        Company</B></P></TD>
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Entity&rsquo;s
        Business</B></P></TD>
    <TD STYLE="width: 18%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Affiliation</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suying Liu</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hudson Capital Inc.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of Corporate Strategy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dong Liu</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dongguan Zhishan Photoelectric Technology Co.,
    Ltd.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manufacturing</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nelson Haight </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Element Markets LLC </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Energy</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Todd Milbourn</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington University<BR>
    Olin Business School</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Higher Education</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice Dean and Professor</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenhua Zhang</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Azia Capital LP</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our insiders, including our officers and
directors, have agreed to vote any shares of common stock held by them in favor of our initial business combination. In addition,
they have agreed to waive their respective rights to receive any amounts held in the trust account with respect to their insider
shares and private shares if we are unable to complete our initial business combination within the required time frame. If they
purchase shares of common stock in this offering or in the open market, however, they would be entitled to receive their pro rata
share of the amounts held in the trust account if we are unable to complete our initial business combination within the required
time frame, but have agreed not to convert such shares in connection with the consummation of our initial business combination.</P>

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

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

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    <!-- 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: justify">All ongoing and future transactions
between us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less
favorable to us than are available from unaffiliated third parties. Such transactions will require prior approval by our
audit committee and a majority of our uninterested &ldquo;independent&rdquo; directors, or the members of our board who do
not have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent legal
counsel. We will not enter into any such transaction unless our audit committee and a majority of our disinterested
 &ldquo;independent&rdquo; directors determine that the terms of such transaction are no less favorable to us than those that
would be available to us with respect to such a transaction from unaffiliated third parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To further minimize conflicts of interest,
we have agreed not to consummate our initial business combination with an entity that is affiliated with any of our officers, directors
or other insiders, unless we have obtained (i) an opinion from an independent investment banking firm that the business combination
is fair to our unaffiliated stockholders from a financial point of view and (ii) the approval of a majority of our disinterested
and independent directors (if we have any at that time). In no event will our insiders or any of the members of our management
team be paid any finder&rsquo;s fee, consulting fee or other similar compensation prior to, or for any services they render in
order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is).</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation on Liability and Indemnification of Directors
and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law as it now exists or
may in the future be amended. In addition, our certificate of incorporation provides that our directors will not be personally
liable for monetary damages to us for breaches of their fiduciary duty as directors, unless they violated their duty of loyalty
to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends,
unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as directors. Notwithstanding
the foregoing, as set forth in our certificate of incorporation, such indemnification will not extend to any claims our insiders
may make to us to cover any loss that they may sustain as a result of their agreement to pay debts and obligations to target businesses
or vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us as described
elsewhere in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws also will permit us to secure
insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether
Delaware law would permit indemnification. We will purchase a policy of directors&rsquo; and officers&rsquo; liability insurance
that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances
and insures us against our obligations to indemnify the directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These provisions may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of
reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might
otherwise benefit us and our stockholders. Furthermore, a stockholder&rsquo;s investment may be adversely affected to the extent
we pay the costs of settlement and damage awards against directors and officers pursuant to these provisions. We believe that these
provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and
officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing
provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a12"></A>PRINCIPAL STOCKHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
regarding the beneficial ownership of our shares of common stock as of the date of this prospectus and upon completion of the sale
of our shares of common stock included in the units offered by this prospectus (assuming none of the individuals listed purchase
units in this offering), by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">each person known by us to be the beneficial owner of more than 5% of our outstanding shares of
common stock;</TD></TR>                       <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">each of our officers, directors and director nominees; and</TD></TR>                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">&bull;</TD><TD STYLE="text-align: justify">all of our officers, directors and director nominees as a group.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts shown in the &ldquo;After Offering&rdquo;
column are calculated assuming no exercise of the over-allotment option and, therefore, the forfeiture of an aggregate of 187,500
shares of common stock held by our insiders. Unless otherwise indicated, we believe that all persons named in the table have sole
voting and investment power with respect to all shares of common stock beneficially owned by them.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">Prior to Offering</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>After Offering<SUP>(2)</SUP></B></FONT></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"><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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount and<BR> Nature of<BR> Beneficial<BR> Ownership of<BR> Common Stock</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Approximate<BR> Percentage of<BR> Outstanding<BR> Shares of<BR> Common Stock</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount and<BR> Nature of<BR> Beneficial<BR> Ownership of<BR> Common<BR> Stock<SUP>(3)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Approximate<BR> Percentage of<BR> Outstanding<BR> Shares of<BR> Common Stock</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: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunlight Global Investment LLC (our sponsor)<SUP>(4)</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">1,431,500</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">99.5</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">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,540,500</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">23.4</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suying Liu<SUP>(5)</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">1,431,500</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">99.5</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">1,540,500</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">23.4</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">Dong Liu</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">1,431,500</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">99.5</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">1,540,500</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">23.4</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">Nelson Haight</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">2,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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">2,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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">Todd Milbourn</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">2,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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">2,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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">Wenhua Zhang</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">2,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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">2,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></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">All officers and directors as a group (5 individuals)</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">1,437,500</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</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">1,546,500</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">23.5</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; text-align: justify"></P>



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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in">*</TD>
<TD STYLE="text-align: justify">Less than 1%.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless otherwise indicated, the business
address of each of the individuals is c/o Mountain Crest Acquisition Corp, </FONT>311 West 43rd Street, 12th Floor, New York, New
York 10036<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></TD></TR></TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    no exercise of the over-allotment option and, therefore, an aggregate of 187,500 shares of common stock held by our initial
    stockholders are forfeited.</FONT></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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Does
    not include beneficial ownership of any shares of common stock underlying outstanding private units as such shares are not
    issuable within 60 days of the date of this prospectus.</FONT></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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suying
    Liu and Dong Liu have voting and dispositive power over the shares owned by Sunlight Global Investment LLC.</FONT></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: 0px"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists
    of shares owned by Sunlight Global Investment LLC, over which Suying Liu and Dong Liu have voting and dispositive power.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately after this offering, our insiders
will beneficially own approximately 20.0% of the then issued and outstanding shares of common stock (assuming they do not purchase
any units offered by this prospectus).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of the ownership block held by
our insiders, such individuals may be able to effectively exercise influence over all matters requiring approval by our stockholders,
including the election of directors and approval of significant corporate transactions other than approval of our initial business
combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters do not exercise all
or a portion of the over-allotment option, an aggregate of up to 187,500 insider shares will be forfeited in amounts as determined
amongst the holders of such insider shares and not proportional to their ownership percentages in our shares of common stock.
Only a number of shares necessary to maintain our insiders&rsquo; collective 20.0% ownership interest in our shares of common
stock after giving effect to the offering and the exercise, if any, of the underwriters&rsquo; over-allotment option will be forfeited.</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">All of the insider shares outstanding
prior to the date of this prospectus will be placed in escrow with American Stock Transfer &amp; Trust Company, LLC, as escrow
agent. Subject to certain limited exceptions, 50% of these shares will not be transferred, assigned, sold or released from escrow
until the earlier of six months after the date of the consummation of our initial business combination and the date the closing
price of our common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and
recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination
and the remaining 50% of the insider shares will not be transferred, assigned, sold or released from escrow until six months after
the date of the consummation of our initial business combination or earlier in either case if, subsequent to our initial business
combination, we complete a liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders
having the right to exchange their shares of common stock for cash, securities or other property. Up to 187,500 of the insider
shares may also be released from escrow earlier than this date for cancellation if the over-allotment option is not exercised
in full as described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the escrow period, the holders
of these shares will not be able to sell or transfer their securities except (1) transfers among the insiders, to our officers,
directors, advisors and employees, (2) transfers to an insider&rsquo;s affiliates or its members upon its liquidation, (3) transfers
to relatives and trusts for estate planning purposes, (4) transfers by virtue of the laws of descent and distribution upon death,
(5) transfers pursuant to a qualified domestic relations order, (6) private sales made at prices no greater than the price at
which the securities were originally purchased or (7) transfers to us for cancellation in connection with the consummation of
an initial business combination, in each case (except for clause 7) where the transferee agrees to the terms of the escrow agreement
and forfeiture, as the case may be, as well as the other applicable restrictions and agreements of the holders of the insider
shares. If dividends are declared and payable in shares of common stock, such dividends will also be placed in escrow. If we are
unable to effect a business combination and liquidate, there will be no liquidation distribution with respect to the insider shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sunlight Global Investment LLC and Chardan
Capital Markets, LLC will purchase, pursuant to a written purchase agreement with us, the private units for an aggregate purchase
price of $3,215,000 (or $3,552,500 if the underwriters&rsquo; over-allotment option is exercised in full) from us, of which 296,500
private units (or 326,500 if the underwriters&rsquo; over-allotment option is exercised in full) will be purchased by Sunlight
Global Investment LLC and 25,000 private units (or 28,750 if the underwriters&rsquo; over-allotment option is exercised in full)
will be purchased by Chardan Capital Markets, LLC. These purchases will take place on a private placement basis simultaneously
with the consummation of this offering. The private units are identical to the units sold in this offering. Additionally, Sunlight
Global Investment LLC and Chardan Capital Markets, LLC have agreed not to transfer, assign or sell any of the private units or
underlying securities (except to the same permitted transferees as the insider shares and provided the transferees agree to the
same terms and restrictions as the permitted transferees of the insider shares must agree to, each as described above) until the
completion of our initial business combination.</P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to meet our working capital
needs following the consummation of this offering, our insiders may, but are not obligated to, loan us funds, from time to
time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a
promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
at the lender&rsquo;s discretion, up to $1,500,000 <FONT STYLE="font-family: Times New Roman, Times, Serif">of the notes may
be converted upon consummation of our business combination into additional private units at a price of $10.00 per unit. Our
stockholders have approved the issuance of the private units upon conversion of such notes, to the extent the holder wishes
to so convert such notes at the time of the consummation of our initial business combination. If we do not complete a
business combination, any outstanding loans from our insiders or their affiliates, will be repaid only from amounts remaining
outside our trust account, if any.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our executive officers and directors are
deemed to be our &ldquo;promoters,&rdquo; as that term is defined under the federal securities laws.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a13"></A>CERTAIN TRANSACTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2019, we issued 100 shares
of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50 shares of common
stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In May 2020, we declared a
reverse split of one share of common stock for every 1.5 outstanding shares of common stock, resulting in 1,437,500 shares of
common stock being outstanding. We refer to these shares throughout this prospectus as the &ldquo;insider shares,&rdquo; and the
aggregate purchase price for the insider shares was $25,000, or approximately $0.017 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters do not exercise all
or a portion of their over-allotment option, our insiders will forfeit up to an aggregate of 187,500 insider shares in proportion
to the portion of the over-allotment option that was not exercised. If such shares are forfeited, we will record the forfeited
shares as treasury stock and simultaneously retire the shares. Upon receipt, such forfeited shares would then be immediately cancelled
which would result in the retirement of the treasury shares and a corresponding charge to additional paid-in capital.</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">If the underwriters determine the size
of the offering should be increased (including pursuant to Rule 462(b) under the Securities Act) or decreased, a share dividend
or a contribution back to capital, as applicable, would be effectuated in order to maintain our insiders&rsquo; ownership at a
percentage of the number of shares of common stock to be sold in this offering. Our insiders may purchase from us at a price of
$10.00 per unit the number of private units that is necessary to maintain in the trust account an amount equal to $10.20 per share
sold to the public in this 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">Sunlight Global Investment LLC and Chardan
Capital Markets, LLC will purchase, pursuant to a written purchase agreement with us, 321,500 private units for a total purchase
price of $3,215,000, of which 296,500 private units will be purchased by Sunlight Global Investment LLC and 25,000 private units
will be purchased by Chardan Capital Markets, LLC (or 355,250 private units for a total purchase price of $3,552,500 if the underwriters&rsquo;
over-allotment option is exercised in full, of which up to 326,500 private units will be purchased by Sunlight Global Investment
LLC and up to 28,750 private units will be purchased by Chardan Capital Markets, LLC). These purchases will take place on a private
placement basis simultaneously with the consummation of this offering. The purchase price for the private units, including those
that may be purchased if the over-allotment option is exercised, will be delivered to Loeb &amp; Loeb LLP, who will also be acting
as escrow agent in connection with the private sale of private units, at least 24 hours prior to the date of this prospectus to
hold in a non-interest bearing account until we consummate this offering. American Stock Transfer &amp; Trust Company, LLC will
deposit the purchase price into the trust account simultaneously with the consummation of the offering or the over-allotment option,
as the case may be. The private units are identical to the units sold in this offering. Additionally, Sunlight Global Investment
LLC and Chardan Capital Markets, LLC have agreed not to transfer, assign or sell any of the private units or underlying securities
(except to the same permitted transferees as the insider shares and provided the transferees agree to the same terms and restrictions
as the permitted transferees of the insider shares must agree to, each as described above) until the completion of our initial
business combination.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to meet our working capital
needs following the consummation of this offering, our insiders, officers and directors may, but are not obligated to, loan
us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would
be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination,
without interest, or, at the lender&rsquo;s discretion, up to $1,500,000 <FONT STYLE="font-family: Times New Roman, Times, Serif">of
the notes may be converted upon consummation of our business combination into additional private units at a price of $10.00
per unit. Our stockholders have approved the issuance of the private units upon conversion of such notes, to the extent the
holder wishes to so convert such notes at the time of the consummation of our initial business combination. If we do not
complete a business combination, any outstanding loans from our insiders or their affiliates, will be repaid only from
amounts remaining outside our trust account, if any.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of our insider shares issued
and outstanding on the date of this prospectus, as well as the holders of the private units (and underlying securities) and any
shares our insiders or their affiliates may be issued in payment of working capital loans made to us, will be entitled to registration
rights pursuant to an agreement to be signed prior to or on the effective date of this offering. The holders of a majority of these
securities are entitled to make up to two demands that we register such securities. The holders of the majority of the insider
shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares
of common stock are to be released from escrow. The holders of a majority of the units or shares issued in payment of working capital
loans made to us can elect to exercise these registration rights at any time after we consummate a business combination. In addition,
the holders have certain &ldquo;piggy-back&rdquo; registration rights with respect to registration statements filed subsequent
to our consummation of our initial business combination. We will bear the expenses incurred in connection with the filing of any
such registration statements.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sunlight Global Investment LLC, our sponsor,
has agreed that, commencing on the date of this prospectus through the earlier of our consummation of our initial business combination
or our liquidation, it will make available to us certain general and administrative services, including office space, utilities
and administrative support, as we may require from time to time. We have agreed to pay Sunlight Global Investment LLC $10,000 per
month for these services. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination
by our audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection
with our initial business combination. Any such unpaid amount will accrue without interest and be due and payable no later than
the date of the consummation of our initial business combination. We believe that the fee charged by our sponsor is at least as
favorable as we could have obtained from an unaffiliated person.</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">Other than the fees described above, no
compensation or fees of any kind, including finder&rsquo;s fees, consulting fees or other similar compensation, will be paid to
our insiders or any of the members of our management team, for services rendered to us prior to, or in connection with the consummation
of our initial business combination (regardless of the type of transaction that it is). However, such individuals will receive
reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying
potential target businesses, performing business due diligence on suitable target businesses and business combinations as well
as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations.
There is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses
exceed the available proceeds not deposited in the trust account and the interest income earned on the amounts held in the trust
account, such expenses would not be reimbursed by us unless we consummate an initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After our initial business
combination, members of our management team who remain with us may be paid consulting, board, management or other fees from
the combined company with any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy
solicitation materials furnished to our stockholders. It is unlikely the amount of such compensation will be known at the
time of a stockholder meeting held to consider our initial business combination, as it will be up to the directors of the
post-combination business to determine executive and director compensation. In this event, such compensation will be publicly
disclosed at the time of its determination in a Current Report on Form 8-K, as required by the&nbsp;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">All ongoing and future transactions between
us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable
to us than are available from unaffiliated third parties. Such transactions will require prior approval by our audit committee
and a majority of our uninterested independent directors, in either case who had access, at our expense, to our attorneys or independent
legal counsel. We will not enter into any such transaction unless our audit committee and a majority of our disinterested independent
directors determine that the terms of such transaction are no less favorable to us than those that would be available to us with
respect to such a transaction from unaffiliated third parties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Code of Ethics requires us to avoid,
wherever possible, all related party transactions that could result in actual or potential conflicts of interests, except under
guidelines approved by the board of directors (or the audit committee). Related party transactions are defined as transactions
in which (1) the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2) we or any of our
subsidiaries is a participant, and (3) any (a) executive officer, director or nominee for election as a director, (b) greater than
5% beneficial owner of our shares of common stock, or (c) immediate family member, of the persons referred to in clauses (a) and
(b), has or will have a direct or indirect material interest (other than solely as a result of being a director or a less than
10% beneficial owner of another entity). A conflict of interest situation can arise when a person takes actions or has interests
that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may also arise if a person,
or a member of his or her family, receives improper personal benefits as a result of his or her position.</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 also require each of our directors and
executive officers to annually complete a directors&rsquo; and officers&rsquo; questionnaire that elicits information about related
party transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These procedures are intended to determine
whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part
of a director, employee or officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To further minimize conflicts of interest,
we have agreed not to consummate our initial business combination with an entity that is affiliated with any of our insiders, officers
or directors unless we have obtained an opinion from an independent investment banking firm and the approval of a majority of our
disinterested and independent directors (if we have any at that time) that the business combination is fair to our unaffiliated
stockholders from a financial point of view. In no event will our insiders, or any of the members of our management team be paid
any finder&rsquo;s fee, consulting fee or other similar compensation prior to, or for any services they render in order to effectuate,
the consummation of our initial business combination (regardless of the type of transaction that it 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"></P>

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

<!-- Field: Split-Segment; Name: 11 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a14"></A>DESCRIPTION OF SECURITIES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of the effective date of the registration statement of which this prospectus forms a part, our certificate of incorporation will
authorize the issuance of [</FONT><FONT STYLE="font-family: Symbol">&middot;</FONT>] shares of common stock, par value $0.0001.
As of the date of this prospectus, 1,437,500 shares of common stock are outstanding, held by four stockholders of record. The
following description summarizes all of the material terms of our securities. Because it is only a summary, it may not contain
all the information that is important to you. For a complete description you should refer to our certificate of incorporation
and bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each unit has an offering price of $10.00
and consists of one share of common stock and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of
a share of common stock upon consummation of our initial business combination. In addition, we will not issue fractional shares
in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise
addressed in accordance with the applicable provisions of Delaware Law. As a result, you must hold rights in multiples of 10 in
order to receive shares for all of your rights upon closing of a business combination.</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 common stock and rights comprising
the units will begin separate trading on the 90<SUP>th</SUP> day after the date of this prospectus unless Chardan Capital Markets,
LLC determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative strengths of
the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities
in particular), 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 common stock and rights commence separate trading, holders will have
the option to continue to hold units or separate their units into the component pieces. Holders will need to have their brokers
contact our transfer agent in order to separate the units into shares of common stock and rights.</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 no event will the common stock and
rights be traded separately until we have filed with the SEC a Current Report on Form&nbsp;8-K which includes an audited balance
sheet reflecting our receipt of the gross proceeds of this offering. We will file a Current Report on Form 8-K which includes
this audited balance sheet upon the completion of this offering, which is anticipated to take place three business days after
the date of this prospectus. If the underwriters&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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our holders of record of our common stock
are entitled to one vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to
approve our initial business combination, our insiders, officers and directors, have agreed to vote their respective shares of
common stock owned by them immediately prior to this offering, including both the insider shares and the private shares, and any
shares acquired in this offering or following this offering in the open market, in favor of the proposed business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will consummate our initial business
combination only if public stockholders do not exercise conversion rights in an amount that would cause our net tangible assets
to be less than $5,000,001 and a majority of the outstanding shares of common stock voted are voted in favor of the business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors is divided into
three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each
year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50%
of the shares eligible to vote for the election of directors can elect all of the directors.</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">Pursuant to our certificate of incorporation,
if we do not consummate our initial business combination within 12 months from the closing of this offering, we will (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, redeem 100% of the outstanding public shares, which redemption will completely extinguish public stockholders&rsquo;
rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. Our insiders have agreed to waive their rights
to share in any distribution with respect to their insider shares and private shares. However, if we anticipate that we may not
be able to consummate our initial business combination within 12 months, our insiders or their affiliates may, but are not obligated
to, extend the period of time to consummate a business combination three times by an additional three months each time (for a
total of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of
incorporation and the trust agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on the
date of this prospectus, the only way to extend the time available for us to consummate our initial business combination is for
our insiders or their affiliates or designees, upon five days&rsquo; advance notice prior to the applicable deadline, to deposit
into the trust account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case),
on or prior to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination
and deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory
note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the relevant insider&rsquo;s discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our
initial business combination. In the event that we receive notice from our insiders five days prior to the applicable deadline
of their intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior
to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether
or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders,
decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates or designees)
may deposit the entire amount required.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our stockholders have no conversion,
preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares of
common stock, except that public stockholders have the right to sell their shares to us in any tender offer or have their
shares of common stock converted to cash equal to their pro rata share of the trust account if they vote on the proposed
business combination and the business combination is completed. If we hold a stockholder vote to amend any provisions of our
certificate of incorporation relating to stockholder&rsquo;s rights or pre-business combination activity (including the
substance or timing within which we have to complete a business combination), we will 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 earned on the funds held in the
trust account and not previously released to us to pay our franchise and income taxes, divided by the number of then
outstanding public shares, in connection with any such vote. In either of such events, converting stockholders would be paid
their pro rata portion of the trust account promptly following consummation of the business combination or the approval of
the amendment to the certificate of incorporation. If the business combination is not consummated or the amendment is not
approved, stockholders will not be paid such amounts.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rights included as part of units</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in cases where we are not the surviving
company in a business combination, each holder of a right will automatically receive one-tenth (1/10) of a share of common stock
upon consummation of our initial business combination, even if the holder of a public right converted all shares of common stock
held by him, her or it in connection with the initial business combination or an amendment to our certificate of incorporation
with respect to our pre-business combination activities. In the event we will not be the surviving company upon completion of our
initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights in order
to receive the one-tenth (1/10) of a share underlying each right upon consummation of the business combination. No additional consideration
will be required to be paid by a holder of rights in order to receive his, her or its additional shares of common stock upon consummation
of an initial business combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent
held by affiliates of ours). If we enter into a definitive agreement for a business combination in which we will not be the surviving
entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders
of the common stock will receive in the transaction on an as-converted into common stock 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"></P>

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<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 not issue fractional shares in connection with an exchange
of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the
applicable provisions of the Delaware General Corporation Law. As a result, you must hold rights in multiples of 10 in order to
receive shares for all of your rights upon closing of a business combination. If we are unable to complete an initial business
combination within the required time period and we liquidate the funds held in the trust account, holders of rights will not receive
any of such funds with respect to their rights, nor will they receive any distribution from our assets held outside of the trust
account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure
to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally, in no event
will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to sell to Chardan Capital
Markets, LLC an option for $100 to purchase up to a total of 300,000 units (up to 345,000 units with full exercise of over-allotment
option) at $11.50 per unit. The units issuable upon exercise of this option are identical to those offered by this prospectus
except that the units, if the unit purchase option is exercised, will be purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become tradable only after certain conditions are met or the resale of the units is
registered under the Securities Act. Each unit consists of one share of common stock and one right to acquire one-tenth of a share
of common stock upon the consummation of a business combination. In connection with the receipt of the shares of common stock
underlying rights upon the consummation of a business combination, no additional consideration shall be paid by Chardan Capital
Markets, LLC; provided, however, in no event shall the Company be required to issue fractional shares of common stock upon the
exchange of rights. For a more complete description of the unit purchase option, see the section below entitled &ldquo;Underwriting
 &mdash; Unit Purchase Option.&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>Dividends</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent for our securities
is American Stock Transfer &amp; Trust Company, LLC.</P>



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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Anti-Takeover Provisions of Delaware Law and
our Certificate of Incorporation and By-Laws</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be subject to the provisions of
Section 203 of Delaware General Corporation Law, or 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; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">a stockholder who owns 10% or more of our outstanding voting stock (otherwise known as an &ldquo;interested
stockholder&rdquo;);</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">an affiliate of an interested stockholder; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">an associate of an interested stockholder, for three years following the date that the stockholder
became an interested stockholder.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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; 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">our board of directors approves the transaction that made the stockholder an &ldquo;interested
stockholder,&rdquo; prior to the date of the transaction;</TD></TR></TABLE>

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

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

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">on or subsequent to the date of the transaction, the business combination is approved by our board
of directors and authorized at a meeting of our 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.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that special meetings
of our stockholders may be called only by a majority vote of our board of directors, by our chief executive officer or by our chairman.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Advance notice requirements for stockholder proposals
and director nominations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that stockholders seeking
to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders must provide timely notice of their intent in writing. To be timely, a stockholder&rsquo;s notice will
need to be delivered to our principal executive offices not later than the close of business on the 90<SUP>th</SUP> day nor earlier
than the opening of business on the 120<SUP>th</SUP> day prior to the scheduled date of the annual meeting of stockholders. 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; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of us by means of a proxy contest, tender offer, merger or otherwise.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a15"></A><B>SHARES ELIGIBLE
FOR FUTURE SALE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Immediately after this offering, we will
have 6,571,500 shares of common stock outstanding, or 7,542,750 shares of common stock if the over-allotment option is exercised
in full. Of these shares, the 5,000,000 shares of common stock sold in this offering, or 5,750,000 shares of common stock if the
over-allotment option is exercised in full, will be freely tradable without restriction or further registration under the Securities
Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of
the remaining shares are restricted securities under Rule 144, in that they were issued in private transactions not involving
a public offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rule 144</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A person who has beneficially owned restricted
shares of common stock for at least six months would be entitled to sell their shares provided that (1) 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 (2) we are subject
to the Exchange Act periodic reporting requirements for at least three months before the sale. Persons who have beneficially owned
restricted shares of common stock for at least six months but who are our affiliates at the time of, or any time during the three
months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any
three-month period a number of shares that does not exceed the greater of either of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
    of the number of shares then outstanding, which will equal approximately 65,715 shares of common stock immediately after this
    offering (or approximately 75,427 shares of common stock if the over-allotment option is exercised in full); and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the average weekly trading volume of the shares of common stock during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales under Rule 144 are also limited by
manner of sale provisions and notice requirements and to the availability of current public information about us.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the issuer of the securities that was formerly a shell company has ceased to be a shell company;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">the issuer of the securities has filed all Exchange Act reports and material required to be filed,
as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials),
other than Form 8-K reports; and</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, it is likely that pursuant
to Rule 144, our insiders will be able to sell their insider shares freely without registration one year after we have completed
our initial business combination assuming they are not an affiliate of ours at that time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of our insider shares issued
and outstanding on the date of this prospectus, as well as the holders of the private units and any shares our insiders or their
affiliates may be issued in payment of working capital loans made to us, will be entitled to registration rights pursuant to an
agreement to be signed prior to or on the effective date of this offering. The holders of a majority of these securities are entitled
to make up to two demands that we register such securities. The holders of the majority of the insider shares can elect to exercise
these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be
released from escrow. The holders of a majority of the units issued in payment of working capital loans made to us can elect to
exercise these registration rights at any time commencing on the date that we consummate our initial business combination. In addition,
the holders have certain &ldquo;piggy-back&rdquo; registration rights with respect to registration statements filed subsequent
to our consummation of our initial business combination. We will bear the expenses incurred in connection with the filing of any
such registration statements.</P>



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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a16"></A>UNDERWRITING</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to offer our securities described
in this prospectus through the underwriters named below. Subject to the terms and conditions of the underwriting agreement, the
underwriters, through their representative and sole book-running manager of the offering, Chardan Capital Markets, LLC, have severally
agreed to purchase from us, on a firm commitment basis, the following respective number of units at a public offering price less
the underwriting discounts and commissions set forth on the cover page of this prospectus:</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Chardan Capital Markets, LLC</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-indent: -10pt; padding-left: 10pt">Total</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">5,000,000</TD><TD STYLE="width: 1%; 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: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the form of underwriting agreement
has been filed as an exhibit to the registration statement of which this prospectus forms a part.</P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our units, common stock and rights
to be quoted on Nasdaq under the symbols &ldquo;MCACU,&rdquo; &ldquo;MCAC,&rdquo; and &ldquo;MCACR,&rdquo; respectively. We anticipate
that our units will be listed on Nasdaq on or promptly after the effective date of the registration statement. Following the date
the shares of our common stock and rights are eligible to trade separately, we anticipate that the shares of our common stock and
rights will be listed separately and as a unit on Nasdaq. We cannot guarantee that our securities will be approved for listing
on Nasdaq or that they will continue to be listed on Nasdaq after this 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"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have been advised by the representative that the underwriters propose to offer the units to the public at the offering price set
forth on the cover page of this prospectus. They may allow some dealers concessions not in excess of $0.</FONT>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]
<FONT STYLE="font-family: Times New Roman, Times, Serif">per unit.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to this offering there has been no
public market for our securities. The public offering price of the units was negotiated between us and the representative of the
underwriters. Factors considered in determining the prices and terms of the units include:</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">the history of other similarly structured blank check companies;</TD></TR></TABLE>

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

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

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">our prospects for consummating our initial business combination with an operating business at attractive
values;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">our capital structure;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">securities exchange listing requirements;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">market demand;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">expected liquidity of our securities; and</TD></TR></TABLE>

<P STYLE="font-size: 10pt; 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">&bull;</TD><TD STYLE="text-align: justify">general conditions of the securities markets at the time of the offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, although these factors were considered,
the determination of our offering price is more arbitrary than the pricing of securities for an operating company in a particular
industry since the underwriters are unable to compare our financial results and prospects with those of public companies operating
in the same industry.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted the underwriters an option
to buy up to 750,000 additional units. The underwriters may exercise this option solely for the purpose of covering over-allotments,
if any, made in connection with this offering. The underwriters have 45&nbsp;days from the date of this prospectus to exercise
this option. If the underwriters exercise this option, they will each purchase additional units approximately in proportion to
the amounts specified in the table above.</P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the public offering
price, underwriting discount to be paid by us to the underwriters and the proceeds, before expenses, to us. This information assumes
either no exercise or full exercise by the representative of the underwriters of its over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">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">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="width: 61%; 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">50,000,000</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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">57,500,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">.60</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,450,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds before expenses<SUP>(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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">47,000,000</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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">54,050,000</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; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="margin-top: 0; margin-bottom: 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: 0%"></TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
    amount includes $1,750,000, or $0.35 per unit, (or $2,012,500 if the underwriters&rsquo; over-allotment option is exercised
    in full) payable to the underwriters for deferred underwriting commissions upon completion of a business combination.</FONT></TD></TR>
</TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The offering expenses are estimated at $465,000.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the underwriting
discount, we paid Chardan $50,000, upon the execution of the engagement letter, as an advance against out-of-pocket
accountable expenses actually anticipated to be incurred by the underwriter, which is reimbursable to the extent not actually
incurred, and we have agreed to pay to the underwriter for the FINRA-related fees, travel, lodging and other &ldquo;road
show&rdquo; expenses, expenses of the underwriters&rsquo; legal counsel and certain diligence and other fees, including the
preparation, binding and delivery of bound volumes in form and style reasonably satisfactory to the representative,
transaction Lucite cubes or similar commemorative items in a style as reasonably requested by the representative, and
reimbursement for background checks on our directors, director nominees and executive officers, which such fees and expenses
are capped at an aggregate of $150,000.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No discounts or commissions will be paid
on the sale of the private units.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to sell to Chardan Capital
Markets, LLC (and its designees), for $100, an option to purchase up to a total of 300,000 units (or 345,000 if the over-allotment
option is exercised in full) exercisable, in whole or in part, at $11.50 per unit (or an aggregate exercise price of $3,450,000
(or $3,967,500 if the over-allotment option is exercised in full)) commencing at any time between the consummation of a business
combination and the fifth anniversary of the effective date of the registration statement of which this prospectus forms a part.
The units are identical to the public units, each consisting of one share of common stock and one right to acquire one-tenth of
a share of common stock upon the consummation of a business combination. In connection with the receipt of the shares of common
stock underlying rights upon the consummation of a business combination, no additional consideration shall be paid by Chardan
Capital Markets, LLC (and/or its designees); provided, however, in no event shall the Company be required to issue fractional
shares of common stock upon the exchange of rights. The purchase option may be exercised for cash or on a cashless basis, at the
holder&rsquo;s option, and expires five years from the effective date of the registration statement of which this prospectus forms
a part. The option for up to 300,000 units, consisting of 300,000 shares of common stock and 300,000 rights to acquire 30,000
shares of common stock underlying the rights, that may be issued upon exercise of the option, has been deemed compensation by
FINRA and is therefore subject to a lock-up for a period of 180 days immediately following the effective date of the registration
statement of which this prospectus forms a part or the commencement of sales in this offering pursuant to Rule 5110(g)(1) of FINRA&rsquo;s
Rules, during which time the option may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging,
short sale, derivative or put or call transaction that would result in the economic disposition of the securities. Additionally,
the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day
period) following the date of this prospectus except to any underwriter and selected dealer participating in the offering and
their bona fide officers or partners. The option grants to holders demand and &ldquo;piggy back&rdquo; rights for periods of five
and seven years, respectively, from the effective date of the registration statement of which this prospectus forms a part with
respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option.
We will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be
paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted
in certain circumstances including in the event of a share dividend, or our recapitalization, reorganization, merger or consolidation.
However, the option will not be adjusted for issuances of shares of common stock at a price below its exercise 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"></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain conditions, we granted
Chardan Capital Markets, LLC, for a period of 15 months after the date of the consummation of our business combination, a right
of first refusal to act as lead underwriter or minimally as a co-manager, with at least 30% of the economics; or, in the case
of a three-handed deal 20% of the economics, for any and all future public and private equity and debt offerings. In accordance
with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective
date of the registration statement of which this prospectus forms a part.</P>



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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Regulatory Restrictions on Purchase of Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rules of the SEC may limit the ability
of the underwriters to bid for or purchase our units before the distribution of the units is completed. However, the underwriters
may engage in the following activities in accordance with the rules:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Stabilizing Transactions. The underwriters may make bids or purchases solely for the purpose of
preventing or retarding a decline in the price of our units, as long as stabilizing bids do not exceed the offering price of $10.00
and the underwriters comply with all other applicable rules.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Over-Allotments and Syndicate Coverage Transactions. The underwriters may create a short position
in our units by selling more of our units than are set forth on the cover page of this prospectus up to the amount of the over-allotment
option. This is known as a covered short position. The underwriters may also create a short position in our units by selling more
of our units than are set forth on the cover page of this prospectus and the units allowed by the over-allotment option. This is
known as a naked short position. If the underwriters create a short position during the offering, the representative may engage
in syndicate covering transactions by purchasing our units in the open market. The representative may also elect to reduce any
short position by exercising all or part of the over-allotment option. Determining what method to use in reducing the short position
depends on how the units trade in the aftermarket following the offering. If the unit price drops following the offering, the short
position is usually covered with shares purchased by the underwriters in the aftermarket. However, the underwriters may cover a
short position by exercising the over-allotment option even if the unit price drops following the offering. If the unit price rises
after the offering, then the over-allotment option is used to cover the short position. If the short position is more than the
over-allotment option, the naked short must be covered by purchases in the aftermarket, which could be at prices above the offering
price.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">Penalty Bids. The representative may reclaim a selling concession from a syndicate member when
the units originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate
short positions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stabilization and syndicate covering transactions
may cause the price of our securities to be higher than they would be in the absence of these transactions. The imposition of a
penalty bid might also have an effect on the prices of our securities if it discourages resales of our securities.</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">Neither we nor the underwriters make any
representation or prediction as to the effect that the transactions described above may have on the price of our securities. These
transactions may occur on Nasdaq, in the over-the-counter market or on any trading market. If any of these transactions are commenced,
they may be discontinued without notice at any time.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as set forth above, we are not under
any contractual obligation to engage any of the underwriters to provide any services for us after this offering, and have no present
intent to do so. However, any of the underwriters may, among other things, introduce us to potential target businesses or assist
us in raising additional capital, as needs may arise in the future. If any underwriter provides services to us after this offering,
we may pay the underwriter fair and reasonable fees that would be determined at that time in an arm&rsquo;s length negotiation;
provided that no agreement will be entered into with the underwriter and no fees for such services will be paid to the underwriter
prior to the date which is 90 days after the date of this prospectus, unless FINRA determines that such payment would not be deemed
underwriter&rsquo;s compensation in connection with this offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have agreed to indemnify the underwriters
against some liabilities, including civil liabilities under the Securities Act, or to contribute to payments the underwriters may
be required to make in this respect.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a17"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loeb &amp; Loeb LLP, New York, New York,
is acting as counsel in connection with the registration of our securities under the Securities Act, and as such, will pass upon
the validity of the securities offered in this prospectus. In connection with this offering, Scarinci Hollenbeck, LLC is acting
as counsel to the underwriters.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a18"></A>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of Mountain Crest
Acquisition Corp at December 31, 2019 and for the period from November 12, 2019 (inception) through December 31, 2019 included
in this prospectus have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report,
thereon (which contains an explanatory paragraph relating to substantial doubt about the ability of Mountain Crest Acquisition
Corp to continue as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus,
and are included in reliance on such report given upon such firm as experts in auditing and accounting.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a19"></A><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration
statement on Form S-1 under the Securities Act with respect to the units 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 shares, you
should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we make
reference in this prospectus to any of our contracts, agreements or other documents, the references are materially complete but
may not include a description of all aspects of such contracts, agreements or other documents, and you should refer to the exhibits
attached to the registration statement for copies of the actual contract, agreement or other document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon completion of this offering, we will
be subject to the information requirements of the Exchange Act and will file annual, quarterly and current event reports, proxy
statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet
at the SEC&rsquo;s website at <I>www.sec.gov</I>. You may also read and copy any document we file with the SEC at its public reference
facility at 100 F Street, N.E., Washington, D.C. 20549.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_20"></A>MOUNTAIN CREST ACQUISITION CORP</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>INDEX TO FINANCIAL STATEMENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 92%"><A HREF="#a_21"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="width: 8%; text-align: center"><A HREF="#a_21"><FONT STYLE="font-size: 10pt">F-2</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Financial Statements:</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_22"><FONT STYLE="font-size: 10pt">Balance Sheets</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_22"><FONT STYLE="font-size: 10pt">F-3</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_23"><FONT STYLE="font-size: 10pt">Statements of Operations</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_23"><FONT STYLE="font-size: 10pt">F-4</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_24"><FONT STYLE="font-size: 10pt">Statements of Changes in Stockholders&rsquo; Equity (Deficit)</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_24"><FONT STYLE="font-size: 10pt">F-5</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_25"><FONT STYLE="font-size: 10pt">Statements of Cash Flows</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_25"><FONT STYLE="font-size: 10pt">F-6</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_26"><FONT STYLE="font-size: 10pt">Notes to Financial Statements</FONT></A></TD>
    <TD STYLE="text-align: center"><A HREF="#a_26"><FONT STYLE="font-size: 10pt">F-7</FONT></A></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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    <!-- 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="a_21"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</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">To the Stockholder and Board of Directors of</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">We have audited the
accompanying balance sheet of Mountain Crest Acquisition Corp (the &#8220;Company&#8221;) as of December 31, 2019, the related
statements of operations, changes in stockholder&#8217;s deficit and cash flows, for the period from November 12, 2019 (inception)
through December 31, 2019, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019,
and the results of its operations and its cash flows for the period from November 12, 2019 (inception) through December 31, 2019,
in conformity with accounting principles generally accepted in the United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Explanatory Paragraph &#8212; Going
Concern</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to
the financial statements, the Company&#8217;s business plan is dependent on the completion of a financing and its cash and working
capital as of December 31, 2019 are not sufficient to complete its planned activities. These conditions raise substantial doubt
about the Company&#8217;s ability to continue as a going concern. Management&#8217;s plans in regard to these matters are also
described in Notes 1 and 3. The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.</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; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">These financial statements
are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">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 entity&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2020.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 20, 2020, except for Notes 5 and 7 as to which the date is May 15, 2020</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_22"></A>MOUNTAIN CREST ACQUISITION CORP</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2020</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31, 2019</TD><TD STYLE="white-space: nowrap; text-align: center; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">(Unaudited)</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">(Audited)</TD><TD STYLE="font: 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">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><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: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Current asset &ndash; Cash</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</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></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">Deferred offering costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">156,326</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">100,231</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">181,326</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">100,231</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><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">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><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">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><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; padding-left: 9pt">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">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">436</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">225</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; padding-left: 9pt">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">156,593</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">100,498</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">157,029</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">100,723</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><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">Commitments</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><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"><B>Stockholders&rsquo; Equity (Deficit)</B></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><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; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock, $0.0001 par value; 5,000,000 shares authorized; 1,437,500 shares 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">144</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">144</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-left: 9pt">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">24,856</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">24,856</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Stock subscription receivable</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><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">(25,000</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; padding-left: 9pt">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">(703</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">(492</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; padding-left: 9pt">Total Stockholders&rsquo; Equity (Deficit)</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">24,297</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">(492</TD><TD STYLE="padding-bottom: 1pt; 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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY (DEFICIT)</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">181,326</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">100,231</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; text-align: center"></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.15in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes up to 187,500 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 7).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_23"></A>MOUNTAIN CREST ACQUISITION CORP</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three<BR> Months<BR> Ended<BR> March 31,<BR> 2020</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">For the<BR> Period from<BR> November 12,<BR> 2019 <BR> (Inception)<BR>
 Through<BR> December 31,<BR> 2019</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="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">(Unaudited)</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">(Audited)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 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; padding-bottom: 1pt">Formation and operating costs</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">211</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">492</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; padding-left: 9pt">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(211</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(492</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><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"><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">1,250,000</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">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,250,000</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><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">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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(0.00</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</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; text-align: center"></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.15in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Excludes an aggregate of up to 187,500 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 7).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Split-Segment; Name: 15 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_24"></A>MOUNTAIN CREST ACQUISITION CORP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>STATEMENTS OF
CHANGES IN STOCKHOLDERS&rsquo; EQUITY (DEFICIT)</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD 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="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Common Stock</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Additional<BR> Paid-in</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Stock<BR> Subscription</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Accumulated</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total<BR> Stockholders&rsquo;</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="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Shares</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Capital</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Receivable</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Deficit</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Equity
    (Deficit)</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; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Balance &ndash; November 12, 2019 (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><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="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><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="width: 34%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt">Issuance of common stock to Sponsor</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">1,437,500</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">144</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">24,856</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">(25,000</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">&nbsp;</TD><TD STYLE="width: 8%; 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: 8%; 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></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9pt; padding-left: 9pt">&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><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: -9pt; padding-left: 9pt">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">&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">(492</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">(492</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; text-indent: -9pt; padding-left: 9pt">&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><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; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Balance &ndash; December 31, 2019 (audited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,437,500</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">144</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">24,856</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(25,000</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(492</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(492</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: White">
    <TD STYLE="font-size: 10pt; text-indent: -9pt; padding-left: 9pt">&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><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: -9pt; padding-left: 9pt">Collection of stock subscription receivable</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><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><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><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">25,000</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">&mdash;</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">25,000</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-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">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">&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">(211</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">(211</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: -9pt; padding-left: 9pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Balance &ndash; March 31, 2020 (unaudited)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,437,500</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">144</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">24,856</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(703</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</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">24,297</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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.15in">&nbsp;</TD>
    <TD STYLE="width: 0.35in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes 187,500 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 7).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="a_25"></A>MOUNTAIN
CREST ACQUISITION CORP<BR>
STATEMENTS OF CASH FLOWS</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>

