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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the U.S. Securities and
Exchange Commission on July&nbsp;27, 2020</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: right"><B>Registration No.&nbsp;333-</B></P>




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

<!-- Field: Rule-Page --><DIV STYLE="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"></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">&nbsp;</P>

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

<P STYLE="font: 10pt 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>FORM&nbsp;S-1</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><B>6770</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><B>84-4117825</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">(Primary Standard Industrial<BR>
Classification Code Number)</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S. Employer<BR>
Identification Number)</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>4218 NE 2nd Avenue<BR>
Miami, Florida 33137<BR>
Telephone: (305) 573-3900</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address,&nbsp;Including Zip Code, and Telephone
Number,&nbsp;Including Area Code, of Registrant&#8217;s Principal Executive Offices)</P>

<P STYLE="font: 10pt 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>Ophir Sternberg<BR>
 Chairman, President and Chief Executive Officer<BR>
Lionheart Acquisition Corporation II<BR>
4218 NE 2nd Avenue<BR>
Miami, Florida 33137<BR>
Telephone: (305) 573-3900</B></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><B>Mitchell S. Nussbaum,&nbsp;Esq.<BR>
Giovanni Caruso,&nbsp;Esq.<BR>
Loeb&nbsp;&amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, New York 10154<BR>
Tel: (212) 407-4000</B><BR>
<B>Fax: (212) 407-4990</B></TD>
    <TD STYLE="white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Edward F. Petrosky,&nbsp;Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michael P. Heinz,&nbsp;Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>David Ni,&nbsp;Esq.<BR>
        Sidley Austin LLP<BR>
        787 Seventh Avenue<BR>
        New York, New York 10019<BR>
        Tel: (212) 839-5900<BR>
        Fax: (212) 839-5599</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Approximate date of commencement of
proposed sale to the public:</B> As soon as practicable after the effective date of this registration statement.</P>

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

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting
company&#8221; and &#8220;emerging growth company&#8221; in Rule&nbsp;12b-2 of the Exchange Act. <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">&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="white-space: nowrap; width: 20%">Large accelerated filer&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 25%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 23%">Accelerated filer</TD>
    <TD STYLE="white-space: nowrap; width: 31%"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Non-accelerated filer</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Smaller reporting company</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Title of Each Class&nbsp;of Security Being Registered</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount Being<BR> Registered</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Proposed<BR> Maximum<BR> Offering Price<BR> per Security<SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Proposed<BR> Maximum<BR> Aggregate<BR> Offering<BR> Price<SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount of<BR> Registration <BR> Fee</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Units, each consisting of one share of Class&nbsp;A common stock, $0.0001 par value, and one-half of one redeemable warrant<SUP>(2)</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">23,000,000 Units</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">230,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">29,854</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Shares of Class&nbsp;A common stock included as part of the units<SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">23,000,000 Shares</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">&mdash;</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">&mdash;</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">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Redeemable warrants included as part of the units<SUP>(3)</SUP></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt">11,500,000 Warrants</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">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="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="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">230,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">29,854</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34px">(1)</TD>
    <TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration fee.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34px">(2)</TD>
    <TD STYLE="text-align: justify">Includes 3,000,000 units, consisting of 3,000,000 shares of Class&nbsp;A common stock and 1,500,000 redeemable warrants, which may be issued upon exercise of a 45-day option granted to the underwriters to cover over-allotments, if any.</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: 34px">(3)</TD>
    <TD STYLE="text-align: justify">Pursuant to Rule&nbsp;416 under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.</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: 34px">(4)</TD>
    <TD STYLE="text-align: justify">No fee pursuant to Rule&nbsp;457(g)&nbsp;under the Securities Act.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 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"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>SUBJECT
TO COMPLETION, DATED JULY 27, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B>PRELIMINARY
PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$200,000,000</B>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>20,000,000 Units</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lionheart Acquisition Corporation II is
a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business
combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated
any substantive discussions, directly or indirectly, with any business combination target. While we may pursue an acquisition opportunity
in any business, industry, sector or geographical location, we intend to identify and acquire a business that applies innovative
digital technologies and technology-enhanced services and solutions to the identification, design, development, construction, operation,
financing, management and disposition of real estate properties, commonly referred to as &#8220;PropTech.&#8221; We will seek
to acquire one or more PropTech businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This is an initial public offering of
our securities. Each unit has an offering price of $10.00 and consists of one share of our Class&nbsp;A common stock and
one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class&nbsp;A
common stock at a price of $11.50 per share, subject to adjustment as described herein. Warrants may be exercised only for a
whole number of shares of Class&nbsp;A common stock. The warrants will become exercisable on the later of 30 days after the
completion of our initial business combination or 12 months from the closing of this offering, and will expire five years
after the completion of our initial business combination or earlier upon redemption or liquidation, as described in this
prospectus. The underwriters have a 45-day option from the date of this prospectus to purchase up to an additional 3,000,000
units to cover over-allotments, if any. We will provide our public stockholders with the opportunity to redeem all or a
portion of their shares of our Class&nbsp;A common stock upon the completion of our initial business combination, subject to
the limitations described herein. If we are unable to complete our initial business combination within 18 months from the
closing of this offering, we will redeem 100% of the public shares for cash, subject to applicable law and certain conditions
as further described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of our sponsor, Lionheart Equities, LLC, and
Nomura Securities International,&nbsp;Inc. (&#8220;Nomura&#8221;), an underwriter of this offering, which we refer to as Nomura
throughout this prospectus, have committed, pursuant to written agreements, to purchase an aggregate of 650,000 private placement
units at $10.00 per unit in a private placement that will close simultaneously with this offering. Each private placement unit
consists of one share of our Class&nbsp;A common stock and one-half of one redeemable private warrant. Among the private placement
units, 595,000 units will be purchased by our sponsor and 55,000 units will be purchased by Nomura. A portion of the proceeds from
the sale of the private placement units will be placed in trust account described below. The private placement units purchased
by Nomura are deemed underwriters&#8217; compensation by the Financial Industry Regulatory Authority (&#8220;FINRA&#8221;) pursuant
to Rule&nbsp;5110 of the FINRA Manual.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our initial stockholders, which are
our sponsor and Nomura, own an aggregate of 5,750,000 shares of our Class&nbsp;B common stock (up to 750,000 shares of which are
subject to forfeiture depending on the extent to which the underwriters&#8217; over-allotment option is exercised), which will
automatically convert into shares of Class&nbsp;A common stock at the time of our initial business combination as described herein.
In the case that additional shares of Class&nbsp;A common stock, or equity-linked securities, are issued or deemed issued in excess
of the amounts offered in this prospectus and related to the closing of the initial business combination, the ratio at which shares
of Class&nbsp;B common stock shall convert into shares of Class&nbsp;A common stock will be adjusted (unless the holders of a majority
of the outstanding shares of Class&nbsp;B common stock agree to waive such adjustment with respect to any such issuance or deemed
issuance) so that the number of shares of Class&nbsp;A common stock issuable upon conversion of all shares of Class&nbsp;B common
stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock
outstanding upon the completion of this offering plus all shares of Class&nbsp;A common stock and equity-linked securities issued
or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the initial business combination, the private placement units and any private placement-equivalent
units issued to our sponsor or its affiliates upon conversion of loans made to us or any securities issued pursuant to the forward
purchase agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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; text-indent: 0.25in">In connection with this offering,
Nomura, an underwriter of this offering, intends to enter into a forward purchase agreement with us, which will provide for
the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as
described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu of
purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate
purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between
Nomura and us, to occur concurrently with the closing of our initial business combination. The decision to make such an
investment in other equity securities will not reduce the aggregate purchase price. However, Nomura will be excused from its
purchase obligation in connection with a specific business combination unless, within five business days following written
notice delivered by us of our intention to enter into such business combination, Nomura notifies us that it has decided to
proceed with the purchase in whole or in part. Nomura may decide not to proceed with the purchase for any reason, including,
without limitation, if it has determined that such purchase would constitute a conflict of interest. The obligations under
the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of our Class&nbsp;A
common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Currently, there is no public market for
our units, Class&nbsp;A common stock or warrants. We have applied to list our units on The Nasdaq Capital Market, or Nasdaq, under
the symbol &#8220;LCAPU.&#8221; We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus.
We cannot guarantee that our securities will be approved for listing on Nasdaq. We expect the Class&nbsp;A common stock and warrants
comprising the units will begin separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless the underwriters
inform us of their decision to allow earlier separate trading, subject to our satisfaction of certain conditions. Once the securities
comprising the units begin separate trading, we expect that the Class&nbsp;A common stock and warrants will be listed on Nasdaq
under the symbols &#8220;LCAP&#8221; and &#8220;LCAPW,&#8221; respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>We are an &#8220;emerging growth company&#8221;
under applicable federal securities laws and will be subject to reduced public company reporting requirements. Investing in our
securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page&nbsp;32 for a discussion of information
that should be considered in connection with an investment in our securities. Investors will not be entitled to protections normally
afforded to investors in Rule&nbsp;419 blank check offerings.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Neither the U.S. Securities and Exchange
Commission (the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per Unit</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Public offering price</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">200,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Underwriting discounts and commissions<SUP>(1)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.55</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11,000,000</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: -10pt; padding-left: 10pt">Proceeds, before expenses, to Lionheart Acquisition Corporation II</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9.45</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">189,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 42px">(1)</TD>
    <TD>Includes $0.35 per unit, or $7.0 million (or up to $8.05 million if the underwriters&#8217; over-allotment option is
    exercised in full) in the aggregate payable to the underwriters for deferred underwriting commissions to be placed in a trust
    account located in the United States as described in this prospectus. The deferred commissions will be released to the
    underwriters only on completion of an initial business combination, as described in this prospectus. The underwriters will
    receive compensation in addition to the underwriting discount. Does not include the sale of 82,500 founder shares in
    connection with the underwriting of this transaction from our sponsor to Nomura described further in this prospectus. See the
    section of this prospectus entitled &#8220;Underwriting (Conflicts of Interest)&#8221; beginning on page&nbsp;139 for a
    description of compensation and other items of value payable to the underwriters.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Of the proceeds we receive from this offering
and the sale of the private placement units described in this prospectus, $200 million, or $230 million if the underwriters&#8217;
over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited into a trust account in the United
States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee, and $1.75 million
($1.15 million if the underwriters&#8217; over-allotment option is exercised in full) will be available to pay fees and expenses
in connection with the closing of this offering and for working capital following the closing of this offering.</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-bottom: 2.25pt"><B>Nomura</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 51%; padding-bottom: 2.25pt; text-align: right"><B>Cantor</B></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">,2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

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


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

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

<!-- Field: Page; Sequence: 4 -->
    <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; text-align: center"><B>TABLE OF CONTENTS</B></P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 94%; padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_006">Summary</A></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_006">1</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_007">Risk Factors</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_007">32</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003">Cautionary Note Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_003">62</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_004">Use of Proceeds</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_004">63</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005">Dividend Policy</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_005">67</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_006">Dilution</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_006">67</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_008">Capitalization</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_008">69</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_010">Management&#8217;s Discussion and Analysis of Financial
    Condition and Results of Operations</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_010">70</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_009">Proposed Business</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_009">77</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_011">Management</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_011">105</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_012">Principal Stockholders</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_012">114</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_013">Certain Relationships and Related Party Transactions</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_013">117</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_014">Description of Securities</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_014">120</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_015">United States Federal Income Tax Considerations</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_015">134</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#aa_016">Underwriting (Conflicts of Interest)</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#aa_016">141</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_0016">Legal Matters</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_0016">150</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_0017">Experts</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_0017">150</A></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_0018">Where You Can Find Additional Information</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_0018">150</A></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.25pt; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_0019">Index to Financial Statements</A></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; text-align: right"><A HREF="#a_0019">F-1</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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

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

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

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

<!-- Field: Page; Sequence: 5; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></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"><FONT STYLE="background-color: lightgrey"></FONT></P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt 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="aa_006"></A>SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>This summary only highlights the more
detailed information appearing elsewhere in this prospectus. You should read this entire prospectus carefully, including the information
under the section of this prospectus entitled &#8220;Risk Factors&#8221; and our financial statements and the related notes included
elsewhere in this prospectus, before investing. Unless otherwise stated in this prospectus, or the context otherwise requires,
references to:</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-left: 2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="width: 30px; border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify"><I>&#8220;Cantor&#8221; refer to Cantor Fitzgerald&nbsp;&amp; Co., an underwriter of this offering;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify">&#8220;<I>common stock&#8221; refer to our Class&nbsp;A common stock and our Class&nbsp;B common stock, collectively;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&#8220;<I>forward financing&#8221; refer to the intent of Nomura, if requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400,000,000 of additional financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination, subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination, as described herein;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;forward purchase agreement&#8221; refer to the agreement providing for the purchase of public shares by Nomura, a portion of which may instead be in the form of an investment in our equity securities, to occur concurrently with the closing of our initial business combination, as described herein;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;forward purchase shares&#8221; refer to the public shares and/or our equity securities to be purchased pursuant to the forward purchase agreement;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;founder shares&#8221; refer to shares of our Class&nbsp;B common stock (1)&nbsp;initially purchased by our sponsor from us in a private placement prior to this offering and (2)&nbsp;by Nomura from our sponsor prior to this offering, and the shares of our Class&nbsp;A common stock issued upon the conversion thereof as provided herein;</I></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify; width: 30px">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt; width: 30px">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;initial stockholders&#8221; refer to the holders of our founder shares prior to this offering (or their permitted transferees), which include our sponsor and Nomura;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify"><I>&#8220;management&#8221; or our &#8220;management team&#8221; refer to our officers and directors;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify"><I>&#8220;Nomura&#8221; refer to Nomura Securities International,&nbsp;Inc., an underwriter of this offering;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;private placement units&#8221; refer to the units, each consisting of one share of our Class&nbsp;A common stock and one-half of one private warrant, issued to our sponsor and Nomura in a private placement closing simultaneously with this offering;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&#8220;<I>private shares&#8221; refer to the shares of Class&nbsp;A common stock included within the private placement units being purchased separately by our sponsor and Nomura in a private placement closing simultaneously with the closing of this offering;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;private warrants&#8221; refer to the warrants included within the private placement units being purchased separately by our sponsor and Nomura in a private placement closing simultaneously with the closing of this offering;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;public shares&#8221; refer to shares of our Class&nbsp;A common stock sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market);</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;public stockholders&#8221; refer to the holders of our public shares, including our initial stockholders and management team to the extent our initial stockholders and/or members of our management team purchase public shares, provided that each initial stockholder&#8217;s and member of our management team&#8217;s status as a &#8220;public stockholder&#8221; shall only exist with respect to such public shares;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;public warrants&#8221; refer to our redeemable warrants sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market), to the private warrants if held by third parties other than our sponsor and Nomura (or their permitted transferees), and to any private warrants issued upon conversion of working capital loans that are sold to third parties that are not initial purchasers of the private placement units or executive officers or directors (or permitted transferees), in each case, following the consummation of our initial business combination;</I></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify; width: 30px">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt; width: 30px">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;sponsor&#8221; refer to Lionheart Equities, LLC, a Delaware limited liability company and an affiliate of Ophir Sternberg, our  Chairman, President and Chief Executive Officer;</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt"><I>&#8220;warrants&#8221; refer to our redeemable warrants, which includes the public warrants as well as the warrants comprising part of the private placement units to the extent they are no longer held by the initial purchasers of the private placement units or their permitted transferees; and</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; padding-left: 2pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-left: 2pt; text-align: justify"><I>&#8220;we,&#8221; &#8220;us,&#8221; &#8220;company&#8221; or &#8220;our company&#8221; refer to Lionheart Acquisition Corporation II</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-left: black 1pt solid; border-bottom: black 1pt solid; padding-left: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-left: 2pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Each unit consists of one share of Class&nbsp;A
common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our
Class&nbsp;A common stock at a price of $11.50 per share, subject to adjustment as described in this prospectus. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple
of two units, the number of warrants issuable to you upon separation of the units will be rounded down to the nearest whole number
of warrants.</I></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a newly organized blank check
company incorporated in December&nbsp;2019 as a Delaware corporation and formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more
businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any
specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions,
directly or indirectly, with any business combination target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we may pursue an initial business
combination target in any stage of its corporate evolution or in any industry or sector, we currently intend to concentrate our
efforts in businesses that apply innovative digital technologies and technology-enhanced services and solutions to the identification,
design, development, construction, operation, financing, management and disposition of real estate properties, commonly referred
to as &#8220;PropTech.&#8221; &nbsp;Our definition of PropTech applies to both technology companies that are disrupting the real estate
sector as well as to real estate and consumer-oriented companies with a real estate component that utilize innovative technology.
Our management team has an extensive track record of acquiring attractive assets at disciplined valuations, investing in growth
while fostering financial discipline and improving business results.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our management is pragmatic, measuring
our success in both immediate and continuous financial return balanced across all stakeholders. Our investment philosophy has been
shaped by the many transactions we have originated, combined with our hands-on experiences as entrepreneurial leaders across the
growth spectrum, from startups to multi-billion dollar corporations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
believe in quality management teams</B></FONT> that lead attractive target businesses. Successful teams understand not only their
craft, but the limitations in their businesses, and realize that efficient scaling requires a consistent onboarding of knowledge,
expertise, and varied points of view, as well as capital, to continue winning the challenge of sustained extraordinary growth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We
see a concentration of opportunity to unlock value at the intersection of two sectors</B></FONT> where the application of methods
or business models built in one sector can be applied to another, especially where a sustained fast growth industry (such as technology)
is elevating a massive scale industry (such as real estate). Quality businesses in these &ldquo;combination sectors&rdquo; such
as PropTech that capture value in the intersection between conventional sectors may be systematically overlooked in our information
overloaded age.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unlocking value and growth potential for
our investors, our business combination targets, and ourselves is a balanced multi-part equation crafted through an alignment of
incentives and an incremental injection of value from and across all stakeholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have been and continue to be entrepreneurs,
managers, board members and investors in public and private enterprises that we find exciting. It is with real knowledge of the
successes and failures of talented and energetic creators that we offer our counsel as partners in seeking to unlock further growth
and value, as well as our support and a matching of intense work ethic, to the managers of businesses we select for combination.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our management team is led by Ophir Sternberg,
our Chief Executive Officer, President and  Chairman, Trevor Barran, our Chief Operating Officer, and Paul Rapisarda, our Chief Financial
Officer and Secretary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #201A16">Mr.&nbsp;Sternberg,
our Chairman, President and Chief Executive Officer since inception,</FONT> has over 28 years of experience acquiring,
developing, repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality,
ultra-luxury residential condominiums and land acquisitions. Mr.&nbsp;Sternberg is the founding partner and Chief Executive Officer
of Lionheart Capital LLC (&ldquo;Lionheart Capital&rdquo;), founded in 2010. In 2019, Lionheart Capital completed in excess of
20 real estate transactions across North America alone. Under Mr.&nbsp;Sternberg&rsquo;s leadership, Lionheart Capital executed
numerous, marquee real estate transactions and repositions, including the Miami Beach Ritz-Carlton project, which resulted in
a total sell-out value in excess of $560 million as well as the $30 million purchase and $120 million sale of the Seagull Hotel,
Miami Beach making it the largest hotel sale of the year in Miami Beach. Mr.&nbsp;Sternberg and Lionheart Capital are currently
in development on a number of other projects including but are not limited to retail properties in Miami&rsquo;s Design District,
two oceanfront condominium towers in Pompano Beach, Florida and a ski-in/ski-out hotel and residences in Breckenridge, Colorado.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, in 2017,
Mr.&nbsp;Sternberg founded Out of the Box Ventures, a Lionheart Capital subsidiary, to acquire and reposition distressed
retail properties throughout the United States. With over 28 properties in 17 states, Out of the Box Ventures currently
controls over 6 million square feet of big box stores, shopping centers and enclosed regional mall properties with plans to
improve and expand upon these acquisitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Sternberg and Lionheart Capital
are dedicated to working with best-in-class operators and partners such as the Ritz-Carlton. Lionheart Capital has been able to
execute numerous, marquee transactions due largely in part to Mr.&nbsp;Sternberg&#8217;s extensive industry relationships particularly
with key institutional investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Sternberg began his career assembling,
acquiring and developing properties in emerging neighborhoods in New York City, which established his reputation for identifying
assets with unrealized potential and combining innovative partnerships with efficient financing structures to realize above average
returns. Mr.&nbsp;Sternberg came to the United States in 1993 after completing three years of military service within an elite
unit for the Israeli Defense Forces (IDF).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In March&nbsp;2020,
Mr.&nbsp;Sternberg became  Chairman of OPES Acquisition Corp., a SPAC. On June&nbsp;30, 2020, OPES Acquisition Corp.
announced a definitive agreement to merge with BurgerFi International Inc. The consummation of the OPES-BurgerFi merger is
subject to receipt of stockholder approval and satisfaction of other customary closing conditions. BurgerFi is a fast-casual
&ldquo;better burger&rdquo; concept that consists of 125 corporate owned franchise locations in 23 states. BurgerFi expanded
its delivery only options by signing a license agreement in April&nbsp;2020 with REEF Technology, an operator of logistics
hubs and neighborhood kitchens. The OPES team, led by Mr.&nbsp;Sternberg, evaluated over 50 potential targets and negotiated
business combination terms with multiple candidates in a span of a few months and is acquiring BurgerFi at what it believes
is an attractive multiple relative to its peers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Barran, our Chief Operating
Officer, has also served as Chief Operating Officer at Out of the Box Ventures, a subsidiary of Lionheart Capital, since its inception in 2017. Mr.&nbsp;Barran
brings over 20 years of experience developing and executing investment and operational strategies across the financial
services, healthcare, technology, and real estate industries, including the last ten years acquiring and developing real
estate properties. From 2013 until 2019, Mr.&nbsp;Barran served as Chief
Executive Officer of Lionheart Nica S.A., Real Estate. Mr.&nbsp;Barran began his career in
1998 at the Mitchell Madison Group,&nbsp;Inc., a management consulting firm focused on improving financial and operational
performance for large companies through strategic sourcing, performance improvement and big data, which was subsequently sold
to USWeb/CKS Corp. for approximately $300 million in 1999 and eventually grew to over 8,500 employees with annual revenues
exceeding $1 billion. Subsequently, in 1999, Mr.&nbsp;Barran joined ScreamingMedia (NASDAQ:SCRM), later known as Pinnacor, a
global technology platform focused on the aggregation and distribution of digital content over the Internet. Mr.&nbsp;Barran
helped prepare ScreamingMedia for its $60 million initial public offering in 2000. ScreamingMedia, which underwent a series
of acquisitions, is now a part of the Walt Disney Company (NYSE:DIS). Other career milestones for Mr.&nbsp;Barran include
founding and operating SACSA, s.a. (2016-2019), a resort construction company where he served as managing partner; founding
and operating BioIntegral Surgical (2008-2010), a cardiovascular medical devices company where he served as Chief Executive Officer
; and
co-founding a systematic global macro high-frequency trading fund, EagleStone Advisors (2010-2011). At EagleStone,
Mr.&nbsp;Barran was instrumental in putting forward a day trading exchanged-traded fund (ETF) strategy. Additionally, in
2003, Mr.&nbsp;Barran participated in post-graduate work in computer science and artificial intelligence with Professor David
Ackley in a joint program between the University of New Mexico and Santa Fe Research Institute. Mr.&nbsp;Barran earned a
degree in Aerospace Engineering from Princeton University in 1998.</P>

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

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

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Rapisarda, our Chief Financial
Officer and Secretary, also serves as Chief Financial Officer at Lionheart Capital and Out of the Box Ventures, a position he has
held since 2019. Mr.&nbsp;Rapisarda is an experienced public company C-suite executive and investment banking professional with
more than 25 years working in and for a variety of public and private companies. &nbsp;Prior to joining Lionheart Capital in June&nbsp;2019
he served as Chief Financial Officer at Etrion Corp. (TSX:ETX), a dual-listed (Canada/Sweden) solar energy development company
from October&nbsp;2015 to December&nbsp;2017. Etrion Corp. is part of The Lundin Group, a portfolio of 13 public companies in the
energy and mining sectors with a combined market capitalization in excess of $16 billion, started or sponsored by the Lundin family.
Mr.&nbsp;Rapisarda was responsible for managing all finance functions, including financial reporting, treasury&nbsp;&amp; cash
management, corporate finance, regulatory/SEC compliance matters and investor relations. Prior to this, Mr.&nbsp;Rapisarda worked
for Garrison Capital Advisors LLC, a financial advisory and consulting services company. From 2008 to 2014, he worked for another
dual-listed company (Canada/United States), Atlantic Power Corporation (NYSE:AT), most recently serving as Executive Vice President-Commercial
Development. The company was a portfolio company controlled by Arclight Capital Partners, a private equity firm with $10.4 billion
of assets under management and a focus on the energy sector. He was a key member of the executive team that successfully engineered
the $1.8 billion merger with Capital Power Income L.P. and had primary responsibility for the investment of over $1.2 billion in
capital from 2008-2012. Prior to Atlantic Power, Mr.&nbsp;Rapisarda worked for over 20 years in investment banking and private
equity for several firms, including Compass Advisers LLP, Schroders, Merrill Lynch and BT Securities. He has also acted as a board
member at several emerging growth companies, primarily in the energy, technology and infrastructure sectors. Mr.&nbsp;Rapisarda
has a B.A. from Amherst College and an M.B.A. from the Harvard Business School.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Steven Berrard, who will become our board
member at the closing of this offering, <FONT STYLE="background-color: white">is a co-founder of e-commerce company RumbleOn Inc.
and has served as its Chief Financial Officer since 2017 and has been a member of its Board of Directors since 2016. &nbsp;Mr.&nbsp;Berrard
is the Managing Partner of New River Capital Partners, a private equity fund he co-founded in 1997. Mr.&nbsp;Berrard was the co-founder
and Co-Chief Executive Officer of AutoNation from 1996 to 1999. Prior to joining AutoNation, Mr.&nbsp;Berrard served as President
and Chief Executive Officer of the Blockbuster Entertainment Group, the world&rsquo;s largest video store operator at the time.
Mr.&nbsp;Berrard served as Chairman of Board of Jamba,&nbsp;Inc. from 2005 to 2007 and as its Chief Executive Officer from 2005
to 2006. Mr.&nbsp;Berrard served as President of Huizenga Holdings,&nbsp;Inc., a real estate management and development company,
and served in various positions with subsidiaries of Huizenga Holdings,&nbsp;Inc. from 1981 to 1987. Mr.&nbsp;Berrard currently
serves on the Board of Directors of Pivotal Fitness,&nbsp;Inc., a chain of fitness centers operating in Charleston, SC. He has
previously served on the Boards of Directors of Swisher Hygiene Inc., Walter Investment Management Corp., Jamba,&nbsp;Inc., Viacom,&nbsp;Inc.,
Birmingham Steel, HealthSouth and Boca Resorts,&nbsp;Inc. Mr.&nbsp;Berrard earned his B.S. in Accounting from Florida Atlantic
University.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Aman Kapadia, who will become our
board member at the closing of this offering, has been the Managing Partner of Akaris Global Partners, an investment firm
based in New York City, since September 2018. He brings 16 years of experience in public markets investing across capital
structure, geographies, and industries. Prior to founding Akaris Global, from 2007 to 2018, Mr. Kapadia served as Partner and
Managing Director at Fir Tree Partners, an investment firm formed in 1994 to apply the best practices of a private equity
approach to opportunistic value investing. From 2016 until his departure in 2018, Mr. Kapadia was one of three individuals
managing the firm with co-portfolio manager responsibilities. Previously, Mr. Kapadia was an analyst at Rockbay Capital
Management, Severn River Capital Management, Sagamore Hill and McKinsey&nbsp;&amp; Co. Mr. Kapadia received a J.D./M.B.A.
from Harvard Law School and Harvard Business School, and an A.B. in Public and International Affairs, magna cum laude, from
Princeton University, where he was inducted into Phi Beta Kappa.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mark Walsh, who will become our board
member at the closing of this offering, is a venture investor in technology, software, content and services through his fund, Ruxton
Ventures, LLC, which he founded in 2003. Mr. Walsh was Chief Executive Officer of FactSquared, an AI/Machine learning company he
helped found, from late 2017 to early 2019. He remains on its board. He served as a presidential appointee in the Obama Administration
as Head of Investment and Innovation at the Small Business Administration from 2015 to 2017, overseeing a $30 billion investment
portfolio in private equity, venture capital and venture accelerators. Prior to the SBA, from 2013 to 2015, Mr. Walsh was executive
chairman of Homesnap.com, a &ldquo;prosumer&rdquo; platform/app for residential real estate backed by Revolution Ventures. He has
been a senior executive at several technology and content companies, including GE, AOL and Home Box Office. Mr. Walsh served as
Chief Executive Officer and then Chairman of VerticalNet, a leading provider of B2B &ldquo;communities of commerce&rdquo; from
1997 to 2004. He led the company through its public offering on NASDAQ in 1999. Mr. Walsh has invested in and/or served as a board
member of a number of high growth public and private companies, including: BlackBoard (NASDAQ: BBBB), NutriSystems (NASDAQ: NTRI),
Thestreet.com (NASDAQ: TST), Day Software (Zurich Stock Exchange: DAY), half.com, LifeShield.com, Transactis and GoCanvas.com.
Mr. Walsh received an M.B.A. from the Harvard Business School and a B.A. from Union College.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We define the PropTech sector as businesses
that apply innovative digital technologies and technology-enhanced services and solutions to the identification, design, development,
construction, operation, financing, management and disposition of real estate properties. This definition applies to both technology
companies that are disrupting the real estate sector as well as to real estate companies that utilize innovative technology.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Combined, real estate and technology represent
a significant segment of the U.S. economy. Further, digital transformation is driving technological innovation across the broader
real estate sector. Real estate has traditionally been a human capital and resource-intensive sector but technology has become a strategic
imperative as businesses seek ways to increase the efficiency of their assets. Innovation is being driven by both incumbent firms
and disruptive new entrants that are leveraging B2B technology solutions from other industries as well as applying consumer-facing
technologies to the commercial market. Examples of innovative technology trends driving digital transformation in the real estate
sector include: artificial intelligence and machine learning, data and analytics, mobility, cloud technologies, the Internet of
Things, virtual and augmented reality, financial and mortgage technology, 5G, and drones. Digital transformation has also enabled
new business models including iBuying, co-working, flexible warehousing, and crowdfunding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The businesses we seek to acquire offer
innovative software, hardware, products, operations or services that are technologically equipped to improve property ownership;
property financing; property valuation; property operations; property management; leasing; property insurance; real estate asset
management and investment management; and design, construction and development. These businesses have a large addressable market
across the broader real estate sector potentially including landlords, tenants, developers, operators, managers, brokers, investors,
lenders, architects, engineers, and general contractors. We believe the acquisition of one or more businesses in this sector can
serve as a platform for expansion, both organically and through further acquisitions, including &#8220;roll-ups&#8221; of smaller
players in some of the more fragmented, emerging sectors such as co-working and co-living.</P>

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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we intend to focus our search for
business combination targets in the PropTech sector, we may pursue an acquisition in any business industry or sector. We will seek
to acquire established businesses of scale that we believe are poised for continued growth with capable management teams and proven
unit economics, but potentially in need of financial, operational, strategic or managerial enhancement to maximize value. We do
not intend to acquire startup companies or companies without established business plans. Our management team and board of directors
will seek to leverage their access to proprietary deal flow, sourcing capabilities and network of industry contacts to generate
business combination opportunities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Real estate investment represents a significant
segment of the U.S. economy. In 2018, the National Association of Real Estate Investment Trusts estimated the total value of commercial
real estate in the U.S. to be $16.0 trillion, and Zillow estimated the total value of residential real estate in the U.S. to be
$33.6 trillion in 2019. According to the U.S. Bureau of Economic Analysis, real estate, rental and leasing comprised the largest
share of U.S. gross domestic product (&ldquo;GDP&rdquo;), with $2.9 trillion of seasonally adjusted annualized value added as of
the third quarter of 2019, representing 13.3% of U.S. GDP in that quarter. Real estate has historically lagged in technology adoption.
This is evidenced by the prevalence of paper-driven processes, lack of data transparency, and intermediaries present in transactions.
However, there is an understanding emerging at real estate companies that leveraging technology is a strategic advantage. According
to KPMG, 97% of real estate organizations think that digital and technological innovation will impact their business and 73% consider
it an opportunity. Furthermore, in a sign of recognition that technology within real estate remains under-developed, 93% of real
estate organizations believe they must engage with PropTech companies in order to adapt to the changing global environment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As PropTech is an established and rapidly
expanding sector, it is currently being impacted by a new wave of innovative technologies, which has led to a 378% increase in
PropTech funding from 2015 to 2018, according to the 2019 GCA Real Estate Tech report. In 2019, total PropTech funding was $8.9
billion and exceeded the amount of total funding for the year  2018. Significant investment from venture capital firms as
well as corporations has grown substantially from 217 funding rounds in 2017 to 420 in 2019. In addition, there has been a higher
percentage of later-stage funding in recent years.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><B>Figure 1: U.S. Financing Activity (dollars in thousands)<SUP>(1)</SUP></B></TD>
    <TD STYLE="white-space: nowrap"><B>Figure 2: PropTech Funding Breakdown (includes debt and equity) <SUP>(2)</SUP></B></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top; width: 50%">&nbsp;<IMG SRC="tm207455-6_s1img01.jpg" ALT=""></TD>
    <TD STYLE="width: 50%; text-align: center">&nbsp;<IMG SRC="tm207455-6_s1img02.jpg" ALT=""></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>(1)</SUP></TD>
    <TD><I>Represents U.S. data across Commercial Real Estate (CRE) / Investment, Residential Real Estate and Mortgage Technology; excludes Airbnb, Credit Karma, Houzz, NextDoor, OYO Hotels and The We Company.</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><SUP>(2)</SUP></TD>
    <TD STYLE="text-align: left"><I>Funding includes debt and equity. Early Stage: Pre-Seed, Angel, Seed or Series&nbsp;A; Mid Stage: Series&nbsp;A or B; Late Stage: SeriesC or later.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nonetheless, we believe we are still
early in this cycle relative to other industry-specific technology sectors. For example, PropTech has received a relatively
low amount of venture funding compared to other industry-specific technologies. For example, in 2018, U.S. PropTech companies
received just $5.3 billion of venture funding compared to approximately $47 billion for U.S. financial technology companies,
according to GCA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that business opportunities
within PropTech are poised to increase, driven by digital transformation initiatives that will enable businesses throughout the
real estate ecosystem to increase the efficiency of their assets. The benefits of digital transformation in the real estate sector
include improving building utilization, optimizing customer relationship management, creating better tenant experiences, streamlining
construction projects, and reducing friction from financial transactions. According to CRETech, 1,385 private companies have received
over $48&nbsp;billion in venture funding globally between 2017 and 2019. Furthermore, CRETech expects global PropTech venture funding
to reach approximately $30&nbsp;billion in 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The public markets have historically supported
PropTech companies, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: left">Autodesk (NASDAQ:ADSK), which has revolutionized building design.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: left">AppFolio (NASDAQ:APPF), which has pioneered building automation through software-as-a-service platforms.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: left">Zillow (NASDAQ: ZG), which has changed the way people think about buying or renting their next home.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30px">&nbsp;</TD>
    <TD STYLE="width: 30px; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: left">CoStar (NASDAQ: CSGP), which has changed the way that data is aggregated and analyzed (e.g. LoopNet, Apartments.com, ForRent.com).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2019, the stock price of publicly traded
PropTech companies increased on average nearly 50%, outperforming the S&amp;P 500 by 21 percentage points. Some of the largest
public market investors (as measured by equity assets under management) have also invested in private companies such as Airbnb,
which is disrupting the hospitality industry, Opendoor, which enables individuals to sell their homes directly to buyers, and Procore,
which is mobile construction project management software.</P>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As PropTech businesses grow, we believe
that they will require greater access to the public markets for growth capital. Historically, companies have accessed public markets
through initial public offerings, or IPOs. However, the number of IPOs in recent years has diminished. An average of 93 technology
companies and 17 real estate companies went public each year before the financial crisis (1990-2008), according to the research
firm Dealogic. However, since 2009, the average number of IPOs has plummeted to only 39 and 10 per year respectively, a 56% decrease.
Additionally, only 9% of venture-backed private companies executed an IPO in 2019 according to Pitchbook. The most common exit
route for venture-backed private companies in 2019 was through a strategic sale, which can be an unattractive option for current
management who desire to maintain some level of control over their businesses. Ultimately, we believe this disparity creates a
long-term opportunity to unlock shareholder value through a business combination with an established and growing PropTech business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The combination of (i)&nbsp;the massive
scale of the real estate economy; (ii)&nbsp;lagging technology adoption; (iii)&nbsp;an inflection point in the application of technologies
to the real estate sector; (iv)&nbsp;underfunding concerns; (v)&nbsp;an increasingly challenged IPO market and (vi)&nbsp;the emergence
of PropTech as an investment theme, evidenced by strong investor demand for PropTech assets make this an attractive and timely
sector with quality businesses that will benefit from a business combination with our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our strategy will be to identify, evaluate,
acquire and, after our initial business combination, continue to grow a compelling PropTech business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that we are uniquely
qualified among SPAC vehicles due to our management&#8217;s extensive research, analysis, credentials, and relationships with
respect to U.S. real estate and technology companies. As PropTech is an established and rapidly expanding sector, we believe
that a key differentiator in the space will be combining our deal making experience across real estate and technology, with
superior access to the entrepreneurs that are driving the rapid growth of PropTech and the investors that are funding this
growth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When taken together, we believe that our
management team&#8217;s proprietary network and experience investing and executing across real estate and technology companies,
our Board&#8217;s extensive management, private equity, venture capital and technology experience, position us to identify an attractive
PropTech target company and close an initial business combination with such target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consistent with this strategy, we have
identified the following general criteria and guidelines that we believe are important in evaluating prospective targets. We will
use these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business
combination with a target business that does not meet these criteria and guidelines.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Property
Technology.</B>&nbsp;We will seek to invest in one or more businesses with a focus on
PropTech, a domain in which we have a substantial track record, deep experience, and the technical ability to diligence efficiently.
Our management team and advisors&rsquo; multifaceted expertise in assessing a target&rsquo;s applicability to real estate are key
in evaluating business transaction candidates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Target
Business Size.</B> We will seek to invest in one or more businesses,
determined in the sole discretion of our officers and directors according to reasonably accepted valuation standards and methodologies.
This segment is where we believe we have a superior and proprietary network to identify the greatest number of attractive opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proven
Unit Economics and Growing Companies.</B>&nbsp;We will seek to invest in one or more businesses that have generated attractive
unit economics at scale. We will focus on one or more businesses that have established and growing revenue streams. We do not intend
to acquire startup companies, companies with speculative business plans, or companies that are excessively leveraged.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Competitive
Position.</B>&nbsp;&nbsp;&nbsp;&nbsp;We intend to invest in one or more businesses that have a leading, growing or unique niche
market position in their respective sectors. We will analyze the strengths and weaknesses of target businesses relative to their
competitors. We will seek to invest in one or more businesses that demonstrate advantages when compared to their competitors, including
capable management team, defensible proprietary technology, strong adoption rates, and relevant domain expertise.</P>