<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">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Three Months<BR> Ended <BR> March 31, <BR> 2020</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">For the Period <BR> from<BR> November 12,<BR> 2019<BR> (Inception)<BR> Through<BR> December 31,<BR> 2019</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="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">(Unaudited)</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center">(Audited)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 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-align: left">Cash Flows from 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><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: 74%; 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">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(211</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(492</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="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">Formation costs paid by Sponsor</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: 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">267</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 9pt">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><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; padding-left: 9pt">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">211</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">225</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; padding-left: 0.25in">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><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><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">Cash Flows from Financing Activities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Proceeds from collection of stock subscription receivable</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">25,000</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Net cash provided by financing 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">25,000</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: 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">25,000</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">&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 &ndash; Beginning of period</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><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 &ndash; 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">25,000</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</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><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 investing and 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><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">Stock subscription receivable for common 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">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 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">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">56,095</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100,231</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: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_26"></A>MOUNTAIN CREST ACQUISITION CORP<BR>
NOTES TO FINANCIAL STATEMENTS</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>Note 1 &#8212; 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">Mountain Crest Acquisition Corp (the &#8220;Company&#8221;)
was incorporated in Delaware on November 12, 2019. The Company was formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, reorganization or other similar business transaction with one or more businesses that the Company
has not yet identified (a &#8220;Business Combination&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company is not limited to
a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on
businesses that are located in North America. 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 March 31, 2020, the Company had
not commenced any operations. All activity through March 31, 2020 relates to the Company&rsquo;s formation and the proposed initial
public offering (&ldquo;Proposed Public Offering&rdquo;), which is described below. The Company will not generate any operating
revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income from the proceeds derived from the Proposed Public Offering. The Company has selected December
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 5,000,000 units <FONT STYLE="color: #231f20">(the
 &ldquo;Units&rdquo; and, with respect to the shares of common stock included in the Units being offered, the &ldquo;Public Shares&rdquo;)
</FONT>at $10.00 per Unit (or 5,750,000 Units if the underwriters&rsquo; over-allotment option is exercised in full), which is
discussed in Note 3, and the sale of 321,500 units (or 355,250 units if the underwriters&rsquo; over-allotment option is exercised
in full) (each, a &ldquo;Private Unit&rdquo; and collectively, the &ldquo;Private Units&rdquo;) at a price of $10.00 per Private
Unit in a private placement to Sunlight Global Investment LLC (the &ldquo;Sponsor&rdquo;) and Chardan Capital Markets, LLC (the
 &ldquo;Chardan&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 the Private
Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.
The Company&rsquo;s initial Business Combination must be with one or more target businesses that together have a fair market value
equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and net
of amounts previously released to the Company to pay its tax obligations) at the time of the signing an agreement to enter into
a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or
acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target
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. There is no assurance that the Company will be able to successfully effect a Business Combination.
Upon the closing of the Proposed Public Offering, management has agreed that $10.20 per Unit sold in the Proposed Public Offering
and the proceeds from the sale of the Private Units will be held in a trust account (&ldquo;Trust Account&rdquo;) and invested
in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity
of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions
of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business
Combination or (ii) the distribution of the funds 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 <FONT STYLE="color: #231f20">provide
its holders of the outstanding Public Shares (the &ldquo;public stockholders&rdquo;) </FONT>with the opportunity to redeem all
or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder
meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company
will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its
discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the
Trust Account (initially $10.20 per 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). The per-share amount to be distributed to stockholders who redeem their shares
will not be reduced by the deferred underwriting commission the Company will pay to the underwriters (as discussed in Note 6).
The common stock subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion
of the Proposed Public Offering, in accordance with Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MOUNTAIN CREST ACQUISITION CORP<BR>
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 Company will proceed with a Business
Combination if the Company has net tangible assets of at least $5,000,001 immediately prior to or upon such consummation of a
Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder
vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation,
conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (&#8220;SEC&#8221;), 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 other legal reasons, the
Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company&#8217;s Sponsor
has agreed to (a) vote its Founder Shares (as defined in Note 5), Private Shares (as defined in Note 4) and any Public Shares
held by it in favor of a Business Combination and (b) not to redeem any shares in connection with a stockholder vote to approve
a Business Combination or sell any such shares to the Company in a tender offer in connection with a Business Combination. Additionally,
each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed
transaction.</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 above, if the Company
seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the
Amended and Restated 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 &#8220;group&#8221; (as defined under Section 13 of
the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)), will be restricted from redeeming its shares
with respect to more than an aggregate of 20% or more 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 to (i) waive its
redemption rights with respect to Founder Shares, Private Shares and any Public Shares it may acquire during or after the Proposed
Public Offering in connection with the consummation of a Business Combination and (ii) not to propose an amendment to the Company&#8217;s
Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company&#8217;s obligation to
redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public
stockholders an opportunity to redeem their Public Shares in conjunction with any such amendment. However, the Initial Stockholders
will be entitled to liquidating distributions with respect to any Public Shares acquired if the Company fails to consummate a Business
Combination or liquidates within the Combination Period (defined 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 have until 12 months
from the closing of the Proposed Public Offering to consummate a Business Combination. However, if the Company anticipates that
it may not be able to consummate a Business Combination within 12 months, the Company may extend the period of time to consummate
a Business Combination up to three times, each by an additional three months (for a total of 21 months to complete a Business
Combination (the &ldquo;Combination Period&rdquo;). In order to extend the time available for the Company to consummate a Business
Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account $500,000, or $575,000 if the underwriters&rsquo;
over-allotment option is exercised in full ($0.10 per Public Share in either case), on or prior to the date of the applicable
deadline, for each three month extension.</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">If the Company is unable to complete a
Business Combination within the Combination Period, the Company will (i)&nbsp;cease all operations except for the purpose of winding
up, (ii)&nbsp;as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned
on the funds held in the Trust Account and not previously released to the Company to pay taxes, divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders&#8217; rights as stockholders (including the right
to receive further liquidating distributions, if any), subject to applicable law, and (iii)&nbsp;as promptly as reasonably possible
following such redemption, subject to the approval of the Company&#8217;s remaining stockholders and the Company&#8217;s board
of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company&#8217;s obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">The Sponsor has agreed
to waive its liquidation rights with respect to the Private Shares if the Company fails to complete a Business Combination within
the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares 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&nbsp;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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MOUNTAIN CREST ACQUISITION CORP<BR>
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 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 vendor for services
rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into
a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.20 per Public Share and (ii) the
actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than
$10.20 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will
not apply to any claims by a third party who executed a waiver of any and all rights to the monies held in the Trust Account nor
will it apply to any claims under the Company&rsquo;s indemnity of the underwriters of Proposed Public Offering against certain
liabilities, including liabilities under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Moreover,
in the event that an executed waiver is deemed to be unenforceable against a third party, the 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, prospective
target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right,
title, interest or claim of any kind in or to monies held in the Trust Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Going Concern Consideration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 0; text-align: justify">At March 31, 2020, the Company
had $25,000 in cash and a working capital deficit of $132,029. The Company has incurred and expects to continue to incur significant
costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company&rsquo;s ability
to continue as a going concern within one year after the date that the financial statements are issued. Management plans to address
this uncertainty through the Proposed Public Offering as discussed in Note 3. There is no assurance that the Company&rsquo;s plans
to raise capital or to consummate a Business Combination will be successful within the Combination Period. <FONT STYLE="color: #231f20">The
Sponsor has agreed to loan the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred
in connection with the Proposed Public Offering (the &ldquo;Promissory Note&rdquo;). </FONT>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;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 2 &mdash; Summary of Significant Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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 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">In the opinion of management, the accompanying
unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair
presentation of the financial position, operating results and cash flows for the period presented. The interim results for the
three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31,
2020 or for any future interim periods.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Emerging Growth Company</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 Company is an &#8220;emerging growth
company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the &#8220;JOBS Act&#8221;), 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.</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 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&#8217;s financial statements with another public company
which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MOUNTAIN CREST ACQUISITION CORP<BR>
NOTES TO FINANCIAL STATEMENTS</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>Use of Estimates</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 preparation of financial statements
in conformity with GAAP requires the Company&#8217;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 periods.</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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cash and Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents
as of March 31, 2020 or December 31, 2019.</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>Deferred Offering Costs</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">Deferred offering costs consist of legal,
accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Proposed
Public Offering and that will be charged to stockholder&rsquo;s equity upon the completion of the Proposed Public Offering. Should
the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will
be charged to operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company follows the asset and liability
method of accounting for income taxes under ASC 740, &ldquo;Income Taxes.&rdquo; Deferred tax assets and liabilities are recognized
for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included
the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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 March 31, 2020 and December
31, 2019. 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
de minimis for the period from November 12, 2019 (inception) through March 31, 2020.</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>Net Loss Per Common Share</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">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 187,500 shares of common stock that
are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 7). At March 31, 2020 and
December 31, 2019, the Company did not have any dilutive securities or 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fair Value of Financial Instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&rsquo;s
assets and liabilities, which qualify as financial instruments under ASC 820, &ldquo;Fair Value Measurement,&rdquo; approximates
the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>MOUNTAIN CREST ACQUISITION CORP<BR>
NOTES TO FINANCIAL STATEMENTS</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>Recent Accounting Pronouncements</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">Management does not believe that any recently
issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company&#8217;s
financial statements.</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>Note 3 &mdash; Public Offering</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">Pursuant to the Proposed Public Offering,
the Company will offer for sale 5,000,000 Units (or 5,750,000 Units if the underwriters&rsquo; over-allotment option is exercised
in full), at a purchase price of $10.00 per Unit. Each Unit will consist of one share of common stock and one right (&ldquo;Public
Right&rdquo;). Each Public Right will entitle the holder to receive one-tenth of one share of common stock at the closing of a
Business Combination (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"><B>Note 4 &mdash; Private Placement</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 4.5pt 0pt 0; text-align: justify">The Sponsor and Chardan (and/or
their designees) have agreed to purchase an aggregate of 321,500 Private Units (or 355,250 Private Units if the over-allotment
option is exercised in full) at a price of $10.00 per Private Unit, of which 296,500 Private Units (or 326,500 Private Units if
the underwriters&rsquo; over-allotment is exercised in full) will be purchased by the Sponsor and 25,000 Private Units will be
purchased by Chardan (or 28,750 Private Units if the underwriters&rsquo; over-allotment is exercised in full) for an aggregate
purchase price of $3,215,000, or $3,552,500 if the over-allotment option is exercised in full, in a private placement that will
occur simultaneously with the closing of the Proposed Public Offering. Each Private Unit will consist of one share of common stock
(&ldquo;Private Share&rdquo;) and one right (&ldquo;Private Right&rdquo;). Each Private Right will entitle the holder to receive
one-tenth of one share of common stock at the closing of a Business Combination. The proceeds from the Private Units will be added
to the proceeds from the Proposed Public Offering to be held in the Trust Account. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption
of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will
expire worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5pt 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 5 &mdash; Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Founder Shares</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">On November 12, 2019, the Company issued
100 shares of common stock to the Sponsor for an aggregate purchase price of $25,000. The Company received payment for the shares
on January 28, 2020. Accordingly, as of December 31, 2019, the $25,000 payment due to the Company is recorded as stock subscription
receivable in the stockholder&rsquo;s deficit section of the accompanying balance sheet. On January 17, 2020, the Company effected
a share dividend of 21,561.50 shares of common stock for each outstanding share, resulting in 2,156,250 shares of common stock
being issued and outstanding. In May 2020, the Company declared a reverse split of one share of common stock for every 1.5 outstanding
share of common stock, resulting in 1,437,500 shares of common stock being outstanding (the &ldquo;Founder Shares&rdquo;). All
share and per share information have been retroactively adjusted to reflect the share dividend and reverse split. The 1,437,500
Founder Shares include an aggregate of up to 187,500 shares subject to forfeiture by the Sponsor to the extent that the underwriters&rsquo;
over-allotment is not exercised in full or in part, so that the Sponsor will collectively own 20% of the Company&rsquo;s issued
and outstanding shares after the Proposed Public Offering (assuming the Sponsor does not purchase any Public Shares in the Proposed
Public Offering and excluding the Private Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor has agreed not to transfer,
assign or sell any of the Founder Shares (except to certain permitted transferees) until, with respect to 50% of the Founder Shares,
the earlier of six months after the date of the consummation of a Business Combination and the date on which the closing price
of the Company&rsquo;s common stock equals or exceeds $12.50 per share for any 20 trading days within a 30-trading day period
following the consummation of a Business Combination and, with respect to the remaining 50% of the Founder Shares, six months
after the date of the consummation of a Business Combination, or earlier in each case if, subsequent to a Business Combination,
the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the 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"><B>Promissory Note &mdash; Related Party</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; color: #231f20">On December 1, 2019, the
Company issued the Promissory Note to the Sponsor, pursuant to which the Company may borrow up to an aggregate amount of $500,000
to cover expenses related to the Proposed Public Offering. The Promissory Note is non-interest bearing and payable on the completion
of the Proposed Public Offering. At March 31, 2020 and December 31, 2019, the Company had $156,593 and $100,498, respectively,
in borrowings outstanding under the Promissory Note.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MOUNTAIN CREST ACQUISITION CORP<BR>
NOTES TO FINANCIAL STATEMENTS</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"><B>Administrative Support Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to enter into an agreement,
commencing on the effective date of the Proposed Public Offering through the earlier of the Company&#8217;s consummation of a Business
Combination and its liquidation, to pay an affiliate of the Sponsor a total of $10,000 per month for <FONT STYLE="color: #231F20">office
space, utilities and secretarial and administrative support</FONT>.</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>Related Party Loans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to finance transaction costs
in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or the Company&#8217;s officers and directors
may, but are not obligated to, loan the Company funds from time to time or at any time, as may be required (&#8220;Working Capital
Loans&#8221;). Each Working Capital Loan would be evidenced by a promissory note. The Working Capital Loans would either be paid
upon consummation of a Business Combination, without interest, or, at the holder&#8217;s discretion, up to $1,500,000 of the Working
Capital Loans may be converted into private units at a price of $10.00 per unit. The private units would be identical to the Private
Units. In the event that a Business Combination does not close, the Company may use a portion of the proceeds held outside the
Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working
Capital Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Related Party Extension Loans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As discussed in Note 1, the Company may extend the period of
time to consummate a Business Combination up to three times, each by an additional three months (for a total of 21 months to complete
a Business Combination). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor
or its affiliates or designees must deposit into the Trust Account $500,000, or $575,000 if the underwriters&rsquo; over-allotment
option is exercised in full ($0.10 per Public Share in either case), on or prior to the date of the applicable deadline, for each
three month extension. Any such payments would be made in the form of a non-interest bearing, unsecured promissory note. Such
notes would either be paid upon consummation of a Business Combination, or, at the relevant insider&rsquo;s discretion, converted
upon consummation of a Business Combination into additional Private Units at a price of $10.00 per Private Unit. The Sponsor and
its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business
Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 6 &mdash; Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks and Uncertainties</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">Management is currently evaluating the
impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have
a negative effect on the Company&rsquo;s financial position, results of its operations and/or search for a target company, the
specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of the Founder Shares, the
Private Units, and any shares that may be issued in payment of Working Capital Loans (and all underlying securities) will be entitled
to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Proposed
Public Offering. The holders of a majority of these securities are entitled to make up to two demands that the Company register
such securities. The holders of the majority of the Founders Shares can elect to exercise these registration rights at any time
commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of
a majority of the Private Units (and underlying securities) and securities issued in payment of Working Capital Loans can elect
to exercise these registration rights at any time commencing on the date that the Company consummates a Business Combination.
In addition, the holders have certain &ldquo;piggy-back&rdquo; registration rights with respect to registration statements filed
subsequent to the consummation of a Business Combination. The registration rights agreement does not contain liquidating damages
or other cash settlement provisions resulting from delays in registering the Company&rsquo;s securities. 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will grant the underwriters
a 45-day option from the date of the Proposed Public Offering to purchase up to 750,000 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 $0.25 per Unit or $1,250,000 in the aggregate (or $1,437,500 if the 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 $1,750,000 (or $2,012,500 if the 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"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>MOUNTAIN CREST ACQUISITION CORP<BR>
NOTES TO FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unit Purchase Option</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has agreed to sell Chardan,
for $100, an option to purchase up to 300,000 Units (or 345,000 Units if the over-allotment option is exercised in full) exercisable
at $11.50 per Unit (or an aggregate exercise price of $3,450,000, or $3,967,500 if the over-allotment option is exercised in full)
commencing at any time between the consummation of a Business Combination and the fifth anniversary of the effective date of the
registration statement related to the Proposed Public Offering. The unit purchase option may be exercised for cash or on a cashless
basis, at the holder&rsquo;s option, and expires five years from the effective date of the registration statement related to the
Proposed Public Offering. The Units issuable upon exercise of the option are identical to those offered in the Proposed Public
Offering. The Company intends to account for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense
of the Proposed Public Offering resulting in a charge directly to stockholder&rsquo;s equity. The Company estimates that the fair
value of the unit purchase option is approximately $790,000 (or $908,000 if the over-allotment option is exercised in full), or
$2.63 per Unit, using the Black-Scholes option-pricing model. The fair value of the unit purchase option to be granted to the
underwriters is estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free
interest rate of 0.37% and (3) expected life of five years. The option and such units purchased pursuant to the option, as well
as the shares of common stock underlying such units, the rights included in such units, the shares of common stock that are issuable
for the rights included in such units, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant
to Rule 5110(g)(1) of FINRA&rsquo;s NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged
or hypothecated for a one-year period (including the foregoing 180-day period) following the date of Proposed Public Offering
except to any underwriter and selected dealer participating in the Proposed Public Offering and their bona fide officers or partners.
The option grants to holders demand and &ldquo;piggy back&rdquo; rights for periods of five and seven years, respectively, from
the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly
and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the
securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number
of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend,
or the Company&rsquo;s recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for
issuances of shares of common stock at a price below its exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20.15pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Right of First Refusal</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">Subject to certain conditions, the Company
will grant Chardan, for a period of 15 months after the date of the consummation of a Business Combination, a right of first refusal
to act as lead underwriters or minimally as a co-manager, with at least 30% of the economics; or, in the case of a three-handed
deal 20% of the economics, for any and all future public and private equity and debt offerings. In accordance with FINRA Rule
5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of the
registration statement related to the Proposed Public Offering.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 7 &mdash; Stockholder&rsquo;s 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Common
Stock </I></B></FONT>&mdash; The Company is authorized to issue 5,000,000 shares of common stock with a par value of $0.0001 per
share. The Company plans on filing an Amended and Restated Certificate of Incorporation prior to the closing date of the Proposed
Public Offering such that the Company will increase the number of shares of common stock authorized to be issued. Holders of the
Company&rsquo;s common stock are entitled to one vote for each share. At March 31, 2020 and December 31, 2019, there were 1,437,500
shares of common stock issued and outstanding, of which up to an aggregate of 187,500 shares are subject to forfeiture to the
extent that the underwriters&rsquo; over-allotment option is not exercised in full so that the Sponsor will own 20% of the issued
and outstanding shares after the Proposed Public Offering (assuming the Sponsor does not purchase any Public Shares in the Proposed
Public Offering and excluding the Private Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>MOUNTAIN CREST
ACQUISITION CORP<BR>
NOTES TO FINANCIAL STATEMENTS</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rights</I></B> &#8212; Except in
cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically
receive one-tenth (1/10) of one share of common stock upon consummation of a Business Combination, even if the holder of a Public
Right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company&#8217;s
Amended and Restated Certificate of Incorporation with respect to its pre-business combination activities. In the event that the
Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required
to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right
upon consummation of the Business Combination. No additional consideration will be required to be paid by a holder of Public Rights
in order to receive his, her or its additional shares of common stock upon consummation of a Business Combination. The shares issuable
upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters
into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement
will provide for the holders of Public Rights to receive the same per share consideration the holders of the common stock will
receive in the transaction on an as-converted into common stock basis.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will not issue fractional shares
in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise
addressed in accordance with the applicable provisions of the <FONT STYLE="font-family: Times New Roman, Times, Serif">Delaware
General Corporation Law</FONT>. As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive
shares for all of the holders&#8217; rights upon closing of a Business Combination. 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 Public Rights
will not receive any of such funds with respect to their Public Rights, nor will they receive any distribution from the Company&#8217;s
assets held outside of the Trust Account with respect to such Public Rights, and the Public Rights will expire worthless. Further,
there are no contractual penalties for failure to deliver securities to the holders of the Public Rights upon consummation of a
Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights
may expire worthless.</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>Note 8 &#8212; Subsequent Events</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 Company evaluated subsequent events and transactions that
occurred after the balance sheet date up to February 20, 2020, the date that the financial statements were available to be issued. Other
than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment
or disclosure in the financial statements.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Until
__________, 2020 (25 days after the date of this prospectus), all dealers that buy, sell or trade our shares of 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.</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">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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$50,000,000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mountain Crest Acquisition Corp</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5,000,000 Units</B></P>



<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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"></P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS</B></FONT></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">Sole Book-Running Manager<BR>
<FONT STYLE="font-size: 10pt"><B>Chardan</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">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]<FONT STYLE="font-family: Times New Roman, Times, Serif">,
2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></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; text-align: center"></P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 126 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13. Other Expenses of Issuance and Distribution.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 87%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustees
    fee</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,500</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEC
    Registration fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,776</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">FINRA
    filing fee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,642</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
    fees and expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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">Nasdaq
    listing fees</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing
    and engraving expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; 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="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">200,000</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">114,082</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><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">465,000</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"></TD></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-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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 additional expenses that may be
incurred by the company in connection with the offering and over and above those specifically listed above, including liability
insurance, distribution and mailing costs.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that all directors, officers, employees and agents of the registrant shall be entitled to be indemnified by us to the fullest extent
permitted by Section 145 of the Delaware General Corporation Law.</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">Section 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Section 145. Indemnification of
officers, directors, employees and agents; insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">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.</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR></TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">A corporation shall have power to indemnify any person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment
in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or
was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by the person
in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be
made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly
and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</TD></TR>                                                                                                                                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(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">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(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">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(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">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(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></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD STYLE="text-align: justify">A corporation shall have power to purchase and maintain insurance on behalf of any person who is
or was 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">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(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">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(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">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(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">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&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">(k)</TD><TD STYLE="text-align: justify">The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions
for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote of stockholders or
disinterested directors, or otherwise. The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance
expenses (including attorneys&rsquo; fees).</TD></TR>                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons pursuant to
the foregoing provisions, or otherwise, we have been advised that, in the opinion of the SEC, such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment of expenses incurred or paid by a director, officer or
controlling person in a successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, we will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Split-Segment; Name: 13 -->
<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 accordance with Section 102(b)(7) of
the DGCL, our certificate of incorporation, will provide 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 unless they violated their duty of loyalty to the company or its stockholders, acted
in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases
or unlawful redemptions, or derived improper personal benefit from their actions as directors. The effect of this provision of
our 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the DGCL is amended to authorize corporate
action further eliminating or limiting the liability of directors, then, in accordance with our 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 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation will also
provide that we will, to the fullest extent authorized or permitted by applicable law, indemnify our current and former officers
and directors, as well as those persons who, while directors or officers of our corporation, are or were serving as directors,
officers, employees or agents of another entity, trust or other enterprise, including service with respect to an employee benefit
plan, in connection with any threatened, pending or completed proceeding, whether civil, criminal, administrative or investigative,
against all expense, liability and loss (including, without limitation, attorney&rsquo;s fees, judgments, fines, ERISA excise taxes
and penalties and amounts paid in settlement) reasonably incurred or suffered by any such person in connection with any such proceeding.
Notwithstanding the foregoing, a person eligible for indemnification pursuant to our certificate of incorporation will be indemnified
by us in connection with a proceeding initiated by such person only if such proceeding was authorized by our board of directors,
except for proceedings to enforce rights to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right to indemnification conferred
by our 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 certificate of incorporation or otherwise.</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 rights to indemnification and advancement
of expenses will not be deemed exclusive of any other rights which any person covered by our certificate of incorporation may
have or hereafter acquire under law, our 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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- 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: justify">Any repeal or amendment of provisions of
our 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 certificate of incorporation will also permit 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 certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our 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 set forth in our certificate of incorporation. In addition, our bylaws provide for a right of indemnity to bring a suit
in the event a claim for indemnification or advancement of expenses is not paid in full by us within a specified period of time.
Our bylaws also permit us to purchase and maintain insurance, at our expense, to protect us and/or any director, officer, employee
or agent of our corporation or another entity, trust or other enterprise against any expense, liability or loss, whether or not
we would have the power to indemnify such person against such expense, liability or loss under the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will enter into indemnity agreements
with each of our officers and directors a form of which is filed as Exhibit 10.6 to this Registration Statement. These agreements
will require us to indemnify these individuals to the fullest extent permitted under Delaware law and to advance expenses incurred
as a result of any proceeding against them as to which they could be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Underwriting Agreement filed
as Exhibit 1.1 to this Registration Statement, we have agreed to indemnify the Underwriters and the Underwriters have agreed to
indemnify us against certain civil liabilities that may be incurred in connection with this offering, including certain liabilities
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15. Recent Sales of Unregistered Securities.</B></P>

<P STYLE="font: bold 10pt Times 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 November 2019, we issued 100 shares
of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50 shares of common
stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In May 2020, we declared a
reverse share dividend of one share of common stock for every 1.5 outstanding shares of common stock, resulting in 1,437,500 shares
of common stock being outstanding, and the aggregate purchase price for the insider shares was $25,000, or approximately $0.017
per share. Such shares were issued in connection with our organization pursuant to the exemption from registration contained in
Section 4(a)(2) of the Securities Act as they were sold to accredited investors.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No underwriting discounts or commissions
were paid with respect to such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16. Exhibits and Financial Statement Schedules.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) Exhibits.</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 exhibit index attached hereto is incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17. Undertakings.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="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: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:</TD></TR></TABLE>

<P STYLE="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: 0.75in"></TD><TD STYLE="width: 0.25in">i.</TD><TD STYLE="text-align: justify">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</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: 0.75in"></TD><TD STYLE="width: 0.25in">ii.</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</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: 0.75in"></TD><TD STYLE="width: 0.25in">iii.</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.</TD></TR></TABLE>

<P STYLE="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: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="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: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</TD></TR></TABLE>

<P STYLE="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: 0.5in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act of 1933 in a primary
offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method
used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:</TD></TR></TABLE>

<P STYLE="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: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424;</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: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used
or referred to by the undersigned registrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></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">(iii)</TD><TD STYLE="text-align: justify">The portion of any other free writing prospectus relating to the offering containing material information
about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<P STYLE="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: 0.75in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">Any other communication that is an offer in the offering made by the undersigned registrant to
the purchaser.</TD></TR></TABLE>

<P STYLE="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: 0.5in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">That, for the purpose of determining liability under the Securities Act of 1933 to 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></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">(b)</TD><TD STYLE="text-align: justify">The undersigned hereby undertakes to provide to the underwriter at the closing specified in the
underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit
prompt delivery to each purchaser.</TD></TR></TABLE>

<P STYLE="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">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="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">(d)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that:</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: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">For purposes of determining any liability under the Securities Act of 1933, the information omitted
from the form of prospectus filed as part of this registration statement in reliance upon Rule 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></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: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">For the purpose of determining any liability under the Securities Act of 1933, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities Act of 1933,
as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in NEW YORK, State of NEW YORK, on the 15th day of May, 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>MOUNTAIN CREST ACQUISITION CORP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Suying Liu</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title:</P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suying Liu</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman and Chief Executive Officer</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="poa"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">KNOW ALL MEN BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Suying Liu and Dong Liu his or her true and lawful attorney-in-fact,
with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities
to sign any and all amendments including post-effective amendments to this registration statement, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue
thereof.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Signature</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Title</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Date</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Suying Liu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Suying Liu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Dong Liu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dong Liu</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Nelson Haight</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Nelson Haight</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Todd Milbourn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Todd Milbourn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Wenhua Zhang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">May 15, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD><FONT STYLE="font-size: 10pt">Wenhua Zhang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></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: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Description</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting
    Agreement.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_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">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Amended
    and Restated Certificate of Incorporation.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bylaws.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex4-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Unit Certificate.
    </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Common
    Stock Certificate.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specimen Right Certificate.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Rights Agreement
    between American Stock Transfer &amp; Trust Company, LLC and the Registrant.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unit Purchase
    Option between the Registrant and Chardan Capital Markets, LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Opinion
    of Loeb &amp; Loeb LLP. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Insider
    Letter Agreement among the Registrant and the Registrant&rsquo;s Officers and Directors. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Investment
    Management Trust Agreement by and between American Stock Transfer &amp; Trust Company, LLC and the Registrant. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Stock Escrow
    Agreement among the Registrant, American Stock Transfer &amp; Trust Company, LLC, and the Initial Stockholders. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Registration
    Rights Agreement by and between the Registrant and Initial Stockholders.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Indemnity
    Agreement. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administrative Services
    Agreement by and between the Registrant and Sunlight Global Investment LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Subscription
    Agreement between Registrant and Sunlight Global Investment LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Subscription
    Agreement between Registrant and Chardan Capital Markets, LLC.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Code of
    Ethics. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_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>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Marcum
    LLP.</FONT></A></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: bold 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>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Loeb &amp; Loeb LLP (included on Exhibit 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="#poa"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#poa"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page of the original filing hereof).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Audit Committee Charter. </FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2013769d5_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2013769d5_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Compensation Committee Charter.</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">____________</TD><TD STYLE="text-align: justify"></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">To be filed by amendment</TD></TR></TABLE>