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

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Capable
Management Team.</B>&nbsp;&nbsp;&nbsp;&nbsp;We will seek to invest in one or more businesses that have experienced management teams
or those that provide a platform for us to assemble an effective and capable management team. We will focus on management teams
with a track record of driving revenue growth and creating value for their shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Benefit
from Being a Public Company.</B>&nbsp;&nbsp;&nbsp;&nbsp;We intend to invest in one or more businesses that will benefit from being
publicly listed and can effectively utilize the broader access to capital and the public profile to grow and accelerate shareholder
value creation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Defensible
Business Niche.</B> We will seek companies that have a leading or niche market position and that demonstrate advantages when compared
to their competitors, which may help to create barriers to entry against new competitors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Potential
for Stable Free Cash Flow.</B> We will seek to acquire a business that has historically generated, or has the near-term potential
to generate, strong and sustainable free cash flow.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these
general guidelines as well as other considerations, factors and criteria that our management may deem relevant. In the event that
we find an opportunity that has characteristics more compelling to us than the characteristics described above, we would pursue
such opportunity</P>

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

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

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering,
Nomura, an underwriter of this offering, intends to enter into a forward purchase agreement with us, which will provide for
the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as
described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu of
purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate
purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between
Nomura and us, to occur concurrently with the closing of our initial business combination. The decision to make such an
investment in other equity securities will not reduce the aggregate purchase price. However, Nomura will be excused from its
purchase obligation in connection with a specific business combination unless, within five business days following written
notice delivered by us of our intention to enter into such business combination, Nomura notifies us that it has decided to
proceed with the purchase in whole or in part. Nomura may decide not to proceed with the purchase for any reason, including,
without limitation, if it has determined that such purchase would constitute a conflict of interest. Nomura will also be
restricted from making purchases if they are in possession of any material nonpublic information not disclosed to the seller
or if such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as amended (the
&#8220;Exchange Act&#8221;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nasdaq rules&nbsp;require that we must
complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account)
at the time of our signing a definitive agreement in connection with our initial business combination. Our board of directors will
make the determination as to the fair market value of our initial business combination. If our board of directors is not able to
independently determine the fair market value of our initial business combination, we will obtain an opinion from an independent
investment banking firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction of such criteria.
While we consider it unlikely that our board of directors will not be able to make an independent determination of the fair market
value of our initial business combination, it may be unable to do so if it is less familiar or experienced with the business of
a particular target or if there is a significant amount of uncertainty as to the value of a target&#8217;s assets or prospects.</P>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will only complete an initial business
combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or
otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company
under the Investment Company Act of 1940, as amended, or the &#8220;Investment Company Act.&#8221; Even if the post-transaction
company owns or acquires 50% or more of the voting securities of the target, our stockholders prior to the initial business combination
may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us
in the initial business combination. For example, we could pursue a transaction in which we issue a substantial number of new shares
in exchange for all of the outstanding capital stock of a target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In this case, we would acquire a 100% controlling
interest in the target. However, as a result of the issuance of a substantial number of new shares, our stockholders immediately
prior to our initial business combination could own less than a majority of our outstanding shares subsequent to our initial business
combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the
post-transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into account
for purposes of Nasdaq&#8217;s 80% of net assets test. If the initial business combination involves more than one target business,
the 80% of net assets test will be based on the aggregate value of all of the transactions and we will treat the target businesses
together as the initial business combination for purposes of a tender offer or for seeking stockholder approval, as applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In evaluating prospective business combinations,
we expect to conduct a thorough due diligence review process that will encompass, among other things, a review of historical and
projected financial and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities
and assets, discussion with customers and suppliers, legal reviews and other reviews as we deem appropriate.</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, officers or directors. However, in the event we
seek to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The forward purchase
agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business combination, in whole
or in part, unless, within five business days following written notice delivered by us of our intention to enter into such business
combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not to proceed with the purchase
for any reason, including, without limitation, if it has determined that such purchase would constitute a conflict of interest.
Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount of commitments by third parties to purchase
our securities, if any, in private placements to occur concurrently with the closing of our initial business combination. The obligations
under the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of our Class&nbsp;A
common stock.</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his or her fiduciary or contractual
obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or contractual obligations
of our officers or directors will not materially affect our ability to complete our initial business combination. Our amended and
restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director
or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of
our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable
for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without violating another
legal obligation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive offices are located at 4218
NE 2nd Avenue,  Miami, Florida 33137 and our telephone number is (305) 573-3900. We are an &#8220;emerging growth company,&#8221;
as defined in Section&nbsp;2(a)&nbsp;of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), 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&nbsp;404 of the Sarbanes-Oxley
Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports
and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and
stockholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive
as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Section&nbsp;107 of the JOBS
Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section&nbsp;7(a)(2)(B)&nbsp;of
the Securities Act for complying with new or revised accounting standards. In other words, an 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.</P>

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

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

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

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>In deciding whether to invest in our
securities, you should take into account not only the backgrounds of the members of our management team, but also the special risks
we face as a blank check company and the fact that this offering is not being conducted in compliance with Rule&nbsp;419 promulgated
under the Securities Act. You will not be entitled to protections normally afforded to investors in Rule&nbsp;419 blank check offerings.
You should carefully consider these and the other risks set forth in the section of this prospectus entitled &#8220;Risk Factors.&#8221;</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%"><B>Securities offered</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 56%">20,000,000 units, at $10.00 per unit, each unit consisting of:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;one share of Class&nbsp;A common stock; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp; &nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;one-half of one redeemable warrant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Proposed Nasdaq symbols</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Units: &#8220;LCAPU&#8221; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Class&nbsp;A Common Stock: &#8220;LCAP&#8221;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Warrants: &#8220;LCAPW&#8221;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><B>Trading commencement and <BR>
separation of Class&nbsp;A common stock and warrants</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>The units will begin trading on or promptly after the date of this prospectus. We expect the Class&nbsp;A common stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless the underwriters inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. Once the shares of Class&nbsp;A common stock and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of Class&nbsp;A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants issuable to you upon separation of the units will be rounded down to the nearest whole number of warrants.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>In no event will the Class&nbsp;A common stock and warrants be traded separately until we have filed a Current Report on Form&nbsp;8-K with the SEC containing an audited balance sheet reflecting our receipt of the net proceeds at the closing of this offering. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering, which is anticipated to take place three business days from the date of this prospectus. If the underwriters&#8217; over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the underwriters&#8217; over-allotment option.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%"><B>Units:</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number outstanding before this offering</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>0</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number outstanding after this offering</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>20,650,000<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Common stock:</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number outstanding before this offering</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>5,750,000 shares of Class&nbsp;B common stock<SUP>(2)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Number outstanding after this offering</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>25,650,000 shares of Class&nbsp;A common stock and Class&nbsp;B common stock<SUP>(1)(3)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Redeemable warrants:</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Number of private warrants to be sold as part of private placement units in a private placement closing simultaneously with this offering</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>325,000<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">Number of warrants to be outstanding after the private placement and this offering</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>10,325,000<SUP>(1)</SUP></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Exercisability</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Each whole warrant is exercisable to purchase one share of our Class&nbsp;A common stock and only whole warrants are exercisable. We structured each unit to contain one-half of one redeemable warrant, with each whole warrant exercisable for one share of Class&nbsp;A common stock, as compared to units issued by some other similar blank check companies which contain whole warrants exercisable for one whole share, in order to reduce the dilutive effect of the warrants upon completion of an initial business combination as compared to units that each contain a warrant to purchase one whole share, thus making us, we believe, a more attractive initial business combination partner for target businesses.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 30px">(1)</TD>
    <TD STYLE="vertical-align: bottom">Assumes no exercise of the underwriters&#8217; over-allotment option, and includes, accordingly, an aggregate of 650,000 private placement units sold concurrently with the closing of this offering and the forfeiture by our sponsor of 750,000 founder shares.</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; width: 30px">(2)</TD>
    <TD STYLE="vertical-align: bottom">Includes up to 750,000 shares that are subject to forfeiture by our sponsor depending on the extent to which the underwriters&#8217; over-allotment option is exercised.</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; width: 30px">(3)</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">Comprised of 20,650,000 shares of Class&nbsp;A common stock and 5,000,000 shares of Class&nbsp;B common stock (or founder shares). The Class&nbsp;B common stock is convertible into shares of our Class&nbsp;A common stock on a one-for-one basis, subject to adjustment as described below adjacent to the caption &#8220;Founder shares conversion and anti-dilution rights.&#8221;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Exercise price</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">$11.50 per share, subject to adjustment as described herein. In addition, if we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares held by them, as applicable, prior to such issuance) (the &#8220;newly issued price&#8221;), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Exercise period</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>The warrants will become exercisable on the later of:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;30 days after the completion of our initial business combination, or</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt; width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 3pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt; width: 64%"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;12 months from the closing of this offering;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>provided in each case that we have an effective registration statement under the Securities Act covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>We are not registering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 30 days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants and thereafter will use our best efforts to cause the same to become effective within 60 business days following our initial business combination and to maintain a current prospectus relating to those shares of Class&nbsp;A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants is not effective by the 60<SUP>th</SUP> business day after the closing of our initial business combination, warrantholders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>The warrants will expire at 5:00 p.m., New York City time, five years after the completion of our initial business combination or earlier upon redemption or liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the trust account.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><B>Redemption of warrants</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private warrants):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD STYLE="width: 62%">in whole and not in part;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD>at a price of $0.01 per warrant;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD>upon a minimum of 30 days&#8217; prior written notice of redemption, which we refer to as the 30-day redemption period; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-left: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD>if, and only if, the last reported sale price of our Class&nbsp;A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20&nbsp;trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrantholders.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">We will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class&nbsp;A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of Class&nbsp;A common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in this offering.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>If we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a &#8220;cashless basis.&#8221; In determining whether to require all holders to exercise their warrants on a &#8220;cashless basis,&#8221; our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class&nbsp;A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of Class&nbsp;A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &#8220;fair market value&#8221; (defined below) by (y)&nbsp;the fair market value. The &#8220;fair market value&#8221; shall mean the average last reported sale price of the Class&nbsp;A common stock for the 10&nbsp;trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Please see the section of this prospectus entitled &#8220;Description of Securities &#8212; Redeemable Warrants &#8212; Public Stockholders&#8217; Warrants&#8221; for additional information.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>None of the private warrants will be redeemable by us so long as they are held by the sponsor, Nomura or their permitted transferees.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Private placement at initial business combination</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">Nomura intends to enter into a forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. Any funds received by us from the sale of forward purchase shares may be used as part of the consideration to the sellers in the initial business combination. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Forward financing</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Nomura has also indicated its intent, if so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination, subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination. The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Founder shares</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>In January&nbsp;2020, our sponsor purchased 5,000,000 founder shares for an aggregate purchase price of $25,000, or
    approximately $0.005 per share. The per share purchase price of the founder shares was determined by dividing the amount of
    cash contributed to the company by the aggregate number of founder shares issued. Subsequently, in February&nbsp;2020, we
    declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000 shares being issued and outstanding. In
    July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of approximately $0.005 per share.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">The number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the outstanding shares after this offering (excluding the private shares). As such, our initial stockholders (including Nomura) will collectively own 22.03% of our issued and outstanding shares after this offering (including the private shares and assuming they do not purchase any units in this offering). Neither our sponsor nor any of our officers or directors have expressed an intention to purchase any units in this offering. Up to 750,000 founder shares will be subject to forfeiture by our sponsor depending on the extent to which the underwriters&#8217; over-allotment option is exercised so that our initial stockholders will maintain ownership of 20% of our common stock after this offering (excluding the private shares). We will effect a stock dividend or share contribution prior to this offering should the size of the offering change, in order to maintain such ownership percentage.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">The founder shares are identical to the shares of Class&nbsp;A common stock included in the units being sold in this offering, except that:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;&#8239; <FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 62%">the founder shares are shares of Class&nbsp;B common stock that automatically convert into shares of our Class&nbsp;A common stock at the time of our initial business combination, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD>the founder shares are subject to certain transfer restrictions, as described in more detail below;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&nbsp; <FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;</TD>
    <TD>our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to
    (i)&nbsp;waive their redemption rights with respect to their founder shares, private shares and public shares in connection
    with the completion of our initial business combination, (ii)&nbsp;waive their redemption rights with respect to their
    founder shares, private shares and public shares in connection with a stockholder vote to approve an amendment to our amended
    and restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our obligation to redeem 100% of our
    public shares if we do not complete our initial business combination within 18 months from the closing of this offering or
    (B)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or pre-initial business combination
    activity and (iii)&nbsp;waive their rights to liquidating distributions from the trust account with respect to their private
    shares and founder shares if we fail to complete our initial business combination within 18 months from the closing of this
    offering, although they will be entitled to liquidating distributions from the trust account with respect to any public
    shares they hold if we fail to complete our initial business combination within the prescribed time frame. Permitted
    transferees of the founder shares held by our sponsor, officers, directors and Nomura would be subject to the same
    restrictions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;&#8239;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 62%">our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private shares held by them and any public shares purchased during or after this offering (including in open market and privately negotiated transactions) in favor of our initial business combination. If we submit our initial business combination to our public stockholders for a vote, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. As a result, in addition to the founder shares and private shares held by our sponsor, officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised). In the event that Nomura purchases public shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders would be required to approve our initial business combination, depending on the number of shares that are present at the meeting to approve such transaction; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the founder shares are entitled to registration rights.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Transfer restrictions on founder shares</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">Our initial stockholders have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (A)&nbsp;six months after the completion of our initial business combination or (B)&nbsp;subsequent to our initial business combination, (x)&nbsp;if the last reported sale price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30&nbsp;days after our initial business combination, or (y)&nbsp;the date on which we complete a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property (except as described herein under the section of this prospectus entitled &#8220;Principal Stockholders &#8212; Restrictions on Transfers of Founder Shares and Private Placement Units&#8221;). Any permitted transferees will be subject to the same restrictions with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Founder shares conversion and anti-dilution rights</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">The shares of Class&nbsp;B common stock will automatically convert into shares of our Class&nbsp;A common stock at the time of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class&nbsp;A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial business combination, the ratio at which shares of Class&nbsp;B common stock shall convert into shares of Class&nbsp;A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class&nbsp;B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class&nbsp;A common stock issuable upon conversion of all shares of Class&nbsp;B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of this offering plus all shares of Class&nbsp;A common stock and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business combination, the private placement units and any private placement-equivalent units issued to our sponsor or its affiliates upon conversion of loans made to us or any securities issued pursuant to the forward purchase agreement). Holders of founder shares may also elect to convert their shares of Class&nbsp;B common stock into an equal number of shares of Class&nbsp;A common stock, subject to adjustment as provided above, at any time. The term &#8220;equity-linked securities&#8221; refers to any debt or equity securities that are convertible, exercisable or exchangeable for shares of Class&nbsp;A common stock issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt. Securities could be &#8220;deemed issued&#8221; for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Voting rights</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Holders of the Class&nbsp;A common stock and holders of the Class&nbsp;B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each share of common stock entitling the holder to one vote.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Private placement units</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">Our sponsor and Nomura have committed, pursuant to written agreements, to purchase an aggregate of 650,000 private placement units at $10.00 per unit in a private placement that will close simultaneously with this offering.&nbsp;&nbsp;Among the private placement units, 595,000 units will be purchased by our sponsor and 55,000 units will be purchased by Nomura.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 64%; padding-top: 3pt; padding-bottom: 2.25pt">A portion of the purchase price of the private placement
    units will be added to the proceeds of this offering to be held in the trust account described below.&nbsp;&nbsp;If we do not
    complete our initial business combination within 18 months from the closing of this offering, the proceeds from the sale of
    the private placement units held in the trust account will be used to fund the redemption of our public shares (subject to
    the requirements of applicable law) and the warrants included in the private placement units will expire
    worthless.&nbsp;&nbsp;The private placement units are identical to the units sold in this offering, except that, so long as
    they are held by the initial purchasers of the private placement units or their permitted transferees, (i)&nbsp;the private
    shares and the private warrants (including the Class&nbsp;A common stock issuable upon the exercise of the private warrants)
    may not be transferred, assigned or sold until 30 days after the completion of our initial business combination,
    (ii)&nbsp;the private warrants will not be redeemable by us and (iii)&nbsp;the private warrants may be exercised by the
    holders for cash or on a cashless basis, as described in this prospectus.&nbsp;If the warrants included in the private
    placement units are held by holders other than our sponsor, Nomura or any of their permitted transferees, then the warrants
    included in the private placement units will be redeemable by us and exercisable by the holders on the same basis as the
    public warrants.&nbsp;&nbsp;In the event of a liquidation prior to our initial business combination, the warrants included in
    the private placement units will expire worthless.&nbsp;&nbsp;Units purchased by Nomura are deemed underwriters&#8217;
    compensation by FINRA pursuant to Rule&nbsp;5110 of the FINRA Manual.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><B>Transfer restrictions on private placement units</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">The private placement units and their component securities will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except as described under the section of this prospectus entitled &#8220;Principal Stockholders &#8212; Restrictions on Transfers of Founder Shares and Private Placement Units&#8221;).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Proceeds to be held in trust account</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Nasdaq rules&nbsp;provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units be deposited in a trust account. Of the net proceeds of this offering and the sale of the private placement units, $200,000,000, or $10.00 per unit ($230,000,000, or $10.00 per unit, if the underwriters&#8217; over-allotment option is exercised in full), will be placed into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee. These proceeds include $7.0 million (or $8.05 million if the underwriters&#8217; over-allotment option is exercised in full) in deferred underwriting commissions.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Except with respect to interest earned on the funds held in the trust account that may be released to us to
    pay our tax obligations (less up to $100,000 interest to pay dissolution expenses), the proceeds from this offering and the
    sale of the private placement units will not be released from the trust account until the earliest of (a)&nbsp;the completion
    of our initial business combination, (b)&nbsp;the redemption of any public shares properly submitted in connection with a
    stockholder vote to amend our amended and restated certificate of incorporation (i)&nbsp;to modify the substance or timing of
    our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
    from the closing of this offering or (ii)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or
    pre-business combination activity, and (c)&nbsp;the redemption of our public shares if we are unable to complete our initial
    business combination within 18 months from the closing of this offering, subject to applicable law. The proceeds deposited in
    the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of
    our public stockholders.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><B>Anticipated expenses and funding<BR>
sources</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Except as described above with respect to the payment of taxes, unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use. The proceeds held in the trust account will be invested only in U.S. government securities with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. We will disclose in each quarterly and annual report filed with the SEC prior to our initial business combination whether the proceeds deposited in the trust account are invested in U.S. government treasury obligations or money market funds or a combination thereof. Based upon current interest rates, we expect the trust account to generate approximately $3.0 million of interest annually assuming an interest rate of 1.5% per year; however, we can provide no assurances regarding this amount. Unless and until we complete our initial business combination, we may pay our expenses only from:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the net proceeds of this offering and the sale of the private placement units not held in the trust account, which will be approximately $1,750,000 in working capital after the payment of approximately $750,000 in expenses relating to this offering; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 62%">any loans or additional investments from our sponsor, members of our management team or their affiliates or other third parties, although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of an initial business combination.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-left: 9pt; text-indent: -9pt"><B>Conditions to completing our initial business combination</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">Nasdaq rules&nbsp;require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account) at the time of our signing a definitive agreement in connection with our initial business combination. Our board of directors will make the determination as to the fair market value of our initial business combination. If our board of directors is not able to independently determine the fair market value of our initial business combination, we will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction of such criteria. While we consider it unlikely that our board of directors will not be able to make an independent determination of the fair market value of our initial business combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a significant amount of uncertainty as to the value of a target&#8217;s assets or prospects. There is no limitation on our ability to raise funds privately or through loans in connection with our initial business combination. We will only complete an initial business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our stockholders prior to the initial business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in the initial business combination. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our stockholders immediately prior to our initial business combination could own less than a majority of our outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into account for purposes of Nasdaq&#8217;s 80% of net assets test. If the initial business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the transactions and we will treat the target businesses together as the initial business combination for purposes of a tender offer or for seeking stockholder approval, as applicable.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-left: 9pt; text-indent: -9pt"><B>Permitted purchases of public shares and public warrants by our affiliates</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our initial stockholders, directors, officers, advisors or their affiliates may purchase public shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. There is no limit on the number of shares our initial stockholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and Nasdaq rules. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules&nbsp;under the Exchange Act or a going-private transaction subject to the going-private rules&nbsp;under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Any such purchases will be reported pursuant to Section&nbsp;13 and Section&nbsp;16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. None of the funds held in the trust account will be used to purchase public shares or public warrants in such transactions prior to completion of our initial business combination. See &#8220;Proposed Business &#8212; Permitted purchases of our securities&#8221; for a description of how our initial stockholders, directors, officers, advisors or any of their affiliates will select which stockholders to purchase securities from in any private transaction. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>The purpose of any such purchases of shares could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection with our initial business combination. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public &#8220;float&#8221; of our shares of Class&nbsp;A common stock or warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-left: 9pt; text-indent: -9pt"><B>Redemption rights for public stockholders upon completion of our initial business combination</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the trust account will initially be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Our sponsor, officers, directors and Nomura have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private shares and any public shares they may acquire during or after this offering in connection with the completion of our initial business combination or otherwise.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>We may require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &#8220;street name,&#8221; to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company&#8217;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&#8217;s option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Manner of conducting redemptions</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination either (i)&nbsp;in connection with a stockholder meeting called to approve the initial business combination or (ii)&nbsp;by means of a tender offer.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>The decision as to whether we will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek stockholder approval under the law or stock exchange listing requirements. Under Nasdaq rules, asset acquisitions and stock purchases would not typically require stockholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our amended and restated certificate of incorporation would require stockholder approval. We may conduct redemptions without a stockholder vote pursuant to the tender offer rules&nbsp;of the SEC unless stockholder approval is required by law or stock exchange listing requirements or we choose to seek stockholder approval for business or other legal reasons. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with such rules.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">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, pursuant to our amended and restated certificate of incorporation:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 61%">conduct the redemptions pursuant to Rule&nbsp;13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 61%">file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above. Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in accordance with Rule&nbsp;10b5-1 to purchase shares of our Class&nbsp;A common stock in the open market, in order to comply with Rule&nbsp;14e-5 under the Exchange Act.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule&nbsp;14e-1(a)&nbsp;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 redeem public shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters&#8217; fees and commissions (so that we are not subject to the SEC&#8217;s &#8220;penny stock&#8221; 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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">If, however, stockholder approval of the transaction is required by law or stock exchange listing requirements, or we decide to obtain stockholder approval for business or other legal reasons, we will:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 61%">conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD>file proxy materials with the SEC.</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting. Our initial stockholders (including Nomura) will count towards this quorum, and our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private shares held by them and any public shares purchased during or after this offering (including in open market and privately negotiated transactions) in favor of our initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. As a result, in addition to the founder shares and private shares held by our sponsor, officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised). Any forward purchase shares issued by us to Nomura will not be entitled to vote on our initial business combination since those shares will not be issued until the closing of such transaction, although Nomura may elect to purchase (and vote) shares from existing stockholders.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>We intend to give prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our sponsor, officers and directors, may make it more likely that we will consummate our initial business combination. Each public stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>We may require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &#8220;street name,&#8221; to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically. We believe that this will allow our transfer agent to efficiently process any redemptions without the need for further communication or action from the redeeming public stockholders, which could delay redemptions and result in additional administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company, we will promptly return any certificates delivered, or shares tendered electronically, by public stockholders who elected to redeem their shares.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">Our amended and restated certificate of incorporation will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters&#8217; fees and commissions (so that we are not subject to the SEC&#8217;s &#8220;penny stock&#8221; rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed initial business combination may require: (i)&nbsp;cash consideration to be paid to the target or its owners, (ii)&nbsp;cash to be transferred to the target for working capital or other general corporate purposes or (iii)&nbsp;the retention of cash to satisfy other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration we would be required to pay for all shares of Class&nbsp;A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class&nbsp;A common stock submitted for redemption will be returned to the holders thereof.</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; width: 35%"><B>Limitation on redemption rights of stockholders holding 15% or more of the shares sold in this offering if we hold stockholder vote</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">Notwithstanding the foregoing redemption rights, if we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &#8220;group&#8221; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, without our prior consent. We believe the restriction described above will discourage stockholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public stockholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights against an initial business combination if such holder&#8217;s shares are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting our stockholders&#8217; ability to redeem to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with an initial business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders&#8217; ability to vote all of their shares (including all shares held by those stockholders that hold more than 15% of the shares sold in this offering) for or against our initial business combination.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 10pt; padding-left: 9pt; text-indent: -9pt"><B>Redemption rights in connection with proposed amendments to our certificate of incorporation</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">Our amended and restated certificate of incorporation provides that any of its provisions related to
    pre-business combination activity (including the requirement to deposit proceeds of this offering and the private placement
    of warrants into the trust account and not release such amounts except in specified circumstances, and to provide redemption
    rights to public stockholders as described herein) may be amended if approved by holders of 65% of our common stock entitled
    to vote thereon, and corresponding provisions of the trust agreement governing the release of funds from our trust account
    may be amended if approved by holders of 65% of our common stock entitled to vote thereon. In all other instances, our
    amended and restated certificate of incorporation may be amended by holders of a majority of our outstanding common stock
    entitled to vote thereon, subject to applicable provisions of the Delaware General Corporation Law, or DGCL, or applicable
    stock exchange rules. Under our amended and restated certificate of incorporation, we may not issue additional securities
    that can vote on amendments to our amended and restated certificate of incorporation or on our initial business combination
    or that would entitle holders thereof to receive funds from the trust account. Our initial stockholders (including Nomura),
    who will collectively beneficially own 22.03% of our common stock upon the closing of this offering (including the private
    shares and assuming they do not purchase any units in this offering), will participate in any vote to amend our amended and
    restated certificate of incorporation and/or trust agreement and will have the discretion to vote in any manner they choose.
    Our sponsor, officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will
    not propose any amendment to our amended and restated certificate of incorporation (i)&nbsp;to modify the substance or timing
    of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
    from the closing of this offering or (ii)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or
    pre-business combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of
    Class&nbsp;A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
    amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable) divided by the
    number of then outstanding public shares. Our sponsor, officers, directors and Nomura have entered into a letter agreement
    with us pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private
    shares and any public shares held by them in connection with the completion of our initial business combination.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; padding-right: 10pt; padding-left: 9pt; text-indent: -9pt"><B>Release of funds in trust account on closing of our initial business combination</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">On the completion of our initial business combination, the funds held in the trust account will be used to pay amounts due to any public stockholders who exercise their redemption rights as described above under &#8220;Redemption rights for public stockholders upon completion of our initial business combination.&#8221; We will use the remaining funds to pay the underwriters their deferred underwriting commissions, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 10pt; padding-left: 9pt; text-indent: -9pt"><B>Redemption of public shares and distribution and liquidation if no initial business combination</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Our amended and restated certificate of incorporation provides that we will have only 18 months from the closing of this
    offering to complete our initial business combination. If we are unable to complete our initial business combination within
    such 18 month period, we will: (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as
    reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable
    in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in
    the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution
    expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public
    stockholders&#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 our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our
    obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be
    no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to
    complete our initial business combination within the 18 month time period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Our sponsor, officers, directors and Nomura have agreed to waive their rights to liquidating distributions
    from the trust account with respect to any founder shares and private shares held by them if we fail to complete our initial
    business combination within 18 months from the closing of this offering. However, if our sponsor, officers and directors
    acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account
    with respect to such public shares if we fail to complete our initial business combination within the allotted 18-month time
    period. The underwriters have agreed to waive their rights to their deferred underwriting commission held in the trust
    account in the event we do not complete our initial business combination within 18 months from the closing of this offering
    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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Limited payments to insiders</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">There will be no finder&#8217;s fees, reimbursement, consulting fee, non-cash payments, monies in respect of any payment of a loan or other compensation paid by us to our sponsor, officers or directors, or any affiliate of our sponsor or officers prior to, or in connection with any services rendered in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is). However, the following payments will be made to our sponsor, officers or directors, or our or their affiliates, none of which will be made from the proceeds of this offering and the sale of the private placement units held in the trust account prior to the completion of our initial business combination:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 61%">repayment of up to an aggregate of $300,000 in loans made to
us by our sponsor to cover offering-related and organizational expenses;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;&#8239;&#8239;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 61%">payment to our sponsor of $15,000 per month, for up to 18 months,
for office space, utilities and secretarial and administrative support;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&#8239;&#8239;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp; <P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">the potential payment of a finder&rsquo;s fee to one or more
independent directors to the extent such director(s) render services in connection with locating the target business with which
a successful business combination transaction is consummated;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&#8239;&#8239;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">reimbursement for any out-of-pocket expenses related to identifying, investigating
and completing an initial business combination; and</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;&#8239;&#8239;<FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD>repayment of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units. The terms of such working capital loans by our sponsor or its affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 62%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Audit Committee</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">We will establish and maintain an audit committee, which will be composed entirely of independent directors to, among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to immediately take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section of this prospectus entitled &#8220;Management &#8212; Committees of the Board of Directors &#8212; Audit Committee.&#8221;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Indemnity</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor&#8217;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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Conflicts of interest</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2">Nomura may acquire more than 10% of our outstanding shares. This offering is being made in compliance with the applicable provisions of FINRA Rule&nbsp;5121. Nomura will not make sales to discretionary accounts without the prior written approval of the account holder. In addition, a &#8220;qualified independent underwriter,&#8221; as defined in FINRA Rule&nbsp;5121, will participate in the preparation of the registration statement and exercise its usual standards of due diligence with respect thereto. Cantor is assuming the responsibilities of acting as the qualified independent underwriter in this offering and is undertaking the legal responsibilities and liabilities of an underwriter under the Securities Act, which specifically include those inherent in Section&nbsp;11 thereunder. Cantor will not receive any additional fees for serving as qualified independent underwriter in connection with this offering.</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"></P>

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&nbsp;419 promulgated under the Securities Act. Accordingly, you will not be entitled to
protections normally afforded to investors in Rule&nbsp;419 blank check offerings. For additional information concerning how Rule&nbsp;419
blank check offerings differ from this offering, please see the section of this prospectus entitled &#8220;Proposed Business &#8212;
Comparison of This Offering to Those of Blank Check Companies Subject to Rule&nbsp;419.&#8221; You should carefully consider these
and the other risks set forth in the section of this prospectus entitled &#8220;Risk Factors&#8221; beginning on page&nbsp;32 of
this prospectus.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>March&nbsp;31, <BR>
2020</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>December&nbsp;31, <BR>
2019</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>(Unaudited)</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>(Audited)</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Balance Sheet Data:</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%">Working capital (deficiency)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">(86,243</TD>
    <TD STYLE="width: 1%">)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">(27,171</TD>
    <TD STYLE="width: 1%">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Total assets</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">138,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">26,171</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>Total liabilities</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">114,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">27,171</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD>Stockholder&#8217;s equity (deficit)</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">24,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">(1,000</TD>
    <TD>)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_007"></A><B>RISK FACTORS</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our independent registered public accounting
firm&#8217;s report contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a &#8220;going
concern.&#8221;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of March&nbsp;31, 2020, we had
$28,378 in cash and a working capital deficit of $86,243. Further, we have incurred and expect to continue to incur
significant costs in pursuit of our finance and acquisition plans. Management&#8217;s plans to address this need for capital
through this offering are discussed in the section of this prospectus titled <I>&#8220;Management&#8217;s Discussion and
Analysis of Financial Condition and Results of Operations.&#8221;</I> We cannot assure you that our plans to raise capital or
to consummate an initial business combination will be successful. These factors, among others, raise substantial doubt about
our ability to continue as a going concern. The financial statements contained elsewhere in this prospectus do not include
any adjustments that might result from our inability to consummate this offering or our inability to continue as a going
concern.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The outbreak of the COVID-19 coronavirus
has resulted in a widespread health crisis that has adversely affected the economies and financial markets worldwide. 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, if the target company&#8217;s personnel, vendors and service providers are unavailable to negotiate
and consummate a transaction in a timely manner, or if COVID-19 causes a prolonged economic downturn. The extent to which COVID-19
impacts our search for a business combination will depend on future developments, which are highly uncertain and cannot be predicted,
including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its
impact, among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period
of time, our ability to consummate a business combination, or the operations of a target business with which we ultimately consummate
a business combination, may be materially adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our ability to consummate a
business combination may be dependent on the ability to raise equity and debt financing which may be impacted by COVID-19 and other
events.</P>

<P STYLE="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 public stockholders may not be afforded an opportunity
to vote on our proposed initial business combination, which means we may complete our initial business combination even though
a majority of our public stockholders do not support such a combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may choose not to hold a stockholder
vote to approve our initial business combination unless the initial business combination would require stockholder approval under
applicable law or stock exchange listing requirements or if we decide to hold a stockholder vote for business or other legal reasons.
Except as required by law, the decision as to whether we will seek stockholder approval of a proposed initial business combination
or will allow stockholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will
be based on a variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise
require us to seek stockholder approval. Accordingly, we may complete our initial business combination even if holders of a majority
of our public shares do not approve of the initial business combination we complete. Please see the section of this prospectus
entitled &#8220;Proposed Business &#8212; Stockholders May&nbsp;Not Have the Ability to Approve Our Initial Business Combination&#8221;
for additional information.</P>

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

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

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we seek stockholder approval of our initial business combination,
our sponsor, officers and directors and Nomura have agreed to vote in favor of such initial business combination, regardless of
how our public stockholders vote.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor, officers, directors and Nomura
have agreed to vote any founder shares and private shares held by them, as well as any public shares purchased during or after
this offering (including in open market and privately negotiated transactions), in favor of our initial business combination. As
a result, in addition to the founder shares and private shares held by our sponsor, officers, directors and Nomura, we may need
only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in this offering to be voted in favor of an initial
business combination (assuming only a quorum is present at the shareholders meeting) in order to have our initial business combination
approved (assuming the over-allotment option is not exercised). Any forward purchase shares issued by us to Nomura will not be
entitled to vote on our initial business combination since those shares will not be issued until the closing of such transaction,
although Nomura may elect to purchase (and vote) shares from existing stockholders. Our initial stockholders (including Nomura)
will own shares representing 22.03% of our outstanding shares of common stock immediately following the completion of this offering
(including the private shares and assuming they do not purchase any units in this offering). Accordingly, if we seek stockholder
approval of our initial business combination, the agreement by our sponsor, officers, directors and Nomura to vote in favor of
our initial business combination will increase the likelihood that we will receive the requisite stockholder approval for such
initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the time of your investment in us, you
will not be provided with an opportunity to evaluate the specific merits or risks of our initial business combination. Since our
board of directors may complete an initial business combination without seeking stockholder approval, public stockholders may not
have the right or opportunity to vote on the initial business combination, unless we seek such stockholder vote.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, if we do not seek stockholder
approval, your only opportunity to affect the investment decision regarding a potential business combination may be limited to
exercising your redemption rights within the period of time (which will be at least 20 business days) set forth in our tender offer
documents mailed to our public stockholders in which we describe our initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may seek to enter into an initial business
combination agreement with a prospective target that requires as a closing condition that we have a minimum net worth or a certain
amount of cash. While we may have access to proceeds from the forward purchase agreement with Nomura, if too many public stockholders
exercise their redemption rights, we would not be able to meet such closing condition and, as a result, would not be able to proceed
with the initial business combination. Furthermore, in no event will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters&#8217;
fees and commissions (so that we are not subject to the SEC&#8217;s &#8220;penny stock&#8221; rules) or any greater net tangible
asset or cash requirement which may be contained in the agreement relating to our initial business combination. Consequently, if
accepting all properly submitted redemption requests would cause our net tangible assets to be less than $5,000,001 upon consummation
of our initial business combination and after payment of underwriters&#8217; fees and commissions or such greater amount necessary
to satisfy a closing condition as described above, we would not proceed with such redemption and the related business combination
and may instead search for an alternate business combination. Prospective targets will be aware of these risks and, thus, may be
reluctant to enter into an initial business combination with us.</P>