<P STYLE="margin: 0">&nbsp;</P>

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[{"type": "S-1", "sequence": "1", "filename": "tm2013769-5_s1.htm", "description": "FORM S-1", "secsgml_size_bytes": 1166462}]
{"company-data": {"conformed-name": "Mountain Crest Acquisition Corp.", "cik": "0001803914", "assigned-sic": "6770", "irs-number": "371958714", "state-of-incorporation": "DE"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-238320", "film-number": "20886839"}, "business-address": {"street1": "311 WEST 43RD STREET", "street2": "12TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036", "phone": "(314) 650-1069"}, "mail-address": {"street1": "311 WEST 43RD STREET", "street2": "12TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10036"}}
As filed with the Securities and Exchange Commission on May
15, 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
Mountain Crest Acquisition Corp
Delaware
6770
37-1958714
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
311 West 43rd Street
12th Floor
New York, NY 10036
(646) 493-6558
(Address, including zip code, and telephone
number, including area code, of registrant's principal executive
offices)
Suying Liu
311 West 43rd Street
12th Floor
New York, NY 10036
(646) 493-6558
(Name, address, including zip code, and
telephone number, including area code, of agent for service)
Copies to:
Mitchell S. Nussbaum
Giovanni Caruso
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
(212) 407-4000
(212) 407-4990 — Facsimile
Dan Brecher
Scarinci Hollenbeck, LLC
3 Park Avenue, 15
th
Floor
New York, NY 10016
212-784-6902
212-808-4155 - Facsimile
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, or a smaller reporting company. See the definitions
of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging
growth company" in Rule 12b-2 of the Exchange Act.:
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
x
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
¨
CALCULATION OF REGISTRATION FEE
Title of Class of Security being registered
Amount to be
Registered
Proposed
maximum
offering price
per share
Proposed
Maximum
Aggregate
Offering
Price
(1)(2)
Amount of
Registration Fee
Units, each consisting of one share of Common Stock, $0.0001 par value
and one Right to acquire 1/10 of one share of Common Stock
5,750,000
$
10.00
$
57,500,000.00
$
7,463.50
Shares of Common Stock, $0.0001 par value, included as part of the Units
5,750,000
—
—
—
(3)
Rights included as part of the Units
5,750,000
—
—
—
(3)
Shares of Common Stock underlying the Rights included as part of Units
575,000
$
10.00
$
5,750,000.00
$
746.35
Representative's Unit Purchase Option
1
$
100.00
$
100.00
$
0.01
Units underlying the Representative's Unit Purchase Option
345,000
$
11.50
$
3,967,500.00
$
514.98
Shares of Common Stock included as part of the Representative's Unit Purchase Option
345,000
—
—
—
(3)
Rights included as part of Representative's Unit Purchase Option
345,000
—
—
—
(3)
Shares
    of Common Stock underlying the Rights included as a part of the Representative's Unit Purchase Option
34,500
$
11.50
$
396,750.00
$
51.50
Total
$
67,614,350.00
$
8,776.34
(1)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act.
(2)
Includes Units and shares of Common Stock
and Rights underlying such Units which may be issued on exercise of a 45-day option granted to the Underwriters to cover over-allotments, if any.
(3)
No fee pursuant to Rule 457(g).
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until
the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective
on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The information in this
preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted.
PRELIMINARY PROSPECTUS
SUBJECT TO COMPLETION, DATED _______, 2020
$
50,000,000
Mountain Crest Acquisition Corp
5,000,000 Units
Mountain Crest Acquisition Corp is a blank
check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses. Although there is no restriction or limitation on what industry or geographic
region our target operates in, it is our intention to pursue prospective targets in North America.
This is an initial public offering of our
securities. Each unit that we are offering has a price of $10.00 and consists of one share of common stock and one right to receive
one-tenth (1/10) of a share of common stock upon the consummation of an initial business combination, as described in more detail
in this prospectus.
We have granted Chardan Capital Markets,
LLC, the representative of the underwriters, a 45-day option to purchase up to 750,000 units (over and above the 5,000,000 units
referred to above) solely to cover over-allotments, if any.
Our sponsor, Sunlight Global Investment
LLC (which is controlled by Suying Liu and Dong Liu) and Chardan Capital Markets, LLC and/or their designees have committed to
purchase from us an aggregate of 321,500 units, or "private units," at $10.00 per private unit (for a total purchase
price of $3,215,000). These purchases will take place on a private placement basis simultaneously with the consummation of this
offering. All of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor
and Chardan Capital Markets, LLC have also agreed that if the over-allotment option is exercised by the underwriters, they will
purchase from us at a price of $10.00 per private unit an additional number of private units (up to a maximum of 33,750 private
units)
pro rata
with the amount of the over-allotment option exercised so that at least $10.00 per share sold to the public
in this offering is held in trust regardless of whether the over-allotment option is exercised in full or part. These additional
private units will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from
the exercise of the over-allotment option.
There is presently no public market for
our units, shares of common stock or rights. We have applied to have our units listed on the Nasdaq Capital Market, or Nasdaq,
under the symbol "
MCACU
". We cannot guarantee that our securities will be approved for listing on Nasdaq. The
common stock and rights comprising the units will begin separate trading on the 90
th
day following the date of this
prospectus unless Chardan Capital Markets, LLC informs us of its decision to allow separate earlier trading, subject to our filing
a Report on Form 8-K with the Securities and Exchange Commission containing an audited balance sheet reflecting our receipt of
the gross proceeds of this offering and issuing a press release announcing when such separate trading will begin. Once the securities
comprising the units begin separate trading as described in this prospectus, the common stock and rights will be traded on Nasdaq
under the symbols "
MCAC,"
and "
MCACR
," respectively. We cannot assure you that our securities
will continue to be listed on Nasdaq after this offering.
We qualify as an "emerging growth
company" as defined in the Jumpstart Our Business Startups Act of 2012, and therefore will be subject to reduced reporting
requirements.
Investing
in our securities involves a high degree of risk. See "Risks Factors" beginning on page 27 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.
Price to Public
Underwriting
Discounts and
Commissions
(1)
Proceeds, Before
Expenses, to us
Per Unit
$
10.00
$
0.60
(2)
$
9.40
Total
$
50,000,000
$
3,000,000
$
47,000,000
(1)
We will also sell
    to Chardan, for $100, an option to purchase 300,000 units (or 345,000 units if the over-allotment option is exercised in full)
    at the closing of this offering at $11.50 per unit. Please see the section titled "Underwriting" for further information
    relating to the underwriting arrangements agreed to between us and the underwriters.
(2)
Includes $1,750,000,
    or $0.35 per unit, equal to 3.5% of the gross proceeds of this offering (or $2,012,500 if the underwriters' over-allotment
    option is exercised in full) payable to the underwriters as deferred underwriting discounts and commissions from the funds
    to be placed in the trust account described below. Such funds will be released to the underwriters only upon consummation
    of an initial business combination, as described in this prospectus. If the business combination is not consummated, such
    deferred discount will be forfeited by the underwriters. The underwriters will not be entitled to any interest accrued on
    the deferred underwriting discount.
Upon consummation of the offering, $10.20 per unit sold to the
public in this offering (whether or not the underwriters' over-allotment option has been exercised in full or part) will
be deposited into a United States-based trust account at Morgan Stanley, maintained by American Stock Transfer & Trust Company,
LLC, acting as trustee. Such amount includes $1,750,000, or $0.35 per unit, (or $2,012,500 if the underwriters' over-allotment
option is exercised in full) payable to the underwriters as deferred underwriting discounts and commissions. Except as described
in this prospectus, these funds will not be released until the earlier of the completion of our initial business combination and
our redemption of the shares of common stock sold in this offering upon our failure to consummate a business combination within
the required period.
The
underwriters are offering the units on a firm commitment basis. Chardan Capital Markets, LLC, acting as the sole book-running
manager and representative of the underwriters, expects to deliver the units to purchasers on or about [
·
],
2020.
Sole Book-Running Manager
Chardan
The
date of this prospectus is
[
·
]
,
2020
TABLE OF CONTENTS
PAGE
PROSPECTUS SUMMARY
1
SUMMARY FINANCIAL DATA
26
RISK FACTORS
27
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
50
USE OF PROCEEDS
51
DIVIDEND POLICY
54
DILUTION
55
CAPITALIZATION
57
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
58
PROPOSED BUSINESS
63
MANAGEMENT
83
PRINCIPAL STOCKHOLDERS
92
CERTAIN TRANSACTIONS
94
DESCRIPTION OF SECURITIES
97
SHARES ELIGIBLE FOR FUTURE SALE
102
UNDERWRITING
103
LEGAL MATTERS
107
EXPERTS
107
WHERE YOU CAN FIND ADDITIONAL INFORMATION
107
INDEX TO FINANCIAL STATEMENTS
F-1
i
PROSPECTUS
SUMMARY
This summary only highlights the more detailed
information appearing elsewhere in this prospectus. As this is a summary, it does not contain all of the information that you should
consider in making an investment decision. You should read this entire prospectus carefully, including the information under "Risk
Factors" and our financial statements and the related notes included elsewhere in this prospectus, before investing.
Unless otherwise stated in this prospectus,
references to:
•
"we," "us," "our company" or "the company" refer
to Mountain Crest Acquisition Corp;
•
"insider
    shares" refer to the 1,437,500 shares of common stock held or controlled by our insiders (as defined below) prior to
    this offering, which include up to an aggregate of 187,500 shares of common stock subject to forfeiture by our insiders to
    the extent that the underwriters' over-allotment option is not exercised in full or in part;
•
"private
    units" refer to the 296,500 units (up to a maximum of 326,500 units if over-allotment option is exercised in full) we
    are selling privately to Sunlight Global Investment LLC, our sponsor, and the 25,000 units (up to a maximum of 28,750 units
    if over-allotment option is exercised in full) to Chardan Capital Markets, LLC and/or their designee upon consummation of
    this offering;
•
our "management" or our "management team" refer to our officers and directors;
•
our "public shares" refer to shares of common stock which are being sold as part of
the units in this offering (whether they are purchased in this offering or thereafter in the open market) and references to "public
stockholders" refer to the holders of our public shares, including our insiders to the extent our insiders purchase public
shares, provided that their status as "public stockholders" shall exist only with respect to such public shares;
•
our "rights" or "public rights" refer to the rights which are being sold
as part of the units in this offering;
•
our "insiders" refer to our officers, directors, sponsor and any holder of our insider
shares;
•
our "sponsor" refers to Sunlight
Global Investment LLC, the two members of which are Suying Liu, our
Chairman and Chief Executive Officer
,
and Dong Liu, our
Chief Financial Officer
.
Except as specifically provided otherwise,
the information in this prospectus assumes that the underwriters will not exercise their over-allotment option.
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 we take no responsibility for any other information others may give to you. We are not, and the underwriters are not, making
an offer to sell securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information
contained in this prospectus is accurate as of any date other than the date on the front of this prospectus.
General
We are a blank check company formed under the laws of the State
of Delaware on November 12, 2019. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus
as our initial business combination. Although there is no restriction or limitation on what industry or geographic region our target
operates in, it is our intention to pursue prospective targets that are in North America. At the time of preparing this prospectus,
we have not identified any specific business combination, nor has anyone on our behalf initiated or engaged in any substantive
discussions, formal or otherwise, related to such a transaction. Our efforts to date are limited to organizational activities related
to this offering.
Our Sponsor and Competitive Advantages
Our sponsor, Sunlight Global Investment
LLC, is controlled by Dr. Suying Liu, our Chairman and Chief Executive Officer, and Dong Liu, our Chief Financial Officer, both
of whom have accumulated broad industry expertise and transaction experience from investing in and operating diverse businesses.
We believe that our team's expertise and experience in structuring complex transactions and accessing capital for growth,
combined with our extensive relationships through a network of advisors and affiliates, will make us a partner of choice for potential
business combination targets. We intend to focus our efforts on evaluating business combination targets by leveraging our connections
with a variety of family offices, investment funds, and operating businesses. We expect to also take advantage of our sponsor's
extended network with Asian consumer markets by enabling potential business combination targets producing quality products in
North America to tap into such consumer demand abroad.
Our Board of Directors and Management
Our board of directors and management consist of experienced
deal makers, operators, and investors.
Dr. Suying Liu, our Chairman and Chief
Executive Officer, has been the Head of Corporate Strategy of Hudson Capital Inc. (Nasdaq: HUSN) since May 2020, where he leads
the company's strategic development for both general operations and specific growth areas. Dr. Liu integrates corporate
finance opportunities with business fundamentals of Hudson Capital, leveraging his as well as the company's broad network
of relationships across a variety of industries such as financial services, general industrial and real estate. Between November
2018 and April 2020, Dr. Liu served as the Chief Strategist of Mansion Capital LLC, a privately-held real estate investment firm
with brokerage and property management operations serving clients from both North America and Asia for their investments in the
U.S. real estate market. With extensive property transaction experience, Dr. Liu has a breadth of connections to operating businesses
that incorporate tactical real estate considerations into their business development strategies. Prior to joining Mansion Capital,
Dr. Liu was an investment strategist at J.P. Morgan Chase & Co. from July 2015 to October 2018. With a primary focus in commercial
mortgages, Dr. Liu assessed the operational strength and financial health of a multitude of commercial real estate operators such
as Starwood, Simon and Westfield, providing investment strategies to major Wall Street institutions spanning private equity, hedge
funds and insurance companies. Dr. Liu began his career in academia, teaching a variety of degree programs from bachelor's
to executive education at Washington University Olin Business School between January 2013 and May 2015 while completing his doctoral
studies, for which he received a PhD in finance in May 2015. Dr. Liu obtained a master's in finance in December 2012 and
his BA in economics and mathematics
summa cum laude
in May 2010 from Washington University in St. Louis.
2
Our Chief Financial Officer and a member of our board of directors,
Mr. Dong Liu, has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer,
manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which
time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as
provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March
2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of
electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.
Mr. Nelson Haight is a member of our
board of directors. A veteran in the oil & gas industry with over 30 years of professional experience, Mr. Haight currently
serves as the Chief Financial Officer for Element Markets, LLC, an environmental commodities firm, which he joined in September
2019. From November 2018 to June 2019, Mr. Haight was the Chief Financial Officer for Epic Companies, LLC, a family office backed
oilfield service company. Between July 2017 and September 2018, Mr. Haight was the Chief Financial Officer of Castleton Resources,
LLC, a privately held exploration and production company. From December 2011 to July 2017, Mr. Haight served in various capacities
from Vice President to Chief Financial Officer at Midstates Petroleum Company, Inc., an exploration and production company founded
in 1993 and focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously
discovered yet underdeveloped hydrocarbon trends. In 2015, Mr. Haight led the team that raised $625 million in new capital for
Midstates Petroleum. Mr. Haight received an MPA and BBA from the University of Texas at Austin in May 1988 and is a Certified
Public Accountant and member of the American Institute of Certified Public Accountants.
Dr. Todd Milbourn is a member of our
board of directors. Dr. Milbourn is the Vice Dean and Hubert C. and Dorothy R. Moog Professor of Finance at Washington University
Olin Business School, where he has researched and built academic programs in the areas of corporate finance, executive compensation
and credit ratings since June 2000. With expertise on valuation, corporate finance, corporate governance, executive compensation
and corporate risk-taking, Dr. Milbourn has been retained as an expert by private firms as well as the U.S. Department of Justice
in cases related to fair rates of return, breach of contract damages and executive compensation programs, among others. Dr. Milbourn
is also the Director and Chair of the Audit Committee of the Xanthus Fund at Oppenheimer, an asset management company with over
1,000 financial advisors and more than $90 billion assets under administration. Dr. Milbourn obtained his PhD in finance from
Indiana University Kelly School of Business in December 1995 and BA in economics and mathematics from Augustana College in May
1991.
Mr. Wenhua Zhang is a member of our
board of directors. Mr. Zhang has been a Partner at Azia Capital Fund LP, a private investment firm, since October 2014. Mr. Zhang
began his career in the financial industry as the Vice President of Equity Research in the technology, media and telecom sector
with T. Rowe Price from August 2001 to May 2008, and later joined Bain Capital as Director of the Brookside Fund, a long short
equity investments fund, between July 2008 and December 2010. From February 2011 to August 2012, Mr. Zhang was Senior Vice President
and Portfolio Manager at Harvard Management Company, a wholly owned subsidiary of Harvard University charged with managing the
university's endowment assets, and then as Partner and Portfolio Manager at Newport Asia LLC between October 2012 and October
2014, investing in Asia's high-growth companies on behalf of clients from institutions, endowments, and family offices.
Mr. Zhang received an MBA with dual majors in finance and technology innovation from the Wharton School at the University of Pennsylvania
in May 2001.
3
Acquisition
Strategy
Our goal is to identify and acquire a business
with untapped opportunity for building a public company. We believe that our management's and directors' experiences,
from evaluating assets through investing and company building, will enable us to source and execute a business combination with
high-quality targets. Our selection process will leverage the relationships of our board with leading venture capitalists, private
equity and hedge fund managers, respected peers, and our network of investment banking executives, attorneys, and accountants.
Together with this network of trusted partners, we intend to capitalize the target business and create purposeful strategic initiatives
in order to achieve attractive growth and performance after our initial business combination.
In particular, we intend to focus our
search for an initial business combination on private companies in North America that have positive operating cash flow or compelling
economics and clear paths to positive operating cash flow, significant assets, and successful management teams that are seeking
access to the U.S. public capital markets. Our selection process is expected to leverage our board's deep and broad network
of relationships, industry expertise and deal sourcing capabilities to provide us with a strong pipeline of potential targets.
We expect to distinguish ourselves with our ability to:
•
Leverage our Extensive Network of Relationships to Create a Unique Pipeline of Acquisition Opportunities.
We believe
the combination of our sponsor's experience in structuring complex transactions and our ability to access the network of
relationships of our board with family offices, corporate executives, founders, family-owned businesses and private equity firms,
will enable us to identify and evaluate suitable target businesses in the areas that we deem appropriate.
•
Employ Rigor to the Process of Identifying Target Companies and Acquiring a Business that Will be Well-Received by the Public
Markets.
We believe our board's strong transaction track record, together with their experience in investing in both
the private and public markets, will provide a distinct advantage for identifying, valuing and completing a business combination
that will meet our investors' expectations.
•
Capitalize on Our Strategic Position Bridging High-Quality North American Production and Extensive Asian Consumer Demand.
We believe the access that our board has to North American private companies producing quality products but lacking distribution,
especially to Asian consumers, presents an enormous opportunity when we bring such market channels to these potential business
combination targets. Our sponsor's relationships with Asian consumer markets will allow us to create further synergies with
target companies in addition to expanded capital and production capacities.
Investment Criteria
We intend to focus on companies that possess
under-researched and underappreciated asset(s) poised for significant growth once capitalized.
Consistent with our strategy, we have identified
the following criteria to evaluate prospective target businesses. Although we may decide to enter into our initial business combination
with a target business that does not meet the criteria described below, it is our intention to acquire companies that we believe:
4
§
have a scientific or other competitive advantage in the markets;
We intend to seek target companies that have significant
competitive advantages and underexploited expansion opportunities that can benefit from access to additional capital as well as
our industry relationships and expertise.
§
are ready to be public, with strong management, corporate governance and reporting policies in place;
We will seek to identify companies with strong and
experienced public-ready management teams. Specifically, we will look for management teams that have a proven track record of value
creation for their stockholders. We will seek to partner with a potential target's management team and expect that the operating
and investment abilities of our executive team and board will complement their own capabilities.
§
will likely be well received by public investors and are expected to have good access to the public capital markets;
We believe that there are a substantial number of
potential target businesses with appropriate valuations that can benefit from a public listing and new capital for growth to support
significant revenue and earnings growth.
§
are private equity fund portfolio companies or entities held by non-traditional investors in North America, especially in the
U.S.;
According to Pitchbook Data, Inc., U.S. private equity
funds raised more than $1.8 trillion from 2006 through 2016 in over 2,700 different funds. As they seek liquidity, particularly
in older-vintage portfolios, we believe that there will be a considerable number of portfolio companies available for sale from
these private equity firms in the coming years that would benefit from public listings. Additionally, non-traditional control investors
such as financial institutions, banks, non-bank lenders, or hedge funds, who do not typically hold and manage private operating
assets, may be anxious to divest their non-core holdings. In the event that those types of investors are liquidating or experiencing
other pressures, they may need to divest certain holdings.
§
have significant embedded and/or underexploited growth opportunities that our team is uniquely positioned to identify and monetize;
We intend to seek target companies that have significant
and underexploited expansion opportunities. This can be accomplished through a combination of accelerating organic growth and finding
attractive add-on acquisition targets. Our management team has significant experience in identifying such targets and in helping
target management assess the strategic and financial fit. Similarly, our management has the expertise to assess the likely synergies
and a process to help a target integrate acquisitions.
§
exhibit unrecognized value or other characteristics that we believe have been misevaluated by the market;
5
We will seek target companies
which exhibit value or other characteristics that we believe have been overlooked or misevaluated by the marketplace based on
our company-specific analyses and due diligence. For a potential target company, this process will include, among other things,
a review and analysis of the company's capital structure, quality of current or future earnings, corporate governance, customers,
material contracts, and the industry and trends. We intend to leverage the operational experience and disciplined investment approach
of our team to identify opportunities to unlock value that our experience in complex situations allows us to pursue.
§
will offer attractive risk-adjusted equity returns for our stockholders.
We intend to seek to acquire a target on terms and
in a manner that leverage our capital markets and transaction management experience. We expect to evaluate a company based on its
potential to successfully commercialize its product(s), both new and under development. We also expect to evaluate financial returns
based on opportunities for follow-on acquisitions and other value-creation initiatives. Potential upside, for example, from the
growth in the target business's earnings or an improved capital structure will be weighed against any identified downside
risks.
Initial Business Combination
We will have until 12 months from the
closing of this offering to consummate our initial business combination. However, if we anticipate that we may not be able to
consummate our initial business combination within 12 months, our insiders or their affiliates may, but are not obligated to,
extend the period of time to consummate a business combination three times by an additional three months each time (for a total
of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation
and the trust agreement to be entered into between us and American Stock Transfer & Trust Company, LLC on the date of this
prospectus, the only way to extend the time available for us to consummate our initial business combination is for our insiders
or their affiliates or designees, upon five days' advance notice prior to the applicable deadline, to deposit into the trust
account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case), on or prior
to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination and
deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory note
equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the relevant insider's discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our
initial business combination. In the event that we receive notice from our insiders five days prior to the applicable deadline
of their intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior
to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether
or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders,
decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates or designees)
may deposit the entire amount required. If we are unable to consummate our initial business combination within such time period,
we will, as promptly as possible but not more than ten business days thereafter, redeem 100% of our outstanding public shares
for a pro rata portion of the funds held in the trust account, including a pro rata portion of any interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, and then seek to dissolve and liquidate. However,
we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our
public stockholders. In the event of our dissolution and liquidation, the private units will expire and will be worthless.
6
We will either (1) seek stockholder approval
of our initial business combination at a meeting called for such purpose, at which stockholders may seek to convert their shares,
regardless of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate amount
then on deposit in the trust account (net of taxes payable), or (2) provide our stockholders with the opportunity to sell their
shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata
share of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations
described herein. The decision as to whether we will seek stockholder approval of our proposed business combination or allow stockholders
to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors
such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek stockholder approval.
Any tender offer documents used in connection with a business combination will contain substantially the same financial and other
information about the initial business combination as is required under the SEC's proxy rules.
The initial per public share redemption
or conversion price will be $10.00 per share, regardless of whether the over-allotment option is exercised. However, we may not
be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public stockholders.
Pursuant to the rules of the Nasdaq Stock
Market, our initial business combination must occur with one or more target businesses having an aggregate fair market value of
at least 80% of the value of the trust account (excluding any deferred underwriter's fees and taxes payable on the income
earned on the trust account), which we refer to as the 80% test, at the time of the agreement to enter into the initial business
combination. Therefore, the fair market value of the target business will be calculated prior to any conversions of our shares
in connection with a business combination and therefore will be a minimum of $40,800,000 (or $46,920,000 if the over-allotment
option is exercised in full) in order to satisfy the 80% test. While the fair market value of the target business must satisfy
the 80% test, the consideration we pay the owners of the target business may be a combination of cash (whether cash from the trust
account or cash from a debt or equity financing transaction that closes concurrently with the business combination) or our equity
securities. The exact nature and amount of consideration would be determined based on negotiations with the target business, although
we will attempt to primarily use our equity as transaction consideration. If our board is not able to independently determine
the fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm
with respect to the satisfaction of such criteria. We will also obtain a fairness opinion from an independent investment banking
firm before consummating a business combination with an entity affiliated with any of our officers, directors or insiders. If
we are no longer listed on Nasdaq, we will not be required to satisfy the 80% test.
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 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, but we will only complete such business
combination if the post-transaction company owns 50% or more of the outstanding voting securities of the target or otherwise owns
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act of 1940, as amended, or the Investment Company Act. Even if the post-transaction company owns 50% or more of the voting
securities of the target, our stockholders prior to the business combination may collectively own a minority interest in the post-transaction
company, depending on valuations ascribed to the target and us in the business combination transaction. For example, we could
pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock
of a target. In this case, we 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% test.
7
As more fully discussed in "Management
 — Conflicts of Interest," if any of our officers or directors becomes aware of a business combination opportunity that
falls within the line of business of any entity to which he or she has pre-existing fiduciary or contractual obligations, he or
she may be required to present such business combination opportunity to such entity prior to presenting such business combination
opportunity to us. All of our officers, directors and director nominees currently have certain relevant pre-existing fiduciary
duties or contractual obligations.
We are 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, 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 until we are no longer an "emerging growth
company."
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 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 during the prior three-year period. References herein to "emerging growth company" shall have the meaning associated with it in the JOBS Act.
Private Placements
In November 2019, we issued 100 shares
of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50 shares of common
stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In May 2020, we declared a
reverse split of one share of common stock for every 1.5 outstanding shares of common stock, resulting in 1,437,500 shares of
common stock being outstanding. We refer to these shares throughout this prospectus as the "insider shares," and the
aggregate purchase price for the insider shares was $25,000, or approximately $0.017 per share. The 1,437,500 insider shares held
or controlled by our insiders include an aggregate of up to 187,500 shares subject to forfeiture to the extent that the underwriters'
over-allotment option is not exercised in full or in part, so that our insiders will collectively own or control 20.0% of our
issued and outstanding shares after this offering.
8
The insider shares are identical to the
shares of common stock included in the units being sold in this offering. However, our insiders have agreed (A) to vote their insider
shares, private shares and any public shares acquired in or after this offering in favor of any proposed business combination,
(B) not to propose, or vote in favor of, an amendment to our certificate of incorporation that would affect the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 12 months from
the closing of this offering (or 15 or 18 or 21 months, as applicable) 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, net of taxes payable, divided by the number of then outstanding public shares,
(C) not to convert any shares (including the insider shares) into the right to receive cash from the trust account in connection
with a stockholder vote to approve our proposed initial business combination (or sell any shares they hold to us in a tender offer
in connection with a proposed initial business combination) or a vote to amend the provisions of our certificate of incorporation
relating to the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination within 21 months from the closing of this offering, and (D) that the insider shares shall not be entitled to be redeemed
for a pro rata portion of the funds held in the trust account if a business combination is not consummated.
On the date of this prospectus, the
insider shares will be placed into an escrow account maintained in New York, New York by American Stock Transfer & Trust Company,
LLC, acting as escrow agent. Subject to certain limited exceptions, 50% of these shares will not be transferred, assigned, sold
or released from escrow until the earlier of six months after the date of the consummation of our initial business combination
and the date on which the closing price of our common stock equals or exceeds $12.50 per share (as adjusted for stock splits,
stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after
our initial business combination and the remaining 50% of the insider shares will not be transferred, assigned, sold or released
from escrow until six months after the date of the consummation of our initial business combination, or earlier, in either case,
if, subsequent to our initial business combination, we complete a liquidation, merger, stock exchange or other similar transaction
which results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other
property. The limited exceptions referred to above include (1) transfers among the insiders, to our officers, directors, advisors
and employees, (2) transfers to an insider's affiliates or its members upon its liquidation, (3) transfers to relatives
and trusts for estate planning purposes, (4) transfers by virtue of the laws of descent and distribution upon death, (5) transfers
pursuant to a qualified domestic relations order, (6) private sales made at prices no greater than the price at which the securities
were originally purchased or (7) transfers to us for cancellation in connection with the consummation of an initial business combination,
in each case (except for clause 7) where the transferee agrees to the terms of the escrow agreement and forfeiture, as the case
may be, as well as the other applicable restrictions and agreements of the holders of the insider shares.
Sunlight Global Investment LLC and Chardan
Capital Markets, LLC have committed to purchase from us an aggregate of 321,500 units, or "private units," at $10.00
per private unit, of which 296,500 private units will be purchased by Sunlight Global Investment LLC and 25,000 Private Units
will be purchased by Chardan Capital Markets, LLC (for a total purchase price of $3,215,000). These purchases will take place
on a private placement basis simultaneously with the consummation of this offering. All of the proceeds we receive from this purchase
will be placed in the trust account described below. Sunlight Global Investment LLC and Chardan Capital Markets, LLC have also
agreed that if the over-allotment option is exercised by the underwriters, they will purchase from us at a price of $10.00 per
private unit an additional number of private units, of which up to 30,000 private units will be purchased by Sunlight Global Investment
LLC and up to 3,750 private units will be purchased by Chardan Capital Markets, LLC (up to a maximum of 33,750 private units)
pro rata
with the amount of the over-allotment option exercised so that at least $10.20 per share sold to the public in
this offering is held in trust regardless of whether the over-allotment option is exercised in full or part. These additional
private units will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from
the exercise of the over-allotment option. The proceeds from the private placement of the private units will be added to the proceeds
of this offering and placed in the same trust account described in this prospectus maintained by American Stock Transfer &
Trust Company, LLC, as trustee.
9
The private units are identical to the
units sold as part of the public units in this offering. However, our initial stockholders have agreed (A) to vote their
insider shares, private shares and any public shares purchased in or after this offering in favor of any proposed business combination,
(B) not to propose, or vote in favor of, prior to and unrelated to an initial business combination, an amendment to our certificate
of incorporation that would affect the substance or timing of the ability of public stockholders to exercise redemption rights
as described herein or of our redemption obligation to redeem all public shares if we cannot complete an initial business combination
within 12 months of the closing of this offering (or 15 or 18 or 21 months, as applicable), unless we provide public stockholders
an opportunity to redeem their public shares in conjunction with any such amendment, (C) not to redeem any shares, including
insider shares, private shares and any public shares purchased in or after this offering into the right to receive cash from the
trust account in connection with a stockholder vote to approve our proposed initial business combination or sell any shares to
us in any tender offer in connection with our proposed initial business combination, and (D) that the founder shares and
private shares shall not participate in any liquidating distribution upon winding up if a business combination is not consummated.
If public units or shares are purchased
by any of our directors, officers or initial shareholders, they will be entitled to funds from the trust account to the same extent
as any public shareholder upon our liquidation but will not have redemption rights related thereto.
Our executive offices are located at 311 West 43rd Street, 12th
Floor, New York, NY 10036 and our telephone number is (646) 493-6558.
10
The Offering
In making your decision on whether to invest in our securities,
you should take into account not only the backgrounds of the members of our management team, 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
29 of this prospectus.
Securities offered
5,000,000
    Units, at $10.00 per unit, each unit consisting of one share of common stock and one right entitling the holder thereof
    to receive one-tenth (1/10) of a share of common stock upon consummation of our initial business combination, subject to adjustment
    as described in this prospectus.
Proposed Nasdaq symbols
We anticipate the units, and the shares of common stock
and rights once they begin separate trading, will be listed on Nasdaq under the symbols "MCACU," "MCAC," and "MCACR," respectively.
Trading commencement and
separate trading of common
stock
and rights
The units will begin trading on or promptly after the date of this prospectus. Each of the common stock
and rights may trade separately on the 90
th
day after the date of this prospectus unless Chardan Capital Markets, LLC determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative strengths of the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities in particular). In no event will Chardan Capital Markets, LLC allow separate trading of the common stock
and rights until we file an audited balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. Once the shares of common stock
and rights commence separate trading, holders will have the option to continue to hold units or separate their units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of common stock
and rights. We will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission, or the SEC, including an audited balance sheet, promptly following the closing of this offering, which is anticipated to take place three business days from the date the units commence trading. The audited balance sheet will reflect our receipt of the proceeds from the exercise of the over-allotment option if the over-allotment option is exercised on the date of this prospectus. If the over-allotment option is exercised after the date of this prospectus, we will file an amendment to the Form 8-K or a new Form 8-K to provide updated financial information to reflect the exercise of the over-allotment option. We will also include in the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if Chardan Capital Markets, LLC has allowed separate trading of the common stock
and rights prior to the 90
th
day after the date of this prospectus.
11
Units:
Number outstanding before this offering
0 units
Number to be outstanding after
this offering and sale of
private units
5,321,500
    units
1
Shares of common stock:
Number outstanding before this
offering
1,437,500
    shares
2
Number to be outstanding after
this offering and sale of
private units
6,571,500
    shares
3
(1)
Assumes
    the over-allotment option has not been exercised.
(2)
This
    number includes an aggregate of up to 187,500 shares of common stock held by our initial stockholders that are subject to
    forfeiture if the over-allotment option is not fully exercised by the underwriters.
(3)
Assumes
    the over-allotment option has not been exercised and that 187,500 insider shares that are subject to forfeiture if the over-allotment
    option is not exercised by the underwriters in full have been forfeited. If the over-allotment option is exercised in full,
    there will be a total of 7,542,750 shares of common stock issued and outstanding.
12
Rights included as part of units:
Number outstanding before this offering
0 rights
Number to be outstanding after this offering and sale of private units
5,321,500
    rights
4
Terms of Rights:
Except in cases where we are not the surviving
        company in a business combination, each holder of a public right will automatically receive one-tenth (1/10) of a share of common
        stock upon consummation of our initial business combination. In the event we will not be the surviving company upon completion
        of our initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights in
        order to receive the one-tenth (1/10) of a share underlying each right upon consummation of the business combination. We will not
        issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest
        whole share or otherwise addressed in accordance with the applicable provisions of the Delaware General Corporation Law. As a result,
        you must hold rights in multiples of 10 in order to receive shares for all of your rights upon closing of a business combination.
        If we are unable to complete an initial business combination within the required time period and we redeem the public shares for
        the funds held in the trust account, holders of rights will not receive any of such funds for their rights and the rights will
        expire worthless.
4
Assumes
    the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total
    of 6,105,250 rights issued and outstanding, including an aggregate of 355,250 rights underlying the private units.
Offering proceeds to be held in trust:
$51,000,000 of the net proceeds of this offering and the private
placement (or $58,650,000 if the over-allotment option is exercised in full), or $10.20 per unit sold to the public in this offering
(regardless of whether or not the over-allotment option is exercised in full or part) will be placed in a trust account at Morgan
Stanley, maintained by American Stock Transfer & Trust Company, LLC, acting as trustee pursuant to an agreement to be signed
on the date of this prospectus. $500,000 of net proceeds of this offering will not be held in the trust account.
Except as set forth below, the proceeds
        in the trust account will not be released until the earlier of: (1) the completion of an initial business combination within
        the required time period and (2) our redemption of 100% of the outstanding public shares if we have not completed a business
        combination in the required time period.  Therefore, unless and until our initial business combination is consummated, the
        proceeds held in the trust account will not be available for our use for any expenses related to this offering or expenses which
        we may incur related to the investigation and selection of a target business and the negotiation of an agreement to acquire a target
        business.
13
Notwithstanding the foregoing, there can be released to us from the trust account any interest earned on the funds in the trust account that we need to pay our income or other tax obligations. With this exception, expenses incurred by us may be paid prior to a business combination only from the net proceeds of this offering not held in the trust account of approximately $500,000. Additionally, in order to meet our working capital needs following the consummation of this offering if the funds not held in the trust account are insufficient, our initial stockholders, officers and directors or their affiliates may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the relevant insider's discretion, up to $1,500,000 of the notes may be converted upon consummation of our business combination into private units at a price of $10.00 per unit (which, for example, would result in the holders being issued units to acquire 150,000 shares of common stock if $1,500,000 of notes were so converted). If we do not complete a business combination, the loans will only be repaid with funds not held in the trust account, to the extent available.
Insider Shares
In November 2019, we issued 100
        shares of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50
        shares of common stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In
        May 2020, we declared a reverse split of one share of common stock for every 1.5 outstanding shares of common stock, resulting
        in 1,437,500 shares of common stock being outstanding. We refer to these shares throughout this prospectus as the "insider
        shares," and the aggregate purchase price for the insider shares was $25,000, or approximately $0.017 per share.
        The 1,437,500 insider shares held or controlled by our insiders include an aggregate of up to 187,500 shares subject to
        forfeiture to the extent that the underwriters' over-allotment option is not exercised in full or in part, so that
        our insiders will collectively own or control 20.0% of our issued and outstanding shares after this offering. The purchase
        price of the insider shares was determined by dividing the amount of cash contributed to the company by the number of
        insider shares issued. If we increase or decrease the size of the offering pursuant to Rule 462(b) under the Securities
        Act, we will effect a stock dividend or share contribution back to capital, as applicable, immediately prior to the consummation
        of the offering in such amount as to maintain the ownership of our stockholders prior to this offering at 20.0% of the
        number of shares outstanding after this offering. Our insiders will collectively beneficially own approximately 20.0%
        of our issued and outstanding shares after this offering (not including the private units and underlying shares and assuming
        our insiders do not purchase any public units in this offering). Up to 187,500 insider shares will be subject to forfeiture
        by our insiders (and/or their permitted transferees) depending on the extent to which the underwriters' over-allotment
        option is exercised.
14
The insider shares are identical to the shares of common stock included in the units being sold in this offering, except that:
·
the insider shares are subject to certain transfer restrictions, as described in more detail below, and
·
our insiders have entered into letter agreements with us, pursuant to which they have agreed (i) to waive their conversion rights with respect to their insider shares and any public shares they purchase in connection with the completion of our initial business combination and (ii) to waive their redemption rights with respect to their insider shares if we fail to complete our initial business combination within 12 months from the closing of this offering (or 15 or 18 or 21, as applicable) (although they will be entitled to redemption rights with respect to any public shares they hold if we fail to complete our business combination within the prescribed time frame).
·
If we submit our initial business combination to our public stockholders for a vote, our insiders have agreed to vote their insider shares, private shares and any public shares purchased during or after this offering in favor of our initial business combination.
Transfer
    restrictions on insider shares
Our
    insiders have agreed not to transfer, assign or sell any of the insider shares (except to certain permitted transferees) until,
    with respect to 50% of the insider shares, the earlier of six months after the date of the consummation of our initial business
    combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share for any 20 trading
    days within a 30-trading day period following the consummation of our initial business combination and, with respect to the
    remaining 50% of the insider shares, six months after the date of the consummation of our initial business combination, or
    earlier in each case if, subsequent to our initial business combination, we complete a liquidation, merger, stock exchange
    or other similar transaction which results in all of our stockholders having the right to exchange their shares of common
    stock for cash, securities or other property. The insider shares will be held in escrow with American Stock Transfer &
    Trust Company, LLC during the period in which they are subject to the transfer restrictions described above.
Private units
Sunlight
    Global Investment LLC and Chardan Capital Markets, LLC have committed, pursuant to a written agreement, to purchase an aggregate
    of 321,500 private units ($3,215,000) in a private placement that will occur simultaneously with the closing of this offering,
    of which 296,500 private units will be purchased by Sunlight Global Investment LLC and 25,000 private units will be purchased
    by Chardan Capital Markets, LLC. Sunlight Global Investment LLC and Chardan Capital Markets, LLC have also agreed that if
    the over-allotment option is exercised by the underwriters, they will purchase from us at a price of $10.00 per private unit
    an additional number of private units, of which up to 30,000 private units will be purchased by Sunlight Global Investment
    LLC and up to 3,750 private units will be purchased by Chardan Capital Markets, LLC (up to a maximum of 33,750 private units)
    pro rata with the amount of the over-allotment option exercised so that at least $10.20 per share sold to the public in this
    offering is held in trust regardless of whether the over-allotment option is exercised in full or part. The purchase price
    of the private units will be added to the proceeds from this offering to pay for the expenses of this offering and to be held
    in the trust account. If we do not complete our initial business combination within 12 months from the closing of this offering
    (or 15 or 18 or 21 months, as applicable), the proceeds of the sale of the private units will be used to fund the redemption
    of our public shares (subject to the requirements of applicable law) and the private units will be worthless.
15
Limited payments to insiders
There will be no fees, reimbursements or other cash payments paid to our insiders or any of the members of our management team prior to, or for any services they render in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is) other than:
·
repayment at the closing of this offering of non-interest bearing loans up to an aggregate amount of $
500,000
;
·
payment of $10,000 per month to Sunlight Global Investment LLC for office space and related services, subject to deferral as described herein;
·
reimbursement of out-of-pocket expenses incurred by our insiders or any of their affiliates in connection with certain activities on our behalf, such as identifying and investigating possible business targets and business combinations; and
·
repayment of loans which may be made by our insiders or any of their affiliates to finance transaction costs in connection with an initial business combination, the terms of which have not been determined.
There is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business combination. We have no policy which prohibits our insiders or any member of our management team from negotiating the reimbursement of such expenses by a target business. Our audit committee will review and approve all reimbursements and payments made to any insider or member of our management team, or our or their respective affiliates, and any reimbursements and payments made to members of our audit committee will be reviewed and approved by our board of directors, with any interested director abstaining from such review and approval.
16
Potential
    revisions to agreements with
insiders
We could seek to amend certain agreements made by our management team disclosed in this prospectus without the approval of
    stockholders, although we have no intention to do so. For example, restrictions on our executives relating to the voting of
    securities owned by them, the agreement of our management team to remain with us until the closing of a business combination,
    the obligation of our management team to not propose certain changes to our organizational documents or the obligation of
    the management team and its affiliates to not receive any compensation in connection with a business combination could be
    modified without obtaining stockholder approval. Although stockholders would not be given the opportunity to redeem their
    shares in connection with such changes, in no event would we be able to modify the redemption or liquidation rights of our
    stockholders without permitting our stockholders the right to redeem their shares in connection with any such change. We will
    not agree to any such changes unless we believed that such changes were in the best interests of our stockholders (for example,
    if such a modification were necessary to complete a business combination).
Stockholder
    approval of, or tender
offer in connection with, initial
business combination
In
connection with any proposed initial business combination, we will either (1) seek stockholder approval of such initial business
combination at a meeting called for such purpose at which stockholders may seek to convert their shares into the right to receive
cash from the trust account, regardless of whether they vote for or against the proposed business combination; or (2) provide
our stockholders with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need for a
stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net
of taxes payable), in each case subject to the limitations described herein. The decision as to whether we will seek stockholder
approval of our proposed business combination or allow stockholders to sell their shares to us in a tender offer will be made
by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the
terms of the transaction would otherwise require us to seek stockholder approval. If we provide stockholders with the opportunity
to sell their shares to us by means of a tender offer, we will file tender offer documents with the SEC which will contain substantially
the same financial and other information about the initial business combination as is required under the SEC's proxy rules.
If we seek stockholder approval of our initial business combination, we will consummate the business combination only if a majority
of the outstanding shares of common stock voted are voted in favor of the business combination.
17
In addition, we will not consummate our initial business combination if public stockholders exercise conversion rights in an amount that would cause our net tangible assets to be less than $5,000,001 (so that this offering is not subject to Rule 419 promulgated under the Securities Act) or if we do not satisfy any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed business combination. In the event the aggregate cash consideration needed to satisfy cash conditions pursuant to the terms of the proposed business combination exceeds the aggregate amount of cash available to us (including any cash we may obtain from financing from third parties or our insiders or their affiliates, which may not be available on terms acceptable to us or at all), we will not complete the business combination (as we may be required to have a lesser number of shares converted). As a result, we may not be able to locate another suitable target within the applicable time period, if at all. However, if we seek stockholder approval of a business combination and if a significant number of public stockholders properly seek to convert their public shares in connection with a proposed business combination, we or our insiders or their affiliates could purchase some or all of such shares in the open market or in private transactions in order to seek to satisfy the cash conditions. 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. No funds from the trust account can be released from the trust account prior to the consummation of a business combination to make such purchases (although such purchases could be made using funds available to us after the closing of a business combination). We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Notwithstanding the foregoing, we or our insiders and their affiliates will not make purchases of shares of common stock if the purchases would violate Sections 9(a)(2) or 10(b) of the Exchange Act or Regulation M, which are rules that prohibit manipulation of a company's stock, and we and they will comply with Rule 10b-18 under the Exchange Act in connection with any open-market purchases. If purchases cannot be made without violating applicable law, no such purchases will be made.
18
Our
    insiders have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after this offering
    in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment to our certificate of
    incorporation that would affect the substance or timing of our obligation to redeem 100% of our public shares if we do not
    complete our initial business combination within 12 months from the closing of this offering (or 15 or 18 or 21 months if
    we have extended the period of time as described in this prospectus), 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 earned on the funds held in the trust account
    and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public
    shares, (C) not to convert any shares (including the insider shares and private shares) into the right to receive cash from
    the trust account in connection with a stockholder vote to approve our proposed initial business combination (or sell any
    shares they hold to us in a tender offer in connection with a proposed initial business combination) or a vote to amend the
    provisions of our certificate of incorporation relating to the substance or timing of our obligation to redeem 100% of our
    public shares if we do not complete our initial business combination within 12 months from the closing of this offering (or
    15 or 18 or 21 months if we have extended the period of time as described in this prospectus) and (D) that the insider shares
    and private shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the trust account if a
    business combination is not consummated. Depending on how a business combination was structured, any stockholder approval
    requirement could be satisfied by obtaining the approval of either (i) a majority of the shares of our common stock that were
    voted at the meeting (assuming a quorum was present at the meeting), or (ii) a majority of the outstanding shares of our common
    stock. Because our insiders will collectively beneficially own approximately 20.0% of our issued and outstanding shares of
    common stock (not including the private units and underlying securities and assuming our insiders do not purchase any units
    in this offering) upon consummation of this offering, a minimum of approximately 71,376 public shares, or 1.09% of the outstanding
    shares of our common stock (if the approval requirement was a majority of shares voted and assuming that only a quorum was
    present at the meeting, that the over-allotment option is not exercised, that Chardan votes in favor of the transaction, and
    that the initial stockholders do not purchase any units in this offering or units or shares in the after-market), would need
    to be voted in favor of a business combination in order for it to be approved.
None of our insiders, director nominees or their affiliates has committed to purchase units in this offering or any units or shares of common stock in the open market or in private transactions. However, if a significant number of stockholders vote, or indicate an intention to vote, against a proposed business combination, our insiders or their affiliates could make such purchases in the open market or in private transactions in order to influence the vote. Notwithstanding the foregoing, our insiders and their affiliates will not make purchases of shares of common stock if the purchases would violate Section 9(a)(2) or Rule 10b-5 of the Exchange Act.
19
Conditions
    to completing our initial business combination
There
is no limitation on our ability to raise funds privately or through loans in connection with our initial business combination.
Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value
of at least 80% of the value of the trust account (excluding any deferred underwriter's fees and taxes payable on the income
earned on the trust account) at the time of the agreement to enter into the initial business combination. If we are no longer
listed on Nasdaq, we will not be required to satisfy the 80% test.
If our board is not able to independently determine the fair market value of the target business or businesses, we may obtain an opinion from an independent investment banking or accounting firm as to the fair market value of the target business. We will complete our initial business combination only if the post-transaction company in which our public stockholders own shares will own or acquire 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target 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 50% or more of the voting securities of the target, our stockholders prior to the business combination may collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target and us in the business combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for purposes of the 80% test, provided that in the event that the business combination involves more than one target business, the 80% test will be based on the aggregate value of all of the target businesses.
Conversion rights
In connection with any stockholder meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless of whether he, she or it is voting for or against such proposed business combination, to demand that we convert his, her or its public shares into a
pro rata
share of the trust account upon consummation of the business combination.
20
We may require public stockholders wishing to exercise conversion rights, whether they are a record holder or hold their shares in "street name," to either tender the certificates they are seeking to convert to our transfer agent or to deliver the shares they are seeking to convert to the transfer agent electronically using Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option, at any time at or prior to the vote on the business combination. There is a nominal cost associated with this tendering process and the act of certificating the shares or delivering them through the DWAC System. The transfer agent will typically charge the tendering broker $45 and it would be up to the broker whether or not to pass this cost on to the converting holder. However, this fee would be incurred regardless of whether or not we require holders to deliver their shares prior to the vote on the business combination in order to exercise conversion rights. This is because a holder would need to deliver shares to exercise conversion rights regardless of the timing of when such delivery must be effectuated. However, in the event we require stockholders to deliver their shares prior to the vote on the proposed business combination and the proposed business combination is not consummated, this may result in an increased cost to stockholders.
Under Delaware law, we may be required to give a minimum of only ten days' notice for each general meeting. As a result, if we require public stockholders who wish to convert their shares of common stock into the right to receive a
pro rata
portion of the funds in the trust account to comply with the foregoing delivery requirements, holders may not have sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able to exercise their conversion rights and may be forced to retain our securities when they otherwise would not want to.
If we require public stockholders who wish to convert their shares of common stock to comply with specific delivery requirements for conversion described above and such proposed business combination is not consummated, we will promptly return such certificates to the tendering public stockholders.
Release
    of funds in trust account on closing of our initial business combination
On the completion of our initial business combination, all amounts held in the trust account will be released to us. We will use these funds to pay amounts due to any public stockholders who exercise their conversion rights as described above under "— Conversion rights," to pay the underwriters their deferred underwriting commissions, to pay all or a portion of the consideration payable to the target or targets or owners of the target or targets 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 stock 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, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.
21
Liquidation if no business combination
If
    we are unable to complete our initial business combination within 12 months from the closing of this offering, we will (i)
    cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
    days thereafter, redeem 100% of the outstanding public shares for a pro rata portion of the funds held in the trust account,
    which redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive
    further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following
    such redemption, subject to the approval of our remaining holders of common stock and our board of directors, dissolve and
    liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors
    and the requirements of other applicable law. However, if we anticipate that we may not be able to consummate our initial
    business combination within 12 months, our insiders or their affiliates may, but are not obligated to, extend the period of
    time to consummate a business combination three times by an additional three months each time (for a total of up to 21 months
    to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation and the
    trust agreement to be entered into between us and American Stock Transfer & Trust Company, LLC on the date of this prospectus,
    the only way to extend the time available for us to consummate our initial business combination is for our insiders or their
    affiliates or designees, upon five days' advance notice prior to the applicable deadline, to deposit into the trust
    account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case), on or prior
    to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination
    and deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory
    note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
    unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of
    our initial business combination, or, at the relevant insider's discretion, converted upon consummation of our business
    combination into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the
    private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation
    of our initial business combination. In the event that we receive notice from our insiders five days prior to the applicable
    deadline of their intent to effect an extension, we intend to issue a press release announcing such intention at least three
    days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline
    announcing whether or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated
    to fund the trust account to extend the time for us to complete our initial business combination. To the extent that some,
    but not all, of our insiders, decide to extend the period of time to consummate our initial business combination, such insiders
    (or their affiliates or designees) may deposit the entire amount required.
22
In
    connection with our redemption of 100% of our outstanding public shares, each holder will receive an amount equal to (1) the
    number of public shares being converted by such public holder divided by the total number of public shares multiplied by (2)
    the amount then in the trust account (initially $10.20 per share), which includes the deferred underwriting commission, plus
    a pro rata portion of any interest earned on the funds held in the trust account and not previously released to us or necessary
    to pay our taxes (subject in each case to our obligations under Delaware law to provide for claims of creditors).
The
    proceeds deposited in the trust account could, however, become subject to claims of our creditors that are in preference to
    the claims of our stockholders. We may not have funds sufficient to pay or provide for all creditors' claims. Although
    we will seek to have all vendors, service providers (excluding our independent registered public accounting firm), prospective
    target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest
    or claim of any kind in or to any monies held in the trust account for the benefit of our public stockholders, there is no
    guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from
    bringing claims against the trust account including, but not limited to, fraudulent inducement, breach of fiduciary responsibility
    or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an
    advantage with respect to a claim against our assets, including the funds held in the trust account. If any third-party refuses
    to execute an agreement waiving such claims to the monies held in the trust account, our management will perform an analysis
    of the alternatives available to it and will only enter into an agreement with a third-party that has not executed a waiver
    if management believes that such third-party's engagement would be significantly more beneficial to us than any alternative.
    Examples of possible instances where we may engage a third-party that refuses to execute a waiver include the engagement of
    a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those
    of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider
    willing to execute a waiver. The underwriters 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. In order to protect the amounts held in the trust account, our sponsor has agreed that it
    will be liable to us if and to the extent any claims by a vendor for services rendered or products sold to us, or a prospective
    target business with which we have discussed entering into a transaction agreement, reduce the amounts in the trust account
    to below the lesser of (i) $10.20 per public share and (ii) the actual amount per public share held in the trust account as
    of the date of the liquidation of the trust account if less than $10.20 per share due to reductions in the value of the trust
    assets, in each case less taxes payable, provided that such liability will not apply to any claims by a third-party who executed
    a waiver of any and all rights to seek access to the trust account nor will it apply to any claims under our indemnity of
    the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. In the event
    that an executed waiver is deemed to be unenforceable against a third-party, our sponsor will not be responsible to the extent
    of any liability for such third-party claims. However, we have not asked our sponsor to reserve for such indemnification obligations,
    nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and we believe
    that our sponsor's only assets are securities of our company. Therefore, we cannot assure you that our sponsor would
    be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties, including,
    without limitation, claims by vendors and prospective target businesses.
23
In
    the event that the proceeds in the trust account are reduced below the lesser of (i) $10.20 per public share and (ii) the
    actual amount per public share held in the trust account as of the date of the liquidation of the trust account if less than
    $10.20 per share due to reductions in the value of the trust assets, in each case less taxes payable, and our sponsor asserts
    that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular
    claim, our independent directors would determine whether to take legal action against our sponsor to enforce its indemnification
    obligations. While we currently expect that our independent directors would take legal action on our behalf against our sponsor
    to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business
    judgment may choose not to do so in any particular instance. Accordingly, we cannot assure you that due to claims of creditors
    the actual value of the per-share redemption price will not be less than $10.20 per share.
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 $10.20 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, and thereby exposing itself and our company to claims of punitive damages,
    by paying public stockholders from the trust account prior to addressing the claims of creditors. We cannot assure you that
    claims will not be brought against us for these reasons.
24
The holders of the insider shares and private units (and underlying securities) will not participate in any redemption distribution with respect to their insider shares and private units (and underlying securities), but may have any public shares redeemed upon liquidation.
If we are unable to conclude our initial business combination and we expend all of the net proceeds of this offering not deposited in the trust account, without taking into account any interest earned on the trust account, we expect that the initial per-share redemption price will be approximately $10.20.
We will pay the costs of any liquidation following the redemptions from our remaining assets outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation (currently anticipated to be no more than approximately $15,000) and have agreed not to seek repayment for such expenses.
The underwriters have agreed to waive their rights to the deferred underwriting commissions held in the trust account in the event we do not consummate a business combination within 12 months from the closing of this offering (or 15 or 18 or 21 months, as applicable) and in such event, such amounts will be included with the funds held in the trust account that will be available to fund the redemption of our public shares.
Risks
We are a newly formed company that has conducted no operations
and has generated no revenues. Until we complete our initial business combination, we will have no operations and will generate
no operating revenues. In making your decision whether to invest in our securities, you should take into account not only the background
of our management team, but also the special risks we face as a blank check company. This offering is not being conducted in compliance
with Rule 419 promulgated under the Securities Act. Accordingly, you will not be entitled to protections normally afforded to investors
in Rule 419 blank check offerings. For additional information concerning how Rule 419 blank check offerings differ from this offering,
please see "Proposed Business — Comparison to offerings of blank check companies subject to Rule 419." You should
carefully consider these and the other risks set forth in the section entitled "Risk Factors" beginning on page 27
of this prospectus.
25
SUMMARY FINANCIAL DATA
The following table summarizes the relevant
financial data for our business and should be read with our financial statements, which are included in this prospectus. We have
not had any significant operations to date, and accordingly only balance sheet data is presented.
December 31, 2019
March 31, 2020
Actual
Actual
As
    Adjusted
(1)
Balance Sheet Data:
(Audited)
(Unaudited)
Working capital (deficiency)
$
(100,723
)
$
(132,029
)
$
49,774,397
Total assets
$
100,231
$
181,326
$
51,524,397
Total liabilities
(2)
$
100,723
$
157,029
$
1,750,000
Value of common stock subject to possible conversion/tender
(3)
—
—
$
44,774,389
Stockholders' equity (deficit)
(4)
$
(492
)
$
24,297
$
5,000,008
(1)
Includes
    $3,215,000 we will receive from the sale of the private units.
(2)
The
    "as adjusted" liabilities represents up to $1,750,000 of deferred underwriting commissions.
(3)
The
    "as adjusted" value of common stock which may be subject to possible conversion/tender for cash is derived by
    taking 4,389,646 shares of common stock which may be converted, representing the maximum number of shares that may be converted
    or sold while maintaining at least $5,000,001 in net tangible assets after this offering, multiplied by a conversion price
    of $10.20.
(4)
The "as adjusted" stockholders' equity includes the payment of $100 for Representative's Purchase Option.
The
 "as adjusted" information gives effect to the sale of the units we are offering and the sale of the private units,
including the application of the related gross proceeds and the payment of the estimated remaining costs from such sale and the
repayment of the accrued and other liabilities required to be repaid.
The
 "as adjusted" total assets amount includes the $51,000,000 to be held in the trust account, including the deferred
underwriting discounts and commissions of $1,750,000, plus $500,000 in cash held outside the trust account. If our initial business
combination is not consummated, the trust account, less amounts we are permitted to withdraw as described in this prospectus,
will be distributed solely to our public shareholders (subject to our obligations under Delaware law to provide for claims of
creditors). The actual deferred offering costs of $156,326 will be reclassified as a charge to additional paid-in capital from
the gross proceeds in connection with the consummation of the offering. Any additional offering costs will also be charged to
additional paid-in capital.
26
RISK FACTORS
An investment in our securities involves
a high degree of risk. You should consider carefully all of the risks described below, which we believe represent the material
risks related to the offering, together with the other information contained in this prospectus, before making a decision to invest
in our units. 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. This
prospectus also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially
from those anticipated in the forward-looking statements as a result of specific factors, including the risks described below.
Risks
Associated with Our Business
We are a newly formed
early stage company with no operating history and, accordingly, you have no basis on which to evaluate our ability to achieve our
business objective.
We are a newly formed early stage 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, which is to complete
our initial business combination with one or more target businesses. We have not engaged in any substantive discussions and we
have no plans, arrangements or understandings with any prospective target business concerning a business combination and may be
unable to complete our business combination. If we fail to complete our business combination, we will never generate any operating
revenues.
Our independent registered public
accounting firm's report contains an explanatory paragraph that expresses substantial doubt about our ability to continue
as a "going concern."
As of March 31, 2020, we had $25,000 in
cash and a working capital deficit of $132,029. Further, we have incurred and expect to continue to incur significant costs in
pursuit of our finance and acquisition plans. Management's plans to address this need for capital through this offering
are discussed in the section of this prospectus titled "Management's Discussion and Analysis of Financial Condition
and Results of Operations." We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The
financial statements contained elsewhere in this prospectus do not include any adjustments that might result from our inability
to consummate this offering or our inability to continue as a going concern.
If we are unable to consummate
our initial business combination, our public stockholders may be forced to wait more than 12 months (or 15 or 18 or 21 months if
we have extended the period of time as described in this prospectus) before receiving distributions from the trust account.
We will have until 12 months from the
closing of this offering (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus) to
consummate our initial business combination. We have no obligation to return funds to investors prior to such date unless we
consummate our initial business combination prior thereto and only then in cases where investors have sought to convert their
shares. Only after the expiration of this full time period will holders of our common stock be entitled to distributions from
the trust account if we are unable to complete our initial business combination. Accordingly, investors' funds may be
unavailable to them until after such date and to liquidate your investment, public security holders may be forced to sell
their public shares, potentially at a loss.
27
Our public stockholders
may not be afforded an opportunity to vote on our proposed business combination.
We will either (1) seek stockholder approval
of our initial business combination at a meeting called for such purpose at which public stockholders may seek to convert their
shares, regardless of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate
amount then on deposit in the trust account (net of taxes payable), or (2) provide our public stockholders with the opportunity
to sell their shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to
their pro rata share of the aggregate amount then on deposit in the trust account, in each case subject to the limitations described
elsewhere in this prospectus. Accordingly, it is possible that we will consummate our initial business combination even if holders
of a majority of our public shares do not approve of the business combination. The decision as to whether we will seek stockholder
approval of a proposed business combination or will allow stockholders to sell their shares to us in a tender offer will be made
by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the
terms of the transaction would otherwise require us to seek stockholder approval. For instance, Nasdaq rules currently allow us
to engage in a tender offer in lieu of a stockholder meeting but would still require us to obtain stockholder approval if we were
seeking to issue more than 20% of our outstanding shares to a target business as consideration in any business combination. Therefore,
if we were structuring a business combination that required us to issue more than 20% of our outstanding shares, we would seek
stockholder approval of such business combination instead of conducting a tender offer.
You will not be entitled
to protections normally afforded to investors of blank check companies.
Since the net proceeds of this offering
are intended to be used to complete our initial business combination with a target business that has not been identified, we may
be deemed to be a "blank check" company under the United States securities laws. However, since we will have net tangible
assets in excess of $5,000,001 upon the successful consummation of this offering and will file a Current Report on Form 8-K, including
an audited balance sheet demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors of blank
check companies such as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules which
would, for example, completely restrict the transferability of our securities, require us to complete our initial business combination
within 12 months (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus) of the effective
date of the initial registration statement and restrict the use of interest earned on the funds held in the trust account. Because
we are not subject to Rule 419, our units will be immediately tradable, we will be entitled to withdraw amounts from the funds
held in the trust account prior to the completion of our initial business combination and we may have a longer period of time to
complete such a business combination than we would if we were subject to such rule.
If we determine to amend
certain agreements made by our management team, many of the disclosures contained in this prospectus regarding those agreements
would no longer apply.
We could seek to amend certain
agreements with our management team disclosed in this prospectus without the approval of our stockholders, although we have
no current intention to do so. For example, restrictions on our executives relating to the voting of securities owned by
them, the agreement of our management team to remain with us until the closing of a business combination, the obligation of
our management team to not propose certain changes to our organizational documents or the obligation of the management team
and its affiliates to not receive any compensation in connection with a business combination could be modified without
obtaining stockholder approval. Although stockholders would not be given the opportunity to redeem their shares in connection
with such changes, in no event would we be able to modify the redemption or liquidation rights of our stockholders without
permitting our stockholders the right to redeem their shares in connection with any such change. We will not agree to any
such changes unless we believed that such changes were in the best interests of our stockholders (for example, if such a
modification were necessary to complete a business combination).
28
If we deviate from the
acquisition criteria or guidelines set forth in this prospectus, investors in this offering may have rescission rights or may bring
an action for damages against us or we could be subject to civil or criminal actions taken by governmental authorities.
If we were to elect to deviate from the
acquisition criteria or guidelines set forth in this prospectus, each person who purchased units in this offering and still held
such securities upon learning of the facts relating to the deviation may seek rescission of the purchase of the units he or she
acquired in the offering (under which a successful claimant has the right to receive the total amount paid for his or her securities
pursuant to an allegedly deficient prospectus, plus interest and less any income earned on the securities, in exchange for surrender
of the securities) or bring an action for damages against us (compensation for loss on an investment caused by alleged material
misrepresentations or omissions in the sale of a security). In such event, we could also be subject to civil or criminal actions
taken by governmental authorities. For instance, the SEC can seek injunctions under Section 20(b) of the Securities Act if it believes
a violation under the Securities Act has occurred or is imminent. The SEC can also seek civil penalties under Sections 20(d) and
24 if a party has violated the Securities Act or an injunctive action taken by the SEC or if a party willfully, in a registration
statement filed under the Securities Act, makes any untrue statement of a material fact or omits to state any material fact required
to be stated therein or necessary to make the statements therein not misleading. Furthermore, Section 20 allows the SEC to refer
matters to the attorney general to bring criminal penalties against an issuer.
We may issue shares of
our capital stock to complete our initial business combination, which would reduce the equity interest of our stockholders and
likely cause a change in control of our ownership.
Our
amended and restated certificate of incorporation currently authorizes the issuance of up to [
·
]
shares of common stock, par value $0.0001 per share. Immediately after this offering and the purchase of the private units (assuming
no exercise of the underwriters' over-allotment option), there will be approximately [
·
]
authorized but unissued shares of common stock available for issuance (after appropriate reservation for the issuance of the shares
underlying the public rights, private units, shares underlying the private units and the issuance of the securities underlying
the underwriters' purchase option). Although we have no commitment as of the date of this offering, we may issue a substantial
number of additional shares of common stock to complete our initial business combination. The issuance of additional shares of
common stock:
•
may significantly reduce the equity interest of investors in this offering;
•
may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;
•
may cause a change in control if a substantial number of shares of common stock are issued, which
may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation
or removal of our present officers and directors; and
•
may adversely affect prevailing market prices for our shares of common stock.
29
We may issue notes or
other debt securities, or otherwise incur substantial debt, to complete a business combination, which may adversely affect our
leverage and financial condition and thus negatively impact the value of our 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, we may choose to incur
substantial debt to complete our business combination. However, the incurrence of debt could have a variety of negative effects,
including:
•
default and foreclosure on our assets if our operating revenues after our 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; and
•
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who
have less debt.
We may be limited to
the funds held outside of the trust account to fund our search for target businesses, to pay our tax obligations and to complete
our initial business combination.
Of the net proceeds of this offering, $500,000
is anticipated to be available to us initially outside the trust account to fund our working capital requirements. Especially if
the over-allotment option is exercised in full, we may not have sufficient funds available with which to structure, negotiate or
close our initial business combination. In such event, we would need to borrow funds from our insiders to operate or may be forced
to liquidate. Our insiders are under no obligation to loan us any funds. If we are unable to obtain the funds necessary, we may
be forced to cease searching for a target business and may be unable to complete our initial business combination.
We may not have sufficient
working capital to cover our operating expenses.
Following the consummation of this offering,
the amounts available to us to pay our operating expenses will consist only of the approximately $500,000 initially held outside
of the trust account. Therefore, if our expenses exceed our estimates, we will not have sufficient funds outside the trust account
to cover our expenses. In such event, we would need to borrow funds from our insiders or from third parties to continue to operate.
However, our insiders and third parties are under no obligation to loan us any funds. If we are unable to obtain the necessary
funds, we may be forced to cease searching for a target business and liquidate without completing our initial business combination.
30
Reimbursement of
out-of-pocket expenses incurred by our insiders or any of their affiliates in connection with certain activities on our
behalf, such as identifying and investigating possible business targets and business combinations, could reduce the funds
available to us to consummate a business combination. In addition, an indemnification claim by one or more of our officers
and directors in the event that any of them are sued in their capacity as an officer or director could also reduce the funds
available to us outside of the trust account.
We may reimburse our insiders or any of
their affiliates for out-of-pocket expenses incurred in connection with certain activities on our behalf, such as identifying and
investigating possible business targets and business combinations. There is no limit on the amount of out-of-pocket expenses reimbursable
by us; provided that, to the extent such expenses exceed the available proceeds not deposited in the trust account, such expenses
would not be reimbursed by us unless we consummate an initial business combination. In addition, pursuant to our certificate of
incorporation and Delaware law, we may be required to indemnify our officers and directors in the event that any of them are sued
in their capacity as an officer or director. We will also enter into agreements with our officers and directors to provide contractual
indemnification in addition to the indemnification provided for in our certificate of incorporation and under Delaware law. In
the event that we reimburse our insiders or any of their affiliates for out-of-pocket expenses prior to the consummation of a business
combination or are required to indemnify any of our officers or directors pursuant to our certificate of incorporation, Delaware
law, or the indemnity agreements that we will enter into with them, we would use funds available to us outside of the trust account
for our working capital requirements. Any reduction in the funds available to us could have a material adverse effect on our ability
to locate and investigate prospective target businesses and to structure, negotiate, conduct due diligence in connection with or
consummate our initial business combination.
If third parties bring
claims against us, the proceeds held in the trust account could be reduced and the per-share redemption price received by stockholders
may be less than approximately $10.20.
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 (excluding
our independent registered public accounting firm), prospective target businesses and other entities with which we do business
execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account
for the benefit of our public 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 execute an agreement waiving such claims to the monies held in the trust account, our management
will perform an analysis of the alternatives available to it and will only enter into an agreement with a third-party that has
not executed a waiver if management believes that such third-party's engagement would be significantly more beneficial to
us than any alternative.
31
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 consummate an initial business combination within 12 months from the closing of this
offering (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus), 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 $10.20 per public share initially held in the trust account,
due to claims of such creditors. Pursuant to the letter agreement the form of which is filed as an exhibit to the registration
statement of which this prospectus forms a part, our sponsor has agreed that it will be liable to us if and to the extent any
claims by a third-party (excluding our independent registered public accounting firm) for services rendered or products sold to
us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amounts in
the trust account to below the lesser of (i) $10.20 per public 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 $10.20 per share due to reductions in the value of the trust
assets, in each case less taxes payable, provided that such liability will not apply to any claims by a third-party who executed
a waiver of any and all rights to seek access to the trust account nor will it apply to any claims under our indemnity of the
underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in the event
that an executed waiver is deemed to be unenforceable against a third-party, our sponsor will not be responsible to the extent
of any liability for such third-party claims. However, we have not asked our sponsor to reserve for such indemnification obligations,
nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and we believe
that our sponsor's only assets are securities of our company. Therefore, we cannot assure you that our sponsor would be
able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties, including,
without limitation, claims by vendors and prospective target businesses.
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) $10.20 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 $10.20 per share due to reductions in the value of the trust
assets, in each case less taxes payable, and our sponsor asserts that it is unable to satisfy its obligations or that it has no
indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action
against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would
take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our
independent directors in exercising their business judgment and subject to their fiduciary duties may choose not to do so in any
particular instance. If our independent directors choose not to enforce these indemnification obligations, the amount of funds
in the trust account available for distribution to our public stockholders may be reduced below $10.20 per share.
Our stockholders may
be held liable for claims by third parties against us to the extent of distributions received by them.
If we have not completed our initial
business combination within 12 months from the closing of this offering (or 15 or 18 or 21 months if we have extended the
period of time as described in this prospectus), we will (i) cease all operations except for the purpose of winding up, (ii)
as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public
shares for a pro rata portion of the funds held in the trust account, which redemption will completely extinguish public
stockholders' rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining holders of common stock and our board of directors, dissolve and liquidate, subject (in the case of (ii) and
(iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other
applicable law. We may not properly assess all claims that may be potentially brought against us. As such, our stockholders
could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of
our stockholders may extend well beyond the third anniversary of the date of distribution. Accordingly, third parties may
seek to recover from our stockholders amounts owed to them by us.
32
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 the members of our board of
directors may be viewed as having breached their fiduciary duties to our creditors, thereby exposing the members of our board of
directors and us to claims of punitive damages.
If, after we distribute the proceeds in
the trust account to our public 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.
Holders of rights will not have
redemption rights.
If we are unable to complete an initial
business combination within the required time period and we redeem the funds held in the trust account, the rights will expire
and holders will not receive any of the amounts held in the trust account in exchange for such rights.
33
Since we have not yet
selected a particular industry or target business with which to complete our initial business combination, we are unable to currently
ascertain the merits or risks of the industry or business in which we may ultimately operate.
Although we intend to focus our search on target businesses
operating in North America, we may consummate our initial business combination with a target business in any industry or geographic
region we choose and are not limited to any particular industry, type of business or geographic region. Accordingly, there is no
current basis for you to evaluate the possible merits or risks of the particular industry in which we may ultimately operate or
the target business which we may ultimately consummate our initial business combination. To the extent we complete our initial
business combination with a financially unstable company or an entity in its development stage, we may be affected by numerous
risks inherent in the business operations of those entities. If we complete our initial business combination with an entity in
an industry characterized by a high level of risk, we may be affected by the currently unascertainable risks of that industry.
We may not properly ascertain or assess all of the significant risk factors. An investment in our shares may not ultimately prove
to be more favorable to investors in this offering than a direct investment, if an opportunity were available, in a target business.
The requirement that
our initial business combination occur with one or more target businesses having an aggregate fair market value equal to at least
80% of the value of the trust account at the time of the execution of a definitive agreement for our initial business combination
may limit the type and number of companies that we may complete such a business combination with.
Pursuant to the Nasdaq listing rules, our
initial business combination must occur with one or more target businesses having an aggregate fair market value equal to at least
80% of the value of the trust account (excluding any deferred underwriter's fees and taxes payable on the income earned on
the trust account) at the time of the execution of a definitive agreement for our initial business combination. This restriction
may limit the type and number of companies that we may complete a business combination with. If we are unable to locate a target
business or businesses that satisfy this fair market value test, we may be forced to liquidate and you will only be entitled to
receive your pro rata portion of the funds in the trust account. If we are no longer listed on Nasdaq, we will not be required
to satisfy the 80% test.
Our management may not
be able to maintain control of a target business after our initial business combination. We cannot provide assurance that, upon
loss of control of a target business, new management will possess the skills, qualifications or abilities necessary to profitably
operate such business.
We may structure our initial business
combination such that the post-transaction company owns 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, but we will only
complete such business combination if the post-transaction company owns 50% or more of the outstanding voting securities of
the target or otherwise owns 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 50% or more of the voting
securities of the target, our stockholders prior to the business combination may collectively own a minority interest in the
post-transaction company, depending on valuations ascribed to the target and us in the business combination transaction. For
example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the
outstanding capital stock of a target. In this case, we 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. In
addition, other minority stockholders may subsequently combine their holdings resulting in a single person or group obtaining
a larger share of the company's stock than we initially acquired. Accordingly, this may make it more likely that our
management will not be able to maintain our control of the target business.
34
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. While we intend to closely scrutinize any individuals we engage
after our initial business combination, our assessment of these individuals may not prove to be correct.
Our ability to successfully effect our
initial business combination is dependent upon the efforts of our key personnel. We believe that our success depends on the continued
service of our key personnel, at least until we have consummated our initial business combination. None of our officers are required
to commit any specified amount of time to our affairs (although we expect them to devote approximately 10 hours per week to our
business) and, accordingly, they will have conflicts of interest in allocating management time among various business activities,
including identifying potential business combinations and monitoring the related due diligence. If our officers' and directors'
other business affairs require them to devote more substantial amounts of time to their other business activities, it could limit
their ability to devote time to our affairs and could have a negative impact on our ability to consummate our initial business
combination. In addition, we do not have employment agreements with, or key-man insurance on the life of, any of our officers.
The unexpected loss of the services of our key personnel could have a detrimental effect on us.
The role of our key personnel after our
initial business combination, however, remains to be determined. Although some of our key personnel serve in senior management
or advisory positions following our initial business combination, it is likely that most, if not all, of the management of the
target business will remain in place. These individuals may be unfamiliar with the requirements of operating a public company,
which could cause us to have to expend time and resources helping them become familiar with such requirements. This could be expensive
and time-consuming and could lead to various regulatory issues which may adversely affect our operations.
Our officers and directors
may not have significant experience or knowledge regarding the jurisdiction or industry of the target business we may seek to consummate
our initial business combination with.
We may consummate a business combination
with a target business in any geographic location or industry we choose. Our officers and directors may not have enough experience
or sufficient knowledge relating to the jurisdiction of the target or its industry to make an informed decision regarding our initial
business combination.
Our key personnel may
negotiate employment or consulting agreements with a target business in connection with a particular business combination. These
agreements may provide for them to receive compensation following 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 company after the completion of our business combination only if they are able to negotiate employment or consulting
agreements in connection with the business combination. Such negotiations would take place simultaneously with the negotiation
of the business combination and could provide for such individuals to receive compensation in the form of cash payments and/or
our securities for services they would render to us after the completion of the business combination. The personal and financial
interests of such individuals may influence their motivation in identifying and selecting a target business.
35
Our insiders and their
affiliates may be owed reimbursement for out-of-pocket expenses which may cause them to have conflicts of interest in determining
whether a particular business combination is most advantageous.
Our insiders and their affiliates may incur
out-of-pocket expenses in connection with certain activities on our behalf, such as identifying and investigating possible business
targets and combinations. We have no policy that would prohibit these individuals and their affiliates from negotiating the reimbursement
of such expenses by a target business. As a result, the personal and financial interests of such individuals may influence their
motivation in identifying and selecting a target business.
Members of our management
team may have affiliations with entities engaged in business activities similar to those intended to be conducted by us and, accordingly,
may have conflicts of interest in determining to which entity a particular business opportunity should be presented.
Members of our management team may have
affiliations with companies, including companies that are engaged in business activities similar to those intended to be conducted
by us. Accordingly, they may participate in transactions and have obligations that may be in conflict or competition with our consummation
of our initial business combination. As a result, a potential target business may be presented by our management team to another
entity prior to its presentation to us and we may not be afforded the opportunity to engage in a transaction with such target business.
For a more detailed description of the potential conflicts of interest of our management, see the section titled "Management
 — Conflicts of Interest."
We may engage in a business
combination with one or more target businesses that have relationships with entities that may be affiliated with our executive
officers, directors or insiders, which may raise potential conflicts of interest.
In light of the involvement of our insiders
and director nominees with other entities, we may decide to acquire one or more businesses affiliated with our insiders and director
nominees. Our directors and director nominees also serve as officers and board members for other entities, including, without limitation,
those described under "Management — Conflicts of Interest." Our insiders and director nominees are not currently
aware of any specific opportunities for us to complete our business combination with any entities with which they are affiliated,
and there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we
will not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction
if we determined that such affiliated entity met our criteria for a business combination as set forth in "Proposed Business
 — Effecting Our Initial Business Combination — Selection of a Target Business and Structuring of Our Initial Business
Combination," such transaction was approved by a majority of our disinterested and independent directors (if we have any
at that time), and we obtain an opinion from an independent investment banking firm that the business combination is fair to our
unaffiliated stockholders from a financial point of view. Despite our agreement to obtain an opinion from an independent investment
banking firm regarding the fairness to our company from a financial point of view of a business combination with one or more domestic
or international businesses affiliated with our insiders, potential conflicts of interest still may exist and, as a result, the
terms of the business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of
interest.
36
The shares
beneficially owned by our insiders, including our officers and directors, will not participate in a redemption and,
therefore, our insiders may have a conflict of interest in determining whether a particular target business is appropriate
for our initial business combination.
Our insiders, including our officers and
directors, have waived their right to convert their insider shares and private shares in connection with a business combination
and their redemption rights with respect to their insider shares and private shares if we are unable to consummate our initial
business combination. Accordingly, these securities will be worthless if we do not consummate our initial business combination.
The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting
a target business and completing a business combination. 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 we are unable to consummate
a business combination, any loans made by our insiders, including our officers and directors, or their affiliates would not be
repaid, resulting in a potential conflict of interest in determining whether a potential transaction is in our stockholders'
best interest.
In order to meet our working capital needs
following the consummation of this offering, our insiders, including our officers and directors, or their affiliates may, but are
not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion.
The loans would be non-interest bearing and would be payable at the consummation of a business combination. If we fail to consummate
a business combination within the required time period, the loans would not be repaid. Consequently, our directors and officers
may have a conflict of interest in determining whether the terms, conditions and timing of a particular business combination are
appropriate and in our stockholders' best interest.
Nasdaq may delist our
securities from quotation on its exchange, which could limit investors' ability to make transactions in our securities and
subject us to additional trading restrictions.
We anticipate that our securities will
be listed on Nasdaq, a national securities exchange, upon consummation of this offering. Although after giving effect to this offering
we expect to meet, on a pro forma basis, the minimum initial listing standards set forth in the Nasdaq listing standards, we cannot
assure you that our securities will be, or will continue to be, listed on Nasdaq in the future or prior to our initial business
combination. In order to continue listing our securities on Nasdaq prior to our initial business combination, we must maintain
certain financial, distribution and stock price levels. Generally, we must maintain a minimum amount in stockholders' equity
(generally $5.0 million) 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 $4.00 per share and our stockholders'
equity would generally be required to be at least $5.0 million. 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, we could face significant material adverse consequences, including:
•
a limited availability of market quotations for our securities;
•
reduced liquidity with respect to our securities;
•
a determination that our shares are a "penny stock," which will require brokers trading
in our shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading
market for our shares;
•
a limited amount of news and analyst coverage for our company; and
•
a decreased ability to issue additional securities or obtain additional financing in the future.
37
We may only be able to
complete one business combination with the proceeds of this offering, which will cause us to be solely dependent on a single business
which may have a limited number of products or services.
It is likely we will consummate our initial
business combination with a single target business, although we have the ability to simultaneously consummate our initial business
combination with several target businesses. By consummating a business combination with only a single entity, our lack of diversification
may subject us to numerous economic, competitive and regulatory developments. Further, we would not be able to diversify our operations
or benefit from the possible spreading of risks or offsetting of losses, unlike other entities which may have the resources to
complete several business combinations in different industries or different areas of a single industry. Accordingly, the prospects
for our success may be:
•
solely dependent upon the performance of a single business, or
•
dependent upon the development or market acceptance of a single or limited number of products,
processes or services.
This lack of diversification may subject
us to numerous economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact upon
the particular industry in which we may operate subsequent to our initial business combination.
Alternatively, if we determine to simultaneously
consummate our initial business combination with several businesses and such businesses are owned by different sellers, we will
need for each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other
business combinations, which may make it more difficult for us, and delay our ability, to complete the business combination. With
multiple business combinations, we could also face additional risks, including additional burdens and costs with respect to possible
multiple negotiations and due diligence investigations (if there are multiple sellers) and the additional risks associated with
the subsequent assimilation of the operations and services or products of the target 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.
The ability of our public
stockholders to exercise their conversion rights may not allow us to effectuate the most desirable business combination or optimize
our capital structure.
If our initial business combination
requires us to use substantially all of our cash to pay the purchase price, because we will not know how many public
stockholders may exercise conversion rights, we may either need to reserve part of the trust account for possible payment
upon such conversion, or we may need to arrange third-party financing to help fund our initial business combination. In the
event that the business combination involves the issuance of our stock as consideration, we may be required to issue a higher
percentage of our stock to make up for a shortfall in funds. Raising additional funds to cover any shortfall may involve
dilutive equity financing or incurring indebtedness at higher than desirable levels. This may limit our ability to effectuate
the most attractive business combination available to us.
38
We may be unable to consummate
an initial business combination if a target business requires that we have a certain amount of cash at closing, in which case public
stockholders may have to remain stockholders of our company and wait until our redemption of the public shares to receive a pro
rata share of the trust account or attempt to sell their shares in the open market.
A potential target may make it a closing
condition to our initial business combination that we have a certain amount of cash in excess of the $5,000,001 of net tangible
assets we are required to have pursuant to our organizational documents available at the time of closing. If the number of our
public stockholders electing to exercise their conversion rights has the effect of reducing the amount of money available to us
to consummate an initial business combination below such minimum amount required by the target business and we are not able to
locate an alternative source of funding, we will not be able to consummate such initial business combination and we may not be
able to locate another suitable target within the applicable time period, if at all. In that case, public stockholders may have
to remain stockholders of our company and wait the full 12 months (or 15 or 18 or 21 months if we have extended the period of time
to complete a business combination as described in this prospectus) in order to be able to receive a portion of the trust account,
or attempt to sell their shares in the open market prior to such time, in which case they may receive less than they would have
in a liquidation of the trust account.
Public stockholders,
together with any affiliates of theirs or any other person with whom they are acting in concert or as a "group," will
be restricted from seeking conversion rights with respect to more than 20% of the shares of common stock sold in this offering.
In connection with any meeting held to
approve an initial business combination, we will offer each public stockholder (but not our insiders) the right to have his, her,
or its shares of common stock converted into cash. Notwithstanding the foregoing, a public stockholder, together with any affiliate
of his or hers or any other person with whom he or she is acting in concert or as a "group," will be restricted from
seeking conversion rights with respect to more than 20% of the shares of common stock sold in this offering. Generally, in this
context, a stockholder will be deemed to be acting in concert or as a group with another stockholder when such stockholders agree
to act together for the purpose of acquiring, voting, holding or disposing of our equity securities. Accordingly, if you purchase
more than 20% of the shares of common stock sold in this offering and our proposed business combination is approved, you will not
be able to seek conversion rights with respect to the full amount of your shares and may be forced to hold such additional shares
of common stock or sell them in the open market. The value of such additional shares may not appreciate over time following our
initial business combination, and the market price of our shares of common stock may not exceed the per-share conversion price.
We may require public
stockholders who wish to convert their shares of common stock in connection with a vote of stockholders on a proposed business
combination to comply with specific requirements for conversion that may make it more difficult for them to exercise their conversion
rights prior to the deadline for exercising their rights.
In connection with any stockholder
meeting called to approve a proposed initial business combination, each public stockholder will have the right, regardless of
whether he or she is voting for or against such proposed business combination, to demand that we convert his or her shares of
common stock into a share of the trust account. We may require public stockholders seeking to convert their shares in
connection with a stockholder vote on a proposed business combination, whether they are a record holder or hold their shares
in "street name," to either tender their certificates to our transfer agent or to deliver their shares to the
transfer agent electronically using Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the
holder's option, at least two business days on the initial business combination (a tender of shares is always required
in connection with a tender offer). In order to obtain a physical stock certificate, a stockholder's broker and/or
clearing broker, DTC and our transfer agent will need to act to facilitate this request. It is our understanding that
stockholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However,
because we do not have any control over this process or over the brokers or DTC, it may take significantly longer than two
weeks to obtain a physical stock certificate. While we have been advised that it takes a short time to deliver shares through
the DWAC System, this may not be the case. Under Delaware law and our bylaws, we are required to provide at least 10
days' advance notice of any stockholder meeting, which would be the minimum amount of time a public stockholder would
have to determine whether to exercise conversion rights. Accordingly, if it takes longer than we anticipate for stockholders
to deliver their shares, stockholders who wish to convert may be unable to meet the deadline for exercising their conversion
rights and thus may be unable to convert their shares.
39
If we require public
stockholders who wish to convert their shares of common stock to comply with the delivery requirements discussed above for conversion,
such converting stockholders may be unable to sell their securities when they wish to in the event that the proposed business combination
is not approved.
If we require public stockholders who wish
to convert their shares of common stock to comply with the delivery requirements discussed above for conversion and such proposed
business combination is not consummated, we will promptly return such certificates to the tendering public stockholders. Accordingly,
investors who attempted to convert their shares in such a circumstance will be unable to sell their securities after the failed
business combination until we have returned their securities to them. The market price for our shares of common stock may decline
during this time and you may not be able to sell your securities when you wish to, even while other stockholders that did not seek