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

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

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

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

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

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

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may not be able to complete our initial business combination
within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would
redeem our public shares and liquidate, in which case our public stockholders may only receive $10.00 per share, or less than such
amount in certain circumstances, and our warrants will expire worthless.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate
of incorporation provides that we must complete our initial business combination within 18 months from the closing of this
offering. We may not be able to find a suitable target business and complete our initial business combination within such
time period. If we have not completed our initial business combination within such time period, we will: (i)&nbsp;cease all
operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten business
days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account including interest earned on the funds held in the trust account and not previously released to
us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders&#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 our remaining stockholders and our board of
directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of
creditors and the requirements of other applicable law. In such case, our public stockholders may only receive $10.00 per
share, and our warrants will expire worthless. In certain circumstances, our public stockholders may receive less than $10.00
per share on the redemption of their shares. See &#8220;&#8212; If third parties bring claims against us, the proceeds held
in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share&#8221; and other risk factors below.</P>

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

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

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we seek stockholder approval of our initial business combination,
our sponsor, directors, officers, advisors and their affiliates may elect to purchase shares or warrants from public stockholders,
which may influence a vote on a proposed initial business combination and reduce the public &#8220;float&#8221; of our Class&nbsp;A
common stock.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we seek stockholder approval of our
initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our sponsor, directors, officers, advisors or their affiliates may purchase public shares or public warrants
or a combination thereof in privately negotiated transactions or in the open market either prior to or following the completion
of our initial business combination, although they are under no obligation to do so. However, they have no current commitments,
plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. None
of the funds in the trust account will be used to purchase public shares or public warrants in such transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Such a purchase may include a
contractual acknowledgement that such stockholder, although still the record holder of our shares is no longer the beneficial
owner thereof and therefore agrees not to exercise its redemption rights. In the event that our sponsor, directors, officers,
advisors or their affiliates purchase shares in privately negotiated transactions from public stockholders who have already
elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to
redeem their shares. The purpose of such purchases could be to vote such shares in favor of the initial business combination
and thereby increase the likelihood of obtaining stockholder approval of the initial business combination, or to satisfy a
closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at
the closing of our initial business combination, where it appears that such requirement would otherwise not be met. The
purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such
warrants on any matters submitted to the warrantholders for approval in connection with our initial business combination. Any
such purchases of our securities may result in the completion of our initial business combination that may not otherwise have
been possible. Any such purchases will be reported pursuant to Section&nbsp;13 and Section&nbsp;16 of the Exchange Act to the
extent such purchasers are subject to such reporting requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if such purchases are made,
the public &#8220;float&#8221; of our Class&nbsp;A common stock or public warrants and the number of beneficial holders of our
securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our securities
on a national securities exchange.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will comply with the tender offer rules&nbsp;or
proxy rules, as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance
with these rules, if a stockholder fails to receive our tender offer or proxy materials, as applicable, such stockholder may not
become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents, as applicable, that
we will furnish to holders of our public shares in connection with our initial business combination will describe the various procedures
that must be complied with in order to validly tender or redeem public shares. For example, we may require our public stockholders
seeking to exercise their redemption rights, whether they are record holders or hold their shares in &#8220;street name,&#8221;
to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such
holders, or up to two business days prior to the vote on the proposal to approve the initial business combination in the event
we distribute proxy materials, or to deliver their shares to the transfer agent electronically. In the event that a stockholder
fails to comply with these or any other procedures, its shares may not be redeemed. See the section of this prospectus entitled
&#8220;Proposed Business &#8212; Redemption Rights for Public Stockholders upon Completion of our Initial Business Combination
&#8212; Tendering Stock Certificates in Connection with a Tender Offer or Redemption Rights.&#8221;</P>

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

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

<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our public stockholders will be
entitled to receive funds from the trust account only upon the earliest to occur of: (i)&nbsp;our completion of an initial
business combination, and then only in connection with those shares of Class&nbsp;A common stock that such stockholder
properly elected to redeem, subject to the limitations described herein, (ii)&nbsp;the redemption of any public shares
properly submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation
(A)&nbsp;to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our
initial business combination within 18 months from the closing of this offering or (B)&nbsp;with respect to any other
provision relating to stockholders&#8217; rights or pre-initial business combination activity and (iii)&nbsp;the redemption
of our public shares if we are unable to complete an initial business combination within 18 months from the closing of this
offering, subject to applicable law and as further described herein. In no other circumstances will a public stockholder have
any right or interest of any kind in the trust account. Holders of warrants will not have any right to the proceeds held in
the trust account with respect to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your
public shares or warrants, potentially at a loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nasdaq may delist our securities from trading on its exchange,
which could limit investors&#8217; ability to make transactions in our securities and subject us to additional trading restrictions.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have applied to have our units listed
on Nasdaq. We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus. Following the date
the shares of our Class&nbsp;A common stock and warrants are eligible to trade separately, we anticipate that the shares of our
Class&nbsp;A common stock and warrants will be separately listed on Nasdaq. We cannot guarantee that our securities will be approved
for listing on Nasdaq. Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial
listing standards set forth in the Nasdaq listing standards, we cannot assure you that our securities will be, or will continue
to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing our securities
on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and stock price levels. Generally,
we must maintain a minimum amount in stockholders&#8217; equity (generally $2,500,000) and a minimum number of holders of our securities
(generally 300 public holders). Additionally, in connection with our initial business combination, we will be required to demonstrate
compliance with Nasdaq&#8217;s initial listing requirements, which are more rigorous than Nasdaq&#8217;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&#8217; equity would generally be required to be at least $5.0 million. Further,
recent Nasdaq rules&nbsp;changes that went into effect in August&nbsp;2019 may make it more difficult to maintain our listing after
our business combination. Under these new rules, restricted securities, including those subject to a contractual lock-up, will
not count toward the $5.0 million stockholder equity minimum. Additionally, we would be required to have a minimum of 300 round
lot holders (with at least 50% of such round lot holders holding securities with a market value of at least $2,500) of our securities.
We cannot assure you that we will be able to meet those initial listing requirements at that time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If Nasdaq delists our securities from trading
on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could
be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">a limited availability of market quotations for our securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">reduced liquidity for our securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a determination that our Class&nbsp;A common stock is a &#8220;penny stock&#8221; which will require brokers trading in our Class&nbsp;A common stock to adhere to more stringent rules&nbsp;and possibly result in a reduced level of trading activity in the secondary trading market for our securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">a limited amount of news and analyst coverage; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">a decreased ability to issue additional securities or obtain additional financing in the future.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The National Securities Markets Improvement
Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which
are referred to as &#8220;covered securities.&#8221; Because we expect that our units and eventually our Class&nbsp;A common stock
and warrants will be listed on Nasdaq, our units, Class&nbsp;A common stock and warrants will be covered securities. Although the
states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies
if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale
of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict
the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view
blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities
of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities
and we would be subject to regulation in each state in which we offer our securities, including in connection with our initial
business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Since the net proceeds of this offering
and the sale of the private placement units are intended to be used to complete an initial business combination with a target business
that has not been identified, we may be deemed to be a &#8220;blank check&#8221; company under the United States securities laws.
However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this offering and the
sale of the private placement units and will file a Current Report on Form&nbsp;8-K, including an audited balance sheet demonstrating
this fact, we are exempt from rules&nbsp;promulgated by the SEC to protect investors in blank check companies, such as Rule&nbsp;419.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, investors will not be afforded
the benefits or protections of those rules. Among other things, this means our units will be immediately tradable and we may have
a longer period of time to complete our initial business combination than do companies subject to Rule&nbsp;419. Moreover, if this
offering were subject to Rule&nbsp;419, that rule&nbsp;would prohibit the release of any interest earned on funds held in the trust
account to us unless and until the funds in the trust account were released to us in connection with our completion of an initial
business combination. For a more detailed comparison of our offering to offerings that comply with Rule&nbsp;419, please see the
section of this prospectus entitled &#8220;Proposed Business &#8212; Comparison of This Offering to Those of Blank Check Companies
Subject to Rule&nbsp;419.&#8221;</P>

<P STYLE="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>If we seek stockholder approval of our initial business combination
and we do not conduct redemptions pursuant to the tender offer rules, and if you or a &#8220;group&#8221; of stockholders are deemed
to hold in excess of 15% of our Class&nbsp;A common stock, you will lose the ability to redeem all such shares in excess of 15%
of our Class&nbsp;A common stock.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we seek stockholder approval of
our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public
stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in
concert or as a &#8220;group&#8221; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from seeking
redemption rights with respect to more than an aggregate of 15% of the shares sold in this offering without our prior
consent, which we refer to as the &#8220;Excess Shares.&#8221; However, we would not be restricting our stockholders&#8217;
ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Your inability
to redeem the Excess Shares will reduce your influence over our ability to complete our initial business combination and you
could suffer a material loss on your investment in us if you sell Excess Shares in open market transactions. Additionally,
you will not receive redemption distributions with respect to the Excess Shares if we complete our initial business
combination. And as a result, you will continue to hold that number of shares exceeding 15% and, in order to dispose of such
shares, would be required to sell your stock in open market transactions, potentially at a loss.</P>

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

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

<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Because of our limited resources and the significant competition
for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we are
unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share on
our redemption of our public shares, or less than such amount in certain circumstances, and our warrants will expire worthless.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect to encounter intense competition
from other entities having a business objective similar to ours, including private investors (which may be individuals or investment
partnerships), other blank check companies and other entities competing for the types of businesses we intend to acquire. Many
of these individuals and entities are well-established and have extensive experience in identifying and effecting, directly or
indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess
greater technical, human and other resources or more industry knowledge than we do, and our financial resources will be relatively
limited when contrasted with those of many of these competitors. While we believe there are numerous target businesses we could
potentially acquire with the net proceeds of this offering and the sale of the private placement units, our ability to compete
with respect to the acquisition of certain target businesses that are sizable will be limited by our available financial resources.
This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore,
because we are obligated to pay cash for the shares of Class&nbsp;A common stock which our public stockholders redeem in connection
with our initial business combination, target companies will be aware that this may reduce the resources available to us for our
initial business combination. This may place us at a competitive disadvantage in successfully negotiating an initial business combination.
If we are unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per
share on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders
may receive less than $10.00 per share upon our liquidation. See &#8220;&#8212; If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share&#8221; and other risk factors below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If the net proceeds of this offering and the sale of the
private placement units not being held in the trust account are insufficient to allow us to operate for at least the next 18 months,
we may be unable to complete our initial business combination, in which case our public stockholders may only receive $10.00 per
share, or less than such amount in certain circumstances, and our warrants will expire worthless.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The funds available to us outside of the
trust account may not be sufficient to allow us to operate for at least the next 18 months, assuming that our initial business
combination is not completed during that time. We believe that, upon the closing of this offering, the funds available to us outside
of the trust account will be sufficient to allow us to operate for at least the next 18 months; however, we cannot assure you that
our estimate is accurate. Of the funds available to us, we could use a portion of the funds available to us to pay fees to consultants
to assist us with our search for a target business. We could also use a portion of the funds as a down payment or to fund a &#8220;no-shop&#8221;
provision (a provision in letters of intent or merger agreements designed to keep target businesses from &#8220;shopping&#8221;
around for transactions with other companies on terms more favorable to such target businesses) with respect to a particular proposed
initial business combination, although we do not have any current intention to do so. If we entered into a letter of intent or
merger agreement where we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit
such funds (whether as a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct
due diligence with respect to, a target business. If we are unable to complete our initial business combination, our public stockholders
may receive only approximately $10.00 per share on the liquidation of our trust account and our warrants will expire worthless.
In certain circumstances, our public stockholders may receive less than $10.00 per share upon our liquidation. See &#8220;&#8212;
If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption
amount received by stockholders may be less than $10.00 per share&#8221; and other risk factors below.</P>

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

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

<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Of the net proceeds of this offering and
the sale of the private placement units, only approximately $1.75 million will be available to us initially outside the trust account
to fund our working capital requirements. In the event that our offering expenses exceed our estimate of $750,000, we may fund
such excess with funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside the
trust account would decrease by a corresponding amount. The amount held in the trust account will not be impacted as a result of
such increase or decrease. Conversely, in the event that the offering expenses are less than our estimate of $750,000, the amount
of funds we intend to be held outside the trust account would increase by a corresponding amount. If we are required to seek additional
capital, we would need to borrow funds from our sponsor, management team or other third parties to operate or may be forced to
liquidate. None of our sponsor, members of our management team nor any of their affiliates is under any obligation to advance funds
to us in such circumstances. Any such advances would be repaid only from funds held outside the trust account or from funds released
to us upon completion of our initial business combination. Up to $1 million of such loans may be convertible into units, at a price
of $10.00 per unit at the option of the lender. The units would be identical to the private placement units. Prior to the completion
of our initial business combination, we do not expect to seek loans from parties other than our sponsor or an affiliate of our
sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to
seek access to funds in our trust account. If we are unable to obtain these loans, we may be unable to complete our initial business
combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to
us, we will be forced to cease operations and liquidate the trust account. Consequently, our public stockholders may only receive
approximately $10.00 per share on our redemption of our public shares, and our warrants will expire worthless. In certain circumstances,
our public stockholders may receive less than $10.00 per share on the redemption of their shares. See &#8220;&#8212; If third parties
bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by
stockholders may be less than $10.00 per share&#8221; and other risk factors below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Subsequent to the completion of our initial business combination,
we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant
negative effect on our financial condition, results of operations and our stock price, which could cause you to lose some or all
of your investment.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Even if we conduct extensive due diligence
on a target business with which we combine, we cannot assure you that this diligence will surface all material issues that may
be present inside a particular target business, that it would be possible to uncover all material issues through a customary amount
of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result of
these factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or other
charges that could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected
risks may arise and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even
though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of
this nature could contribute to negative market perceptions about us or our securities. In addition, charges of this nature may
cause us to violate net worth or other covenants to which we may be subject as a result of assuming pre-existing debt held by a
target business or by virtue of our obtaining debt financing to partially finance the initial business combination. Accordingly,
any stockholders who choose to remain stockholders following the initial business combination could suffer a reduction in the value
of their shares. Such stockholders are unlikely to have a remedy for such reduction in value unless they are able to successfully
claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary duty owed to them,
or if they are able to successfully bring a private claim under securities laws that the proxy solicitation or tender offer materials,
as applicable, relating to the initial business combination constituted an actionable material misstatement or omission.</P>

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

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

<!-- Field: Page; Sequence: 44; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></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; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><B>If third parties bring claims against us, the proceeds held
in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00 per
share.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our placing of funds in the trust account
may not protect those funds from third-party claims against us. Although we will seek to have all vendors, service providers, prospective
target businesses 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&#8217;s
engagement would be significantly more beneficial to us than any alternative. We are not aware of any product or service providers
who have not or will not provide such waiver other than the underwriters of this offering and our independent registered public
accounting firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Examples of possible instances where we
may engage a third party that refuses to execute a waiver include the engagement of a third party consultant whose particular expertise
or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver
or in cases where management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee
that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations,
contracts or agreements with us and will not seek recourse against the trust account for any reason. Upon redemption of our public
shares, if we are unable to complete our initial business combination within the prescribed timeframe, or upon the exercise of
a redemption right in connection with our initial business combination, we will be required to provide for payment of claims of
creditors that were not waived that may be brought against us within the 10 years following redemption. Accordingly, the per-share
redemption amount received by public stockholders could be less than the $10.00 per share initially held in the trust account,
due to claims of such creditors. Pursuant to the letter agreement, the form of which is filed as Exhibit&nbsp;10.1 to the registration
statement of which this prospectus forms a part, our sponsor has agreed that it will be liable to us if and to the extent any claims
by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into
a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds
in the trust account to below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;the actual amount per public share held
in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in
the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or
prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not
such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of this offering against certain
liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor to reserve for such indemnification
obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and
believe that our sponsor&#8217;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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that the proceeds in the trust
account are reduced below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;the actual amount per share held in the
trust account as of the date of the liquidation of the trust account if less than $10.00 per share due to reductions in the value
of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable
to satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent directors
would determine whether to take legal action against our sponsor to enforce its indemnification obligations.</P>

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

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

<!-- Field: Page; Sequence: 45; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we currently expect that our independent
directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible
that our independent directors in exercising their business judgment and subject to their fiduciary duties may choose not to do
so in any particular instance if, for example, the cost of such legal action is deemed by the independent directors to be too high
relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. If our independent
directors choose not to enforce these indemnification obligations, the amount of funds in the trust account available for distribution
to our public stockholders may be reduced below $10.00 per share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify our officers
and directors to the fullest extent permitted by law. However, our officers, directors and Nomura have agreed to waive any right,
title, interest or claim of any kind in or to any monies in the trust account and not to seek recourse against the trust account
for any reason whatsoever. Accordingly, any indemnification provided will be able to be satisfied by us only if (i)&nbsp;we have
sufficient funds outside of the trust account or (ii)&nbsp;we consummate an initial business combination. Our obligation to indemnify
our officers and directors may discourage stockholders from bringing a lawsuit against our officers or directors for breach of
their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our
officers and directors, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore,
a stockholder&#8217;s investment may be adversely affected to the extent we pay the costs of settlement and damage awards against
our officers and directors pursuant to these indemnification provisions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 &#8220;preferential transfer&#8221; or a &#8220;fraudulent conveyance.&#8221; As a result,
a bankruptcy court could seek to recover all amounts received by our stockholders. In addition, our board of directors may be
viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself and
us to claims of punitive damages, by paying public stockholders from the trust account prior to addressing the claims of
creditors.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we are deemed to be an investment company
under the Investment Company Act, our activities may be restricted, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">restrictions on the nature of our investments; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we may have imposed upon us
burdensome requirements, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">registration as an investment company;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">adoption of a specific form of corporate structure; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">reporting, record keeping, voting, proxy and disclosure requirements and other rules&nbsp;and regulations.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 46; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 &#8220;investment securities&#8221; constituting more than 40% of our total assets (exclusive of U.S.
government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete an initial business
combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses
or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive
investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We do not believe that our
anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust
account may only be invested in United States &#8220;government securities&#8221; within the meaning of Section&nbsp;2(a)(16)
of the Investment Company Act having a maturity of 180 days or less or in money market funds meeting certain conditions under
Rule&nbsp;2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations.
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 &#8220;investment company&#8221; within the meaning of the Investment Company Act. This
offering is not intended for persons who are seeking a return on investments in government securities or investment
securities. The trust account is intended as a holding place for funds pending the earliest to occur of: (i)&nbsp;the
completion of our initial business combination; (ii)&nbsp;the redemption of any public shares properly submitted in
connection with a stockholder vote to amend our amended and restated certificate of incorporation (A)&nbsp;to modify the
substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination within 18 months from the closing of this offering or (B)&nbsp;with respect to any other provision relating to
stockholders&#8217; rights or pre-initial business combination activity; or (iii)&nbsp;absent an initial business combination
within 18 months from the closing of this offering, our return of the funds held in the trust account to our public
stockholders as part of our redemption of the public shares. If we do not invest the proceeds as discussed above, we may be
deemed to be subject to the Investment Company Act. If we were deemed to be subject to the Investment Company Act, compliance
with these additional regulatory burdens would require additional expenses for which we have not allotted funds and may
hinder our ability to complete an initial business combination or may result in our liquidation. If we are unable to complete
our initial business combination, our public stockholders may receive only approximately $10.00 per share on the liquidation
of our trust account and our warrants will expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes in laws or regulations, or a failure to comply with
any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business
combination and results of operations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are subject to laws and regulations
enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal
requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Those laws and regulations and their interpretation
and application may also change from time to time and those changes could have a material adverse effect on our business, investments
and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could
have a material adverse effect on our business, including our ability to negotiate and complete our initial business combination
and results of operations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the DGCL, stockholders may be
held liable for claims by third parties against a corporation to the extent of distributions received by them in a
dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption of our
public shares in the event we do not complete our initial business combination within 18 months from the closing of this
offering may be considered a liquidating distribution under Delaware law. If a corporation complies with certain procedures
set forth in Section&nbsp;280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it,
including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period
during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating
distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited
to the lesser of such stockholder&#8217;s pro rata share of the claim or the amount distributed to the stockholder, and any
liability of the stockholder would be barred after the third anniversary of the dissolution. However, it is our intention to
redeem our public shares as soon as reasonably possible following the 18<SUP>th</SUP> month from the closing of this offering
in the event we do not complete our initial business combination and, therefore, we do not intend to comply with the
foregoing procedures.</P>

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

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

<!-- Field: Page; Sequence: 47; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because we will not be complying with
Section&nbsp;280, Section&nbsp;281(b)&nbsp;of the DGCL requires us to adopt a plan, based on facts known to us at such time
that will provide for our payment of all existing and pending claims or claims that may be potentially brought against us
within the 10 years following our dissolution. However, because we are a blank check company, rather than an operating
company, and our operations will be limited to searching for prospective target businesses to acquire, the only likely claims
to arise would be from our vendors (such as lawyers, investment bankers,&nbsp;etc.) or prospective target businesses. If our
plan of distribution complies with Section&nbsp;281(b)&nbsp;of the DGCL, any liability of stockholders with respect to a
liquidating distribution is limited to the lesser of such stockholder&#8217;s pro rata share of the claim or the amount
distributed to the stockholder, and any liability of the stockholder would likely be barred after the third anniversary of
the dissolution. We cannot assure you that we will properly assess all claims that may be potentially brought against us. As
such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no
more) and any liability of our stockholders may extend beyond the third anniversary of such date. Furthermore, if the pro
rata portion of our trust account distributed to our public stockholders upon the redemption of our public shares in the
event we do not complete our initial business combination within 18 months from the closing of this offering is not
considered a liquidating distribution under Delaware law and such redemption distribution is deemed to be unlawful
(potentially due to the imposition of legal proceedings that a party may bring or due to other circumstances that are
currently unknown), then pursuant to Section&nbsp;174 of the DGCL, the statute of limitations for claims of creditors could
then be six years after the unlawful redemption distribution, instead of three years, as in the case of a liquidating
distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may not hold an annual meeting of stockholders until after
the consummation of our initial business combination, which could delay the opportunity for our stockholders to elect directors.</B></P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following
our listing on Nasdaq. Under Section&nbsp;211(b)&nbsp;of the DGCL, we are, however, required to hold an annual meeting of stockholders
for the purposes of electing directors in accordance with our bylaws unless such election is made by written consent in lieu of
such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial
business combination, and thus we may not be in compliance with Section&nbsp;211(b)&nbsp;of the DGCL, which requires an annual
meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination,
they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section&nbsp;211(c)&nbsp;of
the DGCL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are not registering the shares of Class&nbsp;A common
stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time, and such registration
may not be in place when an investor desires to exercise warrants, thus precluding such investor from being able to exercise its
warrants except on a cashless basis. If the issuance of the shares upon exercise of warrants is not registered, qualified or exempt
from registration or qualification, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not registering the shares of Class&nbsp;A
common stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time. However,
under the terms of the warrant agreement, we have agreed that as soon as practicable, but in no event later than 30 days after
the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement for
the registration under the Securities Act of the shares of Class&nbsp;A common stock issuable upon exercise of the warrants and
thereafter will use our best efforts to cause the same to become effective within 60 business days following our initial business
combination and to maintain a current prospectus relating to the Class&nbsp;A common stock issuable upon exercise of the warrants,
until the expiration of the warrants in accordance with the provisions of the warrant agreement. We cannot assure you that we will
be able to do so if, for example, any facts or events arise which represent a fundamental change in the information set forth in
the registration statement or prospectus, the financial statements contained or incorporated by reference therein are not current
or correct or the SEC issues a stop order. If the shares issuable upon exercise of the warrants are not registered under the Securities
Act, we will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable
for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available. If that exemption, or another exemption, is not available, holders will
not be able to exercise their warrants on a cashless basis. In no event will we be required to net cash settle any warrant, or
issue securities or other compensation in exchange for the warrants in the event that we are unable to register or qualify the
shares underlying the warrants under applicable state securities laws and there is no exemption available. If the issuance of the
shares upon exercise of the warrants is not so registered or qualified or exempt from registration or qualification, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such
event, holders who acquired their warrants as part of a purchase of units will have paid the full unit purchase price solely for
the shares of Class&nbsp;A common stock included in the units. If and when the warrants become redeemable by us, we may not exercise
our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or
qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our
best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states
in which the warrants were offered by us in this offering. However, there may be instances in which holders of our public warrants
may be unable to exercise such public warrants but holders of our private warrants may be able to exercise such private warrants.</P>

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

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

<!-- Field: Page; Sequence: 48; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If you exercise your public warrants on a &#8220;cashless
basis,&#8221; you will receive fewer shares of Class&nbsp;A common stock from such exercise than if you were to exercise such warrants
for cash.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There are circumstances in which the
exercise of the public warrants may be required or permitted to be made on a cashless basis. First, if a registration
statement covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants is not effective by the
60<SUP>th</SUP> business day after the closing of our initial business combination, warrantholders may, until such time as
there is an effective registration statement, exercise warrants on a cashless basis in accordance with
Section&nbsp;3(a)(9)&nbsp;of the Securities Act or another exemption. Second, if a registration statement covering the
Class&nbsp;A common stock issuable upon exercise of the warrants is not effective within a specified period following the
consummation of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section&nbsp;3(a)(9)&nbsp;of the Securities Act, provided that such
exemption is available; if that exemption, or another exemption, is not available, holders will not be able to exercise their
warrants on a cashless basis. Third, if we call the public warrants for redemption, our management will have the option to
require all holders that wish to exercise warrants to do so on a cashless basis. In the event of an exercise on a cashless
basis, a holder would pay the warrant exercise price by surrendering the warrants for that number of shares of Class&nbsp;A
common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of Class&nbsp;A common
stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &#8220;fair
market value&#8221; (as defined in the next sentence) by (y)&nbsp;the fair market value. The &#8220;fair market value&#8221;
is the average last reported sale price of the Class&nbsp;A common stock for the 10 trading days ending on the third trading
day prior to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption
is sent to the holders of warrants, as applicable. As a result, you would receive fewer shares of Class&nbsp;A common stock
from such exercise than if you were to exercise such warrants for cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The grant of registration rights to our initial stockholders
may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect
the market price of our Class&nbsp;A common stock.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to an agreement to be entered
into concurrently with the issuance and sale of the securities in this offering, our initial stockholders and their permitted transferees
can demand that we register the private placement units, the shares of Class&nbsp;A common stock issuable upon exercise of the
founder shares and the warrants issued in connection with the private placement units and the securities issuable pursuant to the
forward purchase agreement held, or to be held, by them and holders of warrants that may be issued upon conversion of working capital
loans may demand that we register such warrants or the Class&nbsp;A common stock issuable upon exercise of such warrants. We will
bear the cost of registering these securities. The registration and availability of such a significant number of securities for
trading in the public market may have an adverse effect on the market price of our Class&nbsp;A common stock. In addition, the
existence of the registration rights may make our initial business combination more costly or difficult to conclude. This is because
the stockholders of the target business may increase the equity stake they seek in the combined entity or ask for more cash consideration
to offset the negative impact on the market price of our Class&nbsp;A common stock that is expected when the securities owned by
our initial stockholders or holders of working capital loans or their respective permitted transferees are registered.</P>

<P STYLE="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>Because we are neither limited to evaluating a target business
in a particular industry sector nor have we selected any specific target businesses with which to pursue our initial business combination,
you will be unable to ascertain the merits or risks of any particular target business&#8217;s operations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will seek to complete a business combination
with an operating company in the PropTech sector in the United States (which may include a company based in the United States which
has operations or opportunities outside the United States), but may also pursue acquisition opportunities in other industries,
except that we will not, under our amended and restated certificate of incorporation, be permitted to effectuate our initial business
combination with another blank check company or similar company with nominal operations. Because we have not yet selected any specific
target business with respect to a business combination, there is no basis to evaluate the possible merits or risks of any particular
target business&#8217;s operations, results of operations, cash flows, liquidity, financial condition or prospects. To the extent
we complete our initial business combination, we may be affected by numerous risks inherent in the business operations with which
we combine. For example, if we combine with a financially unstable business or an entity lacking an established record of sales
or earnings, we may be affected by the risks inherent in the business and operations of a financially unstable or a development
stage entity. Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business,
we cannot assure you that we will properly ascertain or assess all of the significant risk factors or that we will have adequate
time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to
control or reduce the chances that those risks will adversely impact a target business. We also cannot assure you that an investment
in our units will ultimately prove to be more favorable to investors than a direct investment, if such opportunity were available,
in a business combination target. Accordingly, any stockholders who choose to remain stockholders following our initial business
combination could suffer a reduction in the value of their securities. Such stockholders are unlikely to have a remedy for such
reduction in value unless they are able to successfully claim that the reduction was due to the breach by our officers or directors
of a duty of care or other fiduciary duty owed to them, or if they are able to successfully bring a private claim under securities
laws that the proxy solicitation or tender offer materials, as applicable, relating to the business combination contained an actionable
material misstatement or material omission.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Past performance by members of our management
team is not a guarantee either (i)&nbsp;of success with respect to any business combination we may consummate or (ii)&nbsp;that
we will be able to locate a suitable candidate for our initial business combination. You should not rely on the historical record
of members of our management team&#8217;s performance as indicative of our future performance of an investment in the company or
the returns the company will, or is likely to, generate going forward.</P>

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

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

<!-- Field: Page; Sequence: 49; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></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;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may seek business combination opportunities in industries
or sectors which may or may not be outside of our management&#8217;s area of expertise.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we intend to focus on identifying
companies that apply innovative digital technologies and technology-enhanced services and solutions to the identification, design,
development, construction, operation, financing, management and disposition of real estate properties, commonly referred to as
&#8220;PropTech,&#8221; we will consider an initial business combination outside of our management&#8217;s area of expertise if
an initial business combination candidate is presented to us and we determine that such candidate offers an attractive business
combination opportunity for our company or we are unable to identify a suitable candidate in this sector after having expanded
a reasonable amount of time and effort in an attempt to do so. Although our management will endeavor to evaluate the risks inherent
in any particular business combination candidate, we cannot assure you that we will adequately ascertain or assess all of the significant
risk factors. We also cannot assure you that an investment in our units will not ultimately prove to be less favorable to investors
in this offering than a direct investment, if an opportunity were available, in an initial business combination candidate. In the
event we elect to pursue a business combination outside of the areas of our management&#8217;s expertise, our management&#8217;s
expertise may not be directly applicable to its evaluation or operation, and the information contained in this prospectus regarding
the areas of our management&#8217;s expertise would not be relevant to an understanding of the business that we elect to acquire.
As a result, our management may not be able to adequately ascertain or assess all of the significant risk factors. Accordingly,
any stockholders who choose to remain stockholders following our initial business combination could suffer a reduction in the value
of their shares. Such stockholders are unlikely to have a remedy for such reduction in value.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we have identified general criteria
and guidelines for evaluating prospective target businesses, it is possible that a target business with which we enter into our
initial business combination will not have all of these positive attributes. If we complete our initial business combination with
a target that does not meet some or all of these guidelines, such combination may not be as successful as a combination with a
business that does meet all of our general criteria and guidelines. In addition, if we announce a prospective business combination
with a target that does not meet our general criteria and guidelines, a greater number of stockholders may exercise their redemption
rights, which may make it difficult for us to meet any closing condition with a target business that requires us to have a minimum
net worth or a certain amount of cash. In addition, if stockholder approval of the transaction is required by law, or we decide
to obtain stockholder approval for business or other legal reasons, it may be more difficult for us to attain stockholder approval
of our initial business combination if the target business does not meet our general criteria and guidelines. If we are unable
to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share on the liquidation
of our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders may receive less
than $10.00 per share on the redemption of their shares. See &#8220;&#8212; If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share&#8221; and other risk factors below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent we complete our initial business
combination with a financially unstable business or an entity lacking an established record of revenues or earnings, we may be
affected by numerous risks inherent in the operations of the business with which we combine. These risks include volatile revenues
or earnings and difficulties in obtaining and retaining key personnel. Although our officers and directors will endeavor to evaluate
the risks inherent in a particular target business, we may not be able to properly ascertain or assess all of the significant risk
factors and we may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control
and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.</P>

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

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

<!-- Field: Page; Sequence: 50; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation authorizes the issuance of up to 100,000,000 shares of Class&nbsp;A common stock, par value $0.0001 per share, 10,000,000
shares of Class&nbsp;B common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per
share. Immediately after this offering, there will be 69,025,000 and 5,000,000 (assuming, in each case, that the underwriters have
not exercised their over-allotment option) authorized but unissued shares of Class&nbsp;A common stock and Class&nbsp;B common
stock, respectively, available for issuance, which amount takes into account the shares of Class&nbsp;A common stock reserved for
issuance upon exercise of outstanding warrants but not the shares of Class&nbsp;A common stock issuable upon conversion of Class&nbsp;B
common stock. Immediately after the consummation of this offering, there will be no shares of preferred stock issued and outstanding.
Shares of Class&nbsp;B common stock are convertible into shares of our Class&nbsp;A common stock initially at a one-for-one ratio
but subject to adjustment as set forth herein, including in certain circumstances in which we issue Class&nbsp;A common stock or
equity-linked securities related to our initial business combination. These amounts exclude the issuance of forward purchase shares
issuable pursuant to our forward purchase agreement with Nomura at the time of the initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may issue a substantial number of
additional shares of common or preferred stock to complete our initial business combination (including pursuant to our
forward purchase agreement with Nomura) or under an employee incentive plan after completion of our initial business
combination (although our amended and restated certificate of incorporation will provide that we may not issue securities
that can vote with common stockholders on matters related to our pre-initial business combination activity). We may also
issue shares of Class&nbsp;A common stock upon conversion of the Class&nbsp;B common stock at a ratio greater than one-to-one
at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and
restated certificate of incorporation. However, our amended and restated certificate of incorporation will provide, among
other things, that prior to our initial business combination, we may not issue additional shares of capital stock that would
entitle the holders thereof to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote on any initial business
combination. These provisions of our amended and restated certificate of incorporation, like all provisions of our amended
and restated certificate of incorporation, may be amended with the approval of our stockholders. However, our sponsor,
officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will not propose
any amendment to our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our
obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from
the closing of this offering or (B)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or
pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem their
shares of common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by
the number of then outstanding public shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The issuance of additional shares of common
or preferred stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">may significantly dilute the equity interest of investors in this offering;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">may subordinate the rights of holders of common stock if preferred stock is issued with rights senior to those afforded our common stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>could cause a change of control if a substantial number of shares of our common stock are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify">may adversely affect prevailing market prices for our units, Class&nbsp;A common stock and/or warrants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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

<!-- Field: Page; Sequence: 51; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We anticipate that the investigation of
each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other
instruments will require substantial management time and attention and substantial costs for accountants, attorneys, consultants
and others. If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed
transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may
fail to complete our initial business combination for any number of reasons including those beyond our control. Any such event
will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate
and acquire or merge with another business. If we are unable to complete our initial business combination, our public stockholders
may receive only approximately $10.00 per share on the liquidation of our trust account and our warrants will expire worthless.
In certain circumstances, our public stockholders may receive less than $10.00&nbsp;per share on the redemption of their shares.
See &#8220;&#8212; If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share
redemption amount received by stockholders may be less than $10.00 per share&#8221; and other risk factors below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our ability to successfully effect our
initial business combination is dependent upon the efforts of our officers and directors. The role of our officers and directors
in the target business, however, cannot presently be ascertained. Although some of our officers and directors may remain with the
target business in senior management or advisory positions following our initial business combination, it is likely that some or
all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals we employ
after our initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct.
These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to
have to expend time and resources helping them become familiar with such requirements. In addition, the officers and directors
of an initial business combination candidate may resign upon completion of our initial business combination. The departure of an
initial business combination target&#8217;s officers and directors could negatively impact the operations and profitability of
our post-combination business. The role of an initial business combination candidate&#8217;s officers and directors upon the completion
of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an initial
business combination candidate&#8217;s management team will remain associated with the initial business combination candidate following
our initial business combination, it is possible that members of the management of an initial business combination candidate will
not wish to remain in place. The loss of officers and directors could negatively impact the operations and profitability of our
post-combination business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are dependent upon our executive officers and directors
and their departure could adversely affect our ability to operate.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our operations are dependent upon a relatively
small group of individuals and, in particular, our executive officers and directors. We believe that our success depends on the
continued service of our executive officers and directors, at least until we have completed our initial business combination. We
do not have an employment agreement with, or key-man insurance on the life of, any of our directors or executive officers. The
unexpected loss of the services of one or more of our directors or executive officers could have a detrimental effect on us.</P>

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

<!-- Field: Page; Sequence: 52; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may have a limited ability to assess the management of
a prospective target business and, as a result, may effect our initial business combination with a target business whose management
may not have the skills, qualifications or abilities to manage a public company, which could, in turn, negatively impact the value
of our stockholders&#8217; investment in us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When evaluating the desirability of effecting
our initial business combination with a prospective target business, our ability to assess the target business&#8217;s management
may be limited due to a lack of time, resources or information. Our assessment of the capabilities of the target&#8217;s management,
therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should
the target&#8217;s management not possess the skills, qualifications or abilities necessary to manage a public company, the operations
and profitability of the post-combination business may be negatively impacted. Accordingly, any stockholders who choose to remain
stockholders following the initial business combination could suffer a reduction in the value of their shares. Such stockholders
are unlikely to have a remedy for such reduction in value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our officers and directors will allocate their time to other
businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict
of interest could have a negative impact on our ability to complete our initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our officers and directors are not required
to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between
our operations and our search for an initial business combination and their other businesses. We do not intend to have any full-time
employees prior to the completion of our initial business combination. Each of our officers is engaged in other business endeavors
for which he may be entitled to substantial compensation and our officers are not obligated to contribute any specific number of
hours per week to our affairs. Our independent directors may also serve as officers or board members for other entities. If our
officers&#8217; and directors&#8217; other business affairs require them to devote substantial amounts of time to such affairs
in excess of their current commitment levels, it could limit their ability to devote time to our affairs which may have a negative
impact on our ability to complete our initial business combination. For a complete discussion of our officers&#8217; and directors&#8217;
other business affairs, please see the section of this prospectus entitled &#8220;Management &#8212; Directors and Officers.&#8221;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following the completion of this
offering and until we consummate our initial business combination, we intend to engage in the business of identifying and
combining with one or more businesses. Our sponsor and officers and directors are, and may in the future become, affiliated
with entities (such as operating companies or investment vehicles) that are engaged in a similar business. In March 2020,
Ophir Sternberg, our  Chairman, President and Chief Executive Officer, became  Chairman, of OPES Acquisition Corp.,
a SPAC. On June&nbsp;30, 2020, OPES Acquisition Corp. announced a definitive agreement to merge with BurgerFi International
Inc.</P>

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

<!-- Field: Page; Sequence: 53; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our officers and directors also may become
aware of business opportunities which may be appropriate for presentation to us and the other entities to which they owe certain
fiduciary or contractual duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, they may have conflicts of
interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved
in our favor and a potential target business may be presented to another entity prior to its presentation to us. Our amended and
restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director
or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of
our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable
for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without violating another
legal obligation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For a complete discussion of our officers&#8217;
and directors&#8217; business affiliations and the potential conflicts of interest that you should be aware of, please see the
sections of this prospectus entitled &#8220;Management &#8212; Directors and Officers,&#8221; &#8220;Management &#8212; Conflicts
of Interest&#8221; and &#8220;Certain Relationships and Related Party Transactions.&#8221;</P>

<P STYLE="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 officers, directors, security holders and their respective
affiliates may have competitive pecuniary interests that conflict with our interests.</B></P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not adopted a policy that expressly
prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest
in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact,
we may enter into an initial business combination with a target business that is affiliated with our sponsor, our directors or
officers, although we do not intend to do so. We do not have a policy that expressly prohibits any such persons from engaging for
their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict
between their interests and ours.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may engage in an initial business combination with one
or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors or
existing holders which may raise potential conflicts of interest.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In light of the involvement of our sponsor,
officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, officers
or directors. Our directors also serve as officers and board members for other entities, including, without limitation, those described
under the section of this prospectus entitled &#8220;Management &#8212; Conflicts of Interest.&#8221; Such entities may compete
with us for business combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities
for us to complete our initial business combination with any entities with which they are affiliated, and there have been no preliminary
discussions concerning an initial business combination with any such entity or entities. Although we will not be specifically focusing
on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated
entity met our criteria for an initial business combination as set forth in the section of this prospectus entitled &#8220;Proposed
Business &#8212; Selection of a Target Business and Structuring of our Initial Business Combination&#8221; and such transaction
was approved by a majority of our disinterested directors. Despite our agreement to obtain an opinion from an independent investment
banking firm that is a member of FINRA or from an independent accounting firm, regarding the fairness to our stockholders from
a financial point of view of an initial business combination with one or more domestic or international businesses affiliated with
our officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the
initial business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of interest.</P>

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

<!-- Field: Page; Sequence: 54; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Since our sponsor, officers and directors will lose their
entire investment in us if our initial business combination is not completed, a conflict of interest may arise in determining whether
a particular business combination target is appropriate for our initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In January&nbsp;2020, our sponsor
purchased an aggregate of 5,000,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.005 per
share. Subsequently, in February&nbsp;2020, we declared a dividend of 0.15 share for each outstanding share, resulting in
5,750,000 shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase
price of approximately $0.005 per share. The number of founder shares issued was determined based on the expectation that
such founder shares would represent 20% of the outstanding shares after this offering (excluding the private shares). The
founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor and Nomura
have committed to purchase an aggregate of 650,000 private placement units, at $10.00 per unit, among which 595,000 units
will be purchased by our sponsor and 55,000 units will be purchased by Nomura. Holders of founder shares have agreed
(A)&nbsp;to vote any shares owned by them in favor of any proposed initial business combination and (B)&nbsp;not to redeem
any founder shares in connection with a stockholder vote to approve a proposed initial business combination. In addition, we
may obtain loans from our sponsor, affiliates of our sponsor or an officer or director. The personal and financial interests
of our officers and directors may influence their motivation in identifying and selecting a target business combination,
completing an initial business combination and influencing the operation of the business following the initial business
combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may issue notes or other debt securities, or otherwise
incur substantial debt, to complete an initial business combination, which may adversely affect our leverage and financial condition
and thus negatively impact the value of our stockholders&#8217; investment in us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we have no commitments as of the
date of this prospectus to issue any notes or other debt securities, or to otherwise incur outstanding debt following this offering,
we may choose to incur substantial debt to complete our initial business combination. We have agreed that we will not incur any
indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies
held in the trust account. As such, no issuance of debt will affect the per-share amount available for redemption from the trust
account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our inability to pay dividends on our common stock;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>other disadvantages compared to our competitors who have less debt.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 55; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may only be able to complete one business combination
with the proceeds of this offering, the sale of the private placement units and the proceeds from the forward purchase agreement
received by us, which will cause us to be solely dependent on a single business which may have a limited number of services and
limited operating activities. This lack of diversification may negatively impact our operating results and profitability.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Of the net proceeds from this offering
and the sale of the private placement units, $200,000,000 (or $230,000,000 if the underwriters&#8217; over-allotment option is
exercised in full) will be available to complete our initial business combination and pay related fees and expenses (which includes
$7.0 million, or up to $8.05 million if the over-allotment option is exercised in full, for the payment of deferred underwriting
commissions). In addition, Nomura intends to enter into a forward purchase agreement with us, which will provide for the purchase
by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as described below,
open market purchases or privately negotiated transactions with one or more third parties. In lieu of purchasing public shares
in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase price may instead be in
the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us, to occur concurrently
with the closing of our initial business combination. We may effectuate our initial business combination with a single target business
or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate our initial
business combination with more than one target business because of various factors, including the existence of complex accounting
issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating results
and the financial condition of several target businesses as if they had been operated on a combined basis. By completing our initial
business combination with only a single entity, our lack of diversification may subject us to numerous economic, competitive and
regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible spreading of risks
or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different
industries or different areas of a single industry. In addition, we intend to focus our search for an initial business combination
in a single industry.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, the prospects for our success
may be:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>solely dependent upon the performance of a single business, property or asset, or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>dependent upon the development or market acceptance of a single or limited number of products, processes or services.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we determine to simultaneously acquire
several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its
business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult for us,
and delay our ability, to complete our initial business combination. We do not, however, intend to purchase multiple businesses
in unrelated industries in conjunction with our initial business combination. With multiple business combinations, we could also
face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence
investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations
and services or products of the acquired companies in a single operating business. If we are unable to adequately address these
risks, it could negatively impact our profitability and results of operations.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our management may not be able to maintain control of a target
business after our initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may structure an initial business combination
so that the post-transaction company in which our public stockholders own shares will own less than 100% of the equity interests
or assets of a target business, but we will only complete such business combination if the post-transaction company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction
that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target,
our stockholders prior to the initial business combination may collectively own a minority interest in the post business combination
company, depending on valuations ascribed to the target and us in the initial business combination. For example, we could pursue
a transaction in which we issue a substantial number of new shares of Class&nbsp;A common stock in exchange for all of the outstanding
capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of
a substantial number of new shares of common stock, our stockholders immediately prior to such transaction could own less than
a majority of our outstanding shares of common stock subsequent to such transaction. In addition, other minority stockholders may
subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company&#8217;s stock
than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our control
of the target business. We cannot provide assurance that, upon loss of control of a target business, new management will possess
the skills, qualifications or abilities necessary to profitably operate such business.</P>

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

<!-- Field: Page; Sequence: 56; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate
of incorporation will not provide a specified maximum redemption threshold, except that in no event will we redeem our public
shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial
business combination and after payment of underwriters&#8217; fees and commissions (such that we are not subject to the
SEC&#8217;s &#8220;penny stock&#8221; rules) or any greater net tangible asset or cash requirement which may be contained in
the agreement relating to our initial business combination. As a result, we may be able to complete our initial business
combination even though a substantial majority of our public stockholders do not agree with the transaction and have redeemed
their shares or, if we seek stockholder approval of our initial business combination and do not conduct redemptions in
connection with our initial business combination pursuant to the tender offer rules, have entered into privately negotiated
agreements to sell their shares to our sponsor, officers, directors, advisors or their affiliates. In the event the aggregate
cash consideration we would be required to pay for all shares of Class&nbsp;A common stock that are validly submitted for
redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business
combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or
redeem any shares, all shares of Class&nbsp;A common stock submitted for redemption will be returned to the holders thereof,
and we instead may search for an alternate business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to effectuate an initial
business combination, blank check companies have, in the recent past, amended various provisions of their charters and
modified governing instruments, including their warrant agreements. For example, blank check companies have amended the
definition of business combination, increased redemption thresholds and extended the time to consummate an initial business
combination and, with respect to their warrants, amended their warrant agreements to require the warrants to be exchanged for
cash and/or other securities. Amending our amended and restated certificate of incorporation will require the approval of
holders of 65% of our common stock, and amending our warrant agreement will require a vote of holders of at least 65% of the
outstanding warrants. In addition, our amended and restated certificate of incorporation requires us to provide our public
stockholders with the opportunity to redeem their public shares for cash if we propose an amendment to our amended and
restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our obligation to redeem 100% of our
public shares if we do not complete our initial business combination within 18 months from the closing of this offering or
(B)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or pre-initial business combination
activity. To the extent any such amendments would be deemed to fundamentally change the nature of any securities offered
through this registration statement, we would register, or seek an exemption from registration for, the affected securities.
We cannot assure you that we will not seek to amend our charter or governing instruments or extend the time to consummate an
initial business combination in order to effectuate our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The provisions of our amended and restated certificate of
incorporation that relate to our pre-business combination activity (and corresponding provisions of the agreement governing the
release of funds from our trust account), including an amendment to permit us to withdraw funds from the trust account such that
the per share amount investors will receive upon any redemption or liquidation is substantially reduced or eliminated, may be amended
with the approval of holders of 65% of our common stock, which is a lower amendment threshold than that of some other blank check
companies. It may be easier for us, therefore, to amend our amended and restated certificate of incorporation and the trust agreement
to facilitate the completion of an initial business combination that some of our stockholders may not support.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will provide that any of its provisions related to pre-initial business combination activity (including the requirement
to deposit proceeds of this offering and the private placement of warrants into the trust account and not release such amounts
except in specified circumstances, and to provide redemption rights to public stockholders as described herein and including to
permit us to withdraw funds from the trust account such that the per share amount investors will receive upon any redemption or
liquidation is substantially reduced or eliminated) may be amended if approved by holders of 65% of our common stock entitled to
vote thereon, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be
amended if approved by holders of 65% of our common stock entitled to vote thereon. In all other instances, our amended and restated
certificate of incorporation may be amended by holders of a majority of our outstanding common stock entitled to vote thereon,
subject to applicable provisions of the DGCL or applicable stock exchange rules. We may not issue additional securities that can
vote on amendments to our amended and restated certificate of incorporation. Our sponsor, officers, directors, and Nomura, who
will collectively beneficially own up to 22.03% of our common stock upon the closing of this offering (including the private shares
and assuming they do not purchase any units in this offering), will participate in any vote to amend our amended and restated certificate
of incorporation and/or trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be
able to amend the provisions of our amended and restated certificate of incorporation which govern our pre-initial business combination
behavior more easily than some other blank check companies, and this may increase our ability to complete an initial business combination
with which you do not agree. Our stockholders may pursue remedies against us for any breach of our amended and restated certificate
of incorporation.</P>

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

<!-- Field: Page; Sequence: 57; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor, officers, directors and
director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our
amended and restated certificate of incorporation (i)&nbsp;to modify the substance or timing of our obligation to redeem 100%
of our public shares if we do not complete our initial business combination within 18 months from the closing of this
offering or (ii)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or pre-initial business
combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of Class&nbsp;A
common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, divided by the number of then outstanding public shares. These agreements are contained in a
letter agreement that we have entered into with our sponsor, officers, directors and director nominees. Our stockholders are
not parties to, or third-party beneficiaries of, these agreements and, as a result, will not have the ability to pursue
remedies against our sponsor, officers or directors for any breach of these agreements. As a result, in the event of a
breach, our stockholders would need to pursue a stockholder derivative action, subject to applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not selected any specific business
combination target but intend to target businesses larger than we could acquire with the net proceeds of this offering, the sale
of the private placement units as well as proceeds we may receive from the forward purchase agreement with Nomura. As a result,
we may be required to seek additional financing to complete such proposed initial business combination. We cannot assure you that
such financing will be available on acceptable terms, if at all. To the extent that additional financing proves to be unavailable
when needed to complete our initial business combination, we would be compelled to either restructure the transaction or abandon
that particular business combination and seek an alternative target business candidate. Further, the amount of additional financing
we may be required to obtain could increase as a result of future growth capital needs for any particular transaction, the depletion
of the available net proceeds in search of a target business, the obligation to repurchase for cash a significant number of shares
from stockholders who elect redemption in connection with our initial business combination and/or the terms of negotiated transactions
to purchase shares in connection with our initial business combination. If we are unable to complete our initial business combination,
our public stockholders may receive only approximately $10.00 per share plus any pro rata interest earned on the funds held in
the trust account and not previously released to us to pay our taxes on the liquidation of our trust account and our warrants will
expire worthless. In addition, even if we do not need additional financing to complete our initial business combination, we may
require such financing to fund the operations or growth of the target business. The failure to secure additional financing outside
of the forward purchase agreement 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. If we are unable to complete our initial business combination, our public stockholders may only receive approximately
$10.00 per share on the liquidation of our trust account, and our warrants will expire worthless. Furthermore, as described in
the risk factor entitled &#8220;If third parties bring claims against us, the proceeds held in the trust account could be reduced
and the per-share redemption amount received by stockholders may be less than $10.00 per share,&#8221; under certain circumstances
our public stockholders may receive less than $10.00 per share upon the liquidation of the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>In evaluating a prospective target business for our initial
business combination, our management may rely on the availability of all of the funds that we may receive from the sale of the
forward purchase shares to be used as part of the consideration to the sellers in the initial business combination. If the sale
of some or all of the forward purchase shares fails to close, we may lack sufficient funds to consummate our initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura intends to enter into a forward
purchase agreement with us which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of
up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with one
or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The obligations under
the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of our Class&nbsp;A common
stock. However, if the sale of the forward purchase shares does not close by reason of (i)&nbsp;the failure of a condition or contingency
or (ii)&nbsp;Nomura&#8217;s failure to fund the purchase price for the forward purchase shares, either because they determine that
it would constitute a conflict of interest, because they lack sufficient funds or because they determine that it is not in their
best interest to fund the purchase price for any reason whatsoever, we may lack sufficient funds to consummate our initial business
combination, or we may need to seek alternative financing. In the event of any such failure to fund by Nomura, we may not be able
to obtain additional funds to account for such shortfall on terms favorable to us or at all. We have not obligated Nomura to reserve
funds to satisfy its obligations under the forward purchase agreement.</P>

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

<!-- Field: Page; Sequence: 58; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nomura has the right to excuse itself from its obligation
to purchase the forward purchase shares for any reason.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the forward purchase agreement
with Nomura, if, upon notification of our intention to enter into an initial business combination, Nomura decides not to purchase
forward purchase shares for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest, it will be excused from its obligation to purchase such forward purchase shares. This excusal right could
give Nomura significant influence over our decision of whether or not to proceed with an initial business combination with a particular
target business. We may not be able to obtain any or enough additional funds to account for such shortfall, which may impact our
ability to consummate an initial business combination.</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our initial stockholders may exert a substantial influence
on actions requiring a stockholder vote, potentially in a manner that you do not support.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of this offering, our
initial stockholders (including Nomura) will own shares representing 22.03% of our issued and outstanding shares of common stock
(including the private shares, assuming they do not purchase any units in this offering and excluding the securities issuable pursuant
to the forward purchase agreement). Accordingly, they may exert a substantial influence on actions requiring a stockholder vote,
potentially in a manner that you do not support, including amendments to our amended and restated certificate of incorporation
and approval of major corporate transactions. If our initial stockholders purchase any units in this offering or if our initial
stockholders purchase any additional shares of common stock in the aftermarket or in privately negotiated transactions, this would
increase their control. Factors that would be considered in making such additional purchases would include consideration of the
current trading price of our Class&nbsp;A common stock. In addition, our board of directors, whose members were elected by certain
of our initial stockholders, will be elected in each year. We may not hold an annual meeting of stockholders to elect new directors
prior to the completion of our initial business combination, in which case all of the current directors will continue in office
until at least the completion of the initial business combination. If there is an annual meeting our initial stockholders, because
of their ownership position, will have considerable influence regarding the outcome. Accordingly, our initial stockholders will
continue to exert control at least until the completion of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our sponsor paid an aggregate of approximately $25,000, or
approximately $0.005 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase
of our Class&nbsp;B common stock.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The difference between the public offering
price per share (allocating all of the unit purchase price to the Class&nbsp;A common stock and none to the warrant included in
the unit) and the pro forma net tangible book value per share of our Class&nbsp;A common stock after this offering constitutes
the dilution to you and the other investors in this offering. Our sponsor acquired the founder shares at a nominal price, significantly
contributing to this dilution. Upon the closing of this offering, and assuming no value is ascribed to the warrants included in
the units, you and the other public stockholders will incur an immediate and substantial dilution of approximately 92.5% (or $9.25
per share, assuming no exercise of the underwriters&#8217; over-allotment option), the difference between the pro forma net tangible
book value per share of $0.75 and the initial offering price of $10.00 per unit. In addition, because of the anti-dilution rights
of the founder shares, any equity or equity-linked securities issued or deemed issued in connection with our initial business combination
would be disproportionately dilutive to our Class&nbsp;A common stock.</P>

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

<!-- Field: Page; Sequence: 59; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may amend the terms of the warrants in a manner that may
be adverse to holders of public warrants with the approval by the holders of at least 65% of the then outstanding warrants. As
a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number of shares
of our Class&nbsp;A common stock purchasable upon exercise of a warrant could be decreased, all without your approval.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our warrants will be issued in registered
form under a warrant agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, as warrant agent, and us. The warrant
agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval by the holders of at least 65% of the then outstanding warrants to make any
change that adversely affects the interests of the registered holders of public warrants. Accordingly, we may amend the terms of
the public warrants in a manner adverse to a holder if holders of at least 65% of the then outstanding warrants approve of such
amendment. Although our ability to amend the terms of the public warrants with the consent of at least 65% of the then outstanding
warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the
warrants, convert the warrants into cash or stock, shorten the exercise period or decrease the number of shares of our Class&nbsp;A
common stock purchasable upon exercise of a warrant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have the ability to redeem
outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
warrant, provided that the last reported sales price of our Class&nbsp;A common stock equals or exceeds $18.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a
30 trading-day period ending on the third trading day prior to the date on which we give proper notice of such redemption and
provided certain other conditions are met. If and when the warrants become redeemable by us, we may not exercise our
redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or
qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use
our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in
those states in which the warrants were offered by us in this offering. Redemption of the outstanding warrants could force
you (i)&nbsp;to exercise your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you
to do so, (ii)&nbsp;to sell your warrants at the then-current market price when you might otherwise wish to hold your
warrants or (iii)&nbsp;to accept the nominal redemption price which, at the time the outstanding warrants are called for
redemption, is likely to be substantially less than the market value of your warrants. None of the private warrants will be
redeemable by us so long as they are held by the sponsor or its permitted transferees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our warrants and founder shares may have an adverse effect
on the market price of our Class&nbsp;A common stock and make it more difficult to effectuate our initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be issuing warrants to purchase
10,000,000 shares of our Class&nbsp;A common stock (or up to 11,500,000 shares of Class&nbsp;A common stock if the underwriters&#8217;
over-allotment option is exercised in full) as part of the units offered by this prospectus and, simultaneously with the closing
of this offering, we will be issuing 650,000 units in a private placement.</P>

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

<!-- Field: Page; Sequence: 60; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our initial stockholders (including Nomura)
currently own an aggregate of 5,750,000 founder shares. The founder shares are convertible into shares of Class&nbsp;A common stock
on a one-for-one basis, subject to adjustment as set forth herein. Furthermore, Nomura intends to enter into a forward purchase
agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to
$100.0 million through, other than as described below, open market purchases or privately negotiated transactions with one or more
third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million
of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed
between Nomura and us, to occur concurrently with the closing of our initial business combination. In addition, if our sponsor
makes any working capital loans, up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at
the option of the lender. The units would be identical to the private placement units. To the extent we issue shares of Class&nbsp;A
common stock to effectuate an initial business combination, the potential for the issuance of a substantial number of additional
shares of Class&nbsp;A common stock upon exercise of these warrants and conversion rights could make us a less attractive business
combination vehicle to a target business. Any such issuance will increase the number of issued and outstanding shares of our Class&nbsp;A
common stock and reduce the value of the shares of Class&nbsp;A common stock issued to complete the initial business combination.
Therefore, our warrants and founder shares may make it more difficult to effectuate an initial business combination or increase
the cost of acquiring the target business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The private warrants included in the private
placement units are identical to the public warrants sold as part of the units in this offering, except that so long as they are
held by the initial purchasers of the private placement units or their permitted transferees: (i)&nbsp;they will not be redeemable
by us, (ii)&nbsp;they (including the Class&nbsp;A common stock issuable upon the exercise of the private warrants) may not, subject
to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of our initial business combination
and (iii)&nbsp;they may be exercised by the holders for cash or on a cashless basis, as described in this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each unit contains one-half of one redeemable
warrant. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless
you purchase at least two units, you will not be able to receive or trade a whole warrant. This is different from other offerings
similar to ours whose units include one share of common stock and one warrant to purchase one whole share. We have established
the components of the units in this way in order to reduce the dilutive effect of the warrants upon completion of an initial business
combination since the warrants will be exercisable in the aggregate for one-half of the number of shares compared to units that
each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive merger partner for target
businesses. Nevertheless, this unit structure may cause our units to be worth less than if they included a warrant to purchase
one whole share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unlike most blank check companies, if we
issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a newly issued price of less than $9.20 per share of common stock, then the exercise price
of the warrants will be adjusted to be equal to 115% of the newly issued price. This may make it more difficult for us to consummate
an initial business combination with a target business.</P>

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

<!-- Field: Page; Sequence: 61; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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




<!-- Field: Split-Segment; Name: 5 -->
<P STYLE="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>The determination of the offering price of our units and
the size of this offering is more arbitrary than the pricing of securities and size of an offering of an operating company in a
particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects the value of
such units than you would have in a typical offering of an operating company.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to this offering there has been no
public market for any of our securities. The public offering price of the units and the terms of the warrants were negotiated between
us and the underwriters. In determining the size of this offering, management held customary organizational meetings with representatives
of the underwriters, both prior to our inception and thereafter, with respect to the state of capital markets, generally, and the
amount the underwriters believed they reasonably could raise on our behalf. Factors considered in determining the size of this
offering, prices and terms of the units, including the Class&nbsp;A common stock and warrants underlying the units, include:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the history and prospects of companies whose principal business is the acquisition of other companies;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>prior offerings of those companies;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our prospects for acquiring an operating business;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a review of debt to equity ratios in leveraged transactions;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our capital structure;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an assessment of our management and their experience in identifying operating companies;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>general conditions of the securities markets at the time of this offering; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>other factors as were deemed relevant.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although these factors were considered,
the determination of our offering price is more arbitrary than the pricing of securities of an operating company in a particular
industry since we have no historical operations or financial results.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is currently no market for our securities.
Stockholders therefore have no access to information about prior market history on which to base their investment decision. Following
this offering, the price of our securities may vary significantly due to one or more potential business combinations and general
market or economic conditions. Furthermore, an active trading market for our securities may never develop or, if developed, it
may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.</P>

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

<!-- Field: Page; Sequence: 62; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Because we must furnish our stockholders with target business
financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective
target businesses.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The federal proxy rules&nbsp;require that
a proxy statement with respect to a vote on an initial business combination meeting certain financial significance tests include
historical and/or pro forma financial statement disclosure in periodic reports. We will include the same financial statement disclosure
in connection with our tender offer documents, whether or not they are required under the tender offer rules. These financial statements
may be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United
States of America, or GAAP, or international financial reporting standards as issued by the International Accounting Standards
Board, or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. These financial statement requirements
may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements
in time for us to disclose such statements in accordance with federal proxy rules&nbsp;and complete our initial business combination
within the prescribed time frame.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are an emerging growth company and a smaller
reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure
requirements available to emerging growth companies and smaller reporting companies, this could make our securities less
attractive to investors and may make it more difficult to compare our performance with other public companies.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &#8220;emerging growth company&#8221;
within the meaning of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not
limited to, not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. As a result, our stockholders may not have access to certain information they may deem important.
We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier,
including if the worldwide market value of our common stock held by non-affiliates exceeds $700 million as of any June&nbsp;30
before that time, in which case we would no longer be an emerging growth company as of the following December&nbsp;31. We cannot
predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors
find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be
lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our
securities may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Further, Section&nbsp;102(b)(1)&nbsp;of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out
of such extended transition period, which means that when a standard is issued or revised and it has different application dates
for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither
an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, we are a &#8220;smaller reporting
company&#8221; as defined in Rule&nbsp;10(f)(1)&nbsp;of Regulation S-K. Smaller reporting companies may take advantage of certain
reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will
remain a smaller reporting company until the last day of the fiscal year in which (1)&nbsp;the market value of our common stock
held by non-affiliates exceeds $250 million as of the end of the prior June&nbsp;30th, or (2)&nbsp;our annual revenues exceeded
$100 million during such completed fiscal year and the market value of our common stock held by non-affiliates exceeds $700 million
as of the prior June&nbsp;30th. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison
of our financial statements with other public companies difficult or impossible.</P>

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

<!-- Field: Page; Sequence: 63; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compliance obligations under the Sarbanes-Oxley Act may make
it more difficult for us to effectuate our initial business combination, require substantial financial and management resources,
and increase the time and costs of completing an initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&nbsp;404 of the Sarbanes-Oxley
Act requires that we evaluate and report on our system of internal controls beginning with our Annual Report on Form&nbsp;10-K
for the year ending December&nbsp;31, 2020. Only in the event we are deemed to be a large accelerated filer or an accelerated filer,
and no longer qualify as an emerging growth company, will we be required to comply with the independent registered public accounting
firm attestation requirement on our internal control over financial reporting. Further, for as long as we remain an emerging growth
company, we will not be required to comply with the independent registered public accounting firm attestation requirement on our
internal control over financial reporting. The fact that we are a blank check company makes compliance with the requirements of
the Sarbanes-Oxley Act particularly burdensome on us as compared to other public companies because a target company with which
we seek to complete our initial business combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of its internal controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate
of incorporation will contain provisions that may discourage unsolicited takeover proposals that stockholders may consider to
be in their best interests. These provisions include the ability of the board of directors to designate the terms of and
issue new series of preferred shares, which may make the removal of management more difficult and may discourage transactions
that otherwise could involve payment of a premium over prevailing market prices for our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are also subject to anti-takeover provisions
under Delaware law, which could delay or prevent a change of control. Together these provisions may make the removal of management
more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices
for our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our amended and restated certificate of incorporation will
require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against our directors, officers,
other employees or stockholders for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented
to service of process on such stockholder&#8217;s counsel, which may have the effect of discouraging lawsuits against our directors,
officers, other employees or stockholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
our directors, officers, other employees or stockholders for breach of fiduciary duty and other similar actions may be brought
only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will
be deemed to have consented to service of process on such stockholder&#8217;s counsel except any action (A)&nbsp;as to which the
Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the
Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten
days following such determination), (B)&nbsp;which is vested in the exclusive jurisdiction of a court or forum other than the Court
of Chancery, (C)&nbsp;for which the Court of Chancery does not have subject matter jurisdiction, or (D)&nbsp;any action arising
under the Securities Act, as to which the Court of Chancery and the federal district court for the District of Delaware shall have
concurrent jurisdiction. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall
be deemed to have notice of and consented to the forum provisions in our amended and restated certificate of incorporation. This
choice of forum provision may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect
to such claims, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the
rules&nbsp;and regulations thereunder. However, there is no assurance that a court would enforce the choice of forum provision
contained in our amended and restated certificate of incorporation. If a court were to find such provision to be inapplicable or
unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could
harm our business, operating results and financial condition.</P>

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

<!-- Field: Page; Sequence: 64; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law. Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act or the rules&nbsp;and regulations thereunder. As a result, the exclusive forum provision will not apply
to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cyber incidents or attacks directed at us could result in
information theft, data corruption, operational disruption and/or financial loss.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We depend on digital technologies, including
information systems, infrastructure and cloud applications and services, including those of third parties with which we may deal.
Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure
of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive
or confidential data. As an early stage company without significant investments in data security protection, we may not be sufficiently
protected against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate
any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse
consequences on our business and lead to financial loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we effect our initial business combination with a company
with operations or opportunities outside of the United States, we would be subject to a variety of additional risks that may negatively
impact our operations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we effect our initial business combination
with a company with operations or opportunities outside of the United States, we would be subject to any special considerations
or risks associated with companies operating in an international setting, including any of the following:</P>

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

<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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>higher costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal requirements of overseas markets;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>rules&nbsp;and regulations regarding currency redemption;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>complex corporate withholding taxes on individuals;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>laws governing the manner in which future business combinations may be effected;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>tariffs and trade barriers;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>regulations related to customs and import/export matters;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>longer payment cycles and challenges in collecting accounts receivable;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>tax issues, including but not limited to tax law changes and variations in tax laws as compared to the United States;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>currency fluctuations and exchange controls;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>rates of inflation;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>cultural and language differences;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>employment regulations;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>changes in industry, regulatory or environmental standards within the jurisdictions where we operate;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>crime, strikes, riots, civil disturbances, terrorist attacks, natural disasters and wars;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>deterioration of political relations with the United States; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>government appropriations of assets.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may not be able to adequately address
these additional risks. If we were unable to do so, our operations might suffer, which may adversely impact our results of operations
and financial condition.</P>

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

<!-- Field: Page; Sequence: 65; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may face risks related to businesses in the PropTech sector.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Business combinations with businesses in
the PropTech sector entail special considerations and risks. If we are successful in completing a business combination with such
a target business, we may be subject to, and possibly adversely affected by, the following risks:</P>

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

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the markets we may serve may be subject to general economic conditions and cyclical demand, which could lead to significant shifts in our results of operations from quarter to quarter that make it difficult to project long-term performance;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may be unable to attract or retain customers;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may be subject to the negative impacts of catastrophic events;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may face competition and consolidation of the specific sector of the industry within which the target business operates;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may be subject to volatility in costs for strategic raw material and energy commodities (such as natural gas, including exports of material quantities of natural gas from the United States) or disruption in the supply of these commodities could adversely affect our financial results;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may be unable to obtain necessary insurance coverage for the target business&#8217; operations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




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

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may incur additional expenses and delays due to technical problems, labor problems (including union disruptions) or other interruptions at our manufacturing facilities after our initial business combination;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may experience work-related accidents that may expose us to liability claims;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our manufacturing processes and products may not comply with applicable statutory and regulatory requirements, or if we manufacture products containing design or manufacturing defects, demand for our products may decline and we may be subject to liability claims;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may be liable for damages based on product liability claims, and we may also be exposed to potential indemnity claims from customers for losses due to our work or if our employees are injured performing services;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our products may be subject to warranty claims, and our business reputation may be damaged and we may incur significant costs as a result;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may be unable to protect our intellectual property rights;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our products and manufacturing processes will be subject to technological change;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we may be subject to increased government regulations, including with respect to, among other matters, increased environmental regulation and worker safety regulation, and the costs of compliance with such regulations; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the failure of our customers to pay the amounts owed to us in a timely manner.</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">Any of the foregoing could have an adverse impact on our operations
following a business combination. However, our efforts in identifying prospective target businesses will not be limited to the
PropTech sector. Accordingly, if we acquire a target business in another industry, these risks we will be subject to risks attendant
with the specific industry in which we operate or target business which we acquire, which may or may not be different than those
risks listed above.</P>

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

<!-- Field: Page; Sequence: 66; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
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-indent: 0.25in">Certain statements in this prospectus may
constitute &#8220;forward-looking statements&#8221; for purposes of the federal securities laws. Our forward-looking statements
include, but are not limited to, statements regarding our or our management team&#8217;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 &#8220;anticipate,&#8221;
&#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221;
&#8220;project,&#8221; &#8220;should,&#8221; &#8220;would&#8221; and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus
may include, for example, statements about:</P>

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

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our ability to select an appropriate target business or businesses;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our ability to complete our initial business combination;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our expectations around the performance of the prospective target business or businesses;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our potential ability to obtain additional financing to complete our initial business combination;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our pool of prospective target businesses;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the ability of our officers and directors to generate a number of potential acquisition opportunities;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our public securities&#8217; potential liquidity and trading;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the lack of a market for our securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the use of proceeds not held in the trust account or available to us from interest income on the trust account balance;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the trust account not being subject to claims of third parties; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our financial performance following this offering.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The forward-looking statements contained
in this prospectus are based on our current expectations and beliefs concerning future developments and their potential effects
on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause
actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those factors described under the section of this prospectus entitled
&#8220;Risk Factors.&#8221; Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake
no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.</P>