conversion may be able to sell their securities.
Because of our structure,
other companies may have a competitive advantage and we may not be able to consummate an attractive business combination.
We expect to encounter intense competition
from entities other than blank check companies having a business objective similar to ours, including venture capital funds, leveraged
buyout funds and operating businesses competing for acquisitions. Many of these entities are well established and have extensive
experience in identifying and effecting business combinations directly or through affiliates. Many of these competitors possess
greater technical, human and other resources than we do and our financial resources will be relatively limited when contrasted
with those of many of these competitors. Therefore, our ability to compete in consummating our initial business combination with
certain sizable target businesses may be limited by our available financial resources. This inherent competitive limitation gives
others an advantage in pursuing a business combination with certain target businesses. Furthermore, seeking stockholder approval
of our initial business combination may delay the consummation of a transaction. Additionally, our rights and unit purchase option,
and the future dilution they represent, may not be viewed favorably by certain target businesses. Any of the foregoing may place
us at a competitive disadvantage in successfully negotiating our initial business combination.
40
Our ability to consummate
an attractive business combination may be impacted by the market for initial public offerings.
Our efforts to identify a prospective
target business will not be limited to any particular industry or geographic region, although our intention is to pursue
prospective targets that are in North America. If the market for initial public offerings is limited, we believe there will
be a greater number of attractive target businesses open to consummating an initial business combination with us as a means
to achieve publicly held status. Alternatively, if the market for initial public offerings is robust, we believe that there
will be fewer attractive target businesses amenable to consummating an initial business combination with us to become a
public reporting company. Accordingly, during periods with strong public offering markets, it may be more difficult for us to
complete an initial business combination.
Our search for a business
combination, and any target business with which we ultimately consummate a business combination, may be materially adversely affected
by the recent coronavirus (COVID-19) outbreak.
COVID-19 or the significant outbreak of
another infectious disease 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 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.
We may be unable to obtain
additional financing, if required, to complete our initial business combination or to fund the operations and growth of the target
business, which could compel us to restructure or abandon a particular business combination.
Although we believe that the net proceeds
of this offering will be sufficient to allow us to consummate a business combination, because we have not yet identified any prospective
target business, the capital requirements for any particular transaction remain to be determined. If the net proceeds of this offering
prove to be insufficient, either because of the size of the business combination, the depletion of the available net proceeds in
search of a target business, or the obligation to convert into cash a significant number of shares of common stock, we will be
required to seek additional financing. Such financing may not be available on acceptable terms, if at all. To the extent that additional
financing proves to be unavailable when needed to consummate a particular business combination, we would be compelled to either
restructure the transaction or abandon that particular business combination and seek an alternative target business candidate.
In addition, if we consummate a business combination, we may require additional financing to fund the operations or growth of the
target business. The failure to secure additional financing could have a material adverse effect on the continued development or
growth of the target business. None of our officers, directors or stockholders is required to provide any financing to us in connection
with or after our initial business combination.
Our insiders will control
a substantial interest in us and thus may influence certain actions requiring a stockholder vote.
Upon consummation of our offering and sale
of the private units, our insiders will collectively beneficially own approximately 20.0% of our issued and outstanding shares
of common stock (not including the private units and underlying securities and assuming our insiders do not purchase any units
in this offering). None of our insiders director nominees or their affiliates has committed to purchase units in this offering
or any units or shares from persons in the open market or in private transactions. However, our insiders or their affiliates could
determine in the future to make such purchases in the open market or in private transactions, to the extent permitted by law, in
order to influence the vote. In connection with any vote for a proposed business combination, our insiders have agreed to vote
the shares of common stock owned by them immediately before this offering as well as the private shares and any shares of common
stock acquired in this offering or in the aftermarket in favor of such proposed business combination, and therefore will have a
significant influence on the vote.
Our board of directors
is divided into three classes and, therefore, our insiders will continue to exert control over us until the closing of a business
combination.
Our board of directors is and will be
divided into three classes, each of which will generally serve for a term of three years with only one class of directors
being elected in each year. It is unlikely that there will be an annual meeting of stockholders to elect new directors prior
to the consummation of our initial business combination, in which case all of the current directors will continue in office
until at least the consummation of the business combination. Accordingly, you may not be able to exercise your voting rights
under corporate law for up to 12 months (or 15 or 18 or 21 months if we have extended the period of time to complete a
business combination as described in this prospectus). If there is an annual meeting, as a consequence of our
 "staggered" board of directors, fewer than half of the board of directors will be considered for election and our
insiders, because of their ownership position, will have considerable influence regarding the outcome. Accordingly, our
insiders will continue to exert control at least until the consummation of our initial business combination.
41
We may not hold an annual
meeting of stockholders until after the consummation of our initial business combination.
In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until one year after our first fiscal year end following our listing
on Nasdaq. Under Section 211(b) of the Delaware General Corporation Law, 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. It is unlikely that there will be 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 Delaware
General Corporation Law, 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 Delaware General Corporation Law.
Our insiders paid an aggregate of
approximately $25,000, or approximately $0.017 per share, for the insider shares, and, accordingly, you will experience immediate
and substantial dilution from the purchase of our shares of common stock.
The difference between the public offering
price per share and the pro forma net tangible book value per share of common stock after this offering constitutes the dilution
to the investors in this offering. Our insiders acquired the insider shares for approximately $0.017 per share, significantly
contributing to this dilution. Upon consummation of this offering, you and the other new investors will incur an immediate and
substantial dilution of approximately 79.8% or $7.25 per share (the difference between the pro forma net tangible book value per
share of $1.84, and the initial offering price of $9.09 per share (including the shares of common stock issuable upon conversion
of rights)), taking into account that the net tangible book value per share prior to this offering was ($0.09). This is because
investors in this offering will be contributing approximately 93.9% of the total amount paid to us for our outstanding shares
of common stock after this offering but will only own 77.4% of our outstanding shares of common stock (including the shares of
common stock underlying the rights). Accordingly, the per-share purchase price you will be paying substantially exceeds our per
share net tangible book value.
If our insiders exercise
their registration rights, it may have an adverse effect on the market price of our shares of common stock and the existence of
these rights may make it more difficult to effect our initial business combination.
Our insiders are entitled to make a
demand that we register the resale of the insider shares at any time commencing three months prior to the date on which their
shares may be released from escrow. Additionally, the purchasers of the private units and our insiders or their affiliates
are entitled to demand that we register the resale of the private units (and underlying securities) and any units (and
underlying securities) our insiders or their affiliates may be issued in payment of working capital loans made to us
commencing on the date that we consummate our initial business combination. The presence of these additional shares of common
stock trading in the public market may have an adverse effect on the market price of our securities. In addition, the
existence of these rights may make it more difficult to effectuate our initial business combination or increase the cost of
consummating our initial business combination with the target business, as the stockholders of the target business may be
discouraged from entering into a business combination with us or will request a higher price for their securities because of
the potential effect the exercise of such rights may have on the trading market for our shares of common stock.
42
We may enter into agreements
with consultants or financial advisers that provide for the payment of fees upon the consummation of our initial business combination,
and, therefore, such consultants or financial advisers may have conflicts of interest.
We may enter into agreements with consultants
or financial advisers that provide for the payment of fees upon the consummation of our initial business combination. If we pay
consultants or financial advisers fees that are tied to the consummation of our initial business combination, they may have conflicts
of interest when providing services to us, and their interests in such fees may influence their advice with respect to a potential
business combination. For example, if a consultant's or financial advisor's fee is based on the size of the transaction,
then they may be influenced to present us with larger transactions that may have lower growth opportunities or long-term value
versus smaller transactions that may have greater growth opportunities or provide greater value to our stockholders. Similarly,
consultants whose fees are based on consummation of a business combination may be influenced to present potential business combinations
to us regardless of whether they provide longer-term value for our stockholders. While we will endeavor to structure agreements
with consultants and financial advisors to minimize the possibility and extent of these conflicts of interest, we cannot assure
you that we will be able to do so and that we will not be impacted by the adverse influences they create.
If we are deemed to be
an investment company, we may be required to institute burdensome compliance requirements and our activities may be restricted,
which may make it difficult for us to complete 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 business combination.
In addition, we may have imposed upon us
certain burdensome requirements, including:
•
registration as an investment company;
•
adoption of a specific form of corporate structure; and
•
reporting, record keeping, voting, proxy 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 a business combination and thereafter to operate the post-transaction business or assets for the long
term. We do not plan to buy businesses or assets with a view to resale or profit from their resale. We do not plan to buy
unrelated businesses or assets or to be a passive investor.
43
We do not believe that our anticipated
principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only
be invested in United States "government securities" within the meaning of Section 2(a)(16) of the Investment Company
Act having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under
the Investment Company Act which invest only in direct U.S. government treasury obligations. 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 earlier
to occur of either: (i) the completion of our primary business objective, which is a business combination; or (ii) absent a business
combination, 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 a business combination. If we
are unable to complete our initial business combination, our public stockholders may receive only approximately $10.20 per share
on the liquidation of our trust account.
The determination of the offering
price of our units and the size of this offering is more arbitrary than the pricing of securities and size of an offering of an
operating company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly
reflects the value of such units than you would have in a typical offering of an operating company.
Prior to this offering there has been
no public market for any of our securities. The public offering price of the units and the terms of the rights were negotiated
between us and the underwriters. In determining the size of this offering, management held customary organizational meetings with
the representative 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 common stock and rights underlying the units, include:
•
the history of other similarly structured blank check companies;
•
prior offerings of those companies;
•
our prospects for consummating an initial business combination with an operating business at attractive
values;
•
our capital structure;
•
securities exchange listing requirements;
44
•
market demand;
•
expected liquidity of our securities;
•
general conditions of the securities markets at the time of the offering; and
•
other factors as were deemed relevant.
However, although these factors were considered,
the determination of our offering price is more arbitrary than the pricing of securities for an operating company in a particular
industry since we have no historical operations or financial results to compare them to.
The requirement that
we complete our initial business combination within 12 months from the closing of this offering
(or 15 or 18 or 21 months
if we have extended the period of time as described in this prospectus)
may give potential target businesses leverage over
us in negotiating our initial business combination.
We have 12 months from the closing of this
offering to complete our initial business combination (or 15 or 18 or 21 months if we have extended the period of time as described
in this prospectus). Any potential target business with which we enter into negotiations concerning a business combination will
be aware of this requirement. Consequently, such target business may obtain leverage over us in negotiating a business combination,
knowing that if we do not complete a business combination with that particular target business, we may be unable to complete a
business combination with any other target business. This risk will increase as we get closer to the time limit referenced above.
We may not obtain a fairness
opinion with respect to the target business that we seek to consummate our initial business combination with and therefore you
may be relying solely on the judgment of our board of directors in approving a proposed business combination.
We will only be required to obtain a fairness
opinion with respect to the target business that we seek to consummate our initial business combination with if it is an entity
that is affiliated with any of our insiders. In all other instances, we will have no obligation to obtain an opinion. 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 tender offer documents
or proxy solicitation materials, as applicable, related to our initial business combination
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 $10.20 per share on the liquidation of our trust account.
We anticipate that the investigation of
each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other
instruments will require substantial management time and attention and substantial costs for accountants, attorneys and others.
If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed transaction
likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may fail to
complete our initial business combination for any number of reasons, including those beyond our control. Any such event will result
in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate and acquire
or merge with another business. If we are unable to complete our initial business combination, our public stockholders may receive
only approximately $10.20 per share on the liquidation of our trust account.
45
Compliance with the Sarbanes-Oxley
Act of 2002 will require substantial financial and management resources and may increase the time and costs of completing an initial
business combination.
Section 404 of the Sarbanes-Oxley Act of
2002, or the Sarbanes-Oxley Act, requires that we evaluate and report on our system of internal control and may require that we
have such system of internal control audited. If we fail to maintain the adequacy of our internal control, we could be subject
to regulatory scrutiny, civil or criminal penalties and/or stockholder litigation. Any inability to provide reliable financial
reports could harm our business. Section 404 of the Sarbanes-Oxley Act also requires that our independent registered public accounting
firm report on management's evaluation of our system of internal control, although as an "emerging growth company"
as defined in the JOBS Act, we may take advantage of an exemption to this requirement. A target company may not be in compliance
with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal control. 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 initial business combination.
We are an emerging growth
company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available
to emerging growth companies, this could make our securities less attractive to investors and may make it more difficult to compare
our performance with other public companies.
The JOBS Act permits "emerging growth
companies" like us to take advantage of certain exemptions from various reporting requirements applicable to other public
companies that are not emerging growth companies. As long as we qualify as an emerging growth company, we would be permitted, and
we intend to, omit the auditor's attestation on internal control over financial reporting that would otherwise be required
by the Sarbanes-Oxley Act, as described above. We also intend to take advantage of the exemption provided under the JOBS Act from
the requirements to submit say-on-pay, say-on-frequency and say-on-golden parachute votes to our stockholders and we will avail
ourselves of reduced executive compensation disclosure that is already available to smaller reporting companies.
In addition, Section 107 of the JOBS Act
also provides that an emerging growth company can take advantage of the exemption from complying with new or revised accounting
standards provided in Section 7(a)(2)(B) of the Securities Act as long as we are an emerging growth company. An emerging growth
company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to private
companies. We have elected to take advantage of these benefits until we are no longer an emerging growth company or until we affirmatively
and irrevocably opt out of this exemption. Our financial statements may therefore not be comparable to those of companies that
comply with such new or revised accounting standards.
Following this offering, we will continue
to be an emerging growth company until the earliest to occur of (i) the last day of the fiscal year during which we had total annual
gross revenues of at least $1.07 billion (as indexed for inflation), (ii) the last day of the fiscal year following the fifth anniversary
of the date of the first sale of units under this registration statement, (iii) the date on which we have, during the previous
three-year period, issued more than $1 billion in non-convertible debt, or (iv) the date on which we are deemed to be a "large
accelerated filer," as defined under the Exchange Act.
46
Until such time that we lose
 "emerging growth company" status, it is unclear if investors will find our securities less attractive because we
may rely on these exemptions. If some investors find our securities less attractive as a result, there may be a less active
trading market for our securities and our stock prices may be more volatile and could cause our stock prices to decline.
If we effect our initial
business combination with a company located outside of the United States, we would be subject to a variety of additional risks
that may negatively impact our operations.
We may effect our initial business combination
with a company located outside of the United States. If we did, we would be subject to any special considerations or risks associated
with companies operating in the target business' home jurisdiction, including any of the following:
•
rules and regulations or currency conversion or corporate withholding taxes on individuals;
•
tariffs and trade barriers;
•
regulations related to customs and import/export matters;
•
longer payment cycles;
•
tax issues, such as tax law changes and variations in tax laws as compared to the United States;
•
currency fluctuations and exchange controls;
•
challenges in collecting accounts receivable;
•
cultural and language differences;
•
employment regulations;
•
crime, strikes, riots, civil disturbances, terrorist attacks and wars; and
•
deterioration of political relations with the United States.
We may not be able to adequately address
these additional risks. If we are unable to do so, our operations may suffer.
If we effect our initial
business combination with a target business located outside of the United States, the laws applicable to such target business will
likely govern all of our material agreements and we may not be able to enforce our legal rights.
If we effect our initial business
combination with a target business located outside of the United States, the laws of the country in which such target
business is domiciled will govern almost all of the material agreements relating to its operations. The target business may
not be able to enforce any of its material agreements in such jurisdiction and appropriate remedies to enforce its rights
under such material agreements may not be available in this new jurisdiction. The system of laws and the enforcement of
existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States. The
inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business,
business opportunities or capital. Additionally, if we consummate our initial business combination with a company located
outside of the United States, it is likely that substantially all of our assets would be located outside of the United States
and some of our officers and directors might reside outside of the United States. As a result, it may not be possible for
investors in the United States to enforce their legal rights, to effect service of process upon our directors or officers or
to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties of our directors and
officers under federal securities laws of the United States.
47
Provisions in our certificate
of incorporation and bylaws and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing
to pay in the future for our common stock and could entrench management.
Our 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 more difficult the removal of management and may discourage transactions that otherwise
could involve payment of a premium over prevailing market prices for our securities.
We are also subject to anti-takeover provisions
under Delaware law, which could delay or prevent a change of control. Together these provisions may make more difficult the removal
of management and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for
our securities.
Because we must furnish
our stockholders with target business financial statements prepared in accordance with U.S. generally accepted accounting principles
or international financial reporting standards, we may lose the ability to complete an otherwise advantageous initial business
combination with some prospective target businesses.
The federal proxy rules require that a
proxy statement with respect to a vote on a business combination meeting certain financial significance tests include historical
and/or pro forma financial statement disclosure in periodic reports. These financial statements may be required to be prepared
in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or GAAP, or
international financial reporting standards, or IFRS as issued by the International Accounting Standards Board or the IASB, depending
on the circumstances and the historical financial statements may be required to be audited in accordance with the standards of
the Public Company Accounting Oversight Board (United States), or PCAOB. We will include the same financial statement disclosure
in connection with any tender offer documents we use, whether or not they are required under the tender offer rules. These financial
statement requirements may limit the pool of potential target businesses we may consummate our 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.
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.
48
Changes in laws or
regulations, or a failure to comply with any laws and regulations, may adversely affect
our business, investments and
results of operations.
We are subject to laws and regulations
enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal
requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly.
Those laws and regulations and their interpretation and application may also change from time to time and those changes could have
a material adverse effect on our business, investments and results of operations. In addition, a failure to comply with applicable
laws or regulations, as interpreted and applied, could have a material adverse effect on our business and results of operations.
There are no authorities
addressing the proper allocation of tax basis to the components of a unit, and therefore, investors may not appropriately allocate
such basis for U.S. federal income tax purposes.
No statutory, administrative or judicial
authority directly addresses the treatment of a unit or instruments similar to a unit for U.S. federal income tax purposes and,
therefore, that treatment is not entirely clear. We intend to treat the acquisition of a unit, for U.S. federal income tax purposes,
as the acquisition of one share of our common stock and one right to receive one-tenth (1/10) of a share of our common stock upon
the consummation of an initial business combination, and, by purchasing a unit, you agree to adopt such treatment for U.S. federal
income tax purposes. 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 our common stock and one right to receive one-tenth (1/10) of a share of our common
stock upon the consummation of an initial business combination based on the relative fair market value of each at the time of issuance.
The price allocated should be the stockholder's tax basis in such share or right, 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 our share of our common stock and
one right to receive one-tenth (1/10) of a share of our common stock upon the consummation of an initial business combination comprising
the unit, and the amount realized on the disposition should be allocated between the common stock and the right based on their
respective relative fair market values at the time of disposition. The foregoing treatment of the unit and a holder's purchase
price allocation are not binding on the Internal Revenue Service, or "IRS", or the courts. The IRS or the courts may
not agree with such characterization and investors could suffer adverse U.S. federal income tax consequences as a result. Accordingly,
we urge each prospective investor to consult its own tax advisors regarding the tax consequences of an investment in a unit (including
alternative characterizations of a unit).
Redemptions of our common stock pursuant
to the redemption provisions described in this prospectus could give rise to dividend income (rather than gain on a sale or exchange)
in certain circumstances.
In the event that an investor's common
stock is redeemed pursuant to the redemption provisions described in this prospectus, the treatment of the transaction for U.S.
federal income tax purposes will depend on whether the redemption qualifies as sale of the common stock or is instead treated as
a dividend. Whether a redemption qualifies for sale treatment will depend largely on the total number of shares of our stock treated
as held by the investor (including any stock constructively owned by the investor as a result of owning rights or by attribution)
relative to all of our shares outstanding both before and after the redemption. If the redemption does not qualify for sale treatment,
all or a portion of such redemption could be treated as a taxable dividend to the extent of our current or accumulated earnings
and profits for tax purposes (which include earnings for the entire year of such payment, including after such payment is made).
Amounts treated as dividends to non-U.S. investors may be subject to withholding tax. Certain non-corporate U.S. investors may
be eligible for reduced rates of taxation upon dividends. The rules regarding the tax treatment of such redemptions are complex
and will depend on each investor's own circumstances. Each investor should consult with its own tax advisors as to the tax
consequences of a redemption.
49
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
The statements contained in this prospectus
that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to,
statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe,"
 "continue," "could," "estimate," "expect," "intend," "may,"
 "might," "plan," "possible," "potential," "predict," "project,"
 "should," "would" and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example,
statements about our:
•
ability to complete our initial business combination;
•
success in retaining or recruiting, or changes required in, our officers, key employees or directors
following our initial business combination;
•
officers and directors allocating their time to other businesses and potentially having conflicts
of interest with our business or in approving our initial business combination, as a result of which they would then receive expense
reimbursements;
•
potential ability to obtain additional financing to complete our initial business combination;
•
pool of prospective target businesses;
•
the ability of our officers and directors to generate a number of potential investment opportunities;
•
potential change in control if we acquire one or more target businesses for stock;
•
the potential liquidity and trading of our securities;
•
the lack of a market for our securities;
•
use of proceeds not held in the trust account or available to us from interest income on the trust
account balance; or
•
financial performance following this offering.
The forward-looking statements contained
in this prospectus are based on our current expectations and beliefs concerning future developments and their potential effects
on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include,
but are not limited to, those factors described under the heading "Risk Factors." Should one or more of these risks
or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from
those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
50
USE OF PROCEEDS
We estimate that the net proceeds of this
offering, in addition to the funds we will receive from the sale of the private units, will be used as set forth in the following
table:
Without
Over-Allotment
Option
Over-Allotment
Option Exercised
Gross proceeds
From offering
$
50,000,000
$
57,500,000
From sale of private
    units
3,215,000
3,552,500
Total gross proceeds
53,215,000
61,052,500
Offering expenses
(1)
Non-contingent underwriting discount (2.5% of
    gross proceeds from offering)
1,250,000
(2)
1,437,500
(2)
Initial Trustee Fee
6,500
6,500
Legal fees and expenses
200,000
200,000
Nasdaq listing fee
55,000
55,000
Printing and engraving expenses
30,000
30,000
Accounting fees and expenses
40,000
40,000
SEC/FINRA Expenses
19,418
19,418
Miscellaneous
114,082
114,082
Total offering expenses
    (not including the deferred underwriting discount)
1,715,000
(3)
1,902,500
(3)
Held in the trust account
(4)
$
51,000,000
$
58,650,000
Not held in the trust account
$
500,000
$
500,000
Use of net proceeds not held in the trust account
(5)
Amount
%
    of Total
Legal,
    accounting and other third-party expenses attendant to the search for target businesses and to the due diligence investigation,
    structuring and negotiation of our initial business combination
$
50,000
10
%
Legal and accounting fees related to regulatory
    reporting obligations
$
50,000
10
%
Consulting, travel and miscellaneous expenses incurred
    during search for initial business combination target
$
50,000
10
%
Payment for office space, administrative and support
    services
$
120,000
24
%
Nasdaq continued listing fees
$
55,000
11
%
Working capital to cover miscellaneous
    expenses, including D&O insurance
$
175,000
(5)
35
%
Total
$
500,000
100.0
%
(1)
The
                                         offering expenses relate to all expenses associated with the offering. However, a portion
                                         of the offering expenses, including the SEC registration fee, the FINRA filing fee, the
                                         non-refundable portion of the Nasdaq listing fee and a portion of the legal and audit
                                         fees, have already been paid from the funds we received as loans from our insiders described
                                         below. Therefore, these loans will be repaid using the proceeds of the offering since
                                         they were used to pay the offering costs described in the Use of Proceeds table.
(2)
No discounts or commissions will be paid with respect to the purchase of the private units.
(3)
Does
    not include the deferred underwriting commission payable to Chardan Capital Markets, LLC in an amount equal to 3.5% of the
    total gross proceeds raised in the offering ($1,750,000, or $2,012,500 if the underwriter's over-allotment option is
    exercised in full).
(4)
The funds held in the trust account
                                         may, but need not, be used to pay our expenses relating to completing our initial business
                                         combination, including a deferred underwriting commission payable to Chardan Capital
                                         Markets, LLC in an amount equal to 3.5% of the total gross proceeds raised in the offering
                                         described below.
(5)
These expenses are estimates only. Our actual expenditures for some or all of these items may differ
from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates
in connection with negotiating and structuring our initial business combination based upon the level of complexity of that business
combination. We do not anticipate any change in the categories of our intended use of proceeds.
51
Our sponsor and Chardan Capital Markets,
LLC have committed to purchase the private units for an aggregate purchase price of $3,215,000 (or $3,552,500 if the over-allotment
option is exercised in full) from us on a private placement basis simultaneously with the consummation of this offering. All of
the proceeds we receive from these purchases will be placed in the trust account described below.
$51,000,000, or $58,650,000 if the over-allotment option is
exercised in full, of net proceeds of this offering and the sale of the private units will be placed in a trust account in the
United States at Morgan Stanley, maintained by American Stock Transfer & Trust Company, LLC, as trustee. The funds held in
the trust account will be invested only in United States government treasury bills, bonds or notes having a maturity of 180 days
or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act
of 1940 and that invest solely in U.S. treasuries, so that we are not deemed to be an investment company under the Investment Company
Act. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our income
or other tax obligations, the proceeds will not be released from the trust account until the earlier of the completion of our initial
business combination or our redemption of 100% of the outstanding public shares if we have not completed a business combination
in the required time period. The proceeds held in the trust account may be used as consideration to pay the sellers of a target
business with which we complete our initial business combination to the extent not used to pay converting stockholders. Any amounts
not paid as consideration to the sellers of the target business may be used to finance operations of the target business.
The payment to Sunlight Global
Investment LLC, of a monthly fee of $10,000 is for general and administrative services including office space, utilities and
secretarial support. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a
determination by our audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated
expenses in connection with our initial business combination. Any such unpaid amount will accrue without interest and be due
and payable no later than the date of the consummation of our initial business combination. This arrangement is being agreed
to by Sunlight Global Investment LLC for our benefit. We believe that the fee charged by Sunlight Global Investment LLC is at
least as favorable as we could have obtained from an unaffiliated person. This arrangement will terminate upon completion of
our initial business combination or the distribution of the trust account to our public stockholders. Other than the $10,000
per month fee, no compensation of any kind (including finder's fees, consulting fees or other similar compensation)
will be paid to our insiders, members of our management team or any of our or their respective affiliates, for services
rendered to us prior to or in connection with the consummation of our initial business combination (regardless of the type of
transaction that it is). However, such individuals will receive reimbursement for any out-of-pocket expenses incurred by them
in connection with activities on our behalf, such as identifying potential target businesses, performing business due
diligence on suitable target businesses and business combinations, as well as traveling to and from the offices, plants or
similar locations of prospective target businesses to examine their operations. Since the role of present management after
our initial business combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to
those persons after our initial business combination.
The net proceeds from this offering available
to us out of trust for our working capital requirements in searching for our initial business combination will be approximately
$500,000.
The allocation of the net proceeds available
to us outside of the trust account represents our best estimate of the intended uses of these funds. In the event that our assumptions
prove to be inaccurate, we may reallocate some of such proceeds within the above described categories. If our estimate of the costs
of undertaking due diligence and negotiating our 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. In this
event, we could seek such additional capital through loans or additional investments from our insiders, members of our management
team or third parties, but our insiders, members of our management team or third parties are not under any obligation to advance
funds to, or invest in, us.
52
We will likely use substantially all
of the net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination
and to pay our expenses relating thereto, including the deferred underwriting commission payable to Chardan Capital Markets, LLC
in an amount equal to 3.5% of the total gross proceeds raised in the offering upon consummation of our initial business combination.
To the extent that our capital stock is used in whole or in part as consideration to effect our initial business combination,
the proceeds held in the trust account which are not used to consummate a business combination will be disbursed to the combined
company and will, along with any other net proceeds not expended, be used as working capital to finance the operations of the
target business. Such working capital funds could be used in a variety of ways, including continuing or expanding the target business'
operations, for strategic acquisitions and for marketing, research and development of existing or new products.
To the extent we are unable to consummate
a business combination, we will pay the costs of liquidation from our remaining assets outside of the trust account. If such funds
are insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation (currently anticipated to be
no more than $15,000) and have agreed not to seek repayment of such expenses.
We
believe that, upon consummation of this offering, we will have sufficient available funds to operate for up to the next 12 months
(or 15 or 18 or 21 months if our time to complete a business combination is extended as described herein), assuming that our initial
business combination is not consummated during that time. However, if necessary, in order to meet our working capital needs following
the consummation of this offering, our insiders may, but are not obligated to, loan us funds, from time to time or at any time,
in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes
would either be paid upon consummation of our initial business combination, without interest, or, at the lender's discretion,
up to $
1,500,000
of the notes may be converted upon consummation
of our business combination into additional private units at a price of $10.00 per unit. Our stockholders have approved the issuance
of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the
consummation of our initial business combination. If we do not complete a business combination, any loans and advances from our
insiders or their affiliates, will be repaid only from amounts remaining outside our trust account, if any.
A public stockholder will be entitled
to receive funds from the trust account only in the event of (1) our redemption of 100% of the outstanding public shares if
we have not completed a business combination in the required time period, (2) if that public stockholder elects to convert
public shares in connection with a stockholder vote or (3) if that public stockholder sells shares to us in any tender offer
in connection with a proposed business combination. In no other circumstances will a public stockholder have any right or
interest of any kind to or in the trust account.
53
DIVIDEND POLICY
We have not paid any cash dividends on
our shares of common stock to date and do not intend to pay cash dividends prior to the completion of our initial business combination.
The payment of cash dividends subsequent to the completion of our initial business combination 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 dividends subsequent to our initial business combination will be within the discretion of our board of directors
at such time. It is the present intention of our board of directors to retain all earnings, if any, for use in our business operations
and, accordingly, our board of directors does not anticipate declaring any dividends in the foreseeable future. In addition, our
board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future,
except if we increase the size of the offering, including pursuant to Rule 462(b) under the Securities Act, in which case we will
effect a stock dividend immediately prior to the consummation of the offering in such amount as to maintain our insiders'
ownership at an aggregate of 20.0% of our issued and outstanding shares of our common stock upon the consummation of this offering
(not including the private units and underlying securities and assuming our insiders do not purchase units in 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.
54
DILUTION
The difference between the public offering
price per share and the pro forma net tangible book value per share after this offering constitutes the dilution to investors
in this offering. Net tangible book value per share is determined by dividing our net tangible book value, which is our total
tangible assets less total liabilities (including the value of shares of common stock which may be converted into cash), by the
number of outstanding shares of common stock.
At March 31, 2020, our net tangible book
value was $(132,029), or approximately ($0.09) per share. For purposes of the dilution calculation, in order to present the maximum
estimated dilution as a result of this offering, we have assumed (i) the issuance of 0.10 of a share for each right outstanding,
as such issuance will occur upon a business combination without the payment of additional consideration and (ii) the number of
shares included in the units offered hereby will be deemed to be 5,500,000 (consisting of 5,000,000 shares included in the units
we are offering by this prospectus and 500,000 shares for the outstanding rights), and the price per share in this offering will
be deemed to be $9.09. After giving effect to the sale of 5,000,000 (or 5,750,000 if the underwriters exercise their over-allotment
option in full) shares of common stock included in the units we are offering by this prospectus, and the deduction of underwriting
discounts and estimated expenses of this offering, and the sale of the private units, our pro forma net tangible book value at
March 31, 2020 would have been $5,000,008 or $1.84 (or $5,000,005 or $1.65 if the underwriters exercise their over-allotment option in full)
per share, representing an immediate increase in net tangible book value of $1.93 (or $1.74 if the underwriters exercise their
over-allotment option in full) per share to our insiders and an immediate dilution of $7.25 (or $7.44 if the underwriters exercise
their over-allotment option in full) per share or 79.8% (or 81.9% if the underwriters exercise their over-allotment option in
full) to new investors not exercising their conversion rights. For purposes of presentation, our pro forma net tangible book value
after this offering is $44,774,389 (or $52,161,892 if the underwriters exercise their over-allotment option in full) less than
it otherwise would have been because if we effect our initial business combination, the conversion rights of the public stockholders
(but not our insiders) may result in the conversion or tender of up to 4,389,646 (or 5,113,911 if the underwriters exercise their
over-allotment option in full) shares sold in this offering.
The following table illustrates the dilution
to our public stockholders on a per-share basis.
Assuming Full Conversion
Assuming No Conversion
Without
Over-
Allotment
With Over-
Allotment
Option
Without
Over-
Allotment
With Over-
Allotment
Option
Public offering price
9.09
9.09
9.09
9.09
Net tangible book value before this offering
(0.09
)
(0.09
)
(0.09
)
(0.09
)
Increase attributable to new investors
1.93
1.74
7.10
7.10
Pro forma net tangible book value after this offering and the sale of the units
1.84
1.65
7.01
7.01
Dilution to new investors
7.25
7.44
2.08
2.08
Percentage of dilution to new investors
79.8
%
81.9
%
22.9
%
22.9
%
55
The following table sets forth information
with respect to our insiders and the new investors:
Without
    Over-allotment
With
    Over-allotment
Shares
    Purchased
Total
    Consideration
Average
Price
per
Shares
    Purchased
Total
    Consideration
Average
Price
per
Number
Percentage
Amount
Percentage
Share
Number
Percentage
Amount
Percentage
Share
Insider shares
1,250,000
(1)
17.60
%
$
25,000
0.05
%
$
.02
1,437,500
17.63
%
$
25,000
0.04
%
$
0.017
Shares
    underlying private units
(2)
353,650
4.98
%
3,215,000
6.04
%
$
9.09
390,775
4.79
%
3,552,500
5.82
%
$
9.09
New
    investors
(3)
5,500,000
77.42
%
50,000,000
93.91
%
$
9.09
6,325,000
77.58
%
57,500,000
94.14
%
$
9.09
7,103,650
100.00
%
$
53,240,000
100.00
8,153,275
100.00
%
$
61,077,500
100.00
%
(1)
Assumes
    over-allotment is not exercised and the forfeiture of an aggregate of 187,500 insider shares.
(2)
Includes
    the issuance of an additional 32,150 shares underlying the rights contained in the private unit holders, or an additional
     35,525 shares if the underwriters exercise their over-allotment option in full.
(3)
Includes
    the issuance of an additional 500,000 shares underlying the rights contained in the new investors, or an additional 575,000
    shares if the underwriters exercise their over-allotment option in full.
The pro forma net tangible book value per
share after the offering and the sale of the private units is calculated as follows:
Assuming Full Conversion
Assuming No Conversion
Without
Over-Allotment
(1)
With
Over-Allotment
Option
Without
Over-Allotment
(1)
With
Over-Allotment
Option
(2)
Numerator
Net tangible book value before the offering
(132,029
)
(132,029
)
(132,029
)
(132,029
)
Net proceeds from this offering and private placement of private units
51,500,000
59,150,000
51,500,000
59,150,000
Plus: Offering costs accrued for and paid in advance
156,326
156,326
156,326
156,326
Plus: Proceeds from unit purchase option
100
100
100
100
Less: Deferred underwriting fees
(1,750,000
)
(2,012,500
)
(1,750,000
)
(2,012,500
)
Less: Proceeds held in the trust account subject to conversion/tender
(44,774,389
)
(52,161,892
)
—
—
5,000,008
5,000,005
49,774,397
57,161,897
Denominator
Shares of common stock outstanding prior to this offering
1,250,000
(1)
1,437,500
1,250,000
(1)
1,437,500
Shares of common stock to be sold in this offering
5,000,000
5,750,000
5,000,000
5,750,000
Shares of common stock underlying the rights to be included in the public units
500,000
575,000
500,000
575,000
Shares of common stock included in the private units
321,500
355,250
321,500
355,250
Shares of common stock underlying the rights to be included in the private units
32,150
35,525
32,150
35,525
Less: Shares subject to conversion/tender
(4,389,646
)
(5,113,911
)
—
—
2,714,004
3,039,364
7,103,650
8,153,275
(1)
Reflects the forfeiture of an aggregate of 187,500 insider shares.
56
CAPITALIZATION
The following table sets forth our capitalization
at March 31, 2020 and as adjusted to give effect to the sale of our units offered by this prospectus and the private units and
the application of the estimated net proceeds derived from the sale of such securities:
March 31, 2020
Actual
As Adjusted
(1)
Notes payable to related parties
(2)
$
156,593
$
—
Deferred underwriting commissions payable
—
1,750,000
Common stock, $.0001 par value; 0 and 4,389,646 shares which are subject to conversion/tender
—
44,774,389
Stockholders' equity
Common stock, $.0001 par value, 5,000,000 shares authorized (actual); [
·
] shares authorized (as adjusted); 1,437,500 shares issued and outstanding, actual; 2,181,854
(3)
shares issued and outstanding (excluding 4,389,646 shares subject to possible conversion/tender), as adjusted
144
218
Additional paid-in capital
24,856
5,000,493
Accumulated deficit
(703
)
(703
)
Total stockholders' equity
24,297
5,000,008
Total capitalization
$
180,890
$
51,524,397
(1)
Includes
    the $3,215,000 in aggregate we will receive from the sale of the private units. Assumes the over-allotment option has not
    been exercised.
(2)
Our
    sponsor has agreed to loan us up to $500,000 to be used for a portion of the expenses of this offering. As of March 31,
    2020, we had borrowed $156,593 under the promissory note with our sponsor to be used for a portion of the expenses of this
    offering
(3)
Assumes
    the over-allotment option has not been exercised and an aggregate of 187,500 insider shares have been forfeited by our insiders
    as a result thereof.
57
MANAGEMENT'S DISCUSSION AND
ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
We were formed on November 12, 2019 for the purpose of entering
into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination
with one or more target businesses. Our efforts to identify a prospective target business will not be limited to any particular
industry or geographic region, although we intend to focus our search on target businesses in North America. We intend to utilize
cash derived from the proceeds of this offering and the private placement of the private units, our securities, debt or a combination
of cash, securities and debt, in effecting our initial business combination. The issuance of additional shares of common stock
or preferred stock in our initial business combination:
•
may significantly dilute the equity interest of our investors in this offering who would not have
pre-emption rights in respect of any such issuance;
•
may subordinate the rights of holders of shares of common stock if we issue shares of preferred
stock with rights senior to those afforded to our shares of common stock;
•
will likely cause a change in control if a substantial number of our shares of common stock are
issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and most likely
will also result in the resignation or removal of our present officers and directors; and
•
may adversely affect prevailing market prices for our securities.
Similarly, if we issue debt securities,
it could result in:
•
default and foreclosure on our assets if our operating revenues after our initial business combination
are insufficient to pay our debt obligations;
•
acceleration of our obligations to repay the indebtedness even if we have made all principal and
interest payments when due if the debt security contains covenants that required the maintenance of certain financial ratios or
reserves and we breach any such covenant without a waiver or renegotiation of that covenant;
•
our immediate payment of all principal and accrued interest, if any, if the debt security is payable
on demand;
•
our inability to obtain additional financing, if necessary, if the debt security contains covenants
restricting our ability to obtain additional financing while such security is outstanding; and
•
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions,
debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who
have less debt.
We have neither engaged in any operations
nor generated any revenues to date. Our entire activity since inception has been to prepare for our proposed fundraising through
an offering of our equity securities.
58
Results of Operations and Known Trends or Future Events
We have neither engaged in any
operations nor generated any revenues to date. Our only activities since inception have been organizational activities and
those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues until
after completion of our initial business combination. We will generate non-operating income in the form of interest income on
cash and cash equivalents after this offering. There has been no significant change in our financial or trading position and
no material adverse change has occurred since the date of our audited financial statements. After this offering, we expect to
incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing
compliance), as well as for due diligence expenses. We expect our expenses to increase substantially after the closing of
this offering.
Liquidity and Capital Resources
As indicated in the accompanying financial
statements, at March 31, 2020, we had $25,000 in cash and a working capital deficit of $132,029. Further, we have incurred and
expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management plans to address this
uncertainty through this offering. We cannot assure you that our plans to raise capital or to consummate an initial business combination
will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
Our
liquidity needs have been satisfied to date through receipt of approximately $25,000 from the sale of the insider shares and loans
from related parties up to an aggregate amount of $500,000 that are more fully described below. Our deferred offering costs through
March 31, 2020 have been $156,326. We estimate that the net proceeds from (1) the sale of the units in this offering, after deducting
offering expenses of approximately $465,000 and underwriting discounts and commissions of $1,250,000 (or $1,437,500 if the
over-allotment option is exercised in full) and (2) the sale of the private units for a purchase price of $3,215,000 (or $3,552,500
if the over-allotment option is exercised in full), will be $
51,500,000 (or $59,150,000 if the over-allotment option is
exercised in full). $51,000,000 (or $58,650,000 if the over-allotment option is exercised in full), which includes $1,750,000
of deferred underwriting commissions ($2,012,500 if the underwriter's over-allotment option is exercised in full) will be
held in the trust account. The remaining $500,000 will not be held in the trust account.
We intend to use substantially all of the
net proceeds of this offering, including the funds held in the trust account, in connection with our initial business combination
and to pay our expenses relating thereto, including a deferred underwriting commission payable to the underwriters in an amount
equal to 3.5% of the total gross proceeds raised in the offering upon consummation of our initial business combination. To the
extent that our capital stock is used in whole or in part as consideration to effect our initial business combination, the remaining
proceeds held in the trust account as well as any other net proceeds not expended will be used as working capital to finance the
operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding
the target business' operations, for strategic acquisitions and for marketing, research and development of existing or new
products. Such funds could also be used to repay any operating expenses or finders' fees which we had incurred prior to the
completion of our initial business combination if the funds available to us outside of the trust account were insufficient to cover
such expenses.
59
We believe that, upon consummation of this
offering, the $500,000 of net proceeds not held in the trust account, will be sufficient to allow us to operate for at least the
next 12 months (or 15 or 18 or 21 months if we have extended the period of time as described in this prospectus), assuming that
a business combination is not consummated during that time. Over this time period, we will be using these funds for identifying
and evaluating prospective business combination candidates, performing business due diligence on prospective target businesses,
traveling to and from the offices, plants or similar locations of prospective target businesses, reviewing corporate documents
and material agreements of prospective target businesses, selecting the target business to consummate our initial business combination
with and structuring, negotiating and consummating the business combination. We anticipate that we will incur approximately:
•
$50,000 of expenses for the search for target businesses and for the legal, accounting and other
third-party expenses attendant to the due diligence investigations, structuring and negotiating of our initial business combination;
•
$50,000 of expenses for the due diligence and investigation of a target business by our officers,
directors and insiders;
•
$50,000 of expenses in legal and accounting fees relating to our SEC reporting obligations;
•
$120,000 for the payment of the administrative fee to Sunlight Global Investment LLC (of $10,000
per month for up to 12 months), subject to deferral as described herein;
•
$55,000 for Nasdaq continued listing fees; and
•
$175,000 for general working
                                         capital that will be used for miscellaneous expenses, including D&O insurance.
If our estimates of the costs of undertaking
due diligence and negotiating our 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 consummate our initial business combination or because we become obligated to convert a significant
number of our public shares upon consummation of our initial business combination, in which case we may issue additional securities
or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, we would only
consummate such financing simultaneously with the consummation of our initial business combination. Following our initial business
combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.
Related Party Transactions
In December 2019, Sunlight Global Investment
LLC agreed to loan us $500,000 to cover expenses related to this offering. As of March 31, 2020, we had borrowed $156,593 under
the promissory note to be used for a portion of the expenses of this offering The loan is payable without interest at the closing
of this offering.
We
do not believe we will need to raise additional funds following this offering in order to meet the expenditures required for operating
our business. However, in order to finance transaction costs in connection with an intended initial business combination, our insiders
or their affiliates may, but are not obligated to, loan us funds as may be required. 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. Such loans would be evidenced by promissory notes. The notes
would either be paid upon consummation of our initial business combination, without interest, or, at the lender's discretion,
up to $
1,500,000
of the notes may be converted upon consummation
of our business combination into additional private units at a price of $10.00 per unit. If we do not complete a business combination,
any other outstanding loans from our insiders or their affiliates will be repaid only from amounts remaining outside our trust
account, if any. We believe the purchase price of these units will approximate the fair value of such units when issued. However,
if it is determined that, at the time of issuance, the fair value of such units exceeds the purchase price, we would record compensation
expense for the excess of the fair value of the units on the day of issuance over the purchase price in accordance with ASC 718
 — Compensation — Stock Compensation.
60
Controls and Procedures
We are not currently required to maintain
an effective system of internal control as defined by Section 404 of the Sarbanes-Oxley Act. We will be required to comply with
the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending December 31, 2021. As of the date of this
prospectus, we have not completed an assessment, nor has our independent registered public accounting firm tested our systems,
of internal control. We expect to assess the internal control 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 control. A target business may not be in compliance with the provisions
of the Sarbanes-Oxley Act regarding the adequacy of internal control. 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.
When required by Section 404 and once our
management's report on internal control is complete, we will retain our independent registered public accounting firm to
audit and render an opinion on such report. This independent registered public accounting firm may identify additional issues concerning