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

<!-- Field: Page; Sequence: 67; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are offering 20,000,000 units at an
offering price of $10.00 per unit. We estimate that the net proceeds of this offering together with the funds we will receive from
the sale of the private placement units upon the closing of this offering will be used as set forth in the following table.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Without<BR>
Over-<BR>
Allotment<BR>
Option</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Over-<BR>
Allotment<BR>
Option Fully<BR>
Exercised</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><B><I>Gross proceeds</I></B></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%; padding-left: 10pt; text-indent: -10pt">Gross proceeds from units offered to public<SUP>(1)</SUP></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">200,000,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">230,000,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Gross proceeds from private placement units offered in the private placement</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">6,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">6,500,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Total gross proceeds</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">206,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">236,500,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><B><I>Offering expenses<SUP>(2)</SUP></I></B></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="padding-left: 10pt; text-indent: -10pt">Underwriting discounts (2% of gross proceeds from units offered to public, excluding deferred portion)<SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">4,600,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Legal fees and expenses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">225,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Accounting fees and expenses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">SEC/FINRA Expenses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">64,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">64,854</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Nasdaq listing and filing fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">75,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Printing and engraving expenses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Miscellaneous</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">310,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">310,146</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Total offering expenses (excluding underwriting discounts)</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">750,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Proceeds after offering expenses</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">201,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">231,150,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Held in trust account</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">200,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">230,000,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">% of public offering size</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><I>100</I></TD>
    <TD><I>%</I></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><I>100</I></TD>
    <TD><I>%</I></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Not held in trust account</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">1,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">1,150,000</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table shows the use of the
approximately $1,750,000 of net proceeds not held in the trust account.<SUP>(4)(5)</SUP></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Amount</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>% of Total</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 74%; padding-left: 10pt; text-indent: -10pt">Legal, accounting, due diligence, travel, and other expenses in connection with any business combination</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">310,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">17.71</TD>
    <TD STYLE="width: 1%">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Legal and accounting fees related to regulatory reporting obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8.57</TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Nasdaq continued listing fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">250,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14.29</TD>
    <TD>%</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Payment for office space, utilities and secretarial and administrative support ($15,000 per month for up to 18 months)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15.43</TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Working capital to cover miscellaneous expenses<SUP>(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">770,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">44.00</TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Total</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">1,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.0</TD>
    <TD>%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">(1)</TD>
    <TD>Includes gross proceeds from this offering of $200,000,000 (or $230,000,000 if the underwriters&#8217; overallotment option is exercised in full).</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">(2)</TD>
    <TD>A portion of the offering expenses will be paid from the proceeds of loans from our sponsor of up to $300,000 as described
in this prospectus. <FONT STYLE="color: #231f20">As of March&nbsp;31, 2020, we had borrowed $73,171 under the promissory note
with the affiliate of our sponsor. </FONT>Any borrowed amounts will be repaid upon completion of this offering out of the offering
proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions). In the event that
offering expenses are more than as set forth in this table, they will be repaid using a portion of the $1,750,000 of offering
proceeds not held in the trust account and set aside for post-closing working capital expenses. In the event that offering expenses
are less than set forth in this table, any such amounts will be used for post-closing working capital expenses.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(3)</TD>
    <TD>The underwriters have agreed to defer underwriting commissions equal to 3.5% of the gross proceeds of this offering. Upon completion of our initial business combination, $7.0 million, which constitutes the underwriters&#8217; deferred commissions (or up to $8.05 million if the underwriters&#8217; over-allotment option is exercised in full) will be paid to the underwriters from the funds held in the trust account, and the remaining funds, less amounts released to the trustee to pay redeeming stockholders, will be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases of other companies or for working capital. The underwriters will not be entitled to any interest accrued on the deferred underwriting discounts and commissions.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">(4)</TD>
    <TD>These expenses are estimates only and do not include interest which may be available to us from the trust account. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring our initial business combination based upon the level of complexity of such business combination. In the event we identify an initial business combination target in a specific industry subject to specific regulations, we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 68; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">(5)</TD>
    <TD>Includes estimated amounts that may also be used in connection with our initial business combination to fund a &#8220;no shop&#8221; provision and commitment fees for financing.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">(6)</TD>
    <TD>In the event that the over-allotment option is exercised in full, the amount available for &#8220;working capital to cover miscellaneous expenses&#8221; will be an aggregate of $125,000.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may increase or decrease the total
number of units sold to the public in this offering by up to 20%. If we decide to proceed with an offering that results in an
increase in the total number of units sold to the public, we would have additional proceeds from the offering available to
pursue an acquisition. If we proceed with an offering that results in a decrease in the total number of shares sold to the
public, we would have reduced proceeds from the offering available to pursue an acquisition. Such an increase or decrease may
impact the size of the initial business combination we may pursue. In addition, the proceeds held in trust would
correspondingly increase or decrease such that 100% of the gross proceeds from this offering initially will be held in trust.
The underwriters&#8217; option to purchase additional units to cover over-allotments and the amount of private placement
units that our sponsor will purchase will correspondingly increase or decrease. We would issue additional shares of
Class&nbsp;B common stock in the event we increase the total number of units sold in this offering and the holders of our
Class&nbsp;B common stock would forfeit shares of Class&nbsp;B common stock in the event we decrease the total number of
units sold in this offering so that the number of shares of Class&nbsp;A common stock issuable upon conversion of all shares
of Class&nbsp;B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of
all shares of common stock outstanding upon the completion of this offering plus all shares of Class&nbsp;A common stock and
equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares or
equity-linked securities issued, or to be issued, to any seller in the initial business combination, the private placement
units and any private placement-equivalent units issued to our sponsor or its affiliates upon conversion of loans made to us
or any securities issued pursuant to the forward purchase agreement).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Of the net proceeds of this offering
and the sale of the private placement units, $200,000,000 (or $230,000,000 if the underwriters&#8217; over-allotment option
is exercised in full), including $7.0 million (or $8.05 million if the underwriters&#8217; over-allotment option is exercised
in full) of deferred underwriting commissions, will be placed in a trust account in the United States at J.P. Morgan Chase
Bank, N.A., with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee, and will be invested only in U.S.
government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under
Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. We estimate
that the interest earned on the trust account will be approximately $3 million per year, assuming an interest rate of 1.5%
per year; however, we can provide no assurance regarding this amount. Except with respect to interest earned on the funds
held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale
of the private placement units will not be released from the trust account until the earliest to occur of: (a)&nbsp;the
completion of our initial business combination, (b)&nbsp;the redemption of any public shares properly submitted in connection
with a stockholder vote to amend our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or
timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18
months from the closing of this offering or (B)&nbsp;with respect to any other provision relating to stockholders&#8217;
rights or pre-initial business combination activity, and (c)&nbsp;the redemption of our public shares if we are unable to
complete our initial business combination within 18 months from the closing of this offering, subject to applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net proceeds held in the trust account
may be used as consideration to pay the sellers of a target business with which we ultimately complete our initial business combination.
If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust
account are used for payment of the consideration in connection with our initial business combination, we may apply the balance
of the cash released from the trust account, as well as the proceeds from the sale of forward purchase shares pursuant to the forward
purchase agreement described elsewhere in this prospectus, for general corporate purposes, including for maintenance or expansion
of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing
our initial business combination, to fund the purchase of other companies or for working capital. There is no limitation on our
ability to raise funds privately or through loans in connection with our initial business combination, including pursuant to forward
purchase agreements we may enter into following consummation of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that amounts not held in trust
will be sufficient to pay the costs and expenses to which such proceeds are allocated. This belief is based on the fact that while
we may begin preliminary due diligence of a target business in connection with an indication of interest, we intend to undertake
in-depth due diligence, depending on the circumstances of the relevant prospective business combination, only after we have negotiated
and signed a letter of intent or other preliminary agreement that addresses the terms of an initial business combination. However,
if our estimate of the costs of undertaking in-depth due diligence and negotiating an initial business combination is less than
the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which
is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital through loans
or additional investments from our sponsor, members of our management team or their affiliates, but such persons are not under
any obligation to advance funds to, or invest in, us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Commencing on the date of this prospectus,
we have agreed to pay our sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative support.
Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the closing of this offering,
our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. <FONT STYLE="color: #231f20">As
of March&nbsp;31, 2020, we had borrowed $73,171 under the promissory note with the affiliate of our sponsor. </FONT>These loans
are non-interest bearing, unsecured and are due at the closing of this offering. The loan will be repaid upon the closing of this
offering out of offering proceeds not held in the trust account.</P>

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

<!-- Field: Page; Sequence: 69; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in order to finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or
certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our
initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us.
Otherwise, such loans would be repaid only out of funds held outside the trust account. In the event that our initial
business combination does not close, we may use a portion of the working capital held outside the trust account to repay such
loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1 million of such
loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical
to the private placement units. The terms of such loans by our officers and directors, if any, have not been determined and
no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or
an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver
against any and all rights to seek access to funds in our trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class&nbsp;A common stock. If we seek stockholder approval of our initial business combination and we do not conduct
redemptions in connection with our initial business combination pursuant to the tender offer rules, our initial stockholders, directors,
officers, advisors or their affiliates may purchase public shares or public warrants in privately negotiated transactions or in
the open market either prior to or following the completion of our initial business combination. There is no limit on the number
of shares our initial stockholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject
to compliance with applicable law and Nasdaq rules. However, they have no current commitments, plans or intentions to engage in
such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions,
they will not make any such purchases when they are in possession of any material nonpublic information not disclosed to the seller
or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases,
if any, would constitute a tender offer subject to the tender offer rules&nbsp;under the Exchange Act or a going-private transaction
subject to the going-private rules&nbsp;under the Exchange Act; however, if the purchasers determine at the time of any such purchases
that the purchases are subject to such rules, the purchasers will comply with such rules. Any such purchases will be reported pursuant
to Section&nbsp;13 and Section&nbsp;16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements.
None of the funds held in the trust account will be used to purchase public shares or public warrants in such transactions prior
to completion of our initial business combination. See &#8220;Proposed Business &#8212; Permitted purchases of our securities&#8221;
for a description of how our initial stockholders, directors, officers, advisors or any of their affiliates will select which stockholders
to purchase securities from in any private transaction.</P>

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

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

<!-- Field: Page; Sequence: 70; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The purpose of any such purchases of shares
could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder
approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to
have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that
such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number
of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection
with our initial business combination. Any such purchases of our securities may result in the completion of our initial business
combination that may not otherwise have been possible. In addition, if such purchases are made, the public &#8220;float&#8221;
of our shares of Class&nbsp;A common stock or warrants may be reduced and the number of beneficial holders of our securities may
be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national
securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may not redeem our public shares in
an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination
and after payment of underwriters&#8217; fees and commissions (so that we are not subject to the SEC&#8217;s &#8220;penny stock&#8221;
rules) and the agreement for our initial business combination may require as a closing condition that we have a minimum net worth
or a certain amount of cash. If too many public stockholders exercise their redemption rights so that we cannot satisfy the net
tangible asset requirement or any net worth or cash requirements, we would not proceed with the redemption of our public shares
or the initial business combination, and instead may search for an alternate business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A public stockholder will be entitled
to receive funds from the trust account only upon the earliest to occur of: (i)&nbsp;our completion of an initial business
combination, (ii)&nbsp;the redemption of any public shares properly submitted in connection with a stockholder vote to amend
our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our obligation to redeem
100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this
offering or (B)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or pre-initial business
combination activity, and (iii)&nbsp;the redemption of our public shares if we are unable to complete our initial business
combination within 18 months following the closing of this offering, subject to applicable law and as further described
herein and any limitations (including but not limited to cash requirements) created by the terms of the proposed initial
business combination. In no other circumstances will a public stockholder have any right or interest of any kind to or in the
trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor, officers, directors and Nomura
have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect
to any founder shares, private shares and any public shares held by them in connection with the completion of our initial business
combination. In addition, our sponsor, officers, directors and Nomura have agreed to waive their rights to liquidating distributions
from the trust account with respect to any founder shares and private shares held by them if we fail to complete our initial business
combination within the prescribed time frame. However, if our initial stockholders or their affiliates acquires public shares in
or after this offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares
if we fail to complete our initial business combination within the prescribed time frame. Permitted transferees of the founder
shares held by our sponsor, officers, directors and Nomura would be subject to the same restrictions applicable to our sponsor,
officers, directors and Nomura, respectively.</P>

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

<!-- Field: Page; Sequence: 71; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not paid any cash dividends on
our common stock to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of our initial business combination. If we increase or decrease the size of the offering
we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect
to our Class&nbsp;B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership
of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation of this offering.
Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may
be limited by restrictive covenants we may agree to in connection therewith.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The difference between the public offering
price per share of Class&nbsp;A common stock, assuming no value is attributed to the warrants included in the units we are offering
pursuant to this prospectus or the private placement units, and the pro forma net tangible book value per share of our Class&nbsp;A
common stock after this offering constitutes the dilution to investors in this offering. Such calculation does not reflect any
dilution associated with the sale and exercise of warrants, including the private warrants, which would cause the actual dilution
to the public stockholders to be higher, particularly where a cashless exercise is utilized. Net tangible book value per share
is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the
value of Class&nbsp;A common stock which may be redeemed for cash), by the number of outstanding shares of our Class&nbsp;A common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At March&nbsp;31, 2020, our net
tangible book value was $(86,243), or approximately $(0.01) per share of common stock. After giving effect to the sale of
20,000,000 shares of Class&nbsp;A common stock included in the units we are offering by this prospectus (or 23,000,000 shares
of Class&nbsp;A common stock if the underwriters&#8217; over-allotment option is exercised in full), the sale of the private
placement units and the deduction of underwriting commissions and estimated expenses of this offering, our pro forma net
tangible book value at March&nbsp;31, 2020 would have been $5,000,010, or approximately $0.75 per share (or $0.66 per share
if the underwriters&#8217; over-allotment option is exercised in full), representing an immediate increase in net tangible
book value (as decreased by the value of the 18,977,399 shares of Class&nbsp;A common stock that may be redeemed for cash, or
21,812,399 shares of Class&nbsp;A common stock if the underwriters&#8217; over-allotment option is exercised in full) of
$0.76 per share (or $0.67 per share if the underwriters&#8217; over-allotment option is exercised in full) to our initial
stockholders as of the date of this prospectus and dilution to public stockholders from this offering will be $9.25 per share
(or $9.34 if the underwriters&#8217; over-allotment option is exercised in full).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table illustrates the dilution
to the public stockholders on a per-share basis, assuming no value is attributed to the warrants included in the units or the private
placement units:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>No exercise<BR>
of <BR>
over-<BR>
allotment<BR>
option</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Exercise of<BR>
over-<BR>
allotment <BR>
option in full</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 74%; padding-left: 10pt; text-indent: -10pt">Public offering price</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">10.00</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">10.00</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Net tangible book value before this offering</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">(0.01</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">(0.01</TD>
    <TD>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Increase attributable to public stockholders and sale of the private placement units</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">0.76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">0.67</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Pro forma net tangible book value after this offering</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">0.66</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Dilution to public stockholders</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">9.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">9.34</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Percentage of dilution to public stockholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">92.5</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">93.4</TD>
    <TD>%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of presentation, we have reduced
our pro forma net tangible book value after this offering (assuming no exercise of the underwriters&#8217; over-allotment option)
by $189,773,990 because holders of up to approximately 94.9% of our public shares may redeem their shares for a pro rata share
of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account
as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior
to the commencement of our tender offer or stockholders meeting, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes), divided by the number of shares of Class&nbsp;A common stock sold in this
offering.</P>

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

<!-- Field: Page; Sequence: 72; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth information
with respect to our initial stockholders, the investors in the private placement and the public stockholders:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Shares Purchased</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Total Consideration</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Average<BR>
Price</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Number</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Percentage</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Amount</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Percentage</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Per Share</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 35%; padding-left: 10pt; text-indent: -10pt">Initial stockholders<SUP>(1)</SUP></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">5,000,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">19.50</TD>
    <TD STYLE="width: 1%">%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">25,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">0.01</TD>
    <TD STYLE="width: 1%">%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">0.005</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Private shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.53</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3.15</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">10.000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Public stockholders</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">20,000,000</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">77.97</TD>
    <TD STYLE="padding-bottom: 1pt">%</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">200,000,000</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">96.84</TD>
    <TD STYLE="padding-bottom: 1pt">%</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">$</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: right">10.000</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">25,650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD>$</TD>
    <TD STYLE="text-align: right">206,525,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">100.00</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">(1)</TD>
    <TD>Assumes no exercise of the underwriters&#8217; over-allotment option and the corresponding forfeiture of an aggregate of 750,000 shares of Class&nbsp;B common stock held by our sponsor.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The pro forma net tangible book value per
share after the offering is calculated as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>Without<BR>
Over-<BR>
allotment</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>With<BR>
Over-<BR>
allotment</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><B>Numerator:</B></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%; padding-left: 10pt; text-indent: -10pt">Net tangible book deficit before this offering</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">(86,243</TD>
    <TD STYLE="width: 1%">)</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">(86,243</TD>
    <TD STYLE="width: 1%">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Net proceeds from this offering and sale of the private placement units, net of expenses<SUP>(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">201,750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">231,150,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Plus: Offering costs paid in advance, excluded from tangible book value</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">110,243</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">110,243</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Less: Deferred underwriters&#8217; commissions payable</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(7,000,000</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(8,050,000</TD>
    <TD>)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Less: Proceeds held in trust subject to redemption to maintain net tangible assets in excess of $5,000,000<SUP>(2)</SUP></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">(189,773,990</TD>
    <TD STYLE="padding-bottom: 1pt">)</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">(218,123,990</TD>
    <TD STYLE="padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><B>$</B></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><B>5,000,010</B></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">$</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right">5,000,010</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; background-color: White; text-align: center; padding-left: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; text-align: center"><B>Without<BR>
    Over-<BR>
    allotment</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: White; text-align: center"><B>With<BR>
    Over-<BR>
    allotment</B></TD>
    <TD STYLE="padding-bottom: 1pt; background-color: White; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><B>Denominator:</B></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%; padding-left: 10pt; text-indent: -10pt">Shares of Class&nbsp;B common stock outstanding prior to this offering</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">5,750,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">5,750,000</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Shares of Class&nbsp;B common stock forfeited if over-allotment is not exercised</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">(750,000</TD>
    <TD>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&#8212;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Shares of Class&nbsp;A common stock included in the units offered</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">23,000,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Shares of Class&nbsp;A common stock to be sold as part of the private placement units</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">650,000</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Less: Shares subject to redemption</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">(18,977,399</TD>
    <TD STYLE="padding-bottom: 1pt">)</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">(21,812,399</TD>
    <TD STYLE="padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><B>6,672,601</B></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><B>7,587,601</B></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">(1)</TD>
    <TD>Expenses applied against gross proceeds include offering expenses of $750,000 and underwriting commissions of $4,000,000 (or $4,600,000 if the underwriters&#8217; over-allotment option is exercised in full) excluding deferred underwriting fees. See &#8220;Use of Proceeds.&#8221;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">(2)</TD>
    <TD>If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our initial stockholders, directors, executive officers, advisors or their affiliates may purchase public shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of shares of Class&nbsp;A common stock subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible book value per share. See &#8220;Proposed Business &#8212; Effecting Our Initial Business Combination &#8212; Permitted Purchases of Our Securities.&#8221;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 73; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 6 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_008"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth our capitalization
at March&nbsp;31, 2020, and as adjusted to give effect to the sale of our units in this offering and the sale of the private placement
units and the application of the estimated net proceeds derived from the sale of such securities, assuming no exercise by the underwriters
of its over-allotment option:</P>

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

<TABLE 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-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March&nbsp;31, 2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Actual</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As Adjusted</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Notes payable to related party<SUP>(1)</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">73,171</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Deferred underwriting commissions<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</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">7,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Class&nbsp;A common stock subject to possible redemption; -0- shares, actual, 18,977,399 shares, as adjusted</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">&mdash;</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">189,773,990</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: -10pt; padding-left: 10pt">Preferred stock, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</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">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Class&nbsp;A common stock, $0.0001 par value, 100,000,000 shares authorized; -0- and 1,672,601 shares issued and outstanding (excluding -0- and 18,977,399 shares subject to possible redemption), actual and as adjusted, respectively<SUP>(3)</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">&mdash;</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">167</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: -10pt; padding-left: 10pt">Class&nbsp;B common stock, $0.0001 par value, 10,000,000 shares authorized, 5,750,000 and 5,000,000 shares issued and outstanding, actual and as adjusted, respectively<SUP>(4)</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">575</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">500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Additional paid-in capital</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">24,425</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">5,000,343</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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt">Accumulated deficit</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">(1,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</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">(1,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Total stockholders&rsquo; equity (deficit)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">24,000</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,000,010</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Total capitalization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">97,171</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">$</TD><TD STYLE="font-size: 10pt; text-align: right">201,774,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&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">&nbsp;</TD>
    <TD STYLE="width: 24px">(1)</TD>
    <TD>Our sponsor has agreed to loan us up to $300,000 to be used
for a portion of the expenses of this offering. The &ldquo;as adjusted&rdquo; information gives effect to the repayment of any
loans made under this note out of the proceeds from this offering and the sale of the private placement units. As of March&nbsp;31,
2020, we had borrowed $73,171 under the promissory note with the affiliate of our sponsor.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(2)</TD>
    <TD>$0.35 per unit, or $7.0 million in the aggregate, will be payable to the underwriters for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriters from the amounts held in the trust account solely in the event that we complete an initial business combination, subject to the terms of the underwriting agreement. We record deferred underwriting commissions upon the closing of the initial public offering as a reduction of additional paid-in capital. Since the actual additional paid-in capital was reduced by the recording of the accrued deferred underwriting commission, total capitalization, as adjusted, includes the amount of the deferred underwriting commission to reflect total capitalization.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(3)</TD>
    <TD>Upon the completion of our initial business combination, we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, subject to the limitations described herein whereby our net tangible assets will be maintained at a minimum of $5,000,001 upon consummation of our initial business combination and any limitations (including, but not limited to, cash requirements) created by the terms of the proposed initial business combination.</TD></TR>
</TABLE>
<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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(4)</TD>
    <TD>Actual share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted amount assumes no exercise of the underwriters&#8217; over-allotment option.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 74; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_010"></A><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS
OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a blank check company incorporated
as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses. We have not selected any specific business combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business
combination target. We intend to effectuate our initial business combination using cash from the proceeds of this offering and
the private placement of the private placement units, the proceeds of the sale of our shares in connection with our initial business
combination (pursuant to the forward purchase agreement with Nomura and pursuant to forward purchase agreements or backstop agreements
we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued
to bank or other lenders or the owners of the target, or a combination of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The issuance of additional shares in connection
with an initial business combination to the owners of the target or other investors:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class&nbsp;B common stock resulted in the issuance of Class&nbsp;A shares on a greater than one-to-one basis upon conversion of the Class&nbsp;B common stock;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>may subordinate the rights of holders of our common stock if preferred stock is issued with rights senior to those afforded our common stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>may adversely affect prevailing market prices for our Class&nbsp;A common stock and/or warrants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Similarly, if we issue debt securities
or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our inability to pay dividends on our common stock;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 75; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As indicated in the accompanying financial
statements, at March&nbsp;31, 2020, we had $28,378 in cash and deferred offering costs of $110,243. In the short term, we expect
to incur costs in connection with consummating this offering. Thereafter, we expect to incur significant costs in the pursuit of
our initial business combination plans. We cannot assure you that our plans to raise capital or to complete our initial business
combination will be successful. 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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have neither engaged in any operations
nor generated any revenues to date. Our only activities since inception have been organizational activities and those necessary
to prepare for this offering. Following this offering, we will not generate any operating revenues until after completion of our
initial business combination. We will generate non-operating income in the form of interest income on cash and cash equivalents
after this offering. There has been no significant change in our financial position and no material adverse change has occurred
since the date of our audited financial statements. After this offering, we expect to incur increased expenses as a result of being
a public company (for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence
on prospective business combination candidates. We expect our expenses to increase substantially after the closing of this offering.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As indicated in the accompanying financial
statements, at March&nbsp;31, 2020, we had $28,378 in cash and a working capital deficit of $86,243. Our liquidity needs are being
satisfied prior to the completion of this offering through the receipt proceeds from our sponsor of $25,000 for the founder shares
and up to $300,000 in loans available from our sponsor under an unsecured promissory note. We expect that these funds will be sufficient
to fund our costs until the completion of this offering. We estimate that the net proceeds from (i)&nbsp;the sale of the units
in this offering, after deducting offering expenses of approximately $750,000, underwriting commissions of $4.0 million (excluding
deferred underwriting commissions of $7.0 million (or $8.1 million if the underwriters&rsquo; over-allotment option is exercised
in full)), and (ii)&nbsp;the sale of the private placement units for a purchase price of $6,500,000, will be $201,750,000 (or $231,150,000
if the underwriters&rsquo; over-allotment option is exercised in full). Of this amount, $200,000,000 (or $230,000,000 if the underwriters&rsquo;
over-allotment option is exercised in full) will be held in the trust account, which includes $7.0 million (or $8.05 million if
the underwriters&rsquo; over-allotment option is exercised in full) of deferred underwriting commissions. The proceeds held in
the trust account will be invested only in U.S. government treasury obligations with a maturity of 180 days or less or in money
market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S.
government treasury obligations. The remaining approximately $1,750,000 will not be held in the trust account. In the event that
our offering expenses exceed our estimate of $750,000, we may fund such excess with funds not to be held in the trust account.
In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely,
in the event that the offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside
the trust account would increase by a corresponding amount.</P>

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

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

<!-- Field: Page; Sequence: 76; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We intend to use substantially all of the
funds held in the trust account, including any amounts representing interest earned on the trust account to complete our initial
business combination (less deferred underwriting commissions). We may withdraw interest to pay taxes. We estimate our annual franchise
tax obligations, based on the number of shares of our common stock authorized and outstanding after the completion of this offering,
to be $200,000, which is the maximum amount of annual franchise taxes payable by us as a Delaware corporation per annum, which
we may pay from funds from this offering held outside of the trust account or from interest earned on the funds held in our trust
account and released to us for this purpose. Our annual income tax obligations will depend on the amount of interest and other
income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be
sufficient to pay our income and franchise taxes. To the extent that our capital stock or debt is used, in whole or in part, as
consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working
capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the completion of our initial
business combination, we will have available to us the approximately $1,750,000 ($1,150,000 if the underwriters&#8217; over-allotment
option is exercised in full) of proceeds held outside the trust account. We will use these funds to identify and evaluate target
businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar
locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements
of prospective target businesses, and structure, negotiate and complete an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In order to fund working capital deficiencies
or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial
business combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we
may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust
account would be used for such repayment. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per
unit at the option of the lender. The units would be identical to the private placement units. The terms of such loans by our officers
and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to
seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing
to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect our primary liquidity
requirements during that period to include approximately $310,000 for legal, accounting, due diligence, travel and other
expenses associated with structuring, negotiating and documenting successful business combinations; $150,000 for legal and
accounting fees related to regulatory reporting requirements; $250,000 for expenses relating to looking for a target business
to acquire, $270,000 for office space, utilities and secretarial and administrative support; and approximately $770,000 (or
$170,000 if the over-allotment option is exercised in full) for working capital that will be used for miscellaneous expenses
and reserves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These amounts are estimates and may differ
materially from our actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment
fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a &#8220;no-shop&#8221;
provision (a provision designed to keep target businesses from &#8220;shopping&#8221; around for transactions with other companies
on terms more favorable to such target businesses) with respect to a particular proposed initial business combination, although
we do not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity
from a target business, the amount that would be used as a down payment or to fund a &#8220;no-shop&#8221; provision would be determined
based on the terms of the specific business combination and the amount of our available funds at the time. Our forfeiture of such
funds (whether as a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for,
or conducting due diligence with respect to, prospective target businesses.</P>

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

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

<!-- Field: Page; Sequence: 77; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura intends to enter into a
forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate
purchase price of up to $100.0 million through, other than as described below, open market purchases or privately negotiated
transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated
transactions, up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity
securities on terms to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial
business combination. The funds from the sale of the forward purchase shares received by us may be used as part of the
consideration to the sellers in the initial business combination. The forward purchase agreement will allow Nomura to be
excused from its purchase obligation in connection with a specific business combination, in whole or in part, unless, within
five business days following written notice delivered by us of our intention to enter into such business combination, Nomura
notifies us that it has decided to proceed with the purchase. Nomura may decide not to proceed with the purchase for any
reason, including, without limitation, if it has determined that such purchase would constitute a conflict of interest.
Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount of commitments by third parties to
purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public
stockholders of shares of our Class&nbsp;A common stock. We do not believe we will need to raise additional funds following
this offering in order to meet the expenditures required for operating our business. However, if our estimates of the costs
of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less
than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our
initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business
combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial
business combination, in which case we may issue additional securities or incur debt in connection with such business
combination. In addition, we intend to target businesses larger than we could acquire with the net proceeds of this offering
and the sale of the private placement units, and may as a result be required to seek additional financing to complete such
proposed initial business combination. Subject to compliance with applicable securities laws, we would only complete such
financing simultaneously with the completion of our initial business combination. If we are unable to complete our initial
business combination because we do not have sufficient funds available to us, we will be forced to cease operations and
liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may
need to obtain additional financing in order to meet our obligations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not currently required to maintain
an effective system of internal controls as defined by Section&nbsp;404 of the Sarbanes-Oxley Act. We will be required to comply
with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending December&nbsp;31, 2022. Only in the
event that we are deemed to be a large accelerated filer or an accelerated filer would we be required to comply with the independent
registered public accounting firm attestation requirement. Further, for as long as we remain an emerging growth company as defined
in the JOBS Act, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent
registered public accounting firm attestation requirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the closing of this offering,
we have not completed an assessment, nor has our independent registered public accounting firm tested our systems, of internal
controls. We expect to assess the internal controls of our target business or businesses prior to the completion of our initial
business combination and, if necessary, to implement and test additional controls as we may determine are necessary in order to
state that we maintain an effective system of internal controls. A target business may not be in compliance with the provisions
of the Sarbanes-Oxley Act regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider
for our initial business combination may have internal controls that need improvement in areas such as:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>staffing for financial, accounting and external reporting areas, including segregation of duties;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reconciliation of accounts;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>proper recording of expenses and liabilities in the period to which they relate;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>evidence of internal review and approval of accounting transactions;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>documentation of processes, assumptions and conclusions underlying significant estimates; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>documentation of accounting policies and procedures.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 78; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because it will take time, management involvement
and perhaps outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements
and market expectations for our operation of a target business, we may incur significant expense in meeting our public reporting
responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so
effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Once our management&#8217;s report on internal
controls is complete, we will retain our independent registered public accounting firm to audit and render an opinion on such report
when required by Section&nbsp;404 of the Sarbanes-Oxley Act. The independent registered public accounting firm may identify additional
issues concerning a target business&#8217;s internal controls while performing their audit of internal control over financial reporting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The net proceeds of this offering and the
sale of the private placement 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&nbsp;2a-7 under the Investment Company Act which
invest only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there
will be no associated material exposure to interest rate risk.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In January&nbsp;2020, our sponsor
purchased 5,000,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.005 per share.
Subsequently, in February&nbsp;2020, we declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000
shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of
approximately $0.005 per share. The number of founder shares issued was determined based on the expectation that such founder
shares would represent 20% of the outstanding shares upon completion of this offering (excluding the private shares). The per
share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the
aggregate number of founder shares issued. If we increase or decrease the size of the offering we will effect a stock
dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to our
Class&nbsp;B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership
of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation of this
offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Commencing on the date of this prospectus,
we have agreed to pay our sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative support.
Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor, officers and directors, or
any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on
our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their
affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on
the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the consummation of this offering,
our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. <FONT STYLE="color: #231f20">As
of March&nbsp;31, 2020, we had borrowed $73,171 under the promissory note with the affiliate of our sponsor </FONT>to be used for
a portion of the expenses of this offering. These loans are non-interest bearing, unsecured and are payable upon completion of
this offering. The loan will be repaid upon the closing of this offering out of the offering proceeds that has been allocated to
the payment of offering expenses (other than underwriting commissions).</P>

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

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

<!-- Field: Page; Sequence: 79; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in order to finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination,
we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used for such repayment. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option
of the lender. The units would be identical to the private placement units. The terms of such loans by our officers and directors,
if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from
parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds
and provide a waiver against any and all rights to seek access to funds in our trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor and Nomura have committed,
pursuant to written agreements, to purchase an aggregate of 650,000 private placement units at $10.00 per unit, among which 595,000
units will be purchased by our sponsor and 55,000 units will be purchased by Nomura. These purchases will take place on a private
placement basis simultaneously with the consummation of this offering and the over-allotment option, as applicable. The foregoing
purchases will only be made by our founders if they are able to do so in accordance with Regulation M and Sections 9(a)(2)&nbsp;and
10(b)&nbsp;and Rule&nbsp;10b-5 of the Exchange Act. A portion of the purchase price of the private placement units will be added
to the proceeds of this offering to be held in the trust account. Nomura intends to enter into a forward purchase agreement with
us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million
through, other than as described below, open market purchases or privately negotiated transactions with one or more third parties.
In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85 million of such aggregate
purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between Nomura
and us, to occur concurrently with the closing of our initial business combination. The funds from the sale of the forward purchase
shares received by us may be used as part of the consideration to the sellers in the initial business combination. The forward
purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business combination,
in whole or in part, unless, within five business days following written notice delivered by us of our intention to enter into
such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not to proceed
with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute a conflict
of interest. Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount of commitments by third parties
to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business combination.
The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of
our Class&nbsp;A common stock. Nomura will be paid a commitment fee of up to $2.0 million with respect to the forward purchase
commitment of up to $100.0 million upon the announcement of a definitive agreement for our initial business combination. In addition,
the forward purchase agreement provides that Nomura (or its assignees) is entitled to registration rights with respect to the forward
purchase shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.</P>

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

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

<!-- Field: Page; Sequence: 80; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to a registration rights agreement
we will enter into with our initial stockholders on or prior to the closing of this offering, we may be required to register certain
securities for sale under the Securities Act (including securities issuable pursuant to the forward purchase agreement). These
holders, and holders of warrants issued upon conversion of working capital loans, if any, are entitled under the registration rights
agreement to make up to three demands that we register certain of our securities held by them for sale under the Securities Act
and to have the securities covered thereby registered for resale pursuant to Rule&nbsp;415 under the Securities Act. In addition,
these holders have the right to include their securities in other registration statements filed by us. We will bear the costs and
expenses of filing any such registration statements. See the section of this prospectus entitled &#8220;Certain Relationships and
Related Party Transactions.&#8221;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of March&nbsp;31, 2020, we did not have
any off-balance sheet arrangements as defined in Item 303(a)(4)(ii)&nbsp;of Regulation S-K and did not have any commitments or
contractual obligations. No unaudited quarterly operating data is included in this prospectus, as we have conducted no operations
to date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On April&nbsp;5, 2012, the JOBS Act
was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for
qualifying public companies. We will qualify as an &#8220;emerging growth company&#8221; and under the JOBS Act will be
allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded)
companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply
with new or revised accounting standards on the relevant dates on which adoption of such standards is required for
non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new
or revised accounting pronouncements as of public company effective dates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, we are in the process of
evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions
set forth in the JOBS Act, if, as an &#8220;emerging growth company&#8221;, we choose to rely on such exemptions we may not be
required to, among other things, (i)&nbsp;provide an independent registered public accounting firm&#8217;s attestation report on
our system of internal controls over financial reporting pursuant to Section&nbsp;404, (ii)&nbsp;provide all of the compensation
disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection
Act, (iii)&nbsp;comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement
to the report of independent registered public accounting firm providing additional information about the audit and the financial
statements (auditor discussion and analysis), and (iv)&nbsp;disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the CEO&#8217;s compensation to median employee compensation.
These exemptions will apply for a period of five years following the completion of this offering or until we are no longer an &#8220;emerging
growth company,&#8221; whichever is earlier.</P>

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

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

<!-- Field: Page; Sequence: 81; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_009"></A><B>PROPOSED BUSINESS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are a newly organized blank check company
incorporated in December&nbsp;2019 as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to
throughout this prospectus as our initial business combination. We have not selected any specific business combination target and
we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination
target. While we may pursue an initial business combination target in any stage of its corporate evolution or in any industry or
sector, we currently intend to concentrate our efforts in businesses that apply innovative digital technologies and technology-enhanced
services and solutions to the identification, design, development, construction, operation, financing, management and disposition
of real estate properties, commonly referred to as &#8220;PropTech.&#8221; Our definition of PropTech applies to both technology
companies that are disrupting the real estate sector as well as to real estate and consumer-oriented companies with a real estate
component that utilize innovative technology. Our management team has an extensive track record of acquiring attractive assets
at disciplined valuations, investing in growth while fostering financial discipline and improving business results.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our management team is led by Ophir Sternberg,
our Chief Executive Officer, President and  Chairman, Trevor Barran, our Chief Operating Officer, and Paul Rapisarda, our Chief Financial
Officer and Secretary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: #201A16">Mr.&nbsp;Sternberg,
our Chairman, President and Chief Executive Officer since inception,</FONT> has over 28 years of experience acquiring,
developing, repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality,
ultra-luxury residential condominiums and land acquisitions. Mr.&nbsp;Sternberg is the founding partner and Chief Executive Officer
of Lionheart Capital LLC (&ldquo;Lionheart Capital&rdquo;), founded in 2010. In 2019, Lionheart Capital completed in excess of
20 real estate transactions across North America alone. Under Mr.&nbsp;Sternberg&rsquo;s leadership, Lionheart Capital executed
numerous, marquee real estate transactions and repositions, including the Miami Beach Ritz-Carlton project, which resulted in
a total sell-out value in excess of $560 million as well as the $30 million purchase and $120 million sale of the Seagull Hotel,
Miami Beach making it the largest hotel sale of the year in Miami Beach. Mr.&nbsp;Sternberg and Lionheart Capital are currently
in development on a number of other projects including but are not limited to retail properties in Miami&rsquo;s Design District,
two oceanfront condominium towers in Pompano Beach, Florida and a ski-in/ski-out hotel and residences in Breckenridge, Colorado.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, in 2017,
Mr.&nbsp;Sternberg founded Out of the Box Ventures, a Lionheart Capital subsidiary, to acquire and reposition distressed
retail properties throughout the United States. With over 28 properties in 17 states, Out of the Box Ventures currently
controls over 6 million square feet of big box stores, shopping centers and enclosed regional mall properties with plans to
improve and expand upon these acquisitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Sternberg and Lionheart Capital
are dedicated to working with best-in-class operators and partners such as the Ritz-Carlton. Lionheart Capital has been able to
execute numerous, marquee transactions due largely in part to Mr.&nbsp;Sternberg&#8217;s extensive industry relationships particularly
with key institutional investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Sternberg began his career assembling,
acquiring and developing properties in emerging neighborhoods in New York City, which established his reputation for identifying
assets with unrealized potential and combining innovative partnerships with efficient financing structures to realize above average
returns. Mr.&nbsp;Sternberg came to the United States in 1993 after completing three years of military service within an elite
unit for the Israeli Defense Forces (IDF).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In March 2020, Mr.&nbsp;Sternberg
became  Chairman of OPES Acquisition Corp., a SPAC. On June&nbsp;30, 2020, OPES Acquisition Corp. announced a definitive
agreement to merge with BurgerFi International Inc. The consummation of the OPES-BurgerFi merger is subject to receipt of
stockholder approval and satisfaction of other customary closing conditions. BurgerFi is a fast-casual &ldquo;better
burger&rdquo; concept that consists of 125 corporate owned franchise locations in 23 states. BurgerFi expanded its delivery
only options by signing a license agreement in April&nbsp;2020 with REEF Technology, an operator of logistics hubs and
neighborhood kitchens. The OPES team, led by Mr.&nbsp;Sternberg, evaluated over 50 potential targets and negotiated business
combination terms with multiple candidates in a span of a few months and is acquiring BurgerFi at what it believes is an
attractive multiple relative to its peers.</P>