a target business's internal control while performing its audit of internal control over financial reporting.
Quantitative and Qualitative Disclosures about Market
Risk
The net proceeds of this offering and the
sale of the private units held in the trust account will be invested in U.S. government treasury bills with a maturity of 180 days
or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only
in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be no
associated material exposure to interest rate risk.
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Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations; Quarterly Results
As of March 31, 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. No unaudited quarterly operating data is included in this prospectus as we have conducted no operations to date.
JOBS Act
On September 5, 2012, the JOBS Act was
signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying
public companies. We will qualify as an "emerging growth company" and under the JOBS Act will be allowed to comply
with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing
to delay the adoption of new or revised accounting standards, and, as a result, we may not comply with new or revised accounting
standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result,
our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public
company effective dates.
Additionally, we are in the process of
evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions
set forth in the JOBS Act, if, as an "emerging growth company", we choose to rely on such exemptions we may not be
required to, among other things, (i) provide an auditor's attestation report on our system of internal control over financial
reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth
public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may
be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional
information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive
compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO's
compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of
our initial public offering or until we are no longer an "emerging growth company," whichever is earlier.
62
PROPOSED BUSINESS
General
We are a blank check company formed under the laws of the State
of Delaware on November 12, 2019. We were formed for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus
as our initial business combination. Although there is no restriction or limitation on what industry or geographic region our target
operates in, it is our intention to pursue prospective targets that are in North America. At the time of preparing this prospectus,
we have not identified any specific business combination, nor has anyone on our behalf initiated or engaged in any substantive
discussions, formal or otherwise, related to such a transaction. Our efforts to date are limited to organizational activities related
to this offering.
Our Sponsor and Competitive Advantages
Our sponsor, Sunlight Global Investment
LLC, is controlled by Dr. Suying Liu, our Chairman and Chief Executive Officer, and Dong Liu, our Chief Financial Officer, both
of whom have accumulated broad industry expertise and transaction experience from investing in and operating diverse businesses.
We believe that our team's expertise and experience in structuring complex transactions and accessing capital for growth,
combined with our extensive relationships through a network of advisors and affiliates, will make us a partner of choice for potential
business combination targets. We intend to focus our efforts on evaluating business combination targets by leveraging our connections
with a variety of family offices, investment funds, and operating businesses. We expect to also take advantage of our sponsor's
extended network with Asian consumer markets by enabling potential business combination targets producing quality products in
North America to tap into such consumer demand abroad.
Our Board of Directors and Management
Our board of directors and management consist of experienced
deal makers, operators, and investors.
Dr. Suying Liu, our Chairman and Chief
Executive Officer, has been the Head of Corporate Strategy of Hudson Capital Inc. (Nasdaq: HUSN) since May 2020, where he leads
the company's strategic development for both general operations and specific growth areas. Dr. Liu integrates corporate
finance opportunities with business fundamentals of Hudson Capital, leveraging his as well as the company's broad network
of relationships across a variety of industries such as financial services, general industrial and real estate. Between November
2018 and April 2020, Dr. Liu served as the Chief Strategist of Mansion Capital LLC, a privately-held real estate investment firm
with brokerage and property management operations serving clients from both North America and Asia for their investments in the
U.S. real estate market. With extensive property transaction experience, Dr. Liu has a breadth of connections to operating businesses
that incorporate tactical real estate considerations into their business development strategies. Prior to joining Mansion Capital,
Dr. Liu was an investment strategist at J.P. Morgan Chase & Co. from July 2015 to October 2018. With a primary focus in commercial
mortgages, Dr. Liu assessed the operational strength and financial health of a multitude of commercial real estate operators such
as Starwood, Simon and Westfield, providing investment strategies to major Wall Street institutions spanning private equity, hedge
funds and insurance companies. Dr. Liu began his career in academia, teaching a variety of degree programs from bachelor's
to executive education at Washington University Olin Business School between January 2013 and May 2015 while completing his doctoral
studies, for which he received a PhD in finance in May 2015. Dr. Liu obtained a master's in finance in December 2012 and
his BA in economics and mathematics
summa cum laude
in May 2010 from Washington University in St. Louis.
Our Chief Financial Officer and a member of our board of directors,
Mr. Dong Liu, has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer,
manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which
time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as
provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March
2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of
electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.
63
Mr. Nelson Haight is a member of our
board of directors. A veteran in the oil & gas industry with over 30 years of professional experience, Mr. Haight currently
serves as the Chief Financial Officer for Element Markets, LLC, an environmental commodities firm, which he joined in September
2019. From November 2018 to June 2019, Mr. Haight was the Chief Financial Officer for Epic Companies, LLC, a family office backed
oilfield service company. Between July 2017 and September 2018, Mr. Haight was the Chief Financial Officer of Castleton Resources,
LLC, a privately held exploration and production company. From December 2011 to July 2017, Mr. Haight served in various capacities
from Vice President to Chief Financial Officer at Midstates Petroleum Company, Inc., an exploration and production company founded
in 1993 and focused on the application of modern drilling and completion techniques to oil/liquids-prone resources in previously
discovered yet underdeveloped hydrocarbon trends. In 2015, Mr. Haight led the team that raised $625 million in new capital for
Midstates Petroleum. Mr. Haight received an MPA and BBA from the University of Texas at Austin in May 1988 and is a Certified
Public Accountant and member of the American Institute of Certified Public Accountants.
Dr. Todd Milbourn is a member of our
board of directors. Dr. Milbourn is the Vice Dean and Hubert C. and Dorothy R. Moog Professor of Finance at Washington University
Olin Business School, where he has researched and built academic programs in the areas of corporate finance, executive compensation
and credit ratings since June 2000. With expertise on valuation, corporate finance, corporate governance, executive compensation
and corporate risk-taking, Dr. Milbourn has been retained as an expert by private firms as well as the U.S. Department of Justice
in cases related to fair rates of return, breach of contract damages and executive compensation programs, among others. Dr. Milbourn
is also the Director and Chair of the Audit Committee of the Xanthus Fund at Oppenheimer, an asset management company with over
1,000 financial advisors and more than $90 billion assets under administration. Dr. Milbourn obtained his PhD in finance from
Indiana University Kelly School of Business in December 1995 and BA in economics and mathematics from Augustana College in May
1991.
Mr. Wenhua Zhang is a member of our
board of directors. Mr. Zhang has been a Partner at Azia Capital Fund LP, a private investment firm, since October 2014. Mr. Zhang
began his career in the financial industry as the Vice President of Equity Research in the technology, media and telecom sector
with T. Rowe Price from August 2001 to May 2008, and later joined Bain Capital as Director of the Brookside Fund, a long short
equity investments fund, between July 2008 and December 2010. From February 2011 to August 2012, Mr. Zhang was Senior Vice President
and Portfolio Manager at Harvard Management Company, a wholly owned subsidiary of Harvard University charged with managing the
university's endowment assets, and then as Partner and Portfolio Manager at Newport Asia LLC between October 2012 and October
2014, investing in Asia's high-growth companies on behalf of clients from institutions, endowments, and family offices.
Mr. Zhang received an MBA with dual majors in finance and technology innovation from the Wharton School at the University of Pennsylvania
in May 2001.
64
Acquisition Strategy
Our goal is to identify and acquire a business with
untapped opportunity for building a public company. We believe that our management's and directors' experiences,
from evaluating assets through investing and company building, will enable us to source and execute a business combination
with high-quality targets. Our selection process will leverage the relationships of our board with leading venture
capitalists, private equity and hedge fund managers, respected peers, and our network of investment banking executives,
attorneys, and accountants. Together with this network of trusted partners, we intend to capitalize the target business and
create purposeful strategic initiatives in order to achieve attractive growth and performance after our initial business
combination.
In particular, we intend to focus our search for an initial
business combination on private companies in North America that have positive operating cash flow or compelling economics and clear
paths to positive operating cash flow, significant assets, and successful management teams that are seeking access to the U.S.
public capital markets. Our selection process is expected to leverage our board's deep and broad network of relationships,
industry expertise and deal sourcing capabilities to provide us with a strong pipeline of potential targets. We expect to distinguish
ourselves with our ability to:
•
Leverage our Extensive Network of Relationships to Create a Unique Pipeline of Acquisition Opportunities.
We believe
the combination of our sponsor's experience in structuring complex transactions and our ability to access the network of
relationships of our board with family offices, corporate executives, founders, family-owned businesses and private equity firms,
will enable us to identify and evaluate suitable target businesses in the areas that we deem appropriate.
•
Employ Rigor to the Process of Identifying Target Companies and Acquiring a Business that Will be Well-Received by the Public
Markets.
We believe our board's strong transaction track record, together with their experience in investing in both
the private and public markets, will provide a distinct advantage for identifying, valuing and completing a business combination
that will meet our investors' expectations.
•
Capitalize on Our Strategic Position Bridging High-Quality North American Production and Extensive Asian Consumer Demand.
We believe the access that our board has to North American private companies producing quality products but lacking distribution,
especially to Asian consumers, presents an enormous opportunity when we bring such market channels to these potential business
combination targets. Our sponsor's relationships with Asian consumer markets will allow us to create further synergies with
target companies in addition to expanded capital and production capacities.
Investment Criteria
We intend to focus on companies that possess under-researched
and underappreciated asset(s) poised for significant growth once capitalized.
Consistent with our strategy, we have identified the following
criteria to evaluate prospective target businesses. Although we may decide to enter into our initial business combination with
a target business that does not meet the criteria described below, it is our intention to acquire companies that we believe:
§
have a scientific or other competitive advantage in the markets;
We intend to seek target companies that have significant
competitive advantages and underexploited expansion opportunities that can benefit from access to additional capital as well as
our industry relationships and expertise.
65
§
are ready to be public, with strong management, corporate governance and reporting policies in place;
We will seek to identify companies with strong and
experienced public-ready management teams. Specifically, we will look for management teams that have a proven track record of value
creation for their stockholders. We will seek to partner with a potential target's management team and expect that the operating
and investment abilities of our executive team and board will complement their own capabilities.
§
will likely be well received by public investors and are expected to have good access to the public capital markets;
We believe that there are a substantial number of
potential target businesses with appropriate valuations that can benefit from a public listing and new capital for growth to support
significant revenue and earnings growth.
§
are private equity fund portfolio companies or entities held by non-traditional investors in North America, especially in the
U.S.;
According to Pitchbook Data, Inc., U.S. private equity
funds raised more than $1.8 trillion from 2006 through 2016 in over 2,700 different funds. As they seek liquidity, particularly
in older-vintage portfolios, we believe that there will be a considerable number of portfolio companies available for sale from
these private equity firms in the coming years that would benefit from public listings. Additionally, non-traditional control investors
such as financial institutions, banks, non-bank lenders, or hedge funds, who do not typically hold and manage private operating
assets, may be anxious to divest their non-core holdings. In the event that those types of investors are liquidating or experiencing
other pressures, they may need to divest certain holdings.
§
have significant embedded and/or underexploited growth opportunities that our team is uniquely positioned to identify and monetize;
We intend to seek target companies that have significant
and underexploited expansion opportunities. This can be accomplished through a combination of accelerating organic growth and finding
attractive add-on acquisition targets. Our management team has significant experience in identifying such targets and in helping
target management assess the strategic and financial fit. Similarly, our management has the expertise to assess the likely synergies
and a process to help a target integrate acquisitions.
§
exhibit unrecognized value or other characteristics that we believe have been misevaluated by the market;
We will seek target companies which exhibit
value or other characteristics that we believe have been overlooked or misevaluated by the marketplace based on our
company-specific analyses and due diligence. For a potential target company, this process will include, among other things, a
review and analysis of the company's capital structure, quality of current or future earnings, corporate governance,
customers, material contracts, and the industry and trends. We intend to leverage the operational experience and disciplined
investment approach of our team to identify opportunities to unlock value that our experience in complex situations allows us
to pursue.
§
will offer attractive risk-adjusted equity returns for our stockholders.
We intend to seek to acquire a target on terms and
in a manner that leverage our capital markets and transaction management experience. We expect to evaluate a company based on its
potential to successfully commercialize its product(s), both new and under development. We also expect to evaluate financial returns
based on opportunities for follow-on acquisitions and other value-creation initiatives. Potential upside, for example, from the
growth in the target business's earnings or an improved capital structure will be weighed against any identified downside
risks.
66
Effecting Our Initial Business Combination
We will have until 12 months from the
closing of this offering to consummate our initial business combination. However, if we anticipate that we may not be able to
consummate our initial business combination within 12 months, our insiders or their affiliates may, but are not obligated to,
extend the period of time to consummate a business combination three times by an additional three months each time (for a total
of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation
and the trust agreement to be entered into between us and American Stock Transfer & Trust Company, LLC on the date of this
prospectus, the only way to extend the time available for us to consummate our initial business combination is for our insiders
or their affiliates or designees, upon five days' advance notice prior to the applicable deadline, to deposit into the trust
account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case), on or prior
to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination and
deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory note
equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the relevant insider's discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our
initial business combination. In the event that we receive notice from our insiders five days prior to the applicable deadline
of their intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior
to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether
or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders,
decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates or designees)
may deposit the entire amount required. If we are unable to consummate our initial business combination within such time period,
we will, as promptly as possible but not more than ten business days thereafter, redeem 100% of our outstanding public shares
for a pro rata portion of the funds held in the trust account, including a pro rata portion of any interest earned on the funds
held in the trust account and not previously released to us to pay our taxes, and then seek to dissolve and liquidate. However,
we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our
public stockholders. In the event of our dissolution and liquidation, the private units will expire and will be worthless.
67
We will either (1) seek stockholder approval
of our initial business combination at a meeting called for such purpose, at which stockholders may seek to convert their shares,
regardless of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate amount
then on deposit in the trust account (net of taxes payable), or (2) provide our stockholders with the opportunity to sell their
shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata
share of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations
described herein. The decision as to whether we will seek stockholder approval of our proposed business combination or allow stockholders
to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors
such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek stockholder approval.
Any tender offer documents used in connection with a business combination will contain substantially the same financial and other
information about the initial business combination as is required under the SEC's proxy rules.
The initial per public share redemption
or conversion price will be $10.20 per share, regardless of whether the over-allotment option is exercised. However, we may not
be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public stockholders.
Pursuant to the rules of the Nasdaq Stock
Market, our initial business combination must occur with one or more target businesses having an aggregate fair market value of
at least 80% of the value of the trust account (excluding any deferred underwriter's fees and taxes payable on the income
earned on the trust account), which we refer to as the 80% test, at the time of the agreement to enter into the initial business
combination. Therefore, the fair market value of the target business will be calculated prior to any conversions of our shares
in connection with a business combination and therefore will be a minimum of $40,800,000 (or $46,920,000 if the over-allotment
option is exercised in full) in order to satisfy the 80% test. While the fair market value of the target business must satisfy
the 80% test, the consideration we pay the owners of the target business may be a combination of cash (whether cash from the trust
account or cash from a debt or equity financing transaction that closes concurrently with the business combination) or our equity
securities. The exact nature and amount of consideration would be determined based on negotiations with the target business, although
we will attempt to primarily use our equity as transaction consideration. If our board is not able to independently determine the
fair market value of the target business or businesses, we will obtain an opinion from an independent investment banking firm with
respect to the satisfaction of such criteria. We will also obtain a fairness opinion from an independent investment banking firm
before consummating a business combination with an entity affiliated with any of our officers, directors or insiders. If we are
no longer listed on Nasdaq, we will not be required to satisfy the 80% test.
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 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, but we will only
complete such business combination if the post-transaction company owns 50% or more of the outstanding voting securities of
the target or otherwise owns a controlling interest in the target sufficient for it not to be required to register as an
investment company under the Investment Company Act of 1940, as amended, or the Investment Company Act. Even if the
post-transaction company owns 50% or more of the voting securities of the target, our stockholders prior to the business
combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the
target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a
substantial number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we 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% test.
68
As more fully discussed in "Management
 — Conflicts of Interest," if any of our officers or directors becomes aware of a business combination opportunity that
falls within the line of business of any entity to which he or she has pre-existing fiduciary or contractual obligations, he or
she may be required to present such business combination opportunity to such entity prior to presenting such business combination
opportunity to us. All of our officers, directors and director nominees currently have certain relevant pre-existing fiduciary
duties or contractual obligations.
We are 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, 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 until we are no longer an "emerging growth
company."
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 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 during the prior three-year
period. References herein to "emerging growth company" shall have the meaning associated with it in the JOBS Act.
Stockholder Approval of Business Combination
In connection with any proposed
business combination, we will either (1) seek stockholder approval of our initial business combination at a meeting called
for such purpose at which public stockholders (but not our insiders, officers or directors) may seek to convert their shares
of common stock, regardless of whether they vote for or against the proposed business combination, into a portion of the
aggregate amount then on deposit in the trust account, or (2) provide our stockholders with the opportunity to sell their
shares to us by means of a tender offer (and therefore avoid the need for a stockholder vote) for an amount equal to their
pro rata share of the aggregate amount then on deposit in the trust account, in each case subject to the limitations
described herein. If we determine to engage in a tender offer, such tender offer will be structured so that each stockholder
may tender all of his, her or its shares rather than some pro rata portion of his, her or its shares. The decision as to
whether we will seek stockholder approval of a proposed business combination or whether we 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. We anticipate that our business combination could be completed by way of a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or other similar transaction. Stockholder approval will not be
required under Delaware law if the business combination is structured as an acquisition of assets of the target company, a
share exchange with target company stockholders or a purchase of stock of the target company; however, Nasdaq rules would
require us to obtain stockholder approval if we seek to issue shares representing 20% or more of our outstanding shares as
consideration in a business combination. A merger of our company into a target company would require stockholder approval
under Delaware law. A merger of a target company into our company would not require stockholder approval unless the merger
results in a change to our certificate of incorporation, or if the shares issued in connection with the merger exceed 20% of
our outstanding shares prior to the merger. A merger of a target company with a subsidiary of our company would not require
stockholder approval unless the merger results in a change in our certificate of incorporation; however, Nasdaq rules would
require us to obtain stockholder approval of such a transaction if we week to issue shares representing 20% or more of our
outstanding shares as consideration.
69
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 provide our stockholders with an opportunity
to tender their shares to us pursuant to a tender offer pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate
issuer tender offers, and we will file tender offer documents with the SEC which will contain substantially the same financial
and other information about the initial business combination as is required under the SEC's proxy rules.
In the event we allow stockholders to tender
their shares pursuant to the tender offer rules, our tender offer 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 may not purchase public shares
in an amount that would cause our net tangible assets to be less than $5,000,001 (so that we are not subject to the SEC's
 "penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement
relating to our initial business combination. If public stockholders tender more shares than we have offered to purchase, we will
withdraw the tender offer and not complete the initial business combination.
If, however, stockholder approval of the
transaction is required by law or Nasdaq requirements, or we decide to obtain stockholder approval for business or other legal
reasons, we will:
•
permit stockholders to convert their shares 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.
70
In the event that we seek stockholder
approval of our initial business combination, we will distribute proxy materials and, in connection therewith, provide
stockholders with the conversion rights described above upon completion of the initial business combination.
We will consummate our initial business
combination only if public stockholders do not exercise conversion rights in an amount that would cause our net tangible assets
to be less than $5,000,001 and a majority of the outstanding shares of common stock voted are voted in favor of the business combination.
As a result, if stockholders owning approximately 87.8% (or approximately 88.9% if the over-allotment option is exercised in full)
or more of the shares of common stock sold in this offering exercise conversion rights, the business combination will not be consummated.
However, the actual percentages will only be able to be determined once a target business is located and we can assess all of
the assets and liabilities of the combined company (which would include the fee payable to the underwriters in an amount equal
to 3.5% of the total gross proceeds raised in the offering as described elsewhere in this prospectus, any out-of-pocket expenses
incurred by our insiders or their affiliates in connection with certain activities on our behalf, such as identifying and investigating
possible business targets and business combinations that have not been repaid at that time, as well as any other liabilities of
ours and the liabilities of the target business) upon consummation of the proposed business combination, subject to the requirement
that we must have at least $5,000,001 of net tangible assets upon closing of such business combination. As a result, the actual
percentages of shares that can be converted may be significantly lower than our estimates. We chose our net tangible asset threshold
of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under the Securities Act. However, if we seek
to consummate an initial business combination with a target business that imposes any type of working capital closing condition
or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial business combination,
our net tangible asset threshold may limit our ability to consummate such initial business combination (as we may be required
to have a lesser number of shares converted) and may force us to seek third-party financing which may not be available on terms
acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we may not be
able to locate another suitable target within the applicable time period, if at all. Public stockholders may therefore have to
wait 12 months from the closing of this offering (or 15 or 18 or 21 months if we have extended the period of time as described
in this prospectus) in order to be able to receive a portion of the trust account.
Our insiders, including our officers and
directors, have agreed (1) to vote any shares of common stock owned by them in favor of any proposed business combination, (2)
not to convert any shares of common stock into the right to receive cash from the trust account in connection with a stockholder
vote to approve a proposed initial business combination or a vote to amend the provisions of our certificate of incorporation
relating to stockholders' rights or pre-business combination activity and (3) not to sell any shares of common stock in
any tender in connection with a proposed initial business combination.
Depending on how a business combination
was structured, any stockholder approval requirement could be satisfied by obtaining the approval of either (i) a majority of
the shares of our common stock that were voted at the meeting (assuming a quorum was present at the meeting), or (ii) a majority
of the outstanding shares of our common stock. Because our insiders, including our officers and directors, will collectively beneficially
own approximately 20.0% of our issued and outstanding shares of common stock (not including the private units and underlying securities
and assuming our insiders do not purchase any units in this offering) upon consummation of this offering, a minimum of approximately
71,376 public shares, or 1.09% of the outstanding shares of our common stock (if the approval requirement was a majority of shares
voted and the minimum number of shares required for a quorum attended the meeting and assuming the over-allotment option has not
been exercised and an aggregate of 187,500 insider shares have been forfeited as a result thereof), would need to be voted in
favor a business combination in order for it to be approved.
71
None of our insiders or their affiliates
has indicated any intention to purchase units or shares of common stock from persons in the open market or in private transactions.
However, if we seek stockholder approval of a business combination and if we hold a meeting to approve a proposed business combination
and a significant number of stockholders vote, or indicate an intention to vote, against such proposed business combination, we
or our insiders or their affiliates could make such purchases in the open market or in private transactions in order to influence
the vote. 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. No funds from the trust account can be released from the trust account prior
to the consummation of a business combination to make such purchases (although such purchases could be made using funds available
to us after the closing of a business combination). We do not currently anticipate that such purchases, if any, would constitute
a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private
rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject
to such rules, the purchasers will comply with such rules. Notwithstanding the foregoing, we or our insiders or their affiliates
will not make purchases of shares of common stock if the purchases would violate Sections 9(a)(2) or 10(b) of the Exchange Act
or Regulation M, which are rules that prohibit manipulation of a company's stock, and we and they will comply with Rule 10b-18
under the Exchange Act in connection with any open-market purchases. If purchases cannot be made without violating applicable law,
no such purchases will be made. The purpose of such purchases would be to (i) vote such shares in favor of the business combination
and thereby increase the likelihood of obtaining stockholder approval of the business combination or (ii) to satisfy a closing
condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing
of our business combination, where it appears that such requirement would otherwise not be met. This may result in the completion
of our business combination that may not otherwise have been possible. In addition, if such purchases are made, the public "float"
of our common stock may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult
to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange. Our insiders anticipate
that they may identify the stockholders with whom our insiders or their affiliates may pursue privately negotiated purchases by
either the stockholders contacting us directly or by our receipt of redemption requests submitted by stockholders following our
mailing of proxy materials in connection with our initial business combination. To the extent that our insiders 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 the business combination.
Conversion Rights
At any meeting called to approve an initial
business combination, any public stockholder, whether voting for or against such proposed business combination, will be entitled
to demand that his or her shares of common stock be converted for a full pro rata portion of the amount then in the trust account
(initially $10.20 per share), plus any pro rata interest earned on the funds held in the trust account and not previously released
to us or necessary to pay our taxes. Alternatively, we may provide our public stockholders with the opportunity to sell their shares
of our common stock to us through a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their
pro rata share of the aggregate amount then on deposit in the trust account, net of taxes payable.
Notwithstanding the foregoing, a
public stockholder, together with any affiliate of his or hers or any other person with whom he or she is acting in concert
or as a "group" (as defined in Section 13(d)(3) of the Exchange Act), will be restricted from seeking conversion
rights with respect to 20% or more of the shares of common stock sold in this offering. Such a public stockholder would still
be entitled to vote against a proposed business combination with respect to all shares of common stock owned by him or her,
or his or her affiliates. We believe this restriction will prevent stockholders from accumulating large blocks of shares
before the vote held to approve a proposed business combination and attempt to use the conversion right as a means to force
us or our management to purchase their shares at a significant premium to the then current market price. By not allowing a
stockholder to convert more than 20% of the shares of common stock sold in this offering, we believe we have limited the
ability of a small group of stockholders to unreasonably attempt to block a transaction which is favored by our other public
stockholders.
72
None of our insiders will have the right
to receive cash from the trust account in connection with a stockholder vote to approve a proposed initial business combination
or a vote to amend the provisions of our certificate of incorporation relating to stockholders' rights or pre-business combination
activity with respect to any shares of common stock owned by them, directly or indirectly, whether acquired prior to this offering
or purchased by them in this offering or in the aftermarket.
We may also require public stockholders
who wish to convert, whether they are a record holder or hold their shares in "street name," to either tender their
certificates to our transfer agent at any time through the vote on the business combination or to deliver their shares to the transfer
agent electronically using Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's
option. The proxy solicitation materials that we will furnish to stockholders in connection with the vote for any proposed business
combination will indicate whether we are requiring stockholders to satisfy such delivery requirements. Accordingly, a stockholder
would have from the time the stockholder received our proxy statement through the vote on the business combination to deliver his
or her shares if he or she wishes to seek to exercise his or her conversion rights. Under Delaware law and our bylaws, we are required
to provide at least 10 days' advance notice of any stockholder meeting, which would be the minimum amount of time a public
stockholder would have to determine whether to exercise conversion rights.
There is a nominal cost associated with
the above-referenced delivery process and the act of certificating the shares or delivering them through the DWAC System. The transfer
agent will typically charge the tendering broker $45.00 and it would be up to the broker whether or not to pass this cost on to
the holder. However, this fee would be incurred regardless of whether or not we require holders to deliver their shares prior to
the vote on the business combination in order to exercise conversion rights. This is because a holder would need to deliver shares
to exercise conversion rights regardless of the timing of when such delivery must be effectuated. However, in the event we require
stockholders to deliver their shares prior to the vote on the proposed business combination and the proposed business combination
is not consummated, this may result in an increased cost to stockholders.
The foregoing is different from the procedures
used by many blank check companies. Traditionally, in order to perfect conversion rights in connection with a blank check company's
business combination, the company would distribute proxy materials for the stockholders' vote on an initial business combination,
and a holder could simply vote against a proposed business combination and check a box on the proxy card indicating such holder
was seeking to exercise his or her conversion rights. After the business combination was approved, the company would contact such
stockholder to arrange for him or her to deliver his or her certificate to verify ownership. As a result, the stockholder then
had an "option window" after the consummation of the business combination during which he or she could monitor the
price of the company's stock in the market. If the price rose above the conversion price, he or she could sell his or her
shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the conversion
rights, to which stockholders were aware they needed to commit before the stockholder meeting, would become a "continuing"
right surviving past the consummation of the business combination until the holder delivered its certificate.
73
The requirement for physical or electronic
delivery prior to the meeting ensures that a holder's election to convert his or her shares is irrevocable once the business
combination is approved.
Any request to convert such shares once
made may be withdrawn at any time up to the vote on the proposed business combination. Furthermore, if a holder of a public share
delivered his or her certificate in connection with an election of their conversion and subsequently decides prior to the vote
on the proposed business combination not to elect to exercise such rights, he or she may simply request that the transfer agent
return the certificate (physically or electronically).
If the initial business combination is
not approved or completed for any reason, then our public stockholders who elected to exercise their conversion rights would not
be entitled to convert their shares for the applicable pro rata share of the trust account. In such case, we will promptly return
any shares delivered by public holders.
Liquidation if No Business Combination
If we do not complete a business combination
within 12 months from the closing of this, we will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and
our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. At such time, the rights will expire and
holders of the rights will receive nothing upon a liquidation with respect to such rights, and the rights will be worthless. However,
if we anticipate that we may not be able to consummate our initial business combination within 12 months, our insiders or their
affiliates may, but are not obligated to, extend the period of time to consummate a business combination three times by an additional
three months each time (for a total of up to 21 months to complete a business combination). Pursuant to the terms of our amended
and restated certificate of incorporation and the trust agreement to be entered into between us and American Stock Transfer &
Trust Company, LLC on the date of this prospectus, the only way to extend the time available for us to consummate our initial
business combination is for our insiders or their affiliates or designees, upon five days' advance notice prior to the applicable
deadline, to deposit into the trust account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per
share in either case), on or prior to the date of the applicable deadline. In the event that they elected to extend the time to
complete a business combination and deposited the applicable amount of money into trust, the insiders would receive a non-interest
bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable
to close a business combination unless there are funds available outside the trust account to do so. Such notes would either be
paid upon consummation of our initial business combination, or, at the relevant insider's discretion, converted upon consummation
of our business combination into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance
of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the
consummation of our initial business combination. In the event that we receive notice from our insiders five days prior to the
applicable deadline of their intent to effect an extension, we intend to issue a press release announcing such intention at least
three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline
announcing whether or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. To the extent that some, but
not all, of our insiders, decide to extend the period of time to consummate our initial business combination, such insiders (or
their affiliates or designees) may deposit the entire amount required.
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Under the Delaware General Corporation
Law, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received
by them in a dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption
of 100% of our outstanding public shares in the event we do not complete our initial business combination within the required time
period may be considered a liquidation distribution under Delaware law. If the corporation complies with certain procedures set
forth in Section 280 of the Delaware General Corporation Law intended to ensure that it makes reasonable provision for all claims
against it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day
period during which the corporation may reject any claims brought, and an additional 150-day waiting period before any redemptions
are made to stockholders, any liability of stockholders with respect to a redemption 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 100% of our public shares in the event we do not
complete our initial business combination within the required time period is not considered a liquidation distribution under Delaware
law and such redemption distribution is deemed to be unlawful, then pursuant to Section 174 of the Delaware General Corporation
Law, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead
of three years, as in the case of a liquidation distribution. It is our intention to redeem our public shares as soon as reasonably
possible following the 12
th
or 15th or 18th or 21st month from the closing of this
offering and, therefore, we do not intend to comply with the above 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.
Because we will not be complying with Section
280 of the Delaware General Corporation Law, Section 281(b) of the Delaware General Corporation Law requires us to adopt a plan,
based on facts known to us at such time that will provide for our payment of all existing and pending claims or claims that may
be potentially brought against us within the subsequent 10 years. However, because we are a blank check company, rather than an
operating company, and our operations will be limited to seeking to complete an initial business combination, the only likely claims
to arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses.
We will seek to have all third parties
(including any vendors or other entities we engage after this offering) and any prospective target businesses enter into valid
and enforceable agreements with us waiving any right, title, interest or claim of any kind they may have in or to any monies held
in the trust account. The underwriters in this offering will execute such a waiver agreement. As a result, the claims that could
be made against us will be limited, thereby lessening the likelihood that any claim would result in any liability extending to
the trust. We therefore believe that any necessary provision for creditors will be reduced and should not have a significant impact
on our ability to distribute the funds in the trust account to our public stockholders. Nevertheless, there is no guarantee that
vendors, service providers and prospective target businesses will execute such agreements. In the event that a potential contracted
party was to refuse to execute such a waiver, we will execute an agreement with that entity only if our management first determines
that we would be unable to obtain, on a reasonable basis, substantially similar services or opportunities from another entity
willing to execute such a waiver. Examples of instances where we may engage a third-party that refused to execute a waiver would
be the engagement of a third-party consultant who cannot sign such an agreement due to regulatory restrictions, such as our auditors
who are unable to sign due to independence requirements, or whose particular expertise or skills are believed by management to
be superior to those of other consultants that would agree to execute a waiver or a situation in which management does not believe
it would be able to find a provider of required services willing to provide the waiver. There is also no guarantee that, even
if they execute such agreements with us, they will not seek recourse against the trust account. Our insiders have agreed that
they will be jointly and severally liable to us if and to the extent any claims by a vendor for services rendered or products
sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount
of funds in the trust account to below $10.20 per public share, except as to any claims by a third-party who executed a valid
and enforceable agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held
in the trust account and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities,
including liabilities under the Securities Act. Our board of directors has evaluated our insiders' financial net worth and
believes they will be able to satisfy any indemnification obligations that may arise. However, our insiders may not be able to
satisfy their indemnification obligations, as we have not required our insiders to retain any assets to provide for their indemnification
obligations, nor have we taken any further steps to ensure that they will be able to satisfy any indemnification obligations that
arise. Moreover, our insiders will not be liable to our public stockholders and instead will only have liability to us. As a result,
if we liquidate, the per-share distribution from the trust account could be less than approximately $10.20 due to claims or potential
claims of creditors. We will distribute to all of our public stockholders, in proportion to their respective equity interests,
an aggregate sum equal to the amount then held in the trust account, inclusive of any interest not previously released to us,
(subject to our obligations under Delaware law to provide for claims of creditors as described below).
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If we are unable to consummate an initial
business combination and are forced to redeem 100% of our outstanding public shares for a portion of the funds held in the trust
account, we anticipate notifying the trustee of the trust account to begin liquidating such assets promptly after such date and
anticipate it will take no more than 10 business days to effectuate the redemption of our public shares. Our insiders have waived
their rights to participate in any redemption with respect to their insider shares. We will pay the costs of any subsequent liquidation
from our remaining assets outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds
necessary to complete such liquidation (currently anticipated to be no more than approximately $15,000) and have agreed not to
seek repayment of such expenses. Each holder of public shares will receive a full pro rata portion of the amount then in the trust
account, plus any pro rata interest earned on the funds held in the trust account and not previously released to us or necessary
to pay our taxes. The proceeds deposited in the trust account could, however, become subject to claims of our creditors that are
in preference to the claims of public stockholders.
Our public stockholders shall be entitled
to receive funds from the trust account only in the event of our failure to complete our initial business combination in the required
time period or if the stockholders seek to have us convert their respective shares of common stock upon a business combination
which is actually completed by us. In no other circumstances shall a stockholder have any right or interest of any kind to or in
the trust account.
If we are forced to file a bankruptcy
case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held in the trust account could
be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties
with priority over the claims of our stockholders. To the extent any bankruptcy claims deplete the trust account, the per share
redemption or conversion amount received by public stockholders may be less than $10.20.
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. Claims may be brought against us for these reasons.
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Certificate of Incorporation
Our certificate of incorporation contains
certain requirements and restrictions relating to this offering that will apply to us until the consummation of our initial business
combination. If we hold a stockholder vote to amend any provisions of our certificate of incorporation relating to stockholder's
rights or pre-business combination activity (including the substance or timing within which we have to complete a business combination),
we will 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 earned
on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, divided by the
number of then outstanding public shares, in connection with any such vote. Our insiders have agreed to waive any conversion rights
with respect to any insider shares, private shares and any public shares they may hold in connection with any vote to amend our
certificate of incorporation. Specifically, our certificate of incorporation provides, among other things, that:
•
prior to the consummation of our initial business combination, we shall either (1) seek stockholder
approval of our initial business combination at a meeting called for such purpose at which public stockholders may seek to convert
their shares of common stock, regardless of whether they vote for or against the proposed business combination, into a portion
of the aggregate amount then on deposit in the trust account, net of taxes payable, or (2) provide our stockholders with the opportunity
to sell their shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to
their pro rata share of the aggregate amount then on deposit in the trust account, net of taxes payable, in each case subject to
the limitations described herein;
•
we will consummate our initial business combination only if public stockholders do not exercise
conversion rights in an amount that would cause our net tangible assets to be less than $5,000,001 and a majority of the outstanding
shares of common stock voted are voted in favor of the business combination;
•
if our initial business combination is not consummated within 12 months (or 15 or 18 or 21 months,
as applicable) the closing of this offering, then our existence will terminate and we will distribute all amounts in the trust
account to all of our public holders of shares of common stock;
•
upon
                                         the consummation of this offering, $51,000,000, or $58,650,000 if the over-allotment
                                         option is exercised in full, shall be placed into the trust account;
•
we may not consummate any other business combination, merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar transaction prior to our initial business combination; and
•
prior to our initial business combination, we may not issue additional shares of capital stock
that would entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination.
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Potential Revisions to Agreements with Insiders
Each of our insiders has entered into letter
agreements with us pursuant to which each of them has agreed to do certain things relating to us and our activities prior to a
business combination. We could seek to amend these letter agreements without the approval of stockholders, although we have no
intention to do so. In particular:
·
Restrictions relating to liquidating the trust account if we failed to consummate a business combination
in the time-frames specified above could be amended, but only if we allowed all stockholders to redeem their shares in connection
with such amendment;
·
Restrictions relating to our insiders being required to vote in favor of a business combination
or against any amendments to our organizational documents could be amended to allow our insiders to vote on a transaction as they
wished;
·
The requirement of members of the management team to remain our officer or director until the closing
of a business combination could be amended to allow persons to resign from their positions with us if, for example, the current
management team was having difficulty locating a target business and another management team had a potential target business;
·
The restrictions on transfer of our securities could be amended to allow transfer to third parties
who were not members of our original management team;
·
The obligation of our management team to not propose amendments to our organizational documents
could be amended to allow them to propose such changes to our stockholders;
·
The obligation of insiders to not receive any compensation in connection with a business combination
could be modified in order to allow them to receive such compensation; and
·
The requirement to obtain a valuation for any target business affiliated with our insiders, in
the event it was too expensive to do so.
Except as specified above, stockholders
would not be required to be given the opportunity to redeem their shares in connection with such changes. Such changes could result
in:
·
Our having an extended period of time to consummate a business combination (although with less
in trust as a certain number of our stockholders would certainly redeem their shares in connection with any such extension);
·
Our insiders being able to vote against a business combination or in favor of changes to our organizational
documents;
·
Our operations being controlled by a new management team that our stockholders did not elect to
invest with;
·
Our insiders receiving compensation in connection with a business combination; and
·
Our insiders closing a transaction with one of their affiliates without receiving an independent
valuation of such business.
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We will not agree to any such changes
unless we believed that such changes were in the best interests of our stockholders (for example, if we believed such a
modification were necessary to complete a business combination). Each of our officers and directors has fiduciary obligations
to us requiring that he or she act in our best interests and the best interests of our stockholders.
Competition
In identifying, evaluating and selecting
a target business, we may encounter intense competition from other entities having a business objective similar to ours. Many of
these entities are well established and have extensive experience identifying and effecting business combinations directly or through
affiliates. Many of these competitors possess greater technical, human and other resources than us and our financial resources
will be relatively limited when contrasted with those of many of these competitors. While we believe there may be numerous potential
target businesses that we could complete a business combination with utilizing the net proceeds of this offering, our ability to
compete in completing a business combination with certain sizable target businesses may be limited by our available financial resources.
The following also may not be viewed favorably
by certain target businesses:
·
our obligation to seek stockholder approval of our initial business combination or engage in a
tender offer may delay the completion of a transaction;
·
our obligation to convert shares of common stock held by our public stockholders may reduce the
resources available to us for our initial business combination;
·
our obligation to pay the deferred underwriting commission to the underwriters upon consummation
of our initial business combination;
·
our obligation to either repay working capital loans that may be made to us by our insiders or
their affiliates;
·
our obligation to register the resale of the insider shares, as well as the private units (and
underlying securities) and any shares issued to our insiders or their affiliates upon conversion of working capital loans; and
·
the impact on the target business' assets as a result of unknown liabilities under the securities
laws or otherwise depending on developments involving us prior to the consummation of a business combination.
Any of these factors may place us at a
competitive disadvantage in successfully negotiating our initial business combination. Our management believes, however, that our
status as a public entity and potential access to the United States public equity markets may give us a competitive advantage over
privately held entities having a similar business objective as ours in connection with an initial business combination with a target
business with significant growth potential on favorable terms.
If we succeed in effecting our initial
business combination, there will be, in all likelihood, intense competition from competitors of the target business. Subsequent
to our initial business combination, we may not have the resources or ability to compete effectively.
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Facilities
We currently maintain our principal executive
offices at 311 West 43rd Street, 12th Floor,
New York, NY 10036
. The cost for this space
is included in the $10,000 per-month fee (subject to deferral as described herein) payable to Sunlight Global Investment LLC, for
office space, utilities and secretarial services. Our agreement with Sunlight Global Investment LLC provides that, commencing on
the date that our securities are first listed on the Nasdaq Capital Market and until we consummate a business combination, such
office space, as well as utilities and secretarial services, will be made available to us as may be required from time to time.
We believe that the fee charged by Sunlight Global Investment LLC is at least as favorable as we could have obtained from an unaffiliated
person. We consider our current office space, combined with the other office space otherwise available to our executive officers,
adequate for our current operations.
Employees
We
have two executive officers. These individuals are not obligated to devote any specific number of hours to our matters and intend
to devote only as much time as they deem necessary to our affairs. The amount of time they will devote in any time period will
vary based on whether a target business has been selected for the business combination and the stage of the business combination
process the company is in. Accordingly, once a suitable target business to consummate our initial business combination with has
been located, management will spend more time investigating such target business and negotiating and processing the business combination
(and consequently spend more time on our affairs) than had been spent prior to locating a suitable target business. We presently
expect our executive officers to devote an average of approximately 10 hours per week to our business. We do not intend to have
any full time employees prior to the consummation of our initial business combination.
Periodic Reporting and Audited Financial Statements
We have registered our units, common stock
and rights under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and
current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual report will contain financial
statements audited and reported on by our independent registered public accountants.
We will provide stockholders with audited
financial statements of the prospective target business as part of any proxy solicitation materials or tender offer documents sent
to stockholders to assist them in assessing the target business. These financial statements will need to be prepared in accordance
with or reconciled to United States GAAP or IFRS as issued by the IASB. A particular target business identified by us as a potential