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

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

<!-- Field: Page; Sequence: 82; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Barran, our Chief Operating Officer,
has also served as Chief Operating Officer at Out of the Box Ventures since its inception in 2017. Mr.&nbsp;Barran brings over
20 years of experience developing and executing investment and operational strategies across the financial services, healthcare,
technology, and real estate industries, including the last ten years acquiring and developing real estate properties as a senior
member of the Lionheart Capital team. From 2013 until 2019, Mr.&nbsp;Barran served as Chief Executive Officer of Lionheart Nica
S.A., Real Estate, a subsidiary of Lionheart Capital. Mr.&nbsp;Barran began his career in 1998 at the Mitchell Madison Group,&nbsp;Inc.,
a management consulting firm focused on improving financial and operational performance for large companies through strategic sourcing,
performance improvement and big data, which was subsequently sold to USWeb/CKS Corp. for approximately $300 million in 1999 and
eventually grew to over 8,500 employees with annual revenues exceeding $1 billion. Subsequently, in 1999, Mr.&nbsp;Barran joined
ScreamingMedia (NASDAQ:SCRM), later known as Pinnacor, a global technology platform focused on the aggregation and distribution
of digital content over the Internet. Mr.&nbsp;Barran helped prepare ScreamingMedia for its $60 million initial public offering
in 2000. ScreamingMedia, which underwent a series of acquisitions, is now a part of the Walt Disney Company (NYSE:DIS). Other career
milestones for Mr.&nbsp;Barran include founding and operating SACSA, s.a. (2016-2019), a resort construction company where he served
as managing partner; founding and operating BioIntegral Surgical (2008-2010), a cardiovascular medical devices company where he
served as Chief Executive Officer; and co-founding a systematic global macro high-frequency trading fund, EagleStone Advisors (2010-2011). At EagleStone,
Mr.&nbsp;Barran was instrumental in putting forward a day trading exchanged-traded fund (ETF) strategy. Additionally, in 2003,
Mr.&nbsp;Barran participated in post-graduate work in computer science and artificial intelligence with Professor David Ackley
in a joint program between the University of New Mexico and Santa Fe Research Institute. Mr.&nbsp;Barran earned a degree in Aerospace
Engineering from Princeton University in 1998.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Rapisarda, our Chief
Financial Officer and Secretary, also serves as Chief Financial Officer at Lionheart Capital and Out of the Box Ventures, a position he has held
since 2019. Mr.&nbsp;Rapisarda is an experienced public company C-suite executive and investment banking professional with
more than 25 years working in and for a variety of public and private companies. Prior to
joining Lionheart Capital in June&nbsp;2019, he served as Chief Financial Officer at Etrion Corp. (TSX:ETX), a dual-listed
(Canada/Sweden) solar energy development company from October&nbsp;2015 to December&nbsp;2017. Etrion Corp. is part of The
Lundin Group, a portfolio of 13 public companies in the energy and mining sectors with a combined market capitalization in
excess of $16 billion, started or sponsored by the Lundin family. Mr.&nbsp;Rapisarda was responsible for managing all finance
functions, including financial reporting, treasury&nbsp;&amp; cash management, corporate finance, regulatory/SEC compliance
matters and investor relations. Prior to this, Mr.&nbsp;Rapisarda worked for Garrison Capital Advisors LLC, a financial
advisory and consulting services company. From 2008 to 2014, he worked for another dual-listed company (Canada/United
States), Atlantic Power Corporation (NYSE:AT), most recently serving as Executive Vice President-Commercial Development. The
company was a portfolio company controlled by Arclight Capital Partners, a private equity firm with $10.4 billion of assets
under management and a focus on the energy sector. He was a key member of the executive team that successfully engineered the
$1.8 billion merger with Capital Power Income L.P. and had primary responsibility for the investment of over $1.2 billion in
capital from 2008-2012. Prior to Atlantic Power, Mr.&nbsp;Rapisarda worked for over 20 years in investment banking and
private equity for several firms, including Compass Advisers LLP, Schroders, Merrill Lynch and BT Securities. He has also
acted as a board member at several emerging growth companies, primarily in the energy, technology and infrastructure sectors.
Mr.&nbsp;Rapisarda has a B.A. from Amherst College and an M.B.A. from the Harvard Business School.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Steven Berrard, who will become our board
member at the closing of this offering, <FONT STYLE="background-color: white">is a co-founder of e-commerce company RumbleOn Inc.
and has served as its Chief Financial Officer since 2017 and has been a member of its Board of Directors since 2016. Mr.&nbsp;Berrard
is the Managing Partner of New River Capital Partners, a private equity fund he co-founded in 1997. Mr.&nbsp;Berrard was the co-founder
and Co-Chief Executive Officer of AutoNation from 1996 to 1999. Prior to joining AutoNation, Mr.&nbsp;Berrard served as President
and Chief Executive Officer of the Blockbuster Entertainment Group, the world&rsquo;s largest video store operator at the time.
Mr.&nbsp;Berrard served as Chairman of Board of Jamba,&nbsp;Inc. from 2005 to 2007 and as its Chief Executive Officer from 2005
to 2006. Mr.&nbsp;Berrard served as President of Huizenga Holdings,&nbsp;Inc., a real estate management and development company,
and served in various positions with subsidiaries of Huizenga Holdings,&nbsp;Inc. from 1981 to 1987. Mr.&nbsp;Berrard currently
serves on the Board of Directors of Pivotal Fitness,&nbsp;Inc., a chain of fitness centers operating in Charleston, SC. He has
previously served on the Boards of Directors of Swisher Hygiene Inc., Walter Investment Management Corp., Jamba,&nbsp;Inc., Viacom,&nbsp;Inc.,
Birmingham Steel, HealthSouth and Boca Resorts,&nbsp;Inc. Mr.&nbsp;Berrard earned his B.S. in Accounting from Florida Atlantic
University.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Aman Kapadia, who will become our
board member at the closing of this offering, has been the Managing Partner of Akaris Global Partners, an investment firm
based in New York City, since September 2018. He brings 16 years of experience in public markets investing across capital
structure, geographies, and industries. Prior to founding Akaris Global, from 2007 to 2018, Mr. Kapadia served as Partner and
Managing Director at Fir Tree Partners, an investment firm formed in 1994 to apply the best practices of a private equity
approach to opportunistic value investing. From 2016 until his departure in 2018, Mr. Kapadia was one of three individuals
managing the firm with co-portfolio manager responsibilities. Previously, Mr. Kapadia was an Analyst at Rockbay Capital
Management, Severn River Capital Management, Sagamore Hill and McKinsey&nbsp;&amp; Co. Mr. Kapadia received a J.D./M.B.A.
from Harvard Law School and Harvard Business School, and an A.B. in Public and International Affairs, magna cum laude, from
Princeton University, where he was inducted into Phi Beta Kappa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mark Walsh, who will become our board member
at the closing of this offering, is a venture investor in technology, software, content and services through his fund, Ruxton Ventures,
LLC, which he founded in 2003. Mr. Walsh was Chief Executive Officer of FactSquared, an AI/Machine learning company he helped found,
from late 2017 to early 2019. He remains on its board. He served as a presidential appointee in the Obama Administration as Head
of Investment and Innovation at the Small Business Administration from 2015 to 2017, overseeing a $30 billion investment portfolio
in private equity, venture capital and venture accelerators. Prior to the SBA, from 2013 to 2015, Mr. Walsh was executive chairman
of Homesnap.com, a &ldquo;prosumer&rdquo; platform/app for residential real estate backed by Revolution Ventures. He has been a
senior executive at several technology and content companies, including GE, AOL and Home Box Office. Mr. Walsh served as Chief
Executive Officer and then Chairman of VerticalNet, a leading provider of B2B &ldquo;communities of commerce&rdquo; from 1997 to
2004. He led the company through its public offering on NASDAQ in 1999. Mr. Walsh has invested in and/or served as a board member
of a number of high growth public and private companies, including: BlackBoard (NASDAQ: BBBB), NutriSystems (NASDAQ: NTRI), Thestreet.com
(NASDAQ: TST), Day Software (Zurich Stock Exchange: DAY), half.com, LifeShield.com, Transactis and GoCanvas.com. Mr. Walsh received
an M.B.A. from the Harvard Business School and a B.A. from Union College.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We define the PropTech sector as businesses
that apply innovative digital technologies and technology-enhanced services and solutions to the identification, design, development,
construction, operation, financing, management and disposition of real estate properties. This definition applies to both technology
companies that are disrupting the real estate sector as well as to real estate companies that utilize innovative technology.</P>

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

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

<!-- Field: Page; Sequence: 83; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Combined, real estate and technology represent
a significant segment of the U.S. economy. Further, digital transformation is driving technological innovation across the broader
real estate sector. Real estate has traditionally been a human capital and resource-intensive sector but technology has become a strategic
imperative as businesses seek ways to increase the efficiency of their assets. Innovation is being driven by both incumbent firms
and disruptive new entrants that are leveraging B2B technology solutions from other industries as well as applying consumer-facing
technologies to the commercial market. Examples of innovative technology trends driving digital transformation in the real estate
sector include: artificial intelligence and machine learning, data and analytics, mobility, cloud technologies, the Internet of
Things, virtual and augmented reality, financial and mortgage technology, 5G, and drones. Digital transformation has also enabled
new business models including iBuying, co-working, flexible warehousing, and crowdfunding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The businesses we seek to acquire offer
innovative software, hardware, products, operations or services that are technologically equipped to improve property ownership;
property financing; property valuation; property operations; property management; leasing; property insurance; real estate asset
management and investment management; and design, construction and development. These businesses have a large addressable market
across the broader real estate sector potentially including landlords, tenants, developers, operators, managers, brokers, investors,
lenders, architects, engineers, and general contractors. We believe the acquisition of one or more businesses in this sector can
serve as a platform for expansion, both organically and through further acquisitions, including &#8220;roll-ups&#8221; of smaller
players in some of the more fragmented, emerging sectors such as co-working and co-living. While we intend to focus our search
for business combination targets in the PropTech sector, we may pursue an acquisition in any business industry or sector. We will
seek to acquire established businesses of scale that we believe are poised for continued growth with capable management teams and
proven unit economics, but potentially in need of financial, operational, strategic or managerial enhancement to maximize value.
We do not intend to acquire startup companies or companies without established business plans. Our management team and board of
directors will seek to leverage their access to proprietary deal flow, sourcing capabilities and network of industry contacts to
generate business combination opportunities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Real estate investment represents a significant
segment of the U.S. economy. In 2018, the National Association of Real Estate Investment Trusts estimated the total value of commercial
real estate in the U.S. to be $16.0 trillion, and Zillow estimated the total value of residential real estate in the U.S. to be
$33.6 trillion in 2019. According to the U.S. Bureau of Economic Analysis, real estate, rental and leasing comprised the largest
share of U.S. GDP, with $2.9 trillion of seasonally adjusted annualized value added as of the third quarter of 2019, representing
13.3% of U.S. GDP in that quarter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Real estate has historically lagged in
technology adoption. This is evidenced by the prevalence of paper-driven processes, lack of data transparency, and intermediaries
present in transactions. However, there is an understanding emerging at real estate companies that leveraging technology is a strategic
advantage. According to KPMG, 97% of real estate organizations think that digital and technological innovation will impact their
business and 73% consider it an opportunity. Furthermore, in a sign of recognition that technology within real estate remains under-developed,
93% of real estate organizations believe they must engage with PropTech companies in order to adapt to the changing global environment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As PropTech is an established and rapidly
expanding sector, it is currently being impacted by a new wave of innovative technologies, which has led to a 378% increase in
PropTech funding from 2015 to 2018, according to the 2019 GCA Real Estate Tech report. In 2019, total PropTech funding was $8.9
billion and exceeded the amount of total funding for the year 2018. Significant investment from venture capital firms as well as
corporations has grown substantially from 217 funding rounds in 2017 to 420 in 2019. In addition, there has been a higher percentage
of later-stage funding in recent years.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center"><B>Figure 1: U.S. Financing Activity (dollars in thousands) <SUP>(1)</SUP></B></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Figure 2: PropTech Funding Breakdown (includes debt and equity) <SUP>(2)</SUP></B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 54%; text-align: center">&nbsp;<IMG SRC="tm207455-6_s1img001.jpg" ALT=""></TD>
    <TD STYLE="width: 46%; text-align: center"><IMG SRC="tm207455-6_s1img002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>(1)</SUP></TD>
    <TD><I>Represents U.S. data across Commercial Real Estate (CRE) / Investment, Residential Real Estate and Mortgage Technology; excludes Airbnb, Credit Karma, Houzz, NextDoor, OYO Hotels and The We Company.</I></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><SUP>(2)</SUP></TD>
    <TD><I>Funding includes debt and equity. Early Stage: Pre-Seed, Angel, Seed or Series&nbsp;A; Mid Stage: Series&nbsp;A or B; Late Stage: SeriesC or later.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nonetheless, we believe we are still
early in this cycle relative to other industry-specific technology sectors. For example, PropTech has received a relatively
low amount of venture funding compared to other industry-specific technologies. For example, in 2018, U.S. PropTech companies
received just $5.3 billion of venture funding compared to approximately $47 billion for U.S. financial technology companies,
according to GCA.</P>

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

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

<!-- Field: Page; Sequence: 84; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that business opportunities
within PropTech are poised to increase, driven by digital transformation initiatives that will enable businesses throughout the
real estate ecosystem to increase the efficiency of their assets. The benefits of digital transformation in the real estate sector
include improving building utilization, optimizing customer relationship management, creating better tenant experiences, streamlining
construction projects, and reducing friction from financial transactions. According to CRETech, 1,385 private companies have received
over $48&nbsp;billion in venture funding globally between 2017 and 2019. Furthermore, CRETech expects global PropTech venture funding
to reach approximately $30&nbsp;billion in 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The public markets have historically supported
PropTech companies including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Autodesk (NASDAQ:ADSK), which has revolutionized building design.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>AppFolio (NASDAQ:APPF), which has pioneered building automation through software-as-a-service&nbsp;platforms.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Zillow (NASDAQ: ZG), which has changed the way people think about buying or renting their next home.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70px">&nbsp;</TD>
    <TD STYLE="width: 30px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>CoStar (NASDAQ: CSGP), which has changed the way that data is aggregated and analyzed (e.g. LoopNet, Apartments.com, ForRent.com).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2019, the stock price of publicly traded
PropTech companies increased on average nearly 50%, outperforming the S&amp;P 500 by 21 percentage points. Some of the largest
public market investors (as measured by equity assets under management) have also invested in private companies such as Airbnb,
which is disrupting the hospitality industry, Opendoor, which enables individuals to sell their homes directly to buyers, and Procore,
which is mobile construction project management software.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As PropTech businesses grow, we believe
that they will require greater access to the public markets for growth capital. Historically, companies have accessed public markets
through initial public offerings, or IPOs. However, the number of IPOs in recent years has diminished. An average of 93 technology
companies and 17 real estate companies went public each year before the financial crisis (1990-2008), according to the research
firm Dealogic. However, since 2009, the average number of IPOs has plummeted to only 39 and 10 per year respectively, a 56% decrease.
Additionally, only 9% of venture-backed private companies executed an IPO in 2019, according to Pitchbook. The most common exit
route for venture-backed private companies in 2019 was through a strategic sale, which can be an unattractive option for current
management who desire to maintain some level of control over their businesses. Ultimately, we believe this disparity creates a
long-term opportunity to unlock shareholder value through a business combination with an established and growing PropTech business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The combination of (i)&nbsp;the massive
scale of the real estate economy; (ii)&nbsp;lagging technology adoption; (iii)&nbsp;an inflection point in the application of technologies
to the real estate sector; (iv)&nbsp;underfunding concerns; (v)&nbsp;an increasingly challenged IPO market and (vi)&nbsp;the emergence
of PropTech as an investment theme, evidenced by strong investor demand for PropTech assets make this an attractive and timely
sector with quality businesses that will benefit from a business combination with our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our strategy will be to identify, evaluate,
acquire and, after our initial business combination, continue to grow a compelling PropTech business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that we are uniquely qualified
among SPAC vehicles due to our management&#8217;s extensive research, analysis, credentials, and relationships with respect to
U.S. real estate and technology companies. As PropTech is an established and rapidly expanding sector, we believe that a key differentiator
in the space will be combining our deal making experience across real estate and technology, with superior access to the entrepreneurs
that are driving the rapid growth of PropTech and the investors that are funding this growth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">When taken together, we believe that our
management team&#8217;s proprietary network and experience investing and executing across real estate and technology companies,
our Board&#8217;s extensive management, private equity, venture capital and technology experience, position us to identify an attractive
PropTech target company and close an initial business combination with such target.</P>

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

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

<!-- Field: Page; Sequence: 85; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consistent with this strategy, we have
identified the following general criteria and guidelines that we believe are important in evaluating prospective targets. We will
use these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business
combination with a target business that does not meet these criteria and guidelines.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Property Technology.</B>&nbsp;We will seek to invest in one or more businesses with a focus on PropTech, a domain in which we have a substantial track record, deep experience, and the technical ability to diligence efficiently. Our management team and advisors&#8217; multifaceted expertise in assessing a target&#8217;s applicability to real estate are key in evaluating business transaction candidates.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Target Business Size.</B> We will seek to invest in one or more businesses, determined in the sole discretion of our officers and directors according to reasonably accepted valuation standards and methodologies. This segment is where we believe we have a superior and proprietary network to identify the greatest number of attractive opportunities.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Proven Unit Economics and Growing Companies.</B>&nbsp;&nbsp;&nbsp;&nbsp;We will seek to invest in one or more businesses that have generated attractive unit economics at scale. We will focus on one or more businesses that have established and growing revenue streams. We do not intend to acquire startup companies, companies with speculative business plans or companies that are excessively leveraged.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Competitive Position.</B>&nbsp;&nbsp;&nbsp;&nbsp;We intend to invest in one or more businesses that have a leading, growing or unique niche market position in their respective sectors. We will analyze the strengths and weaknesses of target businesses relative to their competitors. We will seek to invest in one or more businesses that demonstrate advantages when compared to their competitors, including capable management team, defensible proprietary technology, strong adoption rates and relevant domain expertise.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Capable Management Team.</B>&nbsp;&nbsp;&nbsp;&nbsp;We will seek to invest in one or more businesses that have experienced management teams or those that provide a platform for us to assemble an effective and capable management team. We will focus on management teams with a track record of driving revenue growth and creating value for their shareholders.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Benefit from Being a Public Company.</B>&nbsp;&nbsp;&nbsp;&nbsp;We intend to invest in one or more businesses that will benefit from being publicly listed and can effectively utilize the broader access to capital and the public profile to grow and accelerate shareholder value creation.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Defensible Business Niche.</B> We will seek companies that have a leading or niche market position and that demonstrate advantages when compared to their competitors, which may help to create barriers to entry against new competitors.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><B>Potential for Stable Free Cash Flow.</B> We will seek to acquire a business that has historically generated, or has the near-term potential to generate, strong and sustainable free cash flow.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these
general guidelines as well as other considerations, factors and criteria that our management may deem relevant. In the event that
we find an opportunity that has characteristics more compelling to us than the characteristics described above, we would pursue
such opportunity</P>

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

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

<!-- Field: Page; Sequence: 86; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with this offering, Nomura,
an underwriter of this offering, intends to enter into a forward purchase agreement with us, which will provide for the purchase
by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as described below,
open market purchases or privately negotiated transactions with one or more third parties. In lieu of purchasing public shares
in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase price may instead be in
the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us, to occur concurrently
with the closing of our initial business combination. The decision to make such an investment in other equity securities will not
reduce the aggregate purchase price. However, Nomura will be excused from its purchase obligation in connection with a specific
business combination unless, within five business days following written notice delivered by us of our intention to enter into
such business combination, Nomura notifies us that it has decided to proceed with the purchase in whole or in part. Nomura may
decide not to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase
would constitute a conflict of interest. Nomura will also be restricted from making purchases if they are in possession of any
material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nasdaq rules&nbsp;require that we
must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the
assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on
the trust account) at the time of our signing a definitive agreement in connection with our initial business combination. Our
board of directors will make the determination as to the fair market value of our initial business combination. If our board
of directors is not able to independently determine the fair market value of our initial business combination, we will obtain
an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm with
respect to the satisfaction of such criteria. While we consider it unlikely that our board of directors will not be able to
make an independent determination of the fair market value of our initial business combination, it may be unable to do so if
it is less familiar or experienced with the business of a particular target or if there is a significant amount of
uncertainty as to the value of a target&#8217;s assets or prospects. We will only complete an initial business combination if
the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise
acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act of 1940, as amended, or the &#8220;Investment Company Act.&#8221; Even if the post-transaction
company owns or acquires 50% or more of the voting securities of the target, our stockholders prior to the initial business
combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the
target and us in the initial business combination. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100%
controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our
stockholders immediately prior to our initial business combination could own less than a majority of our outstanding shares
subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or
businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or
acquired is what will be taken into account for purposes of Nasdaq&#8217;s 80% of net assets test. If the initial business
combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of
the transactions and we will treat the target businesses together as the initial business combination for purposes of a
tender offer or for seeking stockholder approval, as applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In evaluating prospective business combinations,
we expect to conduct a thorough due diligence review process that will encompass, among other things, a review of historical and
projected financial and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities
and assets, discussion with customers and suppliers, legal reviews and other reviews as we deem appropriate. We will also utilize
our expertise analyzing companies in the PropTech industry and evaluating operating projections, financial projections and determining
the appropriate return expectations given the risk profile of the target business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, officers or directors. However, in the event we
seek to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.</P>

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

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

<!-- Field: Page; Sequence: 87; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class&nbsp;A common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our officers and directors will indirectly
own founder shares and/or private placement units following this offering. Because of this ownership, our officers and directors
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. Further, each of our officers and directors may have a conflict of interest with respect to evaluating
a particular business combination if the retention or resignation of any such officers and directors were to be included by a target
business as a condition to any agreement with respect to our initial business combination. For additional information regarding
our executive officers&#8217; and directors&#8217; business affiliations and potential conflicts of interest, see &#8220;Management
&#8212; Directors and Executive Officers&#8221; and &#8220;Management &#8212; Conflicts of Interest.&#8221;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such opportunity
to such entity. We believe, however, that the fiduciary duties or contractual obligations of our officers or directors will not
materially affect our ability to complete our initial business combination. Our amended and restated certificate of incorporation
will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity
is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity
is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent
the director or officer is permitted to refer that opportunity to us without violating another legal obligation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe our structure will make us an
attractive business combination partner to target businesses. As a public company, we offer a target business an alternative to
the traditional initial public offering through a merger or other business combination with us. Following an initial business combination,
we believe the target business would have greater access to capital and additional means of creating management incentives that
are better aligned with stockholders&#8217; interests than it would as a private company. A target business can further benefit
by augmenting its profile among potential new customers and vendors and aid in attracting talented employees. In a business combination
transaction with us, the owners of the target business may, for example, exchange their shares of stock in the target business
for our shares of Class&nbsp;A common stock (or shares of a new holding company) or for a combination of our shares of Class&nbsp;A
common stock and cash, allowing us to tailor the consideration to the specific needs of the sellers.</P>

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

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

<!-- Field: Page; Sequence: 88; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although there are various costs and obligations
associated with being a public company, we believe target businesses will find this method a more expeditious and cost effective
method to becoming a public company than the typical initial public offering. The typical initial public offering process takes
a significantly longer period of time than the typical business combination transaction process, and there are significant expenses
in the initial public offering process, including underwriting discounts and commissions, marketing and road show efforts that
may not be present to the same extent in connection with an initial business combination with us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, once a proposed initial business
combination is completed, the target business will have effectively become public, whereas an initial public offering is always
subject to the underwriters&#8217; ability to complete the offering, as well as general market conditions, which could delay or
prevent the offering from occurring or could have negative valuation consequences. Following an initial business combination, we
believe the target business would then have greater access to capital and an additional means of providing management incentives
consistent with stockholders&#8217; interests and the ability to use its shares as currency for acquisitions. Being a public company
can offer further benefits by augmenting a company&#8217;s profile among potential new customers and vendors and aid in attracting
talented employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While we believe that our structure and
our management team&#8217;s backgrounds will make us an attractive business partner, some potential target businesses may view
our status as a blank check company, such as our lack of an operating history and our ability to seek stockholder approval of any
proposed initial business combination, negatively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &#8220;emerging growth company,&#8221;
as defined in Section&nbsp;2(a)&nbsp;of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not &#8220;emerging
growth companies&#8221; including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. If some investors
find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of
our securities may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, Section&nbsp;107 of the JOBS
Act also provides that an &#8220;emerging growth company&#8221; can take advantage of the extended transition period provided in
Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act for complying with new or revised accounting standards. In other words, an &#8220;emerging
growth company&#8221; can delay the adoption of certain accounting standards until those standards would otherwise apply to private
companies. We intend to take advantage of the benefits of this extended transition period.</P>

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

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

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

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

<!-- Field: Page; Sequence: 89; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<!-- Field: Split-Segment; Name: 7 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With funds available for an initial business
combination initially in the amount of $193,000,000 assuming no redemptions before fees and expenses associated with our initial
business combination and after payment of $7.0 million of deferred underwriting fees (or $221,950,000 after payment of up to $8.05
million of deferred underwriting fees if the underwriters&#8217; over-allotment option is exercised in full), plus proceeds we
may receive from the forward purchase agreement with Nomura that we may receive, we offer a target business a variety of options
such as creating a liquidity event for its owners, providing capital for the potential growth and expansion of its operations or
strengthening its balance sheet by reducing its debt or leverage ratio. Because we are able to complete our initial business combination
using our cash, debt or equity securities, or a combination of the foregoing, we have the flexibility to use the most efficient
combination that will allow us to tailor the consideration to be paid to the target business to fit its needs and desires. However,
we have not taken any steps to secure third party financing and there can be no assurance it will be available to us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not presently engaged in, and we
will not engage in, any operations for an indefinite period of time following this offering. We intend to effectuate our initial
business combination using cash from the proceeds of this offering and the private placement of the private placement units and
from the proceeds we may receive from the forward purchase agreement with Nomura, the proceeds of the sale of our shares in connection
with our initial business combination (pursuant to forward purchase agreements or backstop agreements we may enter into following
the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders
or the owners of the target, or a combination of the foregoing. We may seek to complete our initial business combination with a
company or business that may be financially unstable or in its early stages of development or growth, which would subject us to
the numerous risks inherent in such companies and businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If our initial business combination is
paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration
in connection with our initial business combination or used for redemptions of our Class&nbsp;A common stock, we may apply the
balance of the cash released to us from the trust account, as well as the proceeds we may receive from the forward purchase agreement
with Nomura described elsewhere in this prospectus, for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business
combination, to fund the purchase of other companies or for working capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition to the proceeds from the forward
purchase agreement with Nomura described elsewhere in this prospectus that we may receive, we may seek to raise additional funds
through a private offering of debt or equity securities in connection with the completion of our initial business combination,
and we may effectuate our initial business combination using the proceeds of such offering rather than using the amounts held in
the trust account. In addition, we intend to target businesses larger than we could acquire with the net proceeds of this offering
and the sale of the private placement units, and may as a result be required to seek additional financing to complete such proposed
initial business combination. Subject to compliance with applicable securities laws, we would expect to complete such financing
only simultaneously with the completion of our initial business combination. In the case of an initial business combination funded
with assets other than the trust account assets, our proxy materials or tender offer documents disclosing the initial business
combination would disclose the terms of the financing and, only if required by law, we would seek stockholder approval of such
financing. There are no prohibitions on our ability to raise funds privately or through loans in connection with our initial business
combination. At this time, we are not a party to any arrangement or understanding with any third party with respect to raising
any additional funds through the sale of securities or otherwise.</P>

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

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

<!-- Field: Page; Sequence: 90; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not, nor has anyone on our behalf,
initiated any substantive discussions, directly or indirectly, with any business combination target. From the period commencing
with our formation through the date of this prospectus, there have been no communications or discussions between any of our officers,
directors or our sponsor and any of their potential contacts or relationships regarding a potential initial business combination.
Additionally, we have not engaged or retained any agent or other representative to identify or locate any suitable acquisition
candidate, to conduct any research or take any measures, directly or indirectly, to locate or contact a target business. Additionally,
we have not contacted any of the prospective target businesses that our advisors had considered and rejected while such persons
were affiliated with other blank check companies searching for target businesses to acquire. However, we may contact such targets
subsequent to the closing of this offering if we become aware that such targets are interested in a potential initial business
combination with us and such transaction would be attractive to our stockholders. Accordingly, there is no current basis for investors
in this offering to evaluate the possible merits or risks of the target business with which we may ultimately complete our initial
business combination. Although our management will assess the risks inherent in a particular target business with which we may
combine, we cannot assure you that this assessment will result in our identifying all risks that a target business may encounter.
Furthermore, some of those risks may be outside of our control, meaning that we can do nothing to control or reduce the chances
that those risks will adversely impact a target business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
anticipate that target business candidates will be brought to our attention from various unaffiliated sources, including investment
bankers and investment professionals. Target businesses may be brought to our attention by such unaffiliated sources as a result
of being solicited by us by calls or mailings. These sources may also introduce us to target businesses in which they think we
may be interested on an unsolicited basis, since many of these sources will have read this prospectus and know what types of businesses
we are targeting. Our officers and directors, as well as our sponsor and their affiliates, may also bring to our attention target
business candidates that they become aware of through their business contacts as a result of formal or informal inquiries or discussions
they may have, as well as attending trade shows or conventions. In addition, we expect to receive a number of proprietary deal
flow opportunities that would not otherwise necessarily be available to us as a result of the business relationships of our officers
and directors and our sponsor and their respective industry and business contacts as well as their affiliates. While we do not
presently anticipate engaging the services of professional firms or other individuals that specialize in business acquisitions
on any formal basis, we may engage these firms or other individuals in the future, in which event we may pay a finder&rsquo;s
fee, consulting fee, advisory fee or other compensation to be determined in an arm&rsquo;s length negotiation based on the terms
of the transaction. We will engage a finder only to the extent our management determines that the use of a finder may bring opportunities
to us that may not otherwise be available to us or if finders approach us on an unsolicited basis with a potential transaction
that our management determines is in our best interest to pursue. Payment of finder&rsquo;s fees is customarily tied to completion
of a transaction, in which case any such fee will be paid out of the funds held in the trust account. In no event, however, will
our sponsor or any of our existing officers or directors, or any entity with which our sponsor or officers are affiliated, be
paid any finder&rsquo;s fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation by
the company prior to, or in connection with any services rendered in order to effectuate, the completion of our initial business
combination (regardless of the type of transaction that it is). None of our sponsor, executive officers or directors, or any of
their respective affiliates, will be allowed to receive any compensation, finder&rsquo;s fees or consulting fees from a prospective
business combination target in connection with a contemplated initial business combination.</FONT>&nbsp; We have agreed to pay
our sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative support and to reimburse
our sponsor for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination.
We may also agree to pay a finder&rsquo;s fee to one or more independent directors to the extent such director(s) render services
in connection with locating the target business with which a successful business combination transaction is consummated. Some
of our officers and directors may enter into employment or consulting agreements with the post-transaction company following our
initial business combination. The presence or absence of any such fees or arrangements will not be used as a criterion in our
selection process of an initial business combination candidate.</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, executive officers or directors, or making the
acquisition through a joint venture or other form of shared ownership with our sponsor, executive officers or directors. However,
in the event we seek to complete an initial business combination with a target that is affiliated with our sponsor, executive officers
or directors, we, or a committee of independent directors, would obtain an opinion from an independent investment banking which
is a member of FINRA or a qualified independent accounting firm that such an initial business combination is fair to our company
from a financial point of view. We are not required to obtain such an opinion in any other context.</P>

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

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

<!-- Field: Page; Sequence: 91; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As more fully discussed in the
section of this prospectus entitled &#8220;Management &#8212; Conflicts of Interest,&#8221; if any of our officers or
directors becomes aware of an initial business combination opportunity that falls within the line of business of any entity
to which he or she has 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. Our officers and
directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their
duties to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selection of a Target Business and Structuring of our Initial
Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nasdaq rules&nbsp;require that we must
complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account)
at the time of our signing a definitive agreement in connection with our initial business combination. The fair market value of
our initial business combination will be determined by our board of directors based upon one or more standards generally accepted
by the financial community, such as discounted cash flow valuation, a valuation based on trading multiples of comparable public
businesses or a valuation based on the financial metrics of M&amp;A transactions of comparable businesses. If our board of directors
is not able to independently determine the fair market value of our initial business combination, we will obtain an opinion from
an independent investment banking firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction
of such criteria. While we consider it unlikely that our board of directors will not be able to make an independent determination
of the fair market value of our initial business combination, it may be unable to do so if it is less familiar or experienced with
the business of a particular target or if there is a significant amount of uncertainty as to the value of a target&#8217;s assets
or prospects. We do not intend to purchase multiple businesses in unrelated industries in conjunction with our initial business
combination. Subject to this requirement, our management will have virtually unrestricted flexibility in identifying and selecting
one or more prospective target businesses, although we will not be permitted to effectuate our initial business combination with
another blank check company or a similar company with nominal operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In any case, we will only complete an initial
business combination in which we own or acquire 50% or more of the outstanding voting securities of the target or otherwise acquire
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act. If we own or acquire less than 100% of the equity interests or assets of a target business or businesses, the portion
of such business or businesses that are owned or acquired by the post-transaction company is what will be taken into account for
purposes of Nasdaq&#8217;s 80% of net assets test. There is no basis for investors in this offering to evaluate the possible merits
or risks of any target business with which we may ultimately complete our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent we effect our initial business combination with
a company or business that may be financially unstable or in its early stages of development or growth we may be affected by numerous
risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in a particular
target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In evaluating a prospective business target,
we expect to conduct a thorough due diligence review, which may encompass, among other things, meetings with incumbent management
and employees, document reviews, interviews of customers and suppliers, inspection of facilities, as well as a review of financial
and other information that will be made available to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The time required to select and evaluate
a target business and to structure and complete our initial business combination, and the costs associated with this process, are
not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation
of a prospective target business with which our initial business combination is not ultimately completed will result in our incurring
losses and will reduce the funds we can use to complete another business combination.</P>

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

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

<!-- Field: Page; Sequence: 92; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For an indefinite period of time after
the completion of our initial business combination, the prospects for our success may depend entirely on the future performance
of a single business. Unlike other entities that have the resources to complete business combinations with multiple entities in
one or several industries, it is probable that we will not have the resources to diversify our operations and mitigate the risks
of being in a single line of business. In addition, we intend to focus our search for an initial business combination in a single
industry. By completing our initial business combination with only a single entity, our lack of diversification may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on the particular industry in which we operate after our initial business combination, and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>cause us to depend on the marketing and sale of a single product or limited number of products or services.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limited Ability to Evaluate the Target&#8217;s Management
Team</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we intend to closely scrutinize
the management of a prospective target business when evaluating the desirability of effecting our initial business combination
with that business, our assessment of the target business&#8217; management may not prove to be correct. In addition, the future
management may not have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role
of members of our management team, if any, in the target business cannot presently be stated with any certainty. The determination
as to whether any of the members of our management team will remain with the combined company will be made at the time of our initial
business combination. While it is possible that one or more of our directors will remain associated in some capacity with us following
our initial business combination, it is unlikely that any of them will devote their full efforts to our affairs subsequent to our
initial business combination. Moreover, we cannot assure you that members of our management team will have significant experience
or knowledge relating to the operations of the particular target business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot assure you that any of our officers
and directors will remain in senior management or advisory positions with the combined company. The determination as to whether
any of our officers and directors will remain with the combined company will be made at the time of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following an initial business combination,
we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you
that we will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge
or experience necessary to enhance the incumbent management.</P>

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

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

<!-- Field: Page; Sequence: 93; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stockholders May&nbsp;Not Have the Ability to Approve Our
Initial Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may conduct redemptions without a stockholder
vote pursuant to the tender offer rules&nbsp;of the SEC. However, we will seek stockholder approval if it is required by law or
applicable stock exchange rule, or we may decide to seek stockholder approval for business or other legal reasons. Presented in
the table below is a graphic explanation of the types of initial business combinations we may consider and whether stockholder
approval is currently required under Delaware law for each such transaction.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 87%; border-bottom: black 1pt solid"><B>Type of Transaction</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: center"><B>Whether <BR>
Stockholder <BR>
Approval is <BR>
Required</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Purchase of assets</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">No</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Purchase of stock of target not involving a merger with the company</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">No</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Merger of target into a subsidiary of the company</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">No</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Merger of the company with a target</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">Yes</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under Nasdaq&#8217;s listing rules, stockholder
approval would be required for our initial business combination if, for example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we issue shares of Class&nbsp;A common stock that will be equal to or in excess of 20% of the number of shares of our Class&nbsp;A common stock then outstanding;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>any of our directors, officers or substantial stockholders (as defined by Nasdaq rules) has a 5% or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of common stock could result in an increase in outstanding common shares or voting power of 5% or more; or</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the issuance or potential issuance of common stock will result in our undergoing a change of control.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 94; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we seek stockholder approval of
our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our initial stockholders, directors, officers, advisors or their affiliates may purchase
public shares or public warrants in privately negotiated transactions or in the open market either prior to or following the
completion of our initial business combination. There is no limit on the number of shares our initial stockholders,
directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable
law and Nasdaq rules. However, they have no current commitments, plans or intentions to engage in such transactions and have
not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will not make any
such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such
purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any,
would constitute a tender offer subject to the tender offer rules&nbsp;under the Exchange Act or a going-private transaction
subject to the going-private rules&nbsp;under the Exchange Act; however, if the purchasers determine at the time of any such
purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Any such purchases will
be reported pursuant to Section&nbsp;13 and Section&nbsp;16 of the Exchange Act to the extent such purchasers are subject to
such reporting requirements. None of the funds held in the trust account will be used to purchase public shares or public
warrants in such transactions prior to completion of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The purpose of any such purchases of shares
could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder
approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to
have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that
such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number
of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection
with our initial business combination. Any such purchases of our securities may result in the completion of our initial business
combination that may not otherwise have been possible. In addition, if such purchases are made, the public &#8220;float&#8221;
of our shares of Class&nbsp;A common stock or warrants may be reduced and the number of beneficial holders of our securities may
be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national
securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor, officers, directors and/or
their affiliates anticipate that they may identify the stockholders with whom our sponsor, officers, directors or their affiliates
may pursue privately negotiated purchases by either the stockholders contacting us directly or by our receipt of redemption requests
submitted by stockholders following our mailing of proxy materials in connection with our initial business combination. To the
extent that our sponsor, officers, directors, advisors or their affiliates enter into a private purchase, they would identify and
contact only potential selling stockholders who have expressed their election to redeem their shares for a pro rata share of the
trust account or vote against our initial business combination, whether or not such stockholder has already submitted a proxy with
respect to our initial business combination. Our sponsor, officers, directors, advisors or their affiliates will only purchase
shares if such purchases comply with Regulation M under the Exchange Act and the other federal securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any purchases by our sponsor, officers,
directors and/or their affiliates who are affiliated purchasers under Rule&nbsp;10b-18 under the Exchange Act will only be made
to the extent such purchases are able to be made in compliance with Rule&nbsp;10b-18, which is a safe harbor from liability for
manipulation under Section&nbsp;9(a)(2)&nbsp;and Rule&nbsp;10b-5 of the Exchange Act. Rule&nbsp;10b-18 has certain technical requirements
that must be complied with in order for the safe harbor to be available to the purchaser. Our sponsor, officers, directors and/or
their affiliates will not make purchases of common stock if the purchases would violate Section&nbsp;9(a)(2)&nbsp;or Rule&nbsp;10b-5
of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any such purchases will be reported pursuant
to Section&nbsp;13 and Section&nbsp;16 of the Exchange Act to the extent such purchases are subject to such reporting requirements.</P>

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

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

<!-- Field: Page; Sequence: 95; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption Rights for Public Stockholders upon Completion
of our Initial Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide our public stockholders
with the opportunity to redeem all or a portion of their shares of Class&nbsp;A common stock upon the completion of our initial
business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
as of two business days prior to the consummation of the initial business combination including interest earned on the funds held
in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares,
subject to the limitations described herein. The amount in the trust account will initially be approximately $10.00 per public
share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred
underwriting commissions we will pay to the underwriters. Our sponsor, officers, directors and Nomura have entered into a letter
agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private
shares and any public shares held by them in connection with the completion of our initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide our public
stockholders with the opportunity to redeem all or a portion of their shares of Class&nbsp;A common stock upon the completion
of our initial business combination either (i)&nbsp;in connection with a stockholder meeting called to approve the initial
business combination or (ii)&nbsp;by means of a tender offer. The decision as to whether we will seek stockholder approval of
a proposed initial business combination or conduct a tender offer will be made by us, solely in our discretion, and will be
based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us
to seek stockholder approval under the law or stock exchange listing requirement. Under Nasdaq rules, asset acquisitions and
stock purchases would not typically require stockholder approval while direct mergers with our company where we do not
survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our amended and
restated certificate of incorporation would require stockholder approval. If we structure an initial business combination
with a target company in a manner that requires stockholder approval, we will not have discretion as to whether to seek a
stockholder vote to approve the proposed initial business combination. We may conduct redemptions without a stockholder vote
pursuant to the tender offer rules&nbsp;of the SEC unless stockholder approval is required by law or stock exchange listing
requirements or we choose to seek stockholder approval for business or other legal reasons. So long as we obtain and maintain
a listing for our securities on Nasdaq, we will be required to comply with such rules.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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, pursuant to our amended and restated
certificate of incorporation:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>conduct the redemptions pursuant to Rule&nbsp;13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the public announcement of our initial
business combination, we or our sponsor will terminate any plan established in accordance with Rule&nbsp;10b5-1 to purchase shares
of our Class&nbsp;A common stock in the open market if we elect to redeem our public shares through a tender offer, to comply with
Rule&nbsp;14e-5 under the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event we conduct redemptions pursuant
to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule&nbsp;14e-1(a)&nbsp;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 are not purchased by our sponsor, which number will be based on the requirement that we may not redeem public
shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business
combination and after payment of underwriters&#8217; fees and commissions (so that we are not subject to the SEC&#8217;s &#8220;penny
stock&#8221; 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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 96; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If, however, stockholder approval of the
transaction is required by law or stock exchange listing requirement, or we decide to obtain stockholder approval for business
or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>file proxy materials with the SEC.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that we seek stockholder approval
of our initial business combination, we will distribute proxy materials and, in connection therewith, provide our public stockholders
with the redemption rights described above upon completion of the initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we seek stockholder approval, we
will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted
in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by
proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding
shares of capital stock of the company entitled to vote at such meeting. Our initial stockholders (including Nomura) will
count toward this quorum, and our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private
shares held by them and any public shares purchased during or after this offering (including in open market and privately
negotiated transactions) in favor of our initial business combination. For purposes of seeking approval of the majority of
our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained. As a result, in addition to the founder shares and private shares held by our sponsor,
officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in
this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders
meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised).
Any forward purchase shares issued by us to Nomura will not be entitled to vote on our initial business combination since
those shares will not be issued until the closing of such transaction, although Nomura may elect to purchase (and vote)
shares from existing stockholders. These quorum and voting thresholds, and the voting agreements of our sponsor, officers and
directors, may make it more likely that we will consummate our initial business combination. Each public stockholder may
elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets
to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters&#8217; fees
and commissions (so that we are not subject to the SEC&#8217;s &#8220;penny stock&#8221; rules) or any greater net tangible asset
or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed
initial business combination may require: (i)&nbsp;cash consideration to be paid to the target or its owners, (ii)&nbsp;cash to
be transferred to the target for working capital or other general corporate purposes or (iii)&nbsp;the retention of cash to satisfy
other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration
we would be required to pay for all shares of Class&nbsp;A common stock that are validly submitted for redemption plus any amount
required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount
of cash available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class&nbsp;A
common stock submitted for redemption will be returned to the holders thereof.</P>

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

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

<!-- Field: Page; Sequence: 97; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Limitation on Redemption upon Completion of our Initial
Business Combination if we Seek Stockholder Approval</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, if we seek
stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public
stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert
or as a &#8220;group&#8221; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from seeking redemption
rights with respect to more than an aggregate of 15% of the shares sold in this offering, which we refer to as the &#8220;Excess
Shares.&#8221; Such restriction shall also be applicable to our affiliates. We believe this restriction will discourage stockholders
from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to exercise their redemption
rights against a proposed initial business combination as a means to force us or our management to purchase their shares at a significant
premium to the then-current market price or on other undesirable terms. Absent this provision, a public stockholder holding more
than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights if such holder&#8217;s
shares are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By
limiting our stockholders&#8217; ability to redeem no more than 15% of the shares sold in this offering without our prior consent,
we believe we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete
our initial business combination, particularly in connection with an initial business combination with a target that requires as
a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders&#8217;
ability to vote all of their shares (including Excess Shares) for or against our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tendering Stock Certificates in Connection with a Tender
Offer or Redemption Rights</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We may require our public stockholders
seeking to exercise their redemption rights, whether they are record holders or hold their shares in &#8220;street name,&#8221;
to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials
mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial business combination
in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository
Trust Company&#8217;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&#8217;s option. The tender offer or proxy materials,
as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate
whether we are requiring public stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have
from the time we send out our tender offer materials until the close of the tender offer period, or up to two days prior to the
vote on the initial business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to
seek to exercise its redemption rights. Given the relatively short exercise period, it is advisable for stockholders to use electronic
delivery of their public shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is a nominal cost associated with
the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC System. The
transfer agent will typically charge the tendering broker $80.00 and it would be up to the broker whether or not to pass this cost
on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise
redemption rights to tender their shares. The need to deliver shares is a requirement of exercising redemption rights regardless
of the timing of when such delivery must be effectuated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing is different from the procedures
used by many blank check companies. In order to perfect redemption rights in connection with their business combinations, many
blank check companies would distribute proxy materials for the stockholders&#8217; vote on an initial business combination, and
a holder could simply vote against a proposed initial business combination and check a box on the proxy card indicating such holder
was seeking to exercise his or her redemption rights. After the initial 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 &#8220;option window&#8221; after the completion of the initial business combination during which he or she could monitor
the price of the company&#8217;s stock in the market. If the price rose above the redemption price, he or she could sell his or
her shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the redemption
rights, to which stockholders were aware they needed to commit before the stockholder meeting, would become &#8220;option&#8221;
rights surviving past the completion of the initial business combination until the redeeming holder delivered its certificate.
The requirement for physical or electronic delivery prior to the meeting ensures that a redeeming holder&#8217;s election to redeem
is irrevocable once the initial business combination is approved.</P>

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

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

<!-- Field: Page; Sequence: 98; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any request to redeem such shares, once
made, may be withdrawn at any time up to the date set forth in the tender offer materials or the date of the stockholder meeting
set forth in our proxy materials, as applicable. Furthermore, if a holder of a public share delivered its certificate in connection
with an election of redemption rights and subsequently decides prior to the applicable date not to elect to exercise such rights,
such holder may simply request that the transfer agent return the certificate (physically or electronically). It is anticipated
that the funds to be distributed to holders of our public shares electing to redeem their shares will be distributed promptly after
the completion of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If our initial business combination is
not approved or completed for any reason, then our public stockholders who elected to exercise their redemption rights would not
be entitled to redeem their shares for the applicable pro rata share of the trust account. In such case, we will promptly return
any certificates delivered by public holders who elected to redeem their shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If our initial proposed initial
business combination is not completed, we may continue to try to complete an initial business combination with a different
target until 18 months from the closing of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Redemption of Public Shares and Liquidation if no Initial
Business Combination</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate
of incorporation provides that we will have only 18 months from the closing of this offering to complete our initial business
combination. If we are unable to complete our initial business combination within such 18-month period, we will:
(i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more
than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the
number of then outstanding public shares, which redemption will completely extinguish public stockholders&#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 our remaining
stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law
to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or
liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete our initial
business combination within the 18 month time period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor, officers, directors and
Nomura have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder
shares and private shares held by them if we fail to complete our initial business combination within 18 months from the
closing of this offering. However, if our sponsor, officers and directors acquire public shares in or after this offering,
they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to
complete our initial business combination within the allotted 18-month time period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor, officers, directors and
director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our
amended and restated certificate of incorporation (i)&nbsp;to modify the substance or timing of our obligation to redeem 100%
of our public shares if we do not complete our initial business combination within 18 months from the closing of this
offering or (ii)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or pre-initial business
combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of Class&nbsp;A
common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account including interest earned on the funds held in the trust account and not previously released to
us to pay our taxes, divided by the number of then outstanding public shares. However, we may not redeem our public shares in
an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business
combination and after payment of underwriters&#8217; fees and commissions (so that we are not subject to the SEC&#8217;s
&#8220;penny stock&#8221; rules). If this optional redemption right is exercised with respect to an excessive number of
public shares such that we cannot satisfy the net tangible asset requirement (described above), we would not proceed with the
amendment or the related redemption of our public shares at such time.</P>

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

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

<!-- Field: Page; Sequence: 99; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We expect that all costs and expenses associated
with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the
approximately $1,750,000 of proceeds held outside the trust account, although we cannot assure you that there will be sufficient
funds for such purpose. We will depend on sufficient interest being earned on the proceeds held in the trust account to pay any
tax obligations we may owe. However, if those funds are not sufficient to cover the costs and expenses associated with implementing
our plan of dissolution, to the extent that there is any interest accrued in the trust account not required to pay taxes on interest
income earned on the trust account balance, we may request the trustee to release to us an additional amount of up to $100,000
of such accrued interest to pay those costs and expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we were to expend all of the net proceeds
of this offering and the sale of the private placement units, other than the proceeds deposited in the trust account, and without
taking into account interest, if any, earned on the trust account, the per-share redemption amount received by stockholders upon
our dissolution would be approximately $10.00. The proceeds deposited in the trust account could, however, become subject to the
claims of our creditors which would have higher priority than the claims of our public stockholders. We cannot assure you that
the actual per-share redemption amount received by stockholders will not be substantially less than $10.00. Under Section&nbsp;281(b)&nbsp;of
the DGCL, our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be
made in full, as applicable, if there are sufficient assets. These claims must be paid or provided for before we make any distribution
of our remaining assets to our stockholders. While we intend to pay such amounts, if any, we cannot assure you that we will have
funds sufficient to pay or provide for all creditors&#8217; claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Although we will seek to have all vendors,
service providers, prospective target businesses or other entities with which we do business execute agreements with us waiving
any right, title, interest 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&#8217;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.
We are not aware of any product or service providers who have not or will not provide such waiver other than the underwriters of
this offering and our independent registered public accounting firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, there is no guarantee that
such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts
or agreements with us and will not seek recourse against the trust account for any reason. Our sponsor has agreed that it will
be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective
target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination
agreement, reduce the amount of funds in the trust account to below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;the
actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00
per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to
any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the
trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters
of this offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor
to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to
satisfy its indemnity obligations and believe that our sponsor&#8217;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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 100; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that the proceeds in the
trust account are reduced below (i)&nbsp;$10.00 per public share or (ii)&nbsp;such lesser amount per public share held in the
trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each
case net of the amount of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy
its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent
directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While
we currently expect that our independent directors would take legal action on our behalf against our sponsor to enforce its
indemnification obligations to us, it is possible that our independent directors in exercising their business judgment may
choose not to do so if, for example, the cost of such legal action is deemed by the independent directors to be too high
relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. We have
not asked our sponsor to reserve for such indemnification obligations and we cannot assure you that our sponsor would be able
to satisfy those obligations. Accordingly, we cannot assure you that due to claims of creditors the actual value of the
per-share redemption price will not be less than $10.00 per public share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will seek to reduce the possibility
that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service
providers, prospective target businesses or other entities with which we do business execute agreements with us waiving any right,
title, interest or claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. We will have access to up to approximately $1,750,000 from the proceeds of this offering with which to pay any such potential
claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately
$100,000). In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient,
stockholders who received funds from our trust account could be liable for claims made by creditors. In the event that our offering
expenses exceed our estimate of $750,000, we may fund such excess with funds from the funds not to be held in the trust account.
In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely,
in the event that the offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside
the trust account would increase by a corresponding amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the DGCL, stockholders may be
held liable for claims by third parties against a corporation to the extent of distributions received by them in a
dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption of our
public shares in the event we do not complete our initial business combination within 18 months from the closing of this
offering may be considered a liquidating distribution under Delaware law. If the corporation complies with certain procedures
set forth in Section&nbsp;280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it,
including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period
during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating
distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited
to the lesser of such stockholder&#8217;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Furthermore, if the pro rata portion of
our trust account distributed to our public stockholders upon the redemption of our public shares in the event we do not complete
our initial business combination within 18 months from the closing of this offering, is not considered a liquidating distribution
under Delaware law and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings
that a party may bring or due to other circumstances that are currently unknown), then pursuant to Section&nbsp;174 of the DGCL,
the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead
of three years, as in the case of a liquidating distribution. If we are unable to complete our initial business combination within
18 months from the closing of this offering, we will: (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as
promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held
in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&#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 our remaining stockholders
and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law. Accordingly, it is our intention to redeem our public shares
as soon as reasonably possible following our 18<SUP>th</SUP> month and, therefore, we do not intend to comply with those procedures.
As such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more)
and any liability of our stockholders may extend well beyond the third anniversary of such date.</P>

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

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

<!-- Field: Page; Sequence: 101; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because we will not be complying with
Section&nbsp;280, Section&nbsp;281(b)&nbsp;of the DGCL requires us to adopt a plan, based on facts known to us at such time
that will provide for our payment of all existing and pending claims or claims that may be potentially brought against us
within the subsequent 10 years. However, because we are a blank check company, rather than an operating company, and our
operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise would
be from our vendors (such as lawyers, investment bankers,&nbsp;etc.) or prospective target businesses. As described above,
pursuant to the obligation contained in our underwriting agreement, we will seek to have all vendors, service providers,
prospective target businesses or other entities with which we do business execute agreements with us waiving any right,
title, interest or claim of any kind in or to any monies held in the trust account. As a result of this obligation, the
claims that could be made against us are significantly limited and the likelihood that any claim that would result in any
liability extending to the trust account is remote. Further, our sponsor may be liable only to the extent necessary to ensure
that the amounts in the trust account are not reduced below (i)&nbsp;$10.00 per public share or (ii)&nbsp;such lesser amount
per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in value
of the trust assets, in each case net of the amount of interest withdrawn to pay taxes and will not be liable as to any
claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the
Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will
not be responsible to the extent of any liability for such third-party claims.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject
to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority
over the claims of our stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will
be able to return $10.00 per share to our public stockholders. Additionally, if we file a bankruptcy petition or an involuntary
bankruptcy petition is filed against us that is not dismissed, any distributions received by stockholders could be viewed under
applicable debtor/creditor and/or bankruptcy laws as either a &#8220;preferential transfer&#8221; or a &#8220;fraudulent conveyance.&#8221;
As a result, a bankruptcy court could seek to recover some or all amounts received by our stockholders. Furthermore, our board
of directors may be viewed as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, thereby exposing
itself and our company to claims of punitive damages, by paying public stockholders from the trust account prior to addressing
the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our public stockholders will be
entitled to receive funds from the trust account only upon the earlier to occur of: (i)&nbsp;the completion of our initial
business combination, (ii)&nbsp;the redemption of any public shares properly tendered in connection with a stockholder vote
to amend any provisions of our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
from the closing of this offering or (B)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or
pre-initial business combination activity, and (iii)&nbsp;the redemption of all of our public shares if we are unable to
complete our business combination within 18 months from the closing of this offering, subject to applicable law. In no other
circumstances will a stockholder have any right or interest of any kind to or in the trust account. However, in the event we
seek stockholder approval in connection with our initial business combination, a stockholder&#8217;s voting in connection
with the initial business combination alone will not result in a stockholder&#8217;s redeeming its shares to us for an
applicable pro rata share of the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Such stockholder must have also exercised
its redemption rights as described above. These provisions of our amended and restated certificate of incorporation, like all provisions
of our amended and restated certificate of incorporation, may be amended with a stockholder vote.</P>

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

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

<!-- Field: Page; Sequence: 102; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of This Offering to Those of Blank Check Companies
Subject to Rule&nbsp;419</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table compares the terms
of this offering to the terms of an offering by a blank check company subject to the provisions of Rule&nbsp;419. This comparison
assumes that the gross proceeds, underwriting commissions and underwriting expenses of our offering would be identical to those
of an offering undertaken by a company subject to Rule&nbsp;419, and that the underwriters will not exercise their over-allotment
option. None of the provisions of Rule&nbsp;419 apply to our offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 32%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; padding-bottom: 2.25pt; text-align: center"><B>Terms of Our Offering</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; padding-bottom: 2.25pt; text-align: center"><B>Terms Under a Rule&nbsp;419 Offering</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt"><B>Escrow of offering proceeds</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">$200,000,000 of the net proceeds of this offering and the sale of the private placement units will be deposited into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee.</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">Approximately $176,400,000 of the offering proceeds would be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt; width: 32%"><B>Investment of net proceeds</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; width: 32%">$200,000,000 of the net offering proceeds and the sale of the private placement units held in trust will be invested only in U.S. government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt; width: 34%">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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 103; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; padding-bottom: 2.25pt; text-align: center"><B>Terms of Our Offering</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="width: 34%; border-bottom: black 1pt solid; padding-bottom: 2.25pt; text-align: center"><B>Terms Under a Rule&nbsp;419 Offering</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt"><B>Receipt of interest on escrowed funds</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">Interest on proceeds from the trust account to be paid to stockholders is reduced by (i)&nbsp;any taxes paid or payable, and (ii)&nbsp;in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt"><B>Limitation on fair value or net assets of target business</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">Nasdaq rules&nbsp;require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination.</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 2.25pt"><B>Trading of securities issued</B></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">We expect the units will begin trading on or promptly after the date of this prospectus. The Class&nbsp;A common stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless the underwriters inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering, which is anticipated to take place three business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, an additional Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option.</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.25pt">No trading of the units or the underlying Class&nbsp;A common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 104; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 8 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 32%; text-align: center"><B>Terms of Our Offering</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 34%; text-align: center"><B>Terms Under a Rule&nbsp;419 Offering</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Exercise of the warrants</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination or 12 months from the closing of this offering.</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%"><B>Election to remain an investor</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%">We will provide our public stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a stockholder vote. We intend to give approximately 30 days&#8217; (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. If we are not required by law and do not otherwise decide to hold a stockholder vote, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules&nbsp;of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC&#8217;s proxy rules. In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule&nbsp;14e-1(a)&nbsp;under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. If, however, we hold a stockholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 34%">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&#8217;s registration statement, to decide if it elects to remain a stockholder of the company or require the return of its investment. If the company has not received the notification by the end of the 45<SUP>th</SUP> 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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 105; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 32%; text-align: center"><B>Terms of Our Offering</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 34%; text-align: center"><B>Terms Under a Rule&nbsp;419 Offering</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Business combination deadline</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>If we are unable to complete an initial business combination within 18 months from the closing of this offering, we will
    (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more
    than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the
    aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and
    not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the
    number of then outstanding public shares, which redemption will completely extinguish public stockholders&#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 our remaining
    stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law
    to provide for claims of creditors and the requirements of other applicable law.</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>If a business combination has not been completed within 18 months after the effective date of the company&#8217;s registration statement, funds held in the trust or escrow account are returned to investors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 106; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 32%; text-align: center"><B>Terms of Our Offering</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 34%; text-align: center"><B>Terms Under a Rule&nbsp;419 Offering</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><B>Limitation on redemption rights of stockholders holding more than 15% of the shares sold in this offering if we hold a stockholder vote</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder (including our affiliates), together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &#8220;group&#8221; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from seeking redemption rights with respect to Excess Shares (more than an aggregate of 15% of the shares sold in this offering). Our public stockholders&#8217; inability to redeem Excess Shares will reduce their influence over our ability to complete our initial business combination and they could suffer a material loss on their investment in us if they sell any Excess Shares in open market transactions.</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Many blank check companies provide no restrictions on the ability of stockholders to redeem shares based on the number of shares held by such stockholders in connection with an initial business combination.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>Tendering stock certificates in connection with a tender offer or redemption rights</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>We may require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &#8220;street name,&#8221; to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such holders or up to two business days prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company&#8217;s DWAC System, at the holder&#8217;s option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up to two days prior to the vote on the initial business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights.</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>In order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed initial business combination and check a box on the proxy card indicating such holders were seeking to exercise their redemption rights. After the business combination was approved, the company would contact such stockholders to arrange for them to deliver their certificate to verify ownership.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 107; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 32%; text-align: center"><B>Terms of Our Offering</B></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 34%; text-align: center"><B>Terms Under a Rule&nbsp;419 Offering</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD><B>Release of funds</B></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax
    obligations, the proceeds from this offering and the sale of the private placement units held in the trust account will not
    be released from the trust account until the earliest to occur of: (i)&nbsp;the completion of our initial business
    combination, (ii)&nbsp;the redemption of any public shares properly submitted in connection with a stockholder vote to amend
    our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our obligation to redeem
    100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this
    offering or (B)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or pre-business combination
    activity and (iii)&nbsp;the redemption of 100% of our public shares if we are unable to complete an initial business
    combination within the required time frame (subject to the requirements of applicable law). On the completion of our initial
    business combination, all amounts held in the trust account will be released to us, less amounts released to a separate
    account controlled by the trustee for disbursal to redeeming stockholders. We will use these funds to pay amounts due to any
    public stockholders who exercise their redemption rights as described above under &#8220;Redemption rights for public
    stockholders upon completion of our initial business combination,&#8221; to pay the underwriters their deferred underwriting
    commissions, to pay all or a portion of the consideration payable to the target or owners of the target of our initial
    business combination and to pay other expenses associated with our initial business combination.</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 108; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In identifying, evaluating and selecting
a target business for our initial business combination, we may encounter intense competition from other entities having a business
objective similar to ours, including other blank check companies, private equity groups and leveraged buyout funds, and operating
businesses seeking strategic business combinations. Many of these entities are well established and have extensive experience identifying
and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater financial,
technical, human and other resources than we do. Our ability to acquire larger target businesses will be limited by our available
financial resources. This inherent limitation gives others an advantage in pursuing the initial business combination of a target
business. Furthermore, our obligation to pay cash in connection with our public stockholders who exercise their redemption rights
may reduce the resources available to us for our initial business combination and our outstanding warrants, and the future dilution
they potentially represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a
competitive disadvantage in successfully negotiating an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Facilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive offices are located at 4218
NE 2nd Avenue, Miami, Florida 33137, and our telephone number is (305) 573-3900. Our executive offices are provided to us by our
sponsor. Commencing on the date of this prospectus, we have agreed to pay our sponsor a total of $15,000 per month for office space,
utilities and secretarial and administrative support. We consider our current office space adequate for our current operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employees</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We currently have three officers. These
individuals are not obligated to devote any specific number of hours to our matters but they intend to devote as much of their
time as they deem necessary to our affairs until we have completed our initial business combination. The amount of time they will
devote in any time period will vary based on whether a target business has been selected for our initial business combination and
the stage of the initial business combination process we are in. We do not intend to have any full-time employees prior to the
completion of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Periodic Reporting and Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will register our units, Class&nbsp;A
common stock and warrants under the Exchange Act and have reporting obligations, including the requirement that we file annual,
quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports will contain
financial statements audited and reported on by our independent registered public accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide stockholders with audited financial statements
of the prospective target business as part of the tender offer materials or proxy solicitation materials sent to stockholders to
assist them in assessing the target business. In all likelihood, these financial statements will need to be prepared in accordance
with, or reconciled to, GAAP, or IFRS, depending on the circumstances, and the historical financial statements may be required
to be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential
targets we may conduct an initial business combination with because some targets may be unable to provide such statements in time
for us to disclose such statements in accordance with federal proxy rules&nbsp;and complete our initial business combination within
the prescribed time frame. We cannot assure you that any particular target business identified by us as a potential business combination
candidate will have financial statements prepared in accordance with GAAP or that the potential target business will be able to
prepare its financial statements in accordance with the requirements outlined above. To the extent that these requirements cannot
be met, we may not be able to acquire the proposed target business. While this may limit the pool of potential business combination
candidates, we do not believe that this limitation will be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be required to evaluate our internal
control procedures for the fiscal year ending December&nbsp;31, 2022 as required by the Sarbanes-Oxley Act. Only in the event we
are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we
be required to have our internal control procedures audited. A target company may not be in compliance with the provisions of the
Sarbanes-Oxley Act regarding adequacy of their internal controls. The development of the internal controls of any such entity to
achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination.
Prior to the date of this prospectus, we will file a Registration Statement on Form&nbsp;8-A with the SEC to voluntarily register
our securities under Section&nbsp;12 of the Exchange Act. As a result, we will be subject to the rules&nbsp;and regulations promulgated
under the Exchange Act. We have no current intention of filing a Form&nbsp;15 to suspend our reporting or other obligations under
the Exchange Act prior or subsequent to the consummation of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 109; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will remain an emerging growth company
until the earlier of (1)&nbsp;the last day of the fiscal year (a)&nbsp;following the fifth anniversary of the completion of this
offering, (b)&nbsp;in which we have total annual gross revenue of at least $1.07 billion, or (c)&nbsp;in which we are deemed to
be a large accelerated filer, which means the worldwide market value of our common stock held by non-affiliates exceeds $700 million
as of the prior June&nbsp;30<SUP>th</SUP>, and (2)&nbsp;the date on which we have issued more than $1.0 billion in non-convertible
debt during the prior three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There is no material litigation, arbitration
or governmental proceeding currently pending against us or any members of our management team in their capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aa_011"></A>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Officers, Directors and Director Nominees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our officers, directors and director nominees
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ophir Sternberg</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the
    Board of Directors, President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trevor Barran</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul Rapisarda</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer and Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Walsh</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director Nominee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven Berrard</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director Nominee</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aman Kapadia</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director Nominee</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Ophir Sternberg,</B> <FONT STYLE="color: #201A16">our
Chairman, President and Chief Executive Officer since inception,</FONT> has over 28 years of experience acquiring, developing,
repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality, ultra-luxury
residential condominiums and land acquisitions. Mr.&nbsp;Sternberg is the founding partner and Chief Executive Officer of Lionheart
Capital LLC (&ldquo;Lionheart Capital&rdquo;), founded in 2010. In 2019, Lionheart Capital completed in excess of 20 real estate
transactions across North America alone. Under Mr.&nbsp;Sternberg&rsquo;s leadership, Lionheart Capital executed numerous, marquee
real estate transactions and repositions, including the Miami Beach Ritz-Carlton project, which resulted in a total sell-out value
in excess of $560 million as well as the $30 million purchase and $120 million sale of the Seagull Hotel, Miami Beach making it
the largest hotel sale of the year in Miami Beach. Mr.&nbsp;Sternberg and Lionheart Capital are currently in development on a
number of other projects including but are not limited to retail properties in Miami&rsquo;s Design District, two oceanfront condominium
towers in Pompano Beach, Florida and a ski-in/ski-out hotel and residences in Breckenridge, Colorado.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 110; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Additionally, in 2017, Mr.&nbsp;Sternberg
founded Out of the Box Ventures, a Lionheart Capital subsidiary, to acquire and reposition distressed retail properties throughout
the United States. With over 28 properties in 17 states, Out of the Box Ventures currently controls over 6 million square feet of
big box stores, shopping centers and enclosed regional mall properties with plans to improve and expand upon these acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Sternberg and Lionheart Capital
are dedicated to working with best-in-class operators and partners such as the Ritz-Carlton. Lionheart Capital has been able to
execute numerous, marquee transactions due largely in part to Mr.&nbsp;Sternberg&#8217;s extensive industry relationships particularly
with key institutional investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Mr.&nbsp;Sternberg began his career assembling,
acquiring and developing properties in emerging neighborhoods in New York City, which established his reputation for identifying
assets with unrealized potential and combining innovative partnerships with efficient financing structures to realize above average
returns. Mr.&nbsp;Sternberg came to the United States in 1993 after completing three years of military service within an elite
unit for the Israeli Defense Forces (IDF).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In March&nbsp;2020, Mr.&nbsp;Sternberg
became Chairman  of OPES Acquisition Corp., a SPAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Trevor Barran</B>, our Chief
Operating Officer, has also served as Chief Operating Officer at Out of the Box Ventures since its inception in 2017.
Mr.&nbsp;Barran brings over 20 years of experience developing and executing investment and operational strategies across the
financial services, healthcare, technology, and real estate industries, including the last ten years acquiring and developing
real estate properties as a senior member of the Lionheart Capital team. From 2013 until 2019, Mr.&nbsp;Barran served as
Chief Executive Officer of Lionheart Nica S.A., Real Estate, a subsidiary of Lionheart Capital. Mr.&nbsp;Barran began his
career in 1998 at the Mitchell Madison Group,&nbsp;Inc., a management consulting firm focused on improving financial and
operational performance for large companies through strategic sourcing, performance improvement and big data, which was
subsequently sold to USWeb/CKS Corp. for approximately $300 million in 1999 and eventually grew to over 8,500 employees with
annual revenues exceeding $1 billion. Subsequently, in 1999, Mr.&nbsp;Barran joined ScreamingMedia (NASDAQ:SCRM), later known
as Pinnacor, a global technology platform focused on the aggregation and distribution of digital content over the Internet.
Mr.&nbsp;Barran helped prepare ScreamingMedia for its $60 million initial public offering in 2000. ScreamingMedia, which
underwent a series of acquisitions, is now a part of the Walt Disney Company (NYSE:DIS). Other career milestones for
Mr.&nbsp;Barran include founding and operating SACSA, s.a. (2016-2019), a resort construction company where he served as
managing partner; founding and operating BioIntegral Surgical (2008-2010), a cardiovascular medical devices company where he
served as Chief Executive Officer; and co-founding a systematic global macro high-frequency trading fund, EagleStone Advisors from 2010 to 2011.
At EagleStone, Mr.&nbsp;Barran was instrumental in putting forward a day trading exchanged-traded fund (ETF) strategy.
Additionally, in 2003, Mr.&nbsp;Barran participated in post-graduate work in computer science and artificial intelligence
with Professor David Ackley in a joint program between the University of New Mexico and Santa Fe Research Institute.
Mr.&nbsp;Barran earned a degree in Aerospace Engineering from Princeton University in 1998.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Paul Rapisarda</B><FONT STYLE="color: #201A16">, </FONT>our
Chief Financial Officer and Secretary, also serves as Chief Financial Officer at Lionheart Capital and Out of the Box
Ventures, a position he has held since 2019. Mr.&nbsp;Rapisarda is an experienced public company C-suite executive and
investment banking professional with more than 25 years working in and for a variety of public and private companies. Prior to joining Lionheart Capital in June&nbsp;2019, he served as Chief Financial Officer at Etrion Corp.
(TSX:ETX), a dual-listed (Canada/Sweden) solar energy development company from October&nbsp;2015 to December&nbsp;2017.
Etrion Corp. is part of The Lundin Group, a portfolio of 13 public companies in the energy and mining sectors with a combined
market capitalization in excess of $16 billion, started or sponsored by the Lundin family. Mr.&nbsp;Rapisarda was responsible
for managing all finance functions, including financial reporting, treasury&nbsp;&amp; cash management, corporate finance,
regulatory/SEC compliance matters and investor relations. Prior to this, Mr.&nbsp;Rapisarda worked for Garrison Capital
Advisors LLC, a financial advisory and consulting services company. From 2008 to 2014, he worked for another dual-listed
company (Canada/United States), Atlantic Power Corporation (NYSE:AT), most recently serving as Executive Vice
President-Commercial Development. The company was a portfolio company controlled by Arclight Capital Partners, a private
equity firm with $10.4 billion of assets under management and a focus on the energy sector. He was a key member of the
executive team that successfully engineered the $1.8 billion merger with Capital Power Income L.P. and had primary
responsibility for the investment of over $1.2 billion in capital from 2008-2012. Prior to Atlantic Power, Mr.&nbsp;Rapisarda
worked for over 20 years in investment banking and private equity for several firms, including Compass Advisers LLP,
Schroders, Merrill Lynch and BT Securities. He has also acted as a board member at several emerging growth companies,
primarily in the energy, technology and infrastructure sectors. Mr.&nbsp;Rapisarda has a B.A. from Amherst College and an
M.B.A. from the Harvard Business School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Steven Berrard</B>, who will
become our board member at the closing of this offering, <FONT STYLE="background-color: white">is a co-founder of e-commerce
company RumbleOn Inc. and has served as its Chief Financial Officer since 2017 and has been a member of its Board of
Directors since 2016. Mr.&nbsp;Berrard is the Managing Partner of New River Capital Partners, a private equity fund he
co-founded in 1997. Mr.&nbsp;Berrard was the co-founder and Co-Chief Executive Officer of AutoNation from 1996 to 1999. Prior
to joining AutoNation, Mr.&nbsp;Berrard served as President and Chief Executive Officer of the Blockbuster Entertainment
Group, the world&rsquo;s largest video store operator at the time. Mr.&nbsp;Berrard served as Chairman of Board of
Jamba,&nbsp;Inc. from 2005 to 2007 and as its Chief Executive Officer from 2005 to 2006. Mr.&nbsp;Berrard served as President
of Huizenga Holdings,&nbsp;Inc., a real estate management and development company, and served in various positions with
subsidiaries of Huizenga Holdings,&nbsp;Inc. from 1981 to 1987. Mr.&nbsp;Berrard currently serves on the Board of Directors
of Pivotal Fitness,&nbsp;Inc., a chain of fitness centers operating in Charleston, SC. He has previously served on the Boards
of Directors of Swisher Hygiene Inc., Walter Investment Management Corp., Jamba,&nbsp;Inc., Viacom,&nbsp;Inc., Birmingham
Steel, HealthSouth and Boca Resorts,&nbsp;Inc.. Mr.&nbsp;Berrard earned his B.S. in Accounting from Florida Atlantic
University.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 111; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>Aman Kapadia</B>, who will become
our board member at the closing of this offering, has been the Managing Partner of Akaris Global Partners, an investment firm
based in New York City, since September 2018. He brings 16 years of experience in public markets investing across capital
structure, geographies, and industries. Prior to founding Akaris Global, from 2007 to 2018, Mr. Kapadia served as Partner and
Managing Director at Fir Tree Partners, an investment firm formed in 1994 to apply the best practices of a private equity
approach to opportunistic value investing. From 2016 until his departure in 2018, Mr. Kapadia was one of three individuals
managing the firm with co-portfolio manager responsibilities. Previously, Mr. Kapadia was an Analyst at Rockbay Capital
Management, Severn River Capital Management, Sagamore Hill and McKinsey&nbsp;&amp; Co. Mr. Kapadia received a J.D./M.B.A.
from Harvard Law School and Harvard Business School, and an A.B. in Public and International Affairs, magna cum laude, from
Princeton University, where he was inducted into Phi Beta Kappa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Mark
Walsh</B></FONT>, who will become our board member at the closing of this offering, is a venture investor in technology, software,
content and services through his fund, Ruxton Ventures, LLC, which he founded in 2003. Mr. Walsh was Chief Executive Officer of
FactSquared, an AI/Machine learning company he helped found, from late 2017 to early 2019. He remains on its board. He served as
a presidential appointee in the Obama Administration as Head of Investment and Innovation at the Small Business Administration
from 2015 to 2017, overseeing a $30 billion investment portfolio in private equity, venture capital and venture accelerators. Prior
to the SBA, from 2013 to 2015, Mr. Walsh was executive chairman of Homesnap.com, a &ldquo;prosumer&rdquo; platform/app for residential
real estate backed by Revolution Ventures. He has been a senior executive at several technology and content companies, including
GE, AOL and Home Box Office. Mr. Walsh served as Chief Executive Officer and then Chairman of VerticalNet, a leading provider of
B2B &ldquo;communities of commerce&rdquo; from 1997 to 2004. He led the company through its public offering on NASDAQ in 1999.
Mr. Walsh has invested in and/or served as a board member of a number of high growth public and private companies, including: BlackBoard
(NASDAQ: BBBB), NutriSystems (NASDAQ: NTRI), Thestreet.com (NASDAQ: TST), Day Software (Zurich Stock Exchange: DAY), half.com,
LifeShield.com, Transactis and GoCanvas.com. Mr. Walsh received an M.B.A. from the Harvard Business School and a B.A. from Union
College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 112; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number and Terms of Office of Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will have five directors upon completion
of this offering. Each member of our board of directors will be elected at our annual meetings. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our officers are appointed by the
board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board
of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws
provide that our officers may consist of an  Chairman of the Board, Chief Executive Officer, Chief Financial
Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and such other offices as may be determined
by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nasdaq listing standards require that a
majority of our board of directors be independent. An &ldquo;independent director&rdquo; is defined generally as a person other
than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion
of the company&rsquo;s board of directors, would interfere with the director&rsquo;s exercise of independent judgment in carrying
out the responsibilities of a director. Our board of directors has determined that Steven Berrard, Aman Kapadia and Mark Walsh
are &ldquo;independent directors&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.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Officer and Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of our officers has received any cash
compensation for services rendered to us. However, these individuals will be reimbursed for any out-of-pocket expenses incurred
in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable
business combinations. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers
or directors, or our or their affiliates. Any such payments prior to an initial business combination will be made using funds held
outside the trust account. Other than quarterly audit committee review of such payments, we do not expect to have any additional
controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses
incurred in connection with identifying and consummating an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After the completion of our initial business
combination, directors or members of our management team who remain with us may be paid consulting or management fees from the
combined company. All of these fees will be fully disclosed to stockholders, to the extent then known, in the tender offer materials
or proxy solicitation materials furnished to our stockholders in connection with a proposed initial business combination. We have
not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management.
It is unlikely the amount of such compensation will be known at the time of the proposed initial business combination, because
the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation
to be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation
committee constituted solely by independent directors or by a majority of the independent directors on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 113; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not intend to take any action to ensure
that members of our management team maintain their positions with us after the consummation of our initial business combination,
although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain
with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain
their positions with us may influence our management&#8217;s motivation in identifying or selecting a target business but we do
not believe that the ability of our management to remain with us after the consummation of our initial business combination will
be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements
with our officers and directors that provide for benefits upon termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors will have two standing
committees: an audit committee and a compensation committee. Subject to phase-in rules&nbsp;and a limited exception, Nasdaq rules&nbsp;and
Rule&nbsp;10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors,
and Nasdaq rules&nbsp;require that the compensation committee of a listed company be comprised solely of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Audit Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the consummation of this offering,
we will establish an audit committee of the board of directors. Steven Berrard, Aman Kapadia and Mark Walsh will serve as members
of our audit committee, and Steven Berrard will chair the audit committee. Under the Nasdaq listing standards and applicable SEC
rules, we are required to have at least three members of the audit committee, all of whom must be independent. Each of Steven Berrard,
Aman Kapadia and Mark Walsh meets the independent director standard under Nasdaq listing standards and under Rule&nbsp;10-A-3(b)(1)&nbsp;of
the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each member of the audit committee is financially
literate and our board of directors has determined that Steven Berrard qualifies as an &ldquo;audit committee financial expert&rdquo;
as defined in applicable SEC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will adopt an audit committee charter,
which will detail the principal functions of the audit committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm engaged by us;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>pre-approving all audit and permitted non-audit services to be provided by the independent registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>setting clear hiring policies for employees or former employees of the independent registered public accounting firm, including but not limited to, as required by applicable laws and regulations;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>setting clear policies for audit partner rotation in compliance with applicable laws and regulations;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (i)&nbsp;the independent registered public accounting firm&#8217;s internal quality-control procedures, (ii)&nbsp;any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues and (iii)&nbsp;all relationships between the independent registered public accounting firm and us to assess the independent registered public accounting firm&#8217;s independence;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules&nbsp;promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 114; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Compensation Committee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the consummation of this offering,
we will establish a compensation committee of the board of directors. Steven Berrard, Aman Kapadia and Mark Walsh will serve as
members of our compensation committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at
least two members of the compensation committee, all of whom must be independent. Steven Berrard, Aman Kapadia and Mark Walsh are
independent and Mark Walsh will chair the compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will adopt a compensation committee
charter, which will detail the principal functions of the compensation committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&#8217;s compensation, if any is paid by us, evaluating our Chief Executive Officer&#8217;s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reviewing and approving on an annual basis the compensation, if any is paid by us, of all of our other officers;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reviewing on an annual basis our executive compensation policies and plans;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>implementing and administering our incentive compensation equity-based remuneration plans;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>assisting management in complying with our proxy statement and annual report disclosure requirements;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>if required, producing a report on executive compensation to be included in our annual proxy statement; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing, as indicated
above, other than (i) the payment to our sponsor of $15,000 per month, for up to 18 months, for office space, utilities and secretarial
and administrative support and reimbursement of expenses, and (ii) the payment of a finder&rsquo;s fee to one or more of the independent
directors to the extent such director(s) render services in connection with locating the target business with which a successful
business combination transaction is consummated, no compensation of any kind, including finders, consulting or other similar fees,
will be paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any
services they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that
prior to the consummation of an initial business combination, the compensation committee will only be responsible for the review
and recommendation of any compensation arrangements to be entered into in connection with such initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The charter will also provide that the
compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or
other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser.
However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation
committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 115; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Nominations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&nbsp;5605 of the Nasdaq rules, a majority of the independent directors may recommend a director nominee
for selection by the board of directors. The board of directors believes that the independent directors can satisfactorily carry
out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating committee.
The directors who will participate in the consideration and recommendation of director nominees are Steven Berrard, Aman Kapadia and Mark Walsh. In accordance with Rule&nbsp;5605
of the Nasdaq rules, all such directors are independent. As there is no standing nominating committee, we do not have a nominating
committee charter in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The board of directors will also
consider director candidates recommended for nomination by our stockholders during such times as they are seeking proposed
nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a special meeting of
stockholders). Our stockholders that wish to nominate a director for election to our board of directors should follow the
procedures set forth in our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not formally established any specific,
minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating
nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge
of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation Committee Interlocks and Insider Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None of our officers currently serves,
or in the past year has served, as a member of the compensation committee of any entity that has one or more officers serving on
our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the consummation of this offering,
we will have adopted a Code of Ethics applicable to our directors, officers and employees. We will file a copy of our Code of Ethics
and our audit and compensation committee charters as exhibits to the registration statement of which this prospectus is a part.
You will be able to review these documents by accessing our public filings at the SEC&#8217;s web site at <I>www.sec.gov</I>. In
addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any amendments
to or waivers of certain provisions of our Code of Ethics in a Current Report on Form&nbsp;8-K. See the section of this prospectus
entitled &#8220;Where You Can Find Additional Information.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each of our officers, directors and director
nominees presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if
any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he
or she has then-current fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his
or her fiduciary or contractual obligations to present such opportunity to such entity. We believe, however, that the fiduciary
duties or contractual obligations of our officers or directors will not materially affect our ability to complete our initial business
combination. Our amended and restated certificate of incorporation will provide that we renounce our interest in any corporate
opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her
capacity as a director or officer of our company and such opportunity is one we are legally and contractually permitted to undertake
and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted to refer that opportunity
to us without violating another legal obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 116; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In March&nbsp;2020, Ophir Sternberg,
our  Chairman, President and Chief Executive Officer, became Chairman of OPES Acquisition Corp., a SPAC. On
June&nbsp;30, 2020, OPES Acquisition Corp. announced a definitive agreement to merge with BurgerFi International Inc. The
consummation of the OPES-BurgerFi merger is subject to receipt of stockholder approval and satisfaction of other customary
closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Potential investors should also be aware
of the following other potential conflicts of interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>None of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>In the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Our sponsor, officers, directors and Nomura have agreed to waive their redemption rights with respect to any founder
    shares, private shares and any public shares held by them in connection with the consummation of our initial business
    combination. Additionally, sponsor, officers, directors and Nomura have agreed to waive their redemption rights with respect
    to any founder shares and private shares held by them if we fail to consummate our initial business combination within 18
    months after the closing of this offering. If we do not complete our initial business combination within such applicable time
    period, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption
    of our public shares, and the private warrants will expire worthless. With certain limited exceptions, the founder shares
    will not be transferable, assignable by our sponsor until the earlier of: (A)&nbsp;six months after the completion of our
    initial business combination or (B)&nbsp;subsequent to our initial business combination, (x)&nbsp;if the last reported sale
    price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
    reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
    30 days after our initial business combination, or (y)&nbsp;the date on which we complete a liquidation, merger, capital
    stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to
    exchange their shares of common stock for cash, securities or other property. With certain limited exceptions, the private
    shares and the private warrants and the Class&nbsp;A common stock underlying such warrants, will not be transferable,
    assignable or saleable by the initial purchasers of the private placement units or their permitted transferees until 30 days
    after the completion of our initial business combination. Since our sponsor and officers and directors may directly or
    indirectly own common stock and warrants following this offering, our officers and directors may have a conflict of interest
    in determining whether a particular target business is an appropriate business with which to effectuate our initial business
    combination. Permitted transferees of the founder shares would be subject to the same restrictions.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Our sponsor, officers or directors may have a conflict of interest with respect to evaluating a business combination and financing arrangements as we may obtain loans from our sponsor or an affiliate of our sponsor or any of our officers or directors to finance transaction costs in connection with an intended initial business combination. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The conflicts described above may not be
resolved in our favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In general, officers and directors of a
corporation incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the corporation could financially undertake the opportunity;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the opportunity is within the corporation&#8217;s line of business; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>it would not be fair to our company and its stockholders for the opportunity not to be brought to the attention of the corporation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, as a result of multiple business
affiliations, our officers and directors may have similar legal obligations relating to presenting business opportunities meeting
the above-listed criteria to multiple entities. Furthermore, our amended and restated certificate of incorporation will provide
that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly
offered to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are
legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director
or officer is permitted to refer that opportunity to us without violating another legal obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 117; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<!-- Field: Split-Segment; Name: 9 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Below is a table summarizing the entities
to which our executive officers, directors and director nominees currently have fiduciary duties or contractual obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 20%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Individual</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 29%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Entity&rsquo;s Business</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affiliation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ophir Sternberg</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPES Acquisition Corp.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Purpose Acquisition Company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Chairman, President and Chief Executive Officer </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lionheart Capital LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real estate investment firm</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lionheart Management LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real estate holding company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Out of the Box Holdings LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail space redevelopment company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Paul Rapisarda</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lionheart Capital LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Real estate investment firm</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</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 STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Lionheart Management LLC</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Real estate holding company</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Out of the Box Holdings LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail space redevelopment company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</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 STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feeney Utility Services Group.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utility infrastructure services company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board Member</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Garrison Capital Advisors LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial consulting and advisory services company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Member</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Trevor Barran</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Out of the Box Holdings LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retail space redevelopment company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Mark Walsh</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Ruxton Ventures, LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Angel Investing </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Steven Berrard</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">RumbleOn Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E-commerce company</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</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 STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">New River Capital Partners</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private equity fund</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Aman Kapadia</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Akaris Global Partners</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment firm</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Accordingly, if any of the above executive
officers, directors or director nominees becomes aware of a business combination opportunity which is suitable for any of the above
entities to which he or she has current 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, officers or directors. However, in the event we
seek to complete our initial business combination with such a company, we, or a committee of independent directors, would obtain
an opinion from an independent investment banking firm that is a member of FINRA or from an independent accounting firm, that such
an initial business combination is fair to our company from a financial point of view.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that we submit our initial
business combination to our public stockholders for a vote, our sponsor, officers, directors and Nomura have agreed to vote any
founder shares and private shares held by them and any public shares purchased during or after the offering (including in open
market and privately negotiated transactions) in favor of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation on Liability and Indemnification of Officers and
Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will provide that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware
law, as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation will
provide that our directors will not be personally liable for monetary damages to us or our stockholders for breaches of their fiduciary
duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally
violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper
personal benefit from their actions as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will enter into agreements with our
officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and
restated certificate of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director or
employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification.
We will purchase a policy of directors&#8217; and officers&#8217; liability insurance that insures our officers and directors against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
our officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These provisions may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of
reducing the likelihood of derivative litigation against officers and directors, even though such an action, if successful, might
otherwise benefit us and our stockholders. Furthermore, a stockholder&#8217;s investment may be adversely affected to the extent
we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We believe that these provisions, the directors&#8217;
and officers&#8217; liability insurance and the indemnity agreements are necessary to attract and retain talented and experienced
officers and directors.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 118; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_012"></A><B>PRINCIPAL STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth information
regarding the beneficial ownership of our common stock as of the date of this prospectus, and as adjusted to reflect the sale of
our Class&nbsp;A common stock included in the units offered by this prospectus and the private placement units, and assuming no
purchase of units in this offering, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>each of our executive officers, directors and director nominees that beneficially owns shares of our common stock; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>all our executive officers, directors and director nominees as a group.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise indicated, we believe
that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially
owned by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In January&nbsp;2020, our sponsor
purchased 5,000,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.005 per share.
Subsequently, in February&nbsp;2020, we declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000
shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of
approximately $0.005 per share. The following table presents the number of shares and percentage of our common stock owned by
our initial stockholders before and after this offering. The post-offering numbers and percentages presented assume that the
underwriters do not exercise their over-allotment option, that our sponsor forfeits 750,000 founder shares and that there are
25,650,000 shares of our common stock, consisting of (i)&nbsp;20,650,000 shares of our Class&nbsp;A common stock and
(ii)&nbsp;5,000,000 shares of our Class&nbsp;B common stock, issued and outstanding after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="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="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of <BR> Shares</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Approximate Percentage of <BR> Outstanding Common Stock</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="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Beneficially <BR> Owned</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">Before<BR> 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="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">After <BR> Offering</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: 60%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lionheart Equities, LLC (our sponsor)<SUP>(2)</SUP></FONT></TD><TD STYLE="width: 2%; 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">5,667,500</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">98.6</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">20</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">Ophir Sternberg<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">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,667,500</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">98.6</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">20</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">Trevor Barran</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</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">0</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</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">Paul Rapisarda</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</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">0</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</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">Mark Walsh</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</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">0</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</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">Steven Berrard</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</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">0</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</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">Aman Kapadia</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</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">0</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</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">All directors, director nominees and executive officers as a group (6 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">5,667,500</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">98.6</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">20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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: 42px">*</TD>
    <TD STYLE="text-align: justify">Less than one percent.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 42px">(1)</TD>
    <TD STYLE="text-align: justify">Unless otherwise noted, the business address of each of the following entities or individuals is 4218 NE 2nd Avenue, Miami, Florida 33137.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 42px">(2)</TD>
    <TD>These shares represent the founder shares held by our sponsor, 750,000 of which are subject to forfeiture depending on
    the extent to which the underwriters&#8217; over-allotment option is exercised. Ophir Sternberg, our  Chairman, President and
    Chief Executive Officer, is the  member of  our sponsor.
    Consequently, Mr.&nbsp;Sternberg may be deemed the beneficial owner of the founder shares held by our sponsor and has sole
    voting and dispositive control over such securities. Mr.&nbsp;Sternberg disclaims beneficial ownership over any securities
    owned by our sponsor in which he does not have any pecuniary interest.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 119; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Immediately after this offering, our
initial stockholders (including Nomura) will beneficially own 22.03% of the then-issued and outstanding shares of our common
stock (including the private shares and assuming they do not purchase any units in this offering). Neither our sponsor nor
any of our officers or directors have expressed an intention to purchase any units in this offering. If we increase or
decrease the size of the offering, we will effect a stock dividend or a share contribution back to capital, or other
appropriate mechanism, as applicable, with respect to our Class&nbsp;B common stock immediately prior to the consummation of
the offering in such amount as to maintain the ownership of our initial stockholders at 20.0% of the issued and outstanding
shares of our common stock upon the consummation of this offering. Because of this ownership block, our initial stockholders
may be able to effectively influence the outcome of all matters requiring approval by our stockholders, including the
election of directors, amendments to our amended and restated certificate of incorporation and approval of significant
corporate transactions, including approval of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of the founder shares and the
private shares have agreed (A)&nbsp;to vote any shares owned by them in favor of any proposed initial business combination and
(B)&nbsp;not to redeem any shares in connection with a stockholder vote to approve a proposed initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">Our
sponsor has committed that it or its respective designees will purchase an aggregate of 650,000 private placement units at $10.00
per unit, among which 595,000 private placement units will be purchased by our sponsor and/or its designees and 55,000 private
placement units will be purchased by Nomura and/or its designees at $10.00 per unit. These purchases will take place on a private
placement basis simultaneously with the consummation of this offering. </FONT>The private placement units are identical to the
units sold in this offering, except that, so long as they are held by the initial purchasers of the private placement units or
their permitted transferees, (i)&nbsp;the private shares and the private warrants (including the Class&nbsp;A common stock issuable
upon the exercise of the private warrants) may not be transferred, assigned or sold until 30 days after the completion of our initial
business combination, (ii)&nbsp;the private warrants will not be redeemable by us and (iii)&nbsp;the private warrants may be exercised
by the holders for cash or on a cashless basis, as described in this prospectus<FONT STYLE="background-color: white">. In addition,
for as long as the private warrants are held by Nomura or its respective designees or affiliates, they may not be exercised after
five years from the effective date of the registration statement of which this prospectus forms a part. The holders have agreed
(A)&nbsp;to vote the shares issued in connection with the private placement units in favor of any proposed business combination,
(B)&nbsp;not to propose an amendment to our charter documents with respect to our pre-business combination activities prior to
the consummation of such a business combination unless we provide our public stockholders with the opportunity to redeem their
shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest (which interest shall be net of taxes payable, divided by the number of
then issued and outstanding public shares, (C)&nbsp;not to redeem any private placement units (and underlying securities) in connection
with a stockholder vote to approve our proposed initial business combination and (D)&nbsp;that private placement units (and underlying
securities) shall not participate in any liquidating distribution upon winding up if a business combination is not consummated,
until all of the claims of any redeeming stockholders and creditors are fully satisfied (and then only from funds held outside
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-indent: 0.25in">Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class&nbsp;A common stock. Our sponsor and our executive officers and directors are deemed to be our &#8220;promoters&#8221;
as such term is defined under the federal securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 120; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on Transfers of Founder Shares and Private Placement
Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The founder shares, private placement units
and their component securities are each subject to transfer restrictions pursuant to lock-up provisions in a letter agreement with
us to be entered into by our sponsor, officers, directors and Nomura. Those lock-up provisions provide that such securities are
not transferable or salable (i)&nbsp;in the case of the founder shares, until the earlier of&nbsp; (A)&nbsp;six months after the
completion of our initial business combination or (B)&nbsp;subsequent to our initial business combination, (x)&nbsp;if the last
reported sale price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30
days after our initial business combination, or (y)&nbsp;the date on which we complete a liquidation, merger, capital stock exchange,
reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares of
common stock for cash, securities or other property, and (ii)&nbsp;in the case of the private placement units and the underlying
securities, until 30&nbsp;days after the completion of our initial business combination, except in each case (a)&nbsp;to our officers
or directors, any affiliates or family members of any of our officers or directors, any members of our sponsor, or any affiliates
of our sponsor; (b)&nbsp;in the case of an individual, by gift to a member of one of the members of the individual&#8217;s immediate
family or to a trust, the beneficiary of which is a member of one of the individual&#8217;s immediate family, an affiliate of such
person or to a charitable organization; (c)&nbsp;in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual; (d)&nbsp;in the case of an individual, pursuant to a qualified domestic relations order; (e)&nbsp;by private
sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation
of an initial business combination at prices no greater than the price at which the shares or warrants were originally purchased;
(f)&nbsp;in the event of our liquidation prior to the completion of our initial business combination; (g)&nbsp;by virtue of the
laws of Delaware or our sponsor&#8217;s limited liability company agreement upon dissolution of our sponsor; or (h)&nbsp;in the
case of Nomura, to Nomura&#8217;s affiliates or any entity controlled by Nomura, provided, however, that in the case of clauses
(a)&nbsp;through (e), (g)&nbsp;or (h), these permitted transferees must enter into a written agreement agreeing to be bound by
these transfer restrictions and the other restrictions contained in the letter agreements and by the same agreements entered into
by our sponsor with respect to such securities (including provisions relating to voting, the trust account and liquidation distributions
described elsewhere in this prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of the founder shares, private
placement units, securities issuable pursuant to the forward purchase agreement and warrants that may be issued upon conversion
of working capital loans (and any shares of Class&nbsp;A common stock issuable upon the exercise of the warrants that may be issued
upon conversion of working capital loans and upon conversion of the founder shares) will be entitled to registration rights pursuant
to a registration rights agreement to be signed prior to or on the effective date of this offering, requiring us to register such
securities for resale (in the case of the founder shares, only after conversion to our Class&nbsp;A common stock). The holders
of the majority of these securities are entitled to make up to three demands, excluding short form demands, that we register such
securities. In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements
filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities
pursuant to Rule&nbsp;415 under the Securities Act. The registration rights agreement does not contain liquidating damages or other
cash settlement provisions resulting from delays in registering our securities. We will bear the expenses incurred in connection
with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 121; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aa_013"></A>CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In January&nbsp;2020, we issued an
aggregate of 5,000,000 founder shares to our sponsor for an aggregate purchase price of $25,000 in cash, or approximately
$0.005 per share. Subsequently, in February&nbsp;2020, we declared a dividend of 0.15 share for each outstanding share,
resulting in 5,750,000 shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura
for a purchase price of approximately $0.005 per share. The number of founder shares issued was determined based on the
expectation that such founder shares would represent 20% of the outstanding shares upon completion of this offering
(excluding the private shares). If we increase or decrease the size of the offering we will effect a stock dividend or a
share contribution back to capital or other appropriate mechanism, as applicable, with respect to our Class&nbsp;B common
stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our initial
stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation of this offering. Up to
750,000 founder shares are subject to forfeiture by our sponsor depending on the extent to which the underwriters&#8217;
over-allotment option is exercised. The founder shares (including the Class&nbsp;A common stock issuable upon exercise
thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor and Nomura have committed,
pursuant to written agreements, to purchase an aggregate of 650,000 private placement units at $10.00 per unit, among which 595,000
private placement units will be purchased by our sponsor, and 55,000 private placement units will be purchased by Nomura. These
purchases of private placement units shall take place as a private placement closing simultaneously with this offering. Nomura
intends to enter into a forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares
for an aggregate purchase price of $100 million through, other than as described below, open market purchases or privately negotiated
transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions,
up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms
to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds
from the sale of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial
business combination. The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection
with a specific business combination, in whole or in part, unless, within five business days following written notice delivered
by us of our intention to enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase.
Nomura may decide not to proceed with the purchase for any reason, including, without limitation, if it has determined that such
purchase would constitute a conflict of interest. Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount
of commitments by third parties to purchase our securities, if any, in private placements to occur concurrently with the closing
of our initial business combination. The obligations under the forward purchase agreement are not affected by any redemptions by
our public stockholders of shares of our Class&nbsp;A common stock. Nomura will be paid a commitment fee of up to $2.0 million
with respect to the forward purchase commitment of up to $100.0 million upon the announcement of a definitive agreement for our
initial business combination. In addition, the forward purchase agreement provides that Nomura (or its assignees) is entitled to
registration rights with respect to the forward purchase shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As more fully discussed in the section
of this prospectus entitled &#8220;Management &#8212; Conflicts of Interest,&#8221; if any of our officers or directors becomes
aware of an initial business combination opportunity that falls within the line of business of any entity to which he or she has
then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present
such business combination opportunity to such other entity. Our officers and directors currently have certain relevant fiduciary
duties or contractual obligations that may take priority over their duties to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 122; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Commencing on the date of this prospectus,
we have agreed to pay our sponsor, a total of $15,000 per month for office space, utilities and secretarial and administrative
support. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. In addition,
we may also agree to pay a finder&rsquo;s fee to one or more independent directors to the extent such director(s) render services
in connection with locating the target business with which a successful business combination transaction is consummated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than the foregoing, no compensation
of any kind, including any finder&#8217;s fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will
be paid by us to our sponsor, officers and directors, or any affiliate of our sponsor or officers, prior to, or in connection with
any services rendered in order to effectuate, the consummation of an initial business combination (regardless of the type of transaction
that it is). However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their
affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on
the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the closing of this offering,
our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. As of March&nbsp;31,
2020, we borrowed $73,171 under the promissory note with the affiliate of our sponsor. These loans are non-interest bearing, unsecured
and are at the closing of this offering. The loan will be repaid upon the closing of this offering out of the estimated $750,000
of offering proceeds that has been allocated to the payment of offering expenses (other than underwriting commissions). The value
of our sponsor&rsquo;s interest in this transaction corresponds to the principal amount outstanding under any such loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in order to finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination,
we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used for such repayment. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option
of the lender. The units would be identical to the private placement units. The terms of such loans by our officers and directors,
if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from
parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds
and provide a waiver against any and all rights to seek access to funds in our trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After our initial business combination,
members of our management team who remain with us may be paid consulting, management or other fees from the combined company with
any and all amounts being fully disclosed to our stockholders, to the extent then known, in the tender offer or proxy solicitation
materials, as applicable, furnished to our stockholders. It is unlikely the amount of such compensation will be known at the time
of distribution of such tender offer materials or at the time of a stockholder meeting held to consider our initial business combination,
as applicable, as it will be up to the directors of the post-combination business to determine executive and director compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 123; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will enter into a registration rights
agreement with respect to the private placement units, the warrants issuable upon conversion of working capital loans (if any)
and the shares of Class&nbsp;A common stock issuable upon exercise of the foregoing and upon conversion of the founder shares,
which is described under the section of this prospectus entitled &#8220;Description of Securities &#8212; Registration Rights.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Related Party Transactions Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not yet adopted a formal policy
for the review, approval or ratification of related party transactions. Accordingly, the transactions discussed above were not
reviewed, approved or ratified in accordance with any such policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to the consummation of this offering,
we will adopt a code of ethics requiring us to avoid, wherever possible, all conflicts of interests, except under guidelines or
resolutions approved by our board of directors (or the appropriate committee of our board) or as disclosed in our public filings
with the SEC. Under our code of ethics, conflict of interest situations will include any financial transaction, arrangement or
relationship (including any indebtedness or guarantee of indebtedness) involving the company. A form of the code of ethics that
we plan to adopt prior to the consummation of this offering is filed as an exhibit to the registration statement of which this
prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our audit committee, pursuant
to a written charter that we will adopt prior to the consummation of this offering, will be responsible for reviewing and approving
related party transactions to the extent that we enter into such transactions. An affirmative vote of a majority of the members
of the audit committee present at a meeting at which a quorum is present will be required in order to approve a related party transaction.
A majority of the members of the entire audit committee will constitute a quorum. Without a meeting, the unanimous written consent
of all of the members of the audit committee will be required to approve a related party transaction. A form of the audit committee
charter that we plan to adopt prior to the consummation of this offering is filed as an exhibit to the registration statement of
which this prospectus is a part. We also require each of our directors and executive officers to complete a directors&#8217; and
officers&#8217; questionnaire that elicits information about related party transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These procedures are intended to determine
whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part
of a director, employee or officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our sponsor, officers
or directors unless we, or a committee of independent directors, have obtained an opinion from independent investment banking firm
that is a member of FINRA or from an independent accounting firm that our initial business combination is fair to our company from
a financial point of view. Furthermore, no finder&#8217;s fees, reimbursements, consulting fee, monies in respect of any payment
of a loan or other compensation will be paid by us to our sponsor, officers or directors, or any affiliate of our sponsor or officers,
for services rendered to us prior to, or in connection with any services rendered in order to effectuate, the consummation of our
initial business combination (regardless of the type of transaction that it is). However, the following payments will be made to
our sponsor, officers or directors, or our or their affiliates, none of which will be made from the proceeds of this offering held
in the trust account prior to the completion of our initial business combination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>repayment of up to an aggregate of $300,000 in loans made to
us by our sponsor to cover offering-related and organizational expenses;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>payment to our sponsor of $15,000 per month, for up to 18 months,
for office space, utilities and secretarial and administrative support;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>reimbursement for any out-of-pocket expenses related to identifying,
investigating and completing an initial business combination;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">the potential payment of a finder&rsquo;s fee to one or
more independent directors to the extent such director(s) render services in connection with locating the target business with
which a successful business combination transaction is consummated&nbsp;; and</P>


</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>repayment of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our audit committee will review on a quarterly
basis all payments that were made to our sponsor, officers or directors, or our or their affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 124; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_014"></A><B>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 100,000,000 shares of Class&nbsp;A common stock, $0.0001 par value,
10,000,000 shares of Class&nbsp;B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001
par value. The following description summarizes the material terms of our capital stock. Because it is only a summary, it may not
contain all the information that is important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each unit has an offering price of $10.00
and consists of one whole share of Class&nbsp;A common stock and one-half of one redeemable warrant. Each whole warrant entitles
the holder thereof to purchase one share of our Class&nbsp;A common stock at a price of $11.50 per share, subject to adjustment
as described in this prospectus. Pursuant to the warrant agreement, no fractional warrants will be issued upon separation of the
units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants issuable
to you upon separation of the units will be rounded down to the nearest whole number of warrants. We expect the Class&nbsp;A common
stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus
unless the underwriters inform us of their decision to allow earlier separate trading, subject to our having filed the Current
Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. Once
the shares of Class&nbsp;A common stock and warrants commence separate trading, holders will have the option to continue to hold
units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent
in order to separate the units into shares of Class&nbsp;A common stock and warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In no event will the Class&nbsp;A common
stock and warrants be traded separately until we have filed with the SEC a Current Report on Form&nbsp;8-K which includes an audited
balance sheet reflecting our receipt of the net proceeds at the closing of this offering. We will file a Current Report on Form&nbsp;8-K
which includes this audited balance sheet upon the completion of this offering, which is anticipated to take place three business
days after the date of this prospectus. If the underwriters&#8217; over-allotment option is exercised following the initial filing
of such Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will be filed to provide updated financial
information to reflect the exercise of the underwriters&#8217; over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon the closing of this offering, 25,650,000
shares of our common stock will be outstanding (assuming no exercise of the underwriters&#8217; over-allotment option and the corresponding
forfeiture of 750,000 founder shares by our sponsor), consisting of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>20,000,000 shares of our Class&nbsp;A common stock underlying the units being offered in this offering;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>5,000,000 shares of Class&nbsp;B common stock held by our initial stockholders; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>650,000 shares of Class&nbsp;A common stock underlying the private placement units offered in the private placement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 125; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we increase or decrease the size of
the offering we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable,
with respect to our Class&nbsp;B common stock immediately prior to the consummation of the offering in such amount as to maintain
the ownership of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation
of this offering (excluding the private shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura&#8217;s forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class&nbsp;A
common stock, the conversion ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Common stockholders of record are entitled
to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class&nbsp;A common stock and holders
of the Class&nbsp;B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, except
as required by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable
provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that
are voted is required to approve any such matter voted on by our stockholders. There is no cumulative voting with respect to the
election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can
elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of
directors out of funds legally available therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Because our amended and restated certificate
of incorporation authorizes the issuance of up to 100,000,000 shares of Class&nbsp;A common stock, if we were to enter into an
initial business combination, we may (depending on the terms of such an initial business combination) be required to increase the
number of shares of Class&nbsp;A common stock which we are authorized to issue at the same time as our stockholders vote on the
initial business combination to the extent we seek stockholder approval in connection with our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following
our listing on Nasdaq. Under Section&nbsp;211(b)&nbsp;of the DGCL, we are, however, required to hold an annual meeting of stockholders
for the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of
such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial
business combination, and thus we may not be in compliance with Section&nbsp;211(b)&nbsp;of the DGCL, which requires an annual
meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination,
they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section&nbsp;211(c)&nbsp;of
the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 126; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will provide our stockholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the
consummation of our initial business combination including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described
herein. The amount in the trust account will initially be approximately $10.00 per public share. The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers, directors and Nomura have entered into a letter agreement with us, pursuant to which they have agreed to
waive their redemption rights with respect to any founder shares, private shares and any public shares held by them in connection
with the completion of our initial business combination. Unlike many blank check companies that hold stockholder votes and conduct
proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares
for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is
not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our
amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules&nbsp;of the SEC,
and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate
of incorporation will require these tender offer documents to contain substantially the same financial and other information about
the initial business combination and the redemption rights as is required under the SEC&#8217;s proxy rules. If, however, a stockholder
approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons,
we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy
rules&nbsp;and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination
only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. A quorum
for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company
representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">However, the participation of our sponsor,
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus), if any,
could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate
their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding
shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is
obtained. These quorum and voting thresholds, and the voting agreements of our sponsor, officers and directors, may make it more
likely that we will consummate our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we seek stockholder approval in connection
with our initial business combination, our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private
shares held by them and any public shares purchased during or after this offering (including in open market and privately negotiated
transactions) in favor of our initial business combination. As a result, in addition to the founder shares and private shares held
by our sponsor, officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares
sold in this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders
meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised). Any
forward purchase shares issued by us to Nomura will not be entitled to vote on our initial business combination since those shares
will not be issued until the closing of such transaction, although Nomura may elect to purchase (and vote) shares from existing
stockholders. Additionally, each public stockholder may elect to redeem its public shares irrespective of whether they vote for
or against the proposed transaction (subject to the limitation described in the preceding paragraph).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 127; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to our amended and restated
certificate of incorporation, if we are unable to complete our initial business combination within 18 months from the closing
of this offering, we will (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as
reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up
to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders&#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 our remaining stockholders and our board of directors, dissolve and
liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our sponsor, officers, directors and Nomura have agreed to waive their rights to liquidating
distributions from the trust account with respect to any founder shares and private shares held by them if we fail to
complete our initial business combination within 18 months from the closing of this offering. However, if our initial
stockholders acquire public shares in or after this offering, they will be entitled to liquidating distributions from the
trust account with respect to such public shares if we fail to complete our initial business combination within the
prescribed time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of a liquidation, dissolution
or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no
sinking fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem
their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the
completion of our initial business combination, subject to the limitations described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Founder Shares and Private Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The founder shares and private shares
are identical to the shares of Class&nbsp;A common stock included in the units being sold in this offering, and holders of
founder shares and private shares have the same stockholder rights as public stockholders, except that (i)&nbsp;the founder
shares and private shares are subject to certain transfer restrictions, as described in more detail below, (ii)&nbsp;our
sponsor, officers, directors and director nominees have entered into a letter agreement with us, pursuant to which they have
agreed (A)&nbsp;to waive their redemption rights with respect to any founder shares, private shares and any public shares
held by them in connection with the completion of our initial business combination, (B)&nbsp;to waive their redemption rights
with respect to their founder shares, private shares and public shares in connection with a stockholder vote to approve an
amendment to our amended and restated certificate of incorporation (x)&nbsp;to modify the substance or timing of our
obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from
the closing of this offering or (y)&nbsp;with respect to any other provision relating to stockholders&#8217; rights or
pre-initial business combination activity and (C)&nbsp;to waive their rights to liquidating distributions from the trust
account with respect to any founder shares and private shares held by them if we fail to complete our initial business
combination within 18 months from the closing of this offering, although they will be entitled to liquidating distributions
from the trust account with respect to any public shares they hold if we fail to complete our initial business combination
within such time period, (iii)&nbsp;the founder shares are shares of our Class&nbsp;B common stock that will automatically
convert into shares of our Class&nbsp;A common stock at the time of our initial business combination on a one-for-one basis,
subject to adjustment as described herein and (iv)&nbsp;are entitled to registration rights. If we submit our initial
business combination to our public stockholders for a vote, our sponsor, officers, directors and Nomura have agreed pursuant
to the letter agreement to vote any founder shares and private shares held by them and any public shares purchased during or
after this offering (including in open market and privately negotiated transactions) in favor of our initial business
combination. Permitted transferees of the founder shares held by our sponsor, officers, directors and Nomura would be subject
to the same restrictions applicable to our sponsor, officers, directors and Nomura, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 128; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares of Class&nbsp;B common stock
will automatically convert into shares of Class&nbsp;A common stock at the time of our initial business combination on a one-for-one
basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to
further adjustment as provided herein. In the case that additional shares of Class&nbsp;A common stock, or equity-linked securities