business combination candidate may not have the necessary financial statements. To the extent that this requirement cannot be met,
we may not be able to consummate our initial business combination with the proposed target business.
We may be required by the Sarbanes-Oxley
Act to have our internal control over financial reporting audited for the year ending December 31, 2021. A target company may not
be in compliance with the provisions of the Sarbanes-Oxley Act regarding the adequacy of their internal control over financial
reporting. The development of the internal control over financial reporting of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such initial business combination.
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Legal Proceedings
There is no material litigation, arbitration,
governmental proceeding or any other legal proceeding currently pending or known to be contemplated against us or any members of
our management team in their capacity as such, and we and the members of our management team have not been subject to any such
proceeding in the 10 years preceding the date of this prospectus.
Comparison to Offerings 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 the Offering
Terms
        Under a Rule 419 Offering
Escrow of offering proceeds
$51,000,000 of the net offering proceeds and proceeds from the
sale of the private units will be deposited into a trust account in the United States at Morgan Stanley, maintained by American
Stock Transfer & Trust Company, LLC, acting as trustee.
$43,200,000
    of the offering proceeds would be required to be deposited into either an escrow account with an insured depositary institution
    or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having
    the beneficial interests in the account.
Investment of net proceeds
$51,000,000 of net
    offering proceeds and proceeds from the sale of the private units held in the trust account will be invested only in U.S.
    government treasury bills, bonds or notes with a maturity of 180 days or less or in money market funds meeting the applicable
    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.
Limitation on fair value or net assets of target business
Our initial business combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the value of the trust account (excluding any deferred underwriter's fees and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination.
The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.
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Trading of securities issued
The units may commence trading on or promptly after the date of this prospectus. The common stock
and rights comprising the units will begin to trade separately on the 90
th
day after the date of this prospectus unless Chardan Capital Markets, LLC informs us of its decision to allow earlier separate trading (based upon its assessment of the relative strengths of the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities in particular), provided we have filed with the SEC a Current Report on Form 8-K, which includes an audited balance sheet reflecting our receipt of the proceeds of this offering.
No trading of the units or the underlying common stock
and rights would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.
Terms
        of the Offering
Terms
        Under a Rule 419 Offering
Election to remain an investor
We will either (i) give our stockholders the opportunity to vote on the business combination or (ii) provide our public stockholders with the opportunity to sell their shares of our common stock for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, less taxes. If we hold a meeting to approve a proposed business combination, we will send each stockholder a proxy statement containing information required by the SEC. Alternatively, if we do not hold a meeting and instead conduct a tender offer, we will conduct such tender offer in accordance with the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination as we would have included in a proxy statement. Under Delaware law and our bylaws, we must provide at least 10 days' advance notice of any meeting of stockholders. Accordingly, this is the minimum amount of time we would need to provide holders to determine whether to exercise their rights to convert their shares into cash or to remain an investor in our company.
A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company's registration statement, to decide if he, she or it elects to remain a stockholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 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.
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Business combination deadline
Pursuant to our certificate of incorporation,
        if we are unable to complete our initial business combination within 12 months (or 15 or 18 or 21 months, as applicable) from the
        closing of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
        possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares which redemption will completely
        extinguish public stockholders' rights as stockholders (including the right to receive further liquidation distributions,
        if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
        of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above)
        to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.
If an acquisition has not been
        completed within 18 months after the effective date of the company's registration statement, funds held in the trust or escrow
        account are returned to investors.
Interest earned on the funds in the trust account
There can be released to us, from time to time, any interest earned on the funds in the trust account that we may need to pay our tax obligations.
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.
Release of funds
Except for interest earned on the funds in the trust account that may be released to us to pay our tax obligations the proceeds held in the trust account will not be released until the earlier of the completion of our initial business combination and our liquidation upon failure to effect our initial business combination within the allotted time.
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.
MANAGEMENT
Directors and Executive Officers
Our current directors, director nominees
and executive officers are as follows:
Name
Age
Position
Suying Liu
32
Chairman and Chief Executive Officer
Dong Liu
34
Chief Financial Officer and Director
Nelson Haight
55
Director
Todd Milbourn
51
Director
Wenhua Zhang
50
Director
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Dr.
Suying Liu
has served as our Chairman and Chief Executive Officer and as a member of our board of directors since the
company's inception in November 2019. Dr. Liu has been the Head of Corporate Strategy of Hudson Capital Inc. (Nasdaq: HUSN)
since May 2020, where he leads the company's strategic development for both general operations and specific growth areas.
Dr. Liu integrates corporate finance opportunities with business fundamentals of Hudson Capital, leveraging his as well as the
company's broad network of relationships across a variety of industries such as financial services, general industrial and
real estate. Between November 2018 and April 2020, Dr. Liu served as the Chief Strategist of Mansion Capital LLC, a privately-held
real estate investment firm with brokerage and property management operations serving clients from both North America and Asia
for their investments in the U.S. real estate market. With extensive property transaction experience, Dr. Liu has a breadth of
connections to operating businesses that incorporate tactical real estate considerations into their business development strategies.
Prior to joining Mansion Capital, Dr. Liu was an investment strategist at J.P. Morgan Chase & Co. from July 2015 to October
2018. With a primary focus in commercial mortgages, Dr. Liu assessed the operational strength and financial health of a multitude
of commercial real estate operators such as Starwood, Simon and Westfield, providing investment strategies to major Wall Street
institutions spanning private equity, hedge funds and insurance companies. Dr. Liu began his career in academia, teaching a variety
of degree programs from bachelor's to executive education at Washington University Olin Business School between January 2013
and May 2015 while completing his doctoral studies, for which he received a PhD in finance in May 2015. Dr. Liu obtained a master's
in finance in December 2012 and his BA in economics and mathematics
summa cum laude
in May 2010 from Washington University
in St. Louis. We believe Dr. Liu is qualified to serve on our board based on his diverse experience in corporate and investment
strategies as well as his leadership analyzing and implementing substantial transactions in many geographical regions.
Dong Liu
has served as our Chief Financial Officer and a member of our
board of directors since the company's inception in November 2019. Mr. Liu has been the Chief Financial Officer of Dongguan
Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial
customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu
has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising
on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao
Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses
in the greater China region as well as Europe. We believe Mr. Liu is qualified to serve on our board based on his experience as
chief financial officer and as manager of accounting, budgeting, capital allocation, and forecasting operations.
Nelson Haight
has served as
a member of our board of directors since January 2020. A veteran in the oil & gas industry with over 30 years of professional
experience, Mr. Haight currently serves as the Chief Financial Officer for Element Markets, LLC, an environmental commodities
firm, which he joined in September 2019. From November 2018 to June 2019, Mr. Haight was the Chief Financial Officer for Epic
Companies, LLC, a family office backed oilfield service company. Between July 2017 and September 2018, Mr. Haight was the Chief
Financial Officer of Castleton Resources, LLC, a privately held exploration and production company. From December 2011 to July
2017, Mr. Haight served in various capacities from Vice President to Chief Financial Officer at Midstates Petroleum Company, Inc.,
an exploration and production company founded in 1993 and focused on the application of modern drilling and completion techniques
to oil/liquids-prone resources in previously discovered yet underdeveloped hydrocarbon trends. In 2015, Mr. Haight led the team
that raised $625 million in new capital for Midstates Petroleum. Mr. Haight received an MPA and BBA from the University of Texas
at Austin in May 1988 and is a Certified Public Accountant and member of the American Institute of Certified Public Accountants.
We believe Mr. Haight is qualified to serve on our board based on his experience in financial management and raising capital for
public and private companies.
Dr.
Todd Milbourn
has served as a member of our board of directors since January 2020. Dr. Milbourn is the Vice Dean and
Hubert C. and Dorothy R. Moog Professor of Finance at Washington University Olin Business School, where he has researched and
built academic programs in the areas of corporate finance, executive compensation and credit ratings since June 2000. With expertise
on valuation, corporate finance, corporate governance, executive compensation and corporate risk-taking, Dr. Milbourn has been
retained as an expert by private firms as well as the U.S. Department of Justice in cases related to fair rates of return, breach
of contract damages and executive compensation programs, among others. Dr. Milbourn is also the Director and Chair of the Audit
Committee of the Xanthus Fund at Oppenheimer, an asset management company with over 1,000 financial advisors and more than $90
billion assets under administration. Dr. Milbourn obtained his PhD in finance from Indiana University Kelly School of Business
in December 1995 and BA in economics and mathematics from Augustana College in May 1991. We believe Dr. Milbourn is qualified
to serve on our board based on his academic and practical experience in the areas of finance, compensation, and corporate governance.
84
Wenhua
Zhang
has served as a member of our board of directors since January 2020. Mr. Zhang has been a Partner at Azia Capital
Fund LP, a private investment firm, since October 2014. Mr. Zhang began his career in the financial industry as the Vice President
of Equity Research in the technology, media and telecom sector with T. Rowe Price from August 2001 to May 2008, and later joined
Bain Capital as Director of the Brookside Fund, a long short equity investments fund, between July 2008 and December 2010. From
February 2011 to August 2012, Mr. Zhang was Senior Vice President and Portfolio Manager at Harvard Management Company, a wholly
owned subsidiary of Harvard University charged with managing the university's endowment assets, and then as Partner and Portfolio
Manager at Newport Asia LLC between October 2012 and October 2014, investing in Asia's high-growth companies on behalf of
clients from institutions, endowments, and family offices. Mr. Zhang received an MBA with dual majors in finance and technology
innovation from the Wharton School at the University of Pennsylvania in May 2001. We believe Mr. Zhang is qualified to serve on
our board based on his extensive network of relationships in the asset management industry and his experience as an institutional
investment manager deploying capital in a variety of sectors.
Number and Terms of Office of Officers and Directors
Upon consummation of this offering,
our board of directors will have five members, three of whom will be deemed "independent" under SEC and Nasdaq rules.
Our board of directors will be divided into three classes with only one class of directors being elected in each year and each
class serving a three-year term. The term of office of the first class of directors, consisting of Dr. Todd Milbourn and Wenhua
Zhang, will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting
of Dong Liu and Nelson Haight, will expire at the second annual meeting. The term of office of the third class of directors, consisting
of Dr. Suying Liu, will expire at our third annual meeting of stockholders. We may not hold an annual meeting of stockholders
until after we consummate our initial business combination.
Our officers are appointed by the board
of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board of directors
is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws provide that our directors
may consist of a chairman of the board, and that our officer may consist of chief executive officer, president, chief financial
officer, executive vice president(s), vice president(s), secretary, treasurer and such other officers as may be determined by the
board of directors.
Executive Compensation
No executive officer has received any
cash compensation for services rendered to us. Commencing on the date of this prospectus through the completion of our
initial business combination with a target business, we will pay to Sunlight Global Investment LLC, a fee of $10,000 per
month for providing us with office space and certain office and secretarial services. However, pursuant to the terms of such
agreement, we may delay payment of such monthly fee upon a determination by our audit committee that we lack sufficient funds
held outside the trust to pay actual or anticipated expenses in connection with our initial business combination. Any such
unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of our initial
business combination. Other than the $10,000 per month administrative fee, no compensation or fees of any kind, including
finder's fees, consulting fees and other similar fees, will be paid to our insiders or any of the members of our
management team, for services rendered prior to or in connection with the consummation of our initial business combination
(regardless of the type of transaction that it is). However, such individuals will receive reimbursement for any
out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target
businesses, performing business due diligence on suitable target businesses and business combinations as well as traveling to
and from the offices, plants or similar locations of prospective target businesses to examine their operations. There is no
limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed
the available proceeds not deposited in the trust account and the interest income earned on the amounts held in the trust
account, such expenses would not be reimbursed by us unless we consummate an initial business combination.
85
After our initial business combination,
members of our management team who remain with us may be paid consulting, management or other fees from the combined company with
any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials furnished
to our stockholders. It is unlikely the amount of such compensation will be known at the time of a stockholder meeting held to
consider our initial business combination, as it will be up to the directors of the post-combination business to determine executive
and director compensation. In this event, such compensation will be publicly disclosed at the time of its determination in a Current
Report on Form 8-K, as required by the SEC.
Director Independence
Nasdaq
listing standards require that within one year of the listing of our securities on the Nasdaq Capital Market we have at least three
independent directors and 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 had determined that Nelson Haight,
Dr.
Todd Milbourn
and
Wenhua Zhang
are
 "independent director" as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors
will have regularly scheduled meetings at which only independent directors are present.
We will only enter into a business combination
if it is approved by a majority of our independent directors. Additionally, we will only enter into transactions with our officers
and directors and their respective affiliates that are on terms no less favorable to us than could be obtained from independent
parties. Any related-party transactions must be approved by our audit committee and a majority of disinterested directors.
Audit Committee
Effective
as of the date of this prospectus, we will establish an audit committee of the board of directors, which will consist of Nelson
Haight,
Dr. Todd Milbourn
and
Wenhua Zhang
,
each of whom is an independent director.
Dr. Todd Milbourn
will
serve as chairman of the audit committee. The audit committee's duties, which are specified in our Audit Committee Charter,
include, but are not limited to:
•
reviewing and discussing with management and the independent auditor the annual audited financial
statements, and recommending to the board whether the audited financial statements should be included in our Form 10-K;
•
discussing with management and the independent auditor significant financial reporting issues and
judgments made in connection with the preparation of our financial statements;
•
discussing with management major risk assessment and risk management policies;
•
monitoring the independence of the independent auditor;
•
verifying the rotation of the lead (or coordinating) audit partner having primary responsibility
for the audit and the audit partner responsible for reviewing the audit as required by law;
86
•
reviewing and approving all related-party transactions;
•
inquiring and discussing with management our compliance with applicable laws and regulations;
•
pre-approving all audit services and permitted non-audit services to be performed by our independent
auditor, including the fees and terms of the services to be performed;
•
appointing or replacing the independent auditor;
•
determining the compensation and oversight of the work of the independent auditor (including resolution
of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or
issuing an audit report or related work;
•
establishing procedures for the receipt, retention and treatment of complaints received by us regarding
accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting
policies; and
•
approving reimbursement of expenses incurred by our management team in identifying potential target
businesses.
Financial Experts on Audit Committee
The audit committee will at all times be
composed exclusively of "independent directors" who are "financially literate" as defined under the Nasdaq
listing standards. The Nasdaq listing standards define "financially literate" as being able to read and understand
fundamental financial statements, including a company's balance sheet, income statement and cash flow statement.
In
addition, we must certify to Nasdaq that the committee has, and will continue to have, at least one member who has past employment
experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background
that results in the individual's financial sophistication. The board of directors has determined that
Dr. Todd Milbourn
qualifies as an "audit committee financial expert," as defined
under rules and regulations of the SEC.
Compensation Committee
Upon
the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee
of the board of directors consisting of Nelson Haight,
Dr. Todd Milbourn
and
Wenhua Zhang
, each of whom is an independent director.
Wenhua
Zhang
will serve as chairman of the compensation committee. We will adopt
a compensation committee charter, which will detail the principal functions of the compensation committee, including:
•
reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief
Executive Officer's compensation, evaluating our Chief Executive Officer's performance in light of such goals and objectives
and determining and approving the remuneration (if any) of our Chief Executive Officer's based on such evaluation;
•
reviewing and approving the compensation of all of our other executive officers;
•
reviewing our executive compensation policies and plans;
•
implementing and administering our incentive compensation equity-based remuneration plans;
87
•
assisting management in complying with our proxy statement and annual report disclosure requirements;
•
approving all special perquisites, special cash payments and other special compensation and benefit
arrangements for our executive officers and employees;
•
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.
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(e)(2) of the NASDAQ rules, a majority of the independent
directors may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent
directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation
of a standing nominating committee. Nelson Haight,
Dr. Todd Milbourn
and
Wenhua Zhang
will participate in the consideration and recommendation
of director nominees. In accordance with Rule 5605(e)(1)(A) 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 the Board 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
We may not have a compensation
committee in place prior to the completion of our initial business combination. Any executive compensation matters that arise
prior to the time we have a compensation committee in place will be determined by our independent directors. None of our
directors who currently serve as members of our compensation committee is, or has at any time in the past been, one of our
officers or employees. None of our executive officers currently serves, or in the past year has served, as a member of the
compensation committee of any other entity that has one or more executive officers serving on our board of directors. None of
our executive officers currently serves, or in the past year has served, as a member of the board of directors of any other
entity that has one or more executive officers serving on our compensation committee.
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Code of Ethics
Effective upon consummation of this offering,
we will adopt a code of ethics that applies to all of our executive officers, directors and employees. The code of ethics codifies
the business and ethical principles that govern all aspects of our business.
Conflicts of Interest
Investors should be aware of the following
potential conflicts of interest:
•
None of our officers and directors is required to commit their full time to our affairs and, accordingly,
they may have conflicts of interest in allocating their time among various business activities.
•
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 our company as well as the other entities with
which they are affiliated. Our officers and directors may have conflicts of interest in determining to which entity a particular
business opportunity should be presented.
•
Our officers and directors may in the future become affiliated with entities, including other blank
check companies, engaged in business activities similar to those intended to be conducted by our company.
•
Unless we consummate our initial business combination, our officers, directors and other insiders
will not receive reimbursement for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount
of available proceeds not deposited in the trust account.
•
The insider shares beneficially owned by our officers and directors will be released from escrow
only if our initial business combination is successfully completed. Additionally, if we are unable to complete an initial business
combination within the required time frame, our officers and directors will not be entitled to receive any amounts held in the
trust account with respect to any of their insider shares or private units. Furthermore, Sunlight Global Investment LLC has agreed
that the private units will not be sold or transferred by it until after we have completed our initial business combination. For
the foregoing reasons, our board may have a conflict of interest in determining whether a particular target business is an appropriate
business with which to effect our initial business combination.
In general, officers and directors of a
corporation incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation
if:
•
the corporation could financially undertake the opportunity;
•
the opportunity is within the corporation's line of business; and
•
it would not be fair to the corporation and its stockholders for the opportunity not to be brought
to the attention of the corporation.
89
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 certificate of incorporation provides
that the doctrine of corporate opportunity will not apply with respect to any of our officers or directors in circumstances
where the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have. In
order to minimize potential conflicts of interest which may arise from multiple affiliations, our officers and directors
(other than our independent directors) have agreed to present to us for our consideration, prior to presentation to any other
person or entity, any suitable opportunity to acquire a target business, until the earlier of: (1) our consummation of an
initial business combination and (2) 12 months from the date of this prospectus
(or
15 or 18 or 21 months if we have extended the period of time to complete a business combination as described in this
prospectus). This agreement is, however, subject to any pre-existing fiduciary and contractual obligations such officer or
director may from time to time have to another entity. Accordingly, if any of them becomes aware of a business combination
opportunity which is suitable for an entity to which he or she has pre-existing fiduciary or contractual obligations, he or
she will honor his or her 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 the pre-existing
fiduciary duties or contractual obligations of our officers and directors will materially undermine our ability to complete
our business combination because in most cases the affiliated companies are closely held entities controlled by the officer
or director or the nature of the affiliated company's business is such that it is unlikely that a conflict will
arise.
The following table summarizes the current
material pre-existing fiduciary or contractual obligations of our officers, directors and director nominees:
Name of Individual
Name
        of Affiliated
Company
Entity's
        Business
Affiliation
Suying Liu
Hudson Capital Inc.
Finance
Head of Corporate Strategy
Dong Liu
Dongguan Zhishan Photoelectric Technology Co.,
    Ltd.
Manufacturing
Chief Financial Officer
Nelson Haight
Element Markets LLC
Energy
Chief Financial Officer
Todd Milbourn
Washington University
Olin Business School
Higher Education
Vice Dean and Professor
Wenhua Zhang
Azia Capital LP
Finance
Partner
Our insiders, including our officers and
directors, have agreed to vote any shares of common stock held by them in favor of our initial business combination. In addition,
they have agreed to waive their respective rights to receive any amounts held in the trust account with respect to their insider
shares and private shares if we are unable to complete our initial business combination within the required time frame. If they
purchase shares of common stock in this offering or in the open market, however, they would be entitled to receive their pro rata
share of the amounts held in the trust account if we are unable to complete our initial business combination within the required
time frame, but have agreed not to convert such shares in connection with the consummation of our initial business combination.
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All ongoing and future transactions
between us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less
favorable to us than are available from unaffiliated third parties. Such transactions will require prior approval by our
audit committee and a majority of our uninterested "independent" directors, or the members of our board who do
not have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent legal
counsel. We will not enter into any such transaction unless our audit committee and a majority of our disinterested
 "independent" directors determine that the terms of such transaction are no less favorable to us than those that
would be available to us with respect to such a transaction from unaffiliated third parties.
To further minimize conflicts of interest,
we have agreed not to consummate our initial business combination with an entity that is affiliated with any of our officers, directors
or other insiders, unless we have obtained (i) an opinion from an independent investment banking firm that the business combination
is fair to our unaffiliated stockholders from a financial point of view and (ii) the approval of a majority of our disinterested
and independent directors (if we have any at that time). In no event will our insiders or any of the members of our management
team be paid any finder's fee, consulting fee or other similar compensation prior to, or for any services they render in
order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is).
Limitation on Liability and Indemnification of Directors
and Officers
Our certificate of incorporation provides
that our directors and officers will be indemnified by us to the fullest extent authorized by Delaware law as it now exists or
may in the future be amended. In addition, our certificate of incorporation provides that our directors will not be personally
liable for monetary damages to us for breaches of their fiduciary duty as directors, unless they violated their duty of loyalty
to us or our stockholders, acted in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends,
unlawful stock purchases or unlawful redemptions, or derived an improper personal benefit from their actions as directors. Notwithstanding
the foregoing, as set forth in our certificate of incorporation, such indemnification will not extend to any claims our insiders
may make to us to cover any loss that they may sustain as a result of their agreement to pay debts and obligations to target businesses
or vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us as described
elsewhere in this prospectus.
Our bylaws also will permit us to secure
insurance on behalf of any officer, director or employee for any liability arising out of his or her actions, regardless of whether
Delaware law would permit indemnification. We will purchase a policy of directors' and officers' liability insurance
that insures our directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances
and insures us against our obligations to indemnify the directors and officers.
These provisions may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of
reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might
otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent
we pay the costs of settlement and damage awards against directors and officers pursuant to these provisions. We believe that these
provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced directors and
officers.
Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers and controlling persons pursuant to the foregoing
provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable.
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PRINCIPAL STOCKHOLDERS
The following table sets forth information
regarding the beneficial ownership of our shares of common stock as of the date of this prospectus and upon completion of the sale
of our shares of common stock included in the units offered by this prospectus (assuming none of the individuals listed purchase
units in this offering), by:
•
each person known by us to be the beneficial owner of more than 5% of our outstanding shares of
common stock;
•
each of our officers, directors and director nominees; and
•
all of our officers, directors and director nominees as a group.
Amounts shown in the "After Offering"
column are calculated assuming no exercise of the over-allotment option and, therefore, the forfeiture of an aggregate of 187,500
shares of common stock held by our insiders. 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.
Prior to Offering
After Offering
(2)
Name and Address of Beneficial Owner
(1)
Amount and
Nature of
Beneficial
Ownership of
Common Stock
Approximate
Percentage of
Outstanding
Shares of
Common Stock
Amount and
Nature of
Beneficial
Ownership of
Common
Stock
(3)
Approximate
Percentage of
Outstanding
Shares of
Common Stock
Sunlight Global Investment LLC (our sponsor)
(4)
1,431,500
99.5
%
1,540,500
23.4
%
Suying Liu
(5)
1,431,500
99.5
%
1,540,500
23.4
%
Dong Liu
1,431,500
99.5
%
1,540,500
23.4
%
Nelson Haight
2,000
*
2,000
*
Todd Milbourn
2,000
*
2,000
*
Wenhua Zhang
2,000
*
2,000
*
All officers and directors as a group (5 individuals)
1,437,500
100
%
1,546,500
23.5
%
*
Less than 1%.
(1)
Unless otherwise indicated, the business
address of each of the individuals is c/o Mountain Crest Acquisition Corp,
311 West 43rd Street, 12th Floor, New York, New
York 10036
.
(2)
Assumes
    no exercise of the over-allotment option and, therefore, an aggregate of 187,500 shares of common stock held by our initial
    stockholders are forfeited.
(3)
Does
    not include beneficial ownership of any shares of common stock underlying outstanding private units as such shares are not
    issuable within 60 days of the date of this prospectus.
(4)
Suying
    Liu and Dong Liu have voting and dispositive power over the shares owned by Sunlight Global Investment LLC.
(5)
Consists
    of shares owned by Sunlight Global Investment LLC, over which Suying Liu and Dong Liu have voting and dispositive power.
Immediately after this offering, our insiders
will beneficially own approximately 20.0% of the then issued and outstanding shares of common stock (assuming they do not purchase
any units offered by this prospectus).
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Because of the ownership block held by
our insiders, such individuals may be able to effectively exercise influence over all matters requiring approval by our stockholders,
including the election of directors and approval of significant corporate transactions other than approval of our initial business
combination.
If the underwriters do not exercise all
or a portion of the over-allotment option, an aggregate of up to 187,500 insider shares will be forfeited in amounts as determined
amongst the holders of such insider shares and not proportional to their ownership percentages in our shares of common stock.
Only a number of shares necessary to maintain our insiders' collective 20.0% ownership interest in our shares of common
stock after giving effect to the offering and the exercise, if any, of the underwriters' over-allotment option will be forfeited.
All of the insider shares outstanding
prior to the date of this prospectus will be placed in escrow with American Stock Transfer & Trust Company, LLC, as escrow
agent. Subject to certain limited exceptions, 50% of these shares will not be transferred, assigned, sold or released from escrow
until the earlier of six months after the date of the consummation of our initial business combination and the date the closing
price of our common stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and
recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination
and the remaining 50% of the insider shares will not be transferred, assigned, sold or released from escrow until six months after
the date of the consummation of our initial business combination or earlier in either case if, subsequent to our initial business
combination, we complete a liquidation, merger, stock exchange or other similar transaction which results in all of our stockholders
having the right to exchange their shares of common stock for cash, securities or other property. Up to 187,500 of the insider
shares may also be released from escrow earlier than this date for cancellation if the over-allotment option is not exercised
in full as described above.
During the escrow period, the holders
of these shares will not be able to sell or transfer their securities except (1) transfers among the insiders, to our officers,
directors, advisors and employees, (2) transfers to an insider's affiliates or its members upon its liquidation, (3) transfers
to relatives and trusts for estate planning purposes, (4) transfers by virtue of the laws of descent and distribution upon death,
(5) transfers pursuant to a qualified domestic relations order, (6) private sales made at prices no greater than the price at
which the securities were originally purchased or (7) transfers to us for cancellation in connection with the consummation of
an initial business combination, in each case (except for clause 7) where the transferee agrees to the terms of the escrow agreement
and forfeiture, as the case may be, as well as the other applicable restrictions and agreements of the holders of the insider
shares. If dividends are declared and payable in shares of common stock, such dividends will also be placed in escrow. If we are
unable to effect a business combination and liquidate, there will be no liquidation distribution with respect to the insider shares.
Sunlight Global Investment LLC and Chardan
Capital Markets, LLC will purchase, pursuant to a written purchase agreement with us, the private units for an aggregate purchase
price of $3,215,000 (or $3,552,500 if the underwriters' over-allotment option is exercised in full) from us, of which 296,500
private units (or 326,500 if the underwriters' over-allotment option is exercised in full) will be purchased by Sunlight
Global Investment LLC and 25,000 private units (or 28,750 if the underwriters' over-allotment option is exercised in full)
will be purchased by Chardan Capital Markets, LLC. These purchases will take place on a private placement basis simultaneously
with the consummation of this offering. The private units are identical to the units sold in this offering. Additionally, Sunlight
Global Investment LLC and Chardan Capital Markets, LLC have agreed not to transfer, assign or sell any of the private units or
underlying securities (except to the same permitted transferees as the insider shares and provided the transferees agree to the
same terms and restrictions as the permitted transferees of the insider shares must agree to, each as described above) until the
completion of our initial business combination.
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In order to meet our working capital
needs following the consummation of this offering, our insiders may, but are not obligated to, loan us funds, from time to
time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a
promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
at the lender's discretion, up to $1,500,000
of the notes may
be converted upon consummation of our business combination into additional private units at a price of $10.00 per unit. Our
stockholders have approved the issuance of the private units upon conversion of such notes, to the extent the holder wishes
to so convert such notes at the time of the consummation of our initial business combination. If we do not complete a
business combination, any outstanding loans from our insiders or their affiliates, will be repaid only from amounts remaining
outside our trust account, if any.
Our executive officers and directors are
deemed to be our "promoters," as that term is defined under the federal securities laws.
CERTAIN TRANSACTIONS
In November 2019, we issued 100 shares
of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50 shares of common
stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In May 2020, we declared a
reverse split of one share of common stock for every 1.5 outstanding shares of common stock, resulting in 1,437,500 shares of
common stock being outstanding. We refer to these shares throughout this prospectus as the "insider shares," and the
aggregate purchase price for the insider shares was $25,000, or approximately $0.017 per share.
If the underwriters do not exercise all
or a portion of their over-allotment option, our insiders will forfeit up to an aggregate of 187,500 insider shares in proportion
to the portion of the over-allotment option that was not exercised. If such shares are forfeited, we will record the forfeited
shares as treasury stock and simultaneously retire the shares. Upon receipt, such forfeited shares would then be immediately cancelled
which would result in the retirement of the treasury shares and a corresponding charge to additional paid-in capital.
If the underwriters determine the size
of the offering should be increased (including pursuant to Rule 462(b) under the Securities Act) or decreased, a share dividend
or a contribution back to capital, as applicable, would be effectuated in order to maintain our insiders' ownership at a
percentage of the number of shares of common stock to be sold in this offering. Our insiders may purchase from us at a price of
$10.00 per unit the number of private units that is necessary to maintain in the trust account an amount equal to $10.20 per share
sold to the public in this offering.
Sunlight Global Investment LLC and Chardan
Capital Markets, LLC will purchase, pursuant to a written purchase agreement with us, 321,500 private units for a total purchase
price of $3,215,000, of which 296,500 private units will be purchased by Sunlight Global Investment LLC and 25,000 private units
will be purchased by Chardan Capital Markets, LLC (or 355,250 private units for a total purchase price of $3,552,500 if the underwriters'
over-allotment option is exercised in full, of which up to 326,500 private units will be purchased by Sunlight Global Investment
LLC and up to 28,750 private units will be purchased by Chardan Capital Markets, LLC). These purchases will take place on a private
placement basis simultaneously with the consummation of this offering. The purchase price for the private units, including those
that may be purchased if the over-allotment option is exercised, will be delivered to Loeb & Loeb LLP, who will also be acting
as escrow agent in connection with the private sale of private units, at least 24 hours prior to the date of this prospectus to
hold in a non-interest bearing account until we consummate this offering. American Stock Transfer & Trust Company, LLC will
deposit the purchase price into the trust account simultaneously with the consummation of the offering or the over-allotment option,
as the case may be. The private units are identical to the units sold in this offering. Additionally, Sunlight Global Investment
LLC and Chardan Capital Markets, LLC have agreed not to transfer, assign or sell any of the private units or underlying securities
(except to the same permitted transferees as the insider shares and provided the transferees agree to the same terms and restrictions
as the permitted transferees of the insider shares must agree to, each as described above) until the completion of our initial
business combination.
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In order to meet our working capital
needs following the consummation of this offering, our insiders, officers and directors may, but are not obligated to, loan
us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would
be evidenced by a promissory note. The notes would either be paid upon consummation of our initial business combination,
without interest, or, at the lender's discretion, up to $1,500,000
of
the notes may be converted upon consummation of our business combination into additional private units at a price of $10.00
per unit. Our stockholders have approved the issuance of the private units upon conversion of such notes, to the extent the
holder wishes to so convert such notes at the time of the consummation of our initial business combination. If we do not
complete a business combination, any outstanding loans from our insiders or their affiliates, will be repaid only from
amounts remaining outside our trust account, if any.
The holders of our insider shares issued
and outstanding on the date of this prospectus, as well as the holders of the private units (and underlying securities) and any
shares our insiders or their affiliates may be issued in payment of working capital loans made to us, will be entitled to registration
rights pursuant to an agreement to be signed prior to or on the effective date of this offering. The holders of a majority of these
securities are entitled to make up to two demands that we register such securities. The holders of the majority of the insider
shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these shares
of common stock are to be released from escrow. The holders of a majority of the units or shares issued in payment of working capital
loans made to us can elect to exercise these registration rights at any time after we consummate a business combination. In addition,
the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent
to our consummation of our initial business combination. We will bear the expenses incurred in connection with the filing of any
such registration statements.
Sunlight Global Investment LLC, our sponsor,
has agreed that, commencing on the date of this prospectus through the earlier of our consummation of our initial business combination
or our liquidation, it will make available to us certain general and administrative services, including office space, utilities
and administrative support, as we may require from time to time. We have agreed to pay Sunlight Global Investment LLC $10,000 per
month for these services. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination
by our audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection
with our initial business combination. Any such unpaid amount will accrue without interest and be due and payable no later than
the date of the consummation of our initial business combination. We believe that the fee charged by our sponsor is at least as
favorable as we could have obtained from an unaffiliated person.
Other than the fees described above, no
compensation or fees of any kind, including finder's fees, consulting fees or other similar compensation, will be paid to
our insiders or any of the members of our management team, for services rendered to us prior to, or in connection with the consummation
of our initial business combination (regardless of the type of transaction that it is). However, such individuals will receive
reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying
potential target businesses, performing business due diligence on suitable target businesses and business combinations as well
as traveling to and from the offices, plants or similar locations of prospective target businesses to examine their operations.
There is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses
exceed the available proceeds not deposited in the trust account and the interest income earned on the amounts held in the trust
account, such expenses would not be reimbursed by us unless we consummate an initial business combination.
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After our initial business
combination, members of our management team who remain with us may be paid consulting, board, management or other fees from
the combined company with any and all amounts being fully disclosed to stockholders, to the extent then known, in the proxy
solicitation materials furnished to our stockholders. It is unlikely the amount of such compensation will be known at the
time of a stockholder meeting held to consider our initial business combination, as it will be up to the directors of the
post-combination business to determine executive and director compensation. In this event, such compensation will be publicly
disclosed at the time of its determination in a Current Report on Form 8-K, as required by the SEC.
All ongoing and future transactions between
us and any of our officers and directors or their respective affiliates will be on terms believed by us to be no less favorable
to us than are available from unaffiliated third parties. Such transactions will require prior approval by our audit committee
and a majority of our uninterested independent directors, in either case who had access, at our expense, to our attorneys or independent
legal counsel. We will not enter into any such transaction unless our audit committee and a majority of our disinterested independent
directors determine that the terms of such transaction are no less favorable to us than those that would be available to us with
respect to such a transaction from unaffiliated third parties.
Related Party Policy
Our Code of Ethics requires us to avoid,
wherever possible, all related party transactions that could result in actual or potential conflicts of interests, except under
guidelines approved by the board of directors (or the audit committee). Related party transactions are defined as transactions
in which (1) the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2) we or any of our
subsidiaries is a participant, and (3) any (a) executive officer, director or nominee for election as a director, (b) greater than
5% beneficial owner of our shares of common stock, or (c) immediate family member, of the persons referred to in clauses (a) and
(b), has or will have a direct or indirect material interest (other than solely as a result of being a director or a less than
10% beneficial owner of another entity). A conflict of interest situation can arise when a person takes actions or has interests
that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may also arise if a person,
or a member of his or her family, receives improper personal benefits as a result of his or her position.
We also require each of our directors and
executive officers to annually complete a directors' and officers' questionnaire that elicits information about related
party transactions.
These procedures are intended to determine
whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part
of a director, employee or officer.
To further minimize conflicts of interest,
we have agreed not to consummate our initial business combination with an entity that is affiliated with any of our insiders, officers
or directors unless we have obtained an opinion from an independent investment banking firm and the approval of a majority of our
disinterested and independent directors (if we have any at that time) that the business combination is fair to our unaffiliated
stockholders from a financial point of view. In no event will our insiders, or any of the members of our management team be paid
any finder's fee, consulting fee or other similar compensation prior to, or for any services they render in order to effectuate,
the consummation of our initial business combination (regardless of the type of transaction that it is).
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DESCRIPTION OF SECURITIES
General
As
of the effective date of the registration statement of which this prospectus forms a part, our certificate of incorporation will
authorize the issuance of [
·
] shares of common stock, par value $0.0001.
As of the date of this prospectus, 1,437,500 shares of common stock are outstanding, held by four stockholders of record. The
following description summarizes all of the material terms of our securities. Because it is only a summary, it may not contain
all the information that is important to you. For a complete description you should refer to our certificate of incorporation
and bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part.
Units
Each unit has an offering price of $10.00
and consists of one share of common stock and one right. Each right entitles the holder thereof to receive one-tenth (1/10) of
a share of common stock upon consummation of our initial business combination. In addition, we will not issue fractional shares
in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise
addressed in accordance with the applicable provisions of Delaware Law. As a result, you must hold rights in multiples of 10 in
order to receive shares for all of your rights upon closing of a business combination.
The common stock and rights comprising
the units will begin separate trading on the 90
th
day after the date of this prospectus unless Chardan Capital Markets,
LLC determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative strengths of
the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities
in particular), 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 common stock and rights commence separate trading, holders will have
the option to continue to hold units or separate their units into the component pieces. Holders will need to have their brokers
contact our transfer agent in order to separate the units into shares of common stock and rights.
In no event will the common stock and
rights be traded separately until we have filed with the SEC a Current Report on Form 8-K which includes an audited balance
sheet reflecting our receipt of the gross proceeds of this offering. We will file a Current Report on Form 8-K which includes
this audited balance sheet upon the completion of this offering, which is anticipated to take place three business days after
the date of this prospectus. If the underwriters' over-allotment option is exercised following the initial filing of such
Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information
to reflect the exercise of the underwriters' over-allotment option.
Common Stock
Our holders of record of our common stock
are entitled to one vote for each share held on all matters to be voted on by stockholders. In connection with any vote held to
approve our initial business combination, our insiders, officers and directors, have agreed to vote their respective shares of
common stock owned by them immediately prior to this offering, including both the insider shares and the private shares, and any
shares acquired in this offering or following this offering in the open market, in favor of the proposed business combination.
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We will consummate our initial business
combination only if public stockholders do not exercise conversion rights in an amount that would cause our net tangible assets
to be less than $5,000,001 and a majority of the outstanding shares of common stock voted are voted in favor of the business combination.
Our board of directors is divided into
three classes, each of which will generally serve for a term of three years with only one class of directors being elected in each
year. There is no cumulative voting with respect to the election of directors, with the result that the holders of more than 50%
of the shares eligible to vote for the election of directors can elect all of the directors.
Pursuant to our certificate of incorporation,
if we do not consummate our initial business combination within 12 months from the closing of this offering, we will (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, redeem 100% of the outstanding public shares, which redemption will completely extinguish public stockholders'
rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. Our insiders have agreed to waive their rights
to share in any distribution with respect to their insider shares and private shares. However, if we anticipate that we may not
be able to consummate our initial business combination within 12 months, our insiders or their affiliates may, but are not obligated
to, extend the period of time to consummate a business combination three times by an additional three months each time (for a
total of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of
incorporation and the trust agreement to be entered into between us and American Stock Transfer & Trust Company, LLC on the
date of this prospectus, the only way to extend the time available for us to consummate our initial business combination is for
our insiders or their affiliates or designees, upon five days' advance notice prior to the applicable deadline, to deposit
into the trust account $500,000, or $575,000 if the over-allotment option is exercised in full ($0.10 per share in either case),
on or prior to the date of the applicable deadline. In the event that they elected to extend the time to complete a business combination
and deposited the applicable amount of money into trust, the insiders would receive a non-interest bearing, unsecured promissory
note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of our
initial business combination, or, at the relevant insider's discretion, converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our
initial business combination. In the event that we receive notice from our insiders five days prior to the applicable deadline
of their intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior
to the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether
or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders,
decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates or designees)
may deposit the entire amount required.
Our stockholders have no conversion,
preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares of
common stock, except that public stockholders have the right to sell their shares to us in any tender offer or have their
shares of common stock converted to cash equal to their pro rata share of the trust account if they vote on the proposed
business combination and the business combination is completed. If we hold a stockholder vote to amend any provisions of our
certificate of incorporation relating to stockholder's rights or pre-business combination activity (including the
substance or timing within which we have to complete a business combination), we will 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 earned on the funds held in the
trust account and not previously released to us to pay our franchise and income taxes, divided by the number of then
outstanding public shares, in connection with any such vote. In either of such events, converting stockholders would be paid
their pro rata portion of the trust account promptly following consummation of the business combination or the approval of
the amendment to the certificate of incorporation. If the business combination is not consummated or the amendment is not
approved, stockholders will not be paid such amounts.
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Rights included as part of units
Except in cases where we are not the surviving
company in a business combination, each holder of a right will automatically receive one-tenth (1/10) of a share of common stock
upon consummation of our initial business combination, even if the holder of a public right converted all shares of common stock
held by him, her or it in connection with the initial business combination or an amendment to our certificate of incorporation
with respect to our pre-business combination activities. In the event we will not be the surviving company upon completion of our
initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights in order
to receive the one-tenth (1/10) of a share underlying each right upon consummation of the business combination. No additional consideration
will be required to be paid by a holder of rights in order to receive his, her or its additional shares of common stock upon consummation
of an initial business combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent
held by affiliates of ours). If we enter into a definitive agreement for a business combination in which we will not be the surviving
entity, the definitive agreement will provide for the holders of rights to receive the same per share consideration the holders
of the common stock will receive in the transaction on an as-converted into common stock basis.
99
We will not issue fractional shares in connection with an exchange
of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the
applicable provisions of the Delaware General Corporation Law. As a result, you must hold rights in multiples of 10 in order to
receive shares for all of your rights upon closing of a business combination. If we are unable to complete an initial business
combination within the required time period and we liquidate the funds held in the trust account, holders of rights will not receive
any of such funds with respect to their rights, nor will they receive any distribution from our assets held outside of the trust
account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties for failure
to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally, in no event
will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.
Unit Purchase Option
We have agreed to sell to Chardan Capital
Markets, LLC an option for $100 to purchase up to a total of 300,000 units (up to 345,000 units with full exercise of over-allotment
option) at $11.50 per unit. The units issuable upon exercise of this option are identical to those offered by this prospectus
except that the units, if the unit purchase option is exercised, will be purchased pursuant to an exemption from the registration
requirements of the Securities Act and will become tradable only after certain conditions are met or the resale of the units is
registered under the Securities Act. Each unit consists of one share of common stock and one right to acquire one-tenth of a share
of common stock upon the consummation of a business combination. In connection with the receipt of the shares of common stock
underlying rights upon the consummation of a business combination, no additional consideration shall be paid by Chardan Capital
Markets, LLC; provided, however, in no event shall the Company be required to issue fractional shares of common stock upon the
exchange of rights. For a more complete description of the unit purchase option, see the section below entitled "Underwriting
 — Unit Purchase Option."
Dividends
We have not paid any cash dividends on
our common stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment
of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial
condition subsequent to completion of a business combination. The payment of any cash dividends subsequent to a business combination
will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating
and does not anticipate declaring any stock dividends in the foreseeable future, except if we increase the size of the offering
pursuant to Rule 462(b) under the Securities Act, in which case we will effect a stock dividend immediately prior to the consummation
of the offering in such amount as to maintain the number of insider shares at 20.0% of our issued and outstanding shares of our
common stock upon the consummation of this offering (assuming our insiders do not purchase units in 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 Rights Agent
The transfer agent for our securities
is American Stock Transfer & Trust Company, LLC.
100
Certain Anti-Takeover Provisions of Delaware Law and
our Certificate of Incorporation and By-Laws
We will be subject to the provisions of
Section 203 of Delaware General Corporation Law, or 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 10% 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;
•
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 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.
Staggered board of directors
Our certificate of incorporation provides
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.
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 our 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 delivered to 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 scheduled date of the annual meeting of stockholders. 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.
101
Authorized but unissued shares
Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of us by means of a proxy contest, tender offer, merger or otherwise.
SHARES ELIGIBLE
FOR FUTURE SALE
Immediately after this offering, we will
have 6,571,500 shares of common stock outstanding, or 7,542,750 shares of common stock if the over-allotment option is exercised
in full. Of these shares, the 5,000,000 shares of common stock sold in this offering, or 5,750,000 shares of common stock if the
over-allotment option is exercised in full, will be freely tradable without restriction or further registration under the Securities
Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of
the remaining shares are restricted securities under Rule 144, in that they were issued in private transactions not involving
a public offering.
Rule 144
A person who has beneficially owned restricted
shares of common stock for at least six months would be entitled to sell their shares provided that (1) 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 (2) we are subject
to the Exchange Act periodic reporting requirements for at least three months before the sale. Persons who have beneficially owned
restricted shares of common stock for at least six months but who are our affiliates at the time of, or any time during the three
months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any
three-month period a number of shares that does not exceed the greater of either of the following:
•
1%
    of the number of shares then outstanding, which will equal approximately 65,715 shares of common stock immediately after this
    offering (or approximately 75,427 shares of common stock if the over-allotment option is exercised in full); and
•
the average weekly trading volume of the shares of common stock during the four calendar weeks
preceding the filing of a notice on Form 144 with respect to the sale.
Sales under Rule 144 are also limited by
manner of sale provisions and notice requirements and to the availability of current public information about us.
Restrictions on the Use of Rule 144 by Shell Companies
or Former Shell Companies
Rule 144 is not available for the resale
of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have
been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the
following conditions are met:
•
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
•
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act;
•
the issuer of the securities has filed all Exchange Act reports and material required to be filed,
as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials),
other than Form 8-K reports; and
•
at least one year has elapsed from the time that the issuer filed current Form 10 type information
with the SEC reflecting its status as an entity that is not a shell company.
102
As a result, it is likely that pursuant
to Rule 144, our insiders will be able to sell their insider shares freely without registration one year after we have completed
our initial business combination assuming they are not an affiliate of ours at that time.
Registration Rights
The holders of our insider shares issued
and outstanding on the date of this prospectus, as well as the holders of the private units and any shares our insiders or their
affiliates may be issued in payment of working capital loans made to us, will be entitled to registration rights pursuant to an
agreement to be signed prior to or on the effective date of this offering. The holders of a majority of these securities are entitled
to make up to two demands that we register such securities. The holders of the majority of the insider shares can elect to exercise
these registration rights at any time commencing three months prior to the date on which these shares of common stock are to be
released from escrow. The holders of a majority of the units issued in payment of working capital loans made to us can elect to
exercise these registration rights at any time commencing on the date that we consummate our initial business combination. In addition,
the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent
to our consummation of our initial business combination. We will bear the expenses incurred in connection with the filing of any
such registration statements.
UNDERWRITING
We intend to offer our securities described
in this prospectus through the underwriters named below. Subject to the terms and conditions of the underwriting agreement, the
underwriters, through their representative and sole book-running manager of the offering, Chardan Capital Markets, LLC, have severally
agreed to purchase from us, on a firm commitment basis, the following respective number of units at a public offering price less
the underwriting discounts and commissions set forth on the cover page of this prospectus:
Underwriter
Number of Units
Chardan Capital Markets, LLC
Total
5,000,000
A copy of the form of underwriting agreement
has been filed as an exhibit to the registration statement of which this prospectus forms a part.
Listing of our Securities
We expect our units, common stock and rights
to be quoted on Nasdaq under the symbols "MCACU," "MCAC," and "MCACR," respectively. We anticipate
that our units will be listed on Nasdaq on or promptly after the effective date of the registration statement. Following the date
the shares of our common stock and rights are eligible to trade separately, we anticipate that the shares of our common stock and
rights will be listed separately and as a unit on Nasdaq. We cannot guarantee that our securities will be approved for listing
on Nasdaq or that they will continue to be listed on Nasdaq after this offering.
103
Pricing of this Offering
We
have been advised by the representative that the underwriters propose to offer the units to the public at the offering price set
forth on the cover page of this prospectus. They may allow some dealers concessions not in excess of $0.
[
·
]
per unit.
Prior to this offering there has been no
public market for our securities. The public offering price of the units was negotiated between us and the representative of the
underwriters. Factors considered in determining the prices and terms of the units include:
•
the history of other similarly structured blank check companies;
•
prior offerings of those companies;
•
our prospects for consummating our initial business combination with an operating business at attractive
values;
•
our capital structure;
•
securities exchange listing requirements;
•
market demand;
•
expected liquidity of our securities; and
•
general conditions of the securities markets at the time of the offering.
However, although these factors were considered,
the determination of our offering price is more arbitrary than the pricing of securities for an operating company in a particular
industry since the underwriters are unable to compare our financial results and prospects with those of public companies operating
in the same industry.
Over-Allotment Option
We have granted the underwriters an option
to buy up to 750,000 additional units. The underwriters may exercise this option solely for the purpose of covering over-allotments,
if any, made in connection with this offering. The underwriters have 45 days from the date of this prospectus to exercise
this option. If the underwriters exercise this option, they will each purchase additional units approximately in proportion to
the amounts specified in the table above.
Commissions and Discounts
The following table shows the public offering
price, underwriting discount to be paid by us to the underwriters and the proceeds, before expenses, to us. This information assumes
either no exercise or full exercise by the representative of the underwriters of its over-allotment option.
Per Unit
Without
Over-allotment
With
Over-allotment
Public offering price
$
10.00
$
50,000,000
$
57,500,000
Discount
(1)
$
.60
$
3,000,000
$
3,450,000
Proceeds before expenses
(2)
$
9.40
$
47,000,000
$
54,050,000
104
(1)
Such
    amount includes $1,750,000, or $0.35 per unit, (or $2,012,500 if the underwriters' over-allotment option is exercised
    in full) payable to the underwriters for deferred underwriting commissions upon completion of a business combination.
(2)
The offering expenses are estimated at $465,000.
In addition to the underwriting
discount, we paid Chardan $50,000, upon the execution of the engagement letter, as an advance against out-of-pocket
accountable expenses actually anticipated to be incurred by the underwriter, which is reimbursable to the extent not actually
incurred, and we have agreed to pay to the underwriter for the FINRA-related fees, travel, lodging and other "road
show" expenses, expenses of the underwriters' legal counsel and certain diligence and other fees, including the
preparation, binding and delivery of bound volumes in form and style reasonably satisfactory to the representative,
transaction Lucite cubes or similar commemorative items in a style as reasonably requested by the representative, and
reimbursement for background checks on our directors, director nominees and executive officers, which such fees and expenses
are capped at an aggregate of $150,000.
No discounts or commissions will be paid
on the sale of the private units.
Unit Purchase Option
We have agreed to sell to Chardan Capital
Markets, LLC (and its designees), for $100, an option to purchase up to a total of 300,000 units (or 345,000 if the over-allotment
option is exercised in full) exercisable, in whole or in part, at $11.50 per unit (or an aggregate exercise price of $3,450,000
(or $3,967,500 if the over-allotment option is exercised in full)) commencing at any time between the consummation of a business
combination and the fifth anniversary of the effective date of the registration statement of which this prospectus forms a part.
The units are identical to the public units, each consisting of one share of common stock and one right to acquire one-tenth of
a share of common stock upon the consummation of a business combination. In connection with the receipt of the shares of common
stock underlying rights upon the consummation of a business combination, no additional consideration shall be paid by Chardan
Capital Markets, LLC (and/or its designees); provided, however, in no event shall the Company be required to issue fractional
shares of common stock upon the exchange of rights. The purchase option may be exercised for cash or on a cashless basis, at the
holder's option, and expires five years from the effective date of the registration statement of which this prospectus forms
a part. The option for up to 300,000 units, consisting of 300,000 shares of common stock and 300,000 rights to acquire 30,000
shares of common stock underlying the rights, that may be issued upon exercise of the option, has been deemed compensation by
FINRA and is therefore subject to a lock-up for a period of 180 days immediately following the effective date of the registration
statement of which this prospectus forms a part or the commencement of sales in this offering pursuant to Rule 5110(g)(1) of FINRA's
Rules, during which time the option may not be sold, transferred, assigned, pledged or hypothecated, or be subject of any hedging,
short sale, derivative or put or call transaction that would result in the economic disposition of the securities. Additionally,
the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day
period) following the date of this prospectus except to any underwriter and selected dealer participating in the offering and
their bona fide officers or partners. The option grants to holders demand and "piggy back" rights for periods of five
and seven years, respectively, from the effective date of the registration statement of which this prospectus forms a part with
respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option.
We will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be
paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted
in certain circumstances including in the event of a share dividend, or our recapitalization, reorganization, merger or consolidation.
However, the option will not be adjusted for issuances of shares of common stock at a price below its exercise price.
105
Right of First Refusal
Subject to certain conditions, we granted
Chardan Capital Markets, LLC, for a period of 15 months after the date of the consummation of our business combination, a right
of first refusal to act as lead underwriter or minimally as a co-manager, with at least 30% of the economics; or, in the case
of a three-handed deal 20% of the economics, for any and all future public and private equity and debt offerings. In accordance
with FINRA Rule 5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective
date of the registration statement of which this prospectus forms a part.
Regulatory Restrictions on Purchase of Securities
Rules of the SEC may limit the ability
of the underwriters to bid for or purchase our units before the distribution of the units is completed. However, the underwriters
may engage in the following activities in accordance with the rules:
•
Stabilizing Transactions. The underwriters may make bids or purchases solely for the purpose of
preventing or retarding a decline in the price of our units, as long as stabilizing bids do not exceed the offering price of $10.00
and the underwriters comply with all other applicable rules.
•
Over-Allotments and Syndicate Coverage Transactions. The underwriters may create a short position
in our units by selling more of our units than are set forth on the cover page of this prospectus up to the amount of the over-allotment
option. This is known as a covered short position. The underwriters may also create a short position in our units by selling more
of our units than are set forth on the cover page of this prospectus and the units allowed by the over-allotment option. This is
known as a naked short position. If the underwriters create a short position during the offering, the representative may engage
in syndicate covering transactions by purchasing our units in the open market. The representative may also elect to reduce any
short position by exercising all or part of the over-allotment option. Determining what method to use in reducing the short position
depends on how the units trade in the aftermarket following the offering. If the unit price drops following the offering, the short
position is usually covered with shares purchased by the underwriters in the aftermarket. However, the underwriters may cover a
short position by exercising the over-allotment option even if the unit price drops following the offering. If the unit price rises
after the offering, then the over-allotment option is used to cover the short position. If the short position is more than the
over-allotment option, the naked short must be covered by purchases in the aftermarket, which could be at prices above the offering
price.
•
Penalty Bids. The representative may reclaim a selling concession from a syndicate member when
the units originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate
short positions.
Stabilization and syndicate covering transactions
may cause the price of our securities to be higher than they would be in the absence of these transactions. The imposition of a
penalty bid might also have an effect on the prices of our securities if it discourages resales of our securities.
Neither we nor the underwriters make any
representation or prediction as to the effect that the transactions described above may have on the price of our securities. These
transactions may occur on Nasdaq, in the over-the-counter market or on any trading market. If any of these transactions are commenced,
they may be discontinued without notice at any time.
106
Other Terms
Except as set forth above, we are not under
any contractual obligation to engage any of the underwriters to provide any services for us after this offering, and have no present
intent to do so. However, any of the underwriters may, among other things, introduce us to potential target businesses or assist
us in raising additional capital, as needs may arise in the future. If any underwriter provides services to us after this offering,
we may pay the underwriter fair and reasonable fees that would be determined at that time in an arm's length negotiation;
provided that no agreement will be entered into with the underwriter and no fees for such services will be paid to the underwriter
prior to the date which is 90 days after the date of this prospectus, unless FINRA determines that such payment would not be deemed
underwriter's compensation in connection with this offering.
Indemnification
We have agreed to indemnify the underwriters
against some liabilities, including civil liabilities under the Securities Act, or to contribute to payments the underwriters may
be required to make in this respect.
LEGAL MATTERS
Loeb & Loeb LLP, New York, New York,
is acting as counsel in connection with the registration of our securities under the Securities Act, and as such, will pass upon
the validity of the securities offered in this prospectus. In connection with this offering, Scarinci Hollenbeck, LLC is acting
as counsel to the underwriters.
EXPERTS
The financial statements of Mountain Crest
Acquisition Corp at December 31, 2019 and for the period from November 12, 2019 (inception) through December 31, 2019 included
in this prospectus have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report,
thereon (which contains an explanatory paragraph relating to substantial doubt about the ability of Mountain Crest Acquisition
Corp to continue as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus,
and are included in reliance on such report given upon such firm as experts in auditing and accounting.
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 units 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 shares, you
should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we make
reference in this prospectus to any of our contracts, agreements or other documents, the references are materially complete but
may not include a description of all aspects of such contracts, agreements or other documents, and you should refer to the exhibits
attached to the registration statement for copies of the actual contract, agreement or other document.
Upon completion of this offering, we will
be subject to the information requirements of the Exchange Act and will file annual, quarterly and current event reports, proxy
statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet
at the SEC's website at
www.sec.gov
. You may also read and copy any document we file with the SEC at its public reference
facility at 100 F Street, N.E., Washington, D.C. 20549.
107
MOUNTAIN CREST ACQUISITION CORP
INDEX TO FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
F-2
Financial Statements:
Balance Sheets
F-3
Statements of Operations
F-4
Statements of Changes in Stockholders' Equity (Deficit)
F-5
Statements of Cash Flows
F-6
Notes to Financial Statements
F-7
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Stockholder and Board of Directors of
Mountain Crest Acquisition Corp
Opinion on the Financial Statements
We have audited the
accompanying balance sheet of Mountain Crest Acquisition Corp (the "Company") as of December 31, 2019, the related
statements of operations, changes in stockholder's deficit and cash flows, for the period from November 12, 2019 (inception)
through December 31, 2019, 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 December 31, 2019,
and the results of its operations and its cash flows for the period from November 12, 2019 (inception) through December 31, 2019,
in conformity with accounting principles generally accepted in the United States of America.
Explanatory Paragraph — Going
Concern
The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to
the financial statements, the Company's business plan is dependent on the completion of a financing and its cash and working
capital as of December 31, 2019 are not sufficient to complete its planned activities. These conditions raise substantial doubt
about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also
described in Notes 1 and 3. The financial statements do not include any adjustments that might result from the outcome of this
uncertainty.
Basis for Opinion
These financial statements
are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing
procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/s/ Marcum LLP
Marcum LLP
We have served as the Company's auditor since 2020.
New York, NY
February 20, 2020, except for Notes 5 and 7 as to which the date is May 15, 2020
F-
2
MOUNTAIN CREST ACQUISITION CORP
BALANCE SHEETS
March 31, 2020
December 31, 2019
(Unaudited)
(Audited)
ASSETS
Current asset – Cash
$
25,000
$
—
Deferred offering costs
156,326
100,231
Total Assets
$
181,326
$
100,231
LIABILITIES
Current liabilities
Accrued expenses
$
436
$
225
Promissory note – related party
156,593
100,498
Total Current Liabilities
157,029
100,723
Commitments
Stockholders' Equity (Deficit)
Common stock, $0.0001 par value; 5,000,000 shares authorized; 1,437,500 shares issued and outstanding
(1)
144
144
Additional paid-in capital
24,856
24,856
Stock subscription receivable
—
(25,000
)
Accumulated deficit
(703
)
(492
)
Total Stockholders' Equity (Deficit)
24,297
(492
)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
$
181,326
$
100,231
(1)
Includes up to 187,500 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 7).
The accompanying notes are an integral
part of these financial statements.
F-
3
MOUNTAIN CREST ACQUISITION CORP
STATEMENTS OF OPERATIONS
Three
Months
Ended
March 31,
2020
For the
Period from
November 12,
2019
(Inception)
Through
December 31,
2019
(Unaudited)
(Audited)
Formation and operating costs
$
211
$
492
Net Loss
$
(211
)
$
(492
)
Weighted average shares outstanding, basic and diluted
(1)
1,250,000
1,250,000
Basic and diluted net loss per common share
$
(0.00
)
$
(0.00
)
(1)
Excludes an aggregate of up to 187,500 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 7).
The accompanying notes are an integral
part of these financial statements.
F-
4
MOUNTAIN CREST ACQUISITION CORP
STATEMENTS OF
CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
Common Stock
Additional
Paid-in
Stock
Subscription
Accumulated
Total
Stockholders'
Shares
Amount
Capital
Receivable
Deficit
Equity
    (Deficit)
Balance – November 12, 2019 (inception)
—
$
—
$
—
$
—
$
—
$
—
Issuance of common stock to Sponsor
1,437,500
144
24,856
(25,000
)
—
—
Net loss
—
—
—
—
(492
)
(492
)
Balance – December 31, 2019 (audited)
1,437,500
$
144
$
24,856
$
(25,000
)
$
(492
)
$
(492
)
Collection of stock subscription receivable
—
—
—
25,000
—
25,000
Net Loss
—
—
—
—
(211
)
(211
)
Balance – March 31, 2020 (unaudited)
1,437,500
$
144
$
24,856
$
—
$
(703
)
$
24,297
(1)
Includes 187,500 shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 7).
The accompanying notes are an integral
part of these financial statements.
F-
5
MOUNTAIN
CREST ACQUISITION CORP
STATEMENTS OF CASH FLOWS
Three Months
Ended
March 31,
2020
For the Period
from
November 12,
2019
(Inception)
Through
December 31,
2019
(Unaudited)
(Audited)
Cash Flows from Operating Activities:
Net loss
$
(211
)
$
(492
)
Formation costs paid by Sponsor
267
Changes in operating assets and liabilities:
Accrued expenses
211
225
Net cash used in operating activities
—
—
Cash Flows from Financing Activities:
Proceeds from collection of stock subscription receivable
25,000
—
Net cash provided by financing activities
25,000
—
Net Change in Cash
25,000
—
Cash – Beginning of period
—
Cash – End of period
$
25,000
$
—
Non-cash investing and financing activities:
Stock subscription receivable for common stock
$
—
$
25,000
Deferred offering costs paid through promissory note
$
56,095
$
100,231
The accompanying notes are an integral
part of these financial statements.
F-
6
MOUNTAIN CREST ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
Note 1 — Description of Organization and Business Operations
Mountain Crest Acquisition Corp (the "Company")
was incorporated in Delaware on November 12, 2019. The Company was formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, reorganization or other similar business transaction with one or more businesses that the Company
has not yet identified (a "Business Combination").
Although the Company is not limited to
a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus on
businesses that are located in North America. The Company is an early stage and emerging growth company and, as such, the Company
is subject to all of the risks associated with early stage and emerging growth companies.
As of March 31, 2020, the Company had
not commenced any operations. All activity through March 31, 2020 relates to the Company's formation and the proposed initial
public offering ("Proposed Public Offering"), which is described below. The Company will not generate any operating
revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income from the proceeds derived from the Proposed Public Offering. The Company has selected December
31 as its fiscal year end.
The Company's ability to commence
operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 5,000,000 units
(the
 "Units" and, with respect to the shares of common stock included in the Units being offered, the "Public Shares")
at $10.00 per Unit (or 5,750,000 Units if the underwriters' over-allotment option is exercised in full), which is
discussed in Note 3, and the sale of 321,500 units (or 355,250 units if the underwriters' over-allotment option is exercised
in full) (each, a "Private Unit" and collectively, the "Private Units") at a price of $10.00 per Private
Unit in a private placement to Sunlight Global Investment LLC (the "Sponsor") and Chardan Capital Markets, LLC (the
 "Chardan"), that will close simultaneously with the Proposed Public Offering.
The Company's management has broad
discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and the sale of the Private
Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination.
The Company's initial Business Combination must be with one or more target businesses that together have a fair market value
equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and net
of amounts previously released to the Company to pay its tax obligations) at the time of the signing an agreement to enter into
a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or
acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target
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. There is no assurance that the Company will be able to successfully effect a Business Combination.
Upon the closing of the Proposed Public Offering, management has agreed that $10.20 per Unit sold in the Proposed Public Offering
and the proceeds from the sale of the Private Units will be held in a trust account ("Trust Account") and invested
in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity
of 180 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions
of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business
Combination or (ii) the distribution of the funds in the Trust Account as described below.
The Company will
provide
its holders of the outstanding Public Shares (the "public stockholders")
with the opportunity to redeem all
or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder
meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company
will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its
discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the
Trust Account (initially $10.20 per 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). The per-share amount to be distributed to stockholders who redeem their shares
will not be reduced by the deferred underwriting commission the Company will pay to the underwriters (as discussed in Note 6).
The common stock subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion
of the Proposed Public Offering, in accordance with Accounting Standards Codification ("ASC") Topic 480 "Distinguishing
Liabilities from Equity."
F-
7
MOUNTAIN CREST ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
The Company will proceed with a Business
Combination if the Company has net tangible assets of at least $5,000,001 immediately prior to or upon such consummation of a
Business Combination and, if the Company seeks stockholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder
vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation,
conduct the redemptions pursuant to the tender offer rules of the 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 other legal reasons, the
Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the
tender offer rules. If the Company seeks stockholder approval in connection with a Business Combination, the Company's Sponsor
has agreed to (a) vote its Founder Shares (as defined in Note 5), Private Shares (as defined in Note 4) and any Public Shares
held by it in favor of a Business Combination and (b) not to redeem any shares in connection with a stockholder vote to approve
a Business Combination or sell any such shares to the Company in a tender offer in connection with a Business Combination. Additionally,
each public stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed
transaction.
Notwithstanding the above, if the Company
seeks stockholder approval of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the
Amended and Restated 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 20% or more of the Public Shares, without the prior consent of the Company.
The Sponsor has agreed to (i) waive its
redemption rights with respect to Founder Shares, Private Shares and any Public Shares it may acquire during or after the Proposed
Public Offering in connection with the consummation of a Business Combination and (ii) not to propose an amendment to the Company's
Amended and Restated Certificate of Incorporation that would affect the substance or timing of the Company's obligation to
redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the public
stockholders an opportunity to redeem their Public Shares in conjunction with any such amendment. However, the Initial Stockholders
will be entitled to liquidating distributions with respect to any Public Shares acquired if the Company fails to consummate a Business
Combination or liquidates within the Combination Period (defined below).
The Company will have until 12 months
from the closing of the Proposed Public Offering to consummate a Business Combination. However, if the Company anticipates that
it may not be able to consummate a Business Combination within 12 months, the Company may extend the period of time to consummate
a Business Combination up to three times, each by an additional three months (for a total of 21 months to complete a Business
Combination (the "Combination Period"). In order to extend the time available for the Company to consummate a Business
Combination, the Sponsor or its affiliate or designees must deposit into the Trust Account $500,000, or $575,000 if the underwriters'
over-allotment option is exercised in full ($0.10 per Public Share in either case), on or prior to the date of the applicable
deadline, for each three month extension.
If the Company is unable to complete a
Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding
up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a
per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned
on the funds held in the Trust Account and not previously released to the Company to pay taxes, divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right
to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company's remaining stockholders and the Company's board
of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) to the Company's obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law.
The Sponsor has agreed
to waive its liquidation rights with respect to the Private Shares if the Company fails to complete a Business Combination within
the Combination Period. However, if the Sponsor or any of its respective affiliates acquire Public Shares 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).
F-
8
MOUNTAIN CREST ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
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 vendor for services
rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into
a transaction agreement, reduce the amounts in the Trust Account to below the lesser of (i) $10.20 per Public Share and (ii) the
actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than
$10.20 per Public Share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will
not apply to any claims by a third party who executed a waiver of any and all rights to the monies held in the Trust Account nor
will it apply to any claims under the Company's indemnity of the underwriters of Proposed Public Offering against certain
liabilities, including liabilities under the Securities Act of 1933, as amended (the "Securities Act"). Moreover,
in the event that an executed waiver is deemed to be unenforceable against a third party, the 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, prospective
target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right,
title, interest or claim of any kind in or to monies held in the Trust Account.
Going Concern Consideration
At March 31, 2020, the Company
had $25,000 in cash and a working capital deficit of $132,029. The Company has incurred and expects to continue to incur significant
costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company's ability
to continue as a going concern within one year after the date that the financial statements are issued. Management plans to address
this uncertainty through the Proposed Public Offering as discussed in Note 3. There is no assurance that the Company's plans
to raise capital or to consummate a Business Combination will be successful within the Combination Period.
The
Sponsor has agreed to loan the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred
in connection with the Proposed Public Offering (the "Promissory Note").
The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statements
are presented in conformity with accounting principles generally accepted in the United States of America ("GAAP")
and pursuant to the rules and regulations of the SEC.
In the opinion of management, the accompanying
unaudited financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair
presentation of the financial position, operating results and cash flows for the period presented. The interim results for the
three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31,
2020 or for any future interim periods.
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.
F-
9
MOUNTAIN CREST ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
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 periods.
Making estimates requires management to
exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or
set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly
from those estimates.
Cash and Cash Equivalents
The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents
as of March 31, 2020 or December 31, 2019.
Deferred Offering Costs
Deferred offering costs consist of legal,
accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Proposed
Public Offering and that will be charged to stockholder's equity upon the completion of the Proposed Public Offering. Should
the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will
be charged to operations.
Income Taxes
The Company follows the asset and liability
method of accounting for income taxes under ASC 740, "Income Taxes." Deferred tax assets and liabilities are recognized
for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included
the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
ASC 740 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken
in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination
by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax
expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of March 31, 2020 and December
31, 2019. 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
de minimis for the period from November 12, 2019 (inception) through March 31, 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 187,500 shares of common stock that
are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 7). At March 31, 2020 and
December 31, 2019, the Company did not have any dilutive securities or 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.
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 accompanying balance sheet, primarily due to their short-term nature.
F-
10
MOUNTAIN CREST ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
Recent Accounting Pronouncements
Management does not believe that any recently
issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company's
financial statements.
Note 3 — Public Offering
Pursuant to the Proposed Public Offering,
the Company will offer for sale 5,000,000 Units (or 5,750,000 Units if the underwriters' over-allotment option is exercised
in full), at a purchase price of $10.00 per Unit. Each Unit will consist of one share of common stock and one right ("Public
Right"). Each Public Right will entitle the holder to receive one-tenth of one share of common stock at the closing of a
Business Combination (see Note 7).
Note 4 — Private Placement
The Sponsor and Chardan (and/or
their designees) have agreed to purchase an aggregate of 321,500 Private Units (or 355,250 Private Units if the over-allotment
option is exercised in full) at a price of $10.00 per Private Unit, of which 296,500 Private Units (or 326,500 Private Units if
the underwriters' over-allotment is exercised in full) will be purchased by the Sponsor and 25,000 Private Units will be
purchased by Chardan (or 28,750 Private Units if the underwriters' over-allotment is exercised in full) for an aggregate
purchase price of $3,215,000, or $3,552,500 if the over-allotment option is exercised in full, in a private placement that will
occur simultaneously with the closing of the Proposed Public Offering. Each Private Unit will consist of one share of common stock
("Private Share") and one right ("Private Right"). Each Private Right will entitle the holder to receive
one-tenth of one share of common stock at the closing of a Business Combination. The proceeds from the Private Units will be added
to the proceeds from the Proposed Public Offering to be held in the Trust Account. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the sale of the Private Units will be used to fund the redemption
of the Public Shares (subject to the requirements of applicable law), and the Private Units and all underlying securities will
expire worthless.
Note 5 — Related Party Transactions
Founder Shares
On November 12, 2019, the Company issued
100 shares of common stock to the Sponsor for an aggregate purchase price of $25,000. The Company received payment for the shares
on January 28, 2020. Accordingly, as of December 31, 2019, the $25,000 payment due to the Company is recorded as stock subscription
receivable in the stockholder's deficit section of the accompanying balance sheet. On January 17, 2020, the Company effected
a share dividend of 21,561.50 shares of common stock for each outstanding share, resulting in 2,156,250 shares of common stock
being issued and outstanding. In May 2020, the Company declared a reverse split of one share of common stock for every 1.5 outstanding
share of common stock, resulting in 1,437,500 shares of common stock being outstanding (the "Founder Shares"). All
share and per share information have been retroactively adjusted to reflect the share dividend and reverse split. The 1,437,500
Founder Shares include an aggregate of up to 187,500 shares subject to forfeiture by the Sponsor to the extent that the underwriters'
over-allotment is not exercised in full or in part, so that the Sponsor will collectively own 20% of the Company's issued
and outstanding shares after the Proposed Public Offering (assuming the Sponsor does not purchase any Public Shares in the Proposed
Public Offering and excluding the Private Shares).
The Sponsor has agreed not to transfer,
assign or sell any of the Founder Shares (except to certain permitted transferees) until, with respect to 50% of the Founder Shares,
the earlier of six months after the date of the consummation of a Business Combination and the date on which the closing price
of the Company's common stock equals or exceeds $12.50 per share for any 20 trading days within a 30-trading day period
following the consummation of a Business Combination and, with respect to the remaining 50% of the Founder Shares, six months
after the date of the consummation of a Business Combination, or earlier in each case if, subsequent to a Business Combination,
the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders
having the right to exchange their shares of common stock for cash, securities or other property.
Promissory Note — Related Party
On December 1, 2019, the
Company issued the Promissory Note to the Sponsor, pursuant to which the Company may borrow up to an aggregate amount of $500,000
to cover expenses related to the Proposed Public Offering. The Promissory Note is non-interest bearing and payable on the completion
of the Proposed Public Offering. At March 31, 2020 and December 31, 2019, the Company had $156,593 and $100,498, respectively,
in borrowings outstanding under the Promissory Note.
F-
11
MOUNTAIN CREST ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
Administrative Support Agreement
The Company intends to enter into an agreement,
commencing on the effective date of the Proposed Public Offering through the earlier of the Company's consummation of a Business
Combination and its liquidation, to pay an affiliate of the Sponsor a total of $10,000 per month for
office
space, utilities and secretarial and administrative support
.
Related Party Loans
In order to finance transaction costs
in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or the Company's officers and directors
may, but are not obligated to, loan the Company funds from time to time or at any time, as may be required ("Working Capital
Loans"). Each Working Capital Loan would be evidenced by a promissory note. The Working Capital Loans would either be paid
upon consummation of a Business Combination, without interest, or, at the holder's discretion, up to $1,500,000 of the Working
Capital Loans may be converted into private units at a price of $10.00 per unit. The private units would be identical to the Private
Units. In the event that a Business Combination does not close, the Company may use a portion of the 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.
Related Party Extension Loans
As discussed in Note 1, the Company may extend the period of
time to consummate a Business Combination up to three times, each by an additional three months (for a total of 21 months to complete
a Business Combination). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor
or its affiliates or designees must deposit into the Trust Account $500,000, or $575,000 if the underwriters' over-allotment
option is exercised in full ($0.10 per Public Share in either case), on or prior to the date of the applicable deadline, for each
three month extension. Any such payments would be made in the form of a non-interest bearing, unsecured promissory note. Such
notes would either be paid upon consummation of a Business Combination, or, at the relevant insider's discretion, converted
upon consummation of a Business Combination into additional Private Units at a price of $10.00 per Private Unit. The Sponsor and
its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete a Business
Combination.
Note 6 — Commitments
Risks and Uncertainties
Management is currently evaluating the
impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have
a negative effect on the Company's financial position, results of its operations and/or search for a target company, the
specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
Registration Rights
The holders of the Founder Shares, the
Private Units, and any shares that may be issued in payment of Working Capital Loans (and all underlying securities) will be entitled
to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the Proposed
Public Offering. The holders of a majority of these securities are entitled to make up to two demands that the Company register
such securities. The holders of the majority of the Founders Shares can elect to exercise these registration rights at any time
commencing three months prior to the date on which these shares of common stock are to be released from escrow. The holders of
a majority of the Private Units (and underlying securities) and securities issued in payment of Working Capital Loans can elect
to exercise these registration rights at any time commencing on the date that the Company consummates a Business Combination.
In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed
subsequent to the consummation of a Business Combination. The registration rights agreement does not contain liquidating damages
or other cash settlement provisions resulting from delays in registering the Company's securities. 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 the Proposed Public Offering to purchase up to 750,000 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 $0.25 per Unit or $1,250,000 in the aggregate (or $1,437,500 if the 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 $1,750,000 (or $2,012,500 if the 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.
F-
12
MOUNTAIN CREST ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
Unit Purchase Option
The Company has agreed to sell Chardan,
for $100, an option to purchase up to 300,000 Units (or 345,000 Units if the over-allotment option is exercised in full) exercisable
at $11.50 per Unit (or an aggregate exercise price of $3,450,000, or $3,967,500 if the over-allotment option is exercised in full)
commencing at any time between the consummation of a Business Combination and the fifth anniversary of the effective date of the
registration statement related to the Proposed Public Offering. The unit purchase option may be exercised for cash or on a cashless
basis, at the holder's option, and expires five years from the effective date of the registration statement related to the
Proposed Public Offering. The Units issuable upon exercise of the option are identical to those offered in the Proposed Public
Offering. The Company intends to account for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense
of the Proposed Public Offering resulting in a charge directly to stockholder's equity. The Company estimates that the fair
value of the unit purchase option is approximately $790,000 (or $908,000 if the over-allotment option is exercised in full), or
$2.63 per Unit, using the Black-Scholes option-pricing model. The fair value of the unit purchase option to be granted to the
underwriters is estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free
interest rate of 0.37% and (3) expected life of five years. The option and such units purchased pursuant to the option, as well
as the shares of common stock underlying such units, the rights included in such units, the shares of common stock that are issuable
for the rights included in such units, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant
to Rule 5110(g)(1) of FINRA's NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged
or hypothecated for a one-year period (including the foregoing 180-day period) following the date of Proposed Public Offering
except to any underwriter and selected dealer participating in the Proposed Public Offering and their bona fide officers or partners.
The option grants to holders demand and "piggy back" rights for periods of five and seven years, respectively, from
the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly
and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the
securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number
of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend,
or the Company's recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for
issuances of shares of common stock at a price below its exercise price.
Right of First Refusal
Subject to certain conditions, the Company
will grant Chardan, for a period of 15 months after the date of the consummation of a Business Combination, a right of first refusal
to act as lead underwriters or minimally as a co-manager, with at least 30% of the economics; or, in the case of a three-handed
deal 20% of the economics, for any and all future public and private equity and debt offerings. In accordance with FINRA Rule
5110(f)(2)(E)(i), such right of first refusal shall not have a duration of more than three years from the effective date of the
registration statement related to the Proposed Public Offering.
Note 7 — Stockholder's Equity
Common
Stock
— The Company is authorized to issue 5,000,000 shares of common stock with a par value of $0.0001 per
share. The Company plans on filing an Amended and Restated Certificate of Incorporation prior to the closing date of the Proposed
Public Offering such that the Company will increase the number of shares of common stock authorized to be issued. Holders of the
Company's common stock are entitled to one vote for each share. At March 31, 2020 and December 31, 2019, there were 1,437,500
shares of common stock issued and outstanding, of which up to an aggregate of 187,500 shares are subject to forfeiture to the
extent that the underwriters' over-allotment option is not exercised in full so that the Sponsor will own 20% of the issued
and outstanding shares after the Proposed Public Offering (assuming the Sponsor does not purchase any Public Shares in the Proposed
Public Offering and excluding the Private Shares).
F-
13
MOUNTAIN CREST
ACQUISITION CORP
NOTES TO FINANCIAL STATEMENTS
Rights
— Except in
cases where the Company is not the surviving company in a Business Combination, each holder of a Public Right will automatically
receive one-tenth (1/10) of one share of common stock upon consummation of a Business Combination, even if the holder of a Public
Right converted all shares held by him, her or it in connection with a Business Combination or an amendment to the Company's
Amended and Restated Certificate of Incorporation with respect to its pre-business combination activities. In the event that the
Company will not be the surviving company upon completion of a Business Combination, each holder of a Public Right will be required
to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of a share underlying each Public Right
upon consummation of the Business Combination. No additional consideration will be required to be paid by a holder of Public Rights
in order to receive his, her or its additional shares of common stock upon consummation of a Business Combination. The shares issuable
upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company). If the Company enters
into a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement
will provide for the holders of Public Rights to receive the same per share consideration the holders of the common stock will
receive in the transaction on an as-converted into common stock basis.
The Company will not issue fractional shares
in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise
addressed in accordance with the applicable provisions of the
Delaware
General Corporation Law
. As a result, the holders of the Public Rights must hold rights in multiples of 10 in order to receive
shares for all of the holders' rights upon closing of a Business Combination. 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 Public Rights
will not receive any of such funds with respect to their Public Rights, nor will they receive any distribution from the Company's
assets held outside of the Trust Account with respect to such Public Rights, and the Public Rights will expire worthless. Further,
there are no contractual penalties for failure to deliver securities to the holders of the Public Rights upon consummation of a
Business Combination. Additionally, in no event will the Company be required to net cash settle the rights. Accordingly, the rights
may expire worthless.
Note 8 — Subsequent Events
The Company evaluated subsequent events and transactions that
occurred after the balance sheet date up to February 20, 2020, the date that the financial statements were available to be issued. Other
than as described in these financial statements, the Company did not identify any subsequent events that would have required adjustment
or disclosure in the financial statements.
F-
14
Until
__________, 2020 (25 days after the date of this prospectus), all dealers that buy, sell or trade our shares of 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.
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.
$50,000,000
Mountain Crest Acquisition Corp
5,000,000 Units
PROSPECTUS
Sole Book-Running Manager
Chardan
[
·
]
,
2020
108
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:
Trustees
    fee
$
6,500
SEC
    Registration fees
$
8,776
FINRA
    filing fee
$
10,642
Accounting
    fees and expenses
$
40,000
Nasdaq
    listing fees
$
55,000
Printing
    and engraving expenses
$
30,000
Legal
    fees and expenses
$
200,000
Miscellaneous
(1)
$
114,082
Total
$
465,000
(1)
This amount represents additional expenses that may be
incurred by the company in connection with the offering and over and above those specifically listed above, including liability
insurance, distribution and mailing costs.
Item 14. Indemnification of Directors and Officers.
Our certificate of incorporation provides
that all directors, officers, employees and agents of the registrant shall be entitled to be indemnified by us to the fullest extent
permitted by Section 145 of the Delaware General Corporation Law.
Section 145 of the Delaware General Corporation
Law concerning indemnification of officers, directors, employees and agents is set forth below.
"Section 145. Indemnification of
officers, directors, employees and agents; insurance.
(a)
A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.
109
(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.
(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.
110
(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.
(i)
For purposes of this section, references to "other enterprises" shall include employee
benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee
benefit plan; and references to "serving at the request of the corporation" shall include any service as a director,
officer, employee or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee
or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and
in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner "not opposed to the best interests of the corporation" as referred to
in this section.
(j)
The indemnification and advancement of expenses provided by, or granted pursuant to, this section
shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer,
employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
(k)
The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions
for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote of 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.
111
In accordance with Section 102(b)(7) of
the DGCL, our certificate of incorporation, will provide 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 unless they violated their duty of loyalty to the company or its stockholders, acted
in bad faith, knowingly or intentionally violated the law, authorized unlawful payments of dividends, unlawful stock purchases
or unlawful redemptions, or derived improper personal benefit from their actions as directors. The effect of this provision of
our 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 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 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 certificate of incorporation will also
provide that we will, to the fullest extent authorized or permitted by applicable law, indemnify our current and former officers
and directors, as well as those persons who, while directors or officers of our corporation, are or were serving as directors,
officers, employees or agents of another entity, trust or other enterprise, including service with respect to an employee benefit
plan, in connection with any threatened, pending or completed proceeding, whether civil, criminal, administrative or investigative,
against all expense, liability and loss (including, without limitation, attorney's fees, judgments, fines, ERISA excise taxes
and penalties and amounts paid in settlement) reasonably incurred or suffered by any such person in connection with any such proceeding.
Notwithstanding the foregoing, a person eligible for indemnification pursuant to our certificate of incorporation will be indemnified
by us in connection with a proceeding initiated by such person only if such proceeding was authorized by our board of directors,
except for proceedings to enforce rights to indemnification.
The right to indemnification conferred
by our 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 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 certificate of incorporation may
have or hereafter acquire under law, our certificate of incorporation, our bylaws, an agreement, vote of stockholders or disinterested
directors, or otherwise.
112
Any repeal or amendment of provisions of
our 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 certificate of incorporation will also permit 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 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 set forth in our 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 indemnity agreements
with each of our officers and directors a form of which is filed as Exhibit 10.6 to this Registration Statement. These agreements
will require us to indemnify these individuals to the fullest extent permitted under Delaware law and to advance expenses incurred
as a result of any proceeding against them as to which they could be indemnified.
Pursuant to the Underwriting Agreement 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 November 2019, we issued 100 shares
of common stock to certain of our initial shareholders. In January 2020, we declared a share dividend of 21,561.50 shares of common
stock for each outstanding share, resulting in 2,156,250 shares of common stock being outstanding. In May 2020, we declared a
reverse share dividend of one share of common stock for every 1.5 outstanding shares of common stock, resulting in 1,437,500 shares
of common stock being outstanding, and the aggregate purchase price for the insider shares was $25,000, or approximately $0.017
per share. Such shares were issued in connection with our organization pursuant to the exemption from registration contained in
Section 4(a)(2) of the Securities Act as they were sold to accredited investors.
No underwriting discounts or commissions
were paid with respect to such sales.
113
Item 16. Exhibits and Financial Statement Schedules.
(a) Exhibits.
The exhibit index attached hereto is incorporated
herein by reference.
Item 17. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment
to this registration statement:
i.
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
ii.
To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission
pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
iii.
To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(4)
That, for the purpose of determining any liability under the Securities Act of 1933 in a primary
offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method
used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule 424;
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used
or referred to by the undersigned registrant;
114
(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.
(5)
That, for the purpose of determining liability under the Securities Act of 1933 to 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.
(b)
The undersigned hereby undertakes to provide to the underwriter at the closing specified in the
underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit
prompt delivery to each purchaser.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.
(d)
The undersigned registrant hereby undertakes that:
(1)
For purposes of determining any liability under the Securities Act of 1933, the information omitted
from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part
of this registration statement as of the time it was declared effective.
(2)
For the purpose of determining any liability under the Securities Act of 1933, each post-effective
amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
115
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933,
as amended, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in NEW YORK, State of NEW YORK, on the 15th day of May, 2020.
MOUNTAIN CREST ACQUISITION CORP
By:
/s/ Suying Liu
Name:
Title:
Suying Liu
Chairman and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Suying Liu and Dong Liu his or her true and lawful attorney-in-fact,
with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities
to sign any and all amendments including post-effective amendments to this registration statement, and to file the same, with
all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying
and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue
thereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Suying Liu
Chairman and Chief Executive Officer
May 15, 2020
Suying Liu
/s/ Dong Liu
Chief Financial Officer and Director
May 15, 2020
Dong Liu
/s/ Nelson Haight
Director
May 15, 2020
Nelson Haight
/s/ Todd Milbourn
Director
May 15, 2020
Todd Milbourn
/s/ Wenhua Zhang
Director
May 15, 2020
Wenhua Zhang
116
EXHIBIT INDEX
Exhibit No.
Description
1.1
Form of Underwriting
    Agreement.
3.1
Certificate of Incorporation.
3.2
Form of Amended
    and Restated Certificate of Incorporation.
3.3
Bylaws.
4.1
Specimen Unit Certificate.
4.2
Specimen Common
    Stock Certificate.
4.3
Specimen Right Certificate.
4.4
Form of Rights Agreement
    between American Stock Transfer & Trust Company, LLC and the Registrant.
4.5
Form of Unit Purchase
    Option between the Registrant and Chardan Capital Markets, LLC.
5.1*
Form of Opinion
    of Loeb & Loeb LLP.
10.1
Form of Insider
    Letter Agreement among the Registrant and the Registrant's Officers and Directors.
10.2
Form of Investment
    Management Trust Agreement by and between American Stock Transfer & Trust Company, LLC and the Registrant.
10.3
Form of Stock Escrow
    Agreement among the Registrant, American Stock Transfer & Trust Company, LLC, and the Initial Stockholders.
10.4
Form of Registration
    Rights Agreement by and between the Registrant and Initial Stockholders.
10.5
Form of Indemnity
    Agreement.
10.6
Administrative Services
    Agreement by and between the Registrant and Sunlight Global Investment LLC.
10.7
Form of Subscription
    Agreement between Registrant and Sunlight Global Investment LLC.
10.8
Form of Subscription
    Agreement between Registrant and Chardan Capital Markets, LLC.
14
Form of Code of
    Ethics.
23.1
Consent of Marcum
    LLP.
117
23.2*
Consent of Loeb & Loeb LLP (included on Exhibit 5.1).
24
Power of Attorney (included on the signature page of the original filing hereof).
99.1
Form of Audit Committee Charter.
99.2
Form of Compensation Committee Charter.
____________
*
To be filed by amendment
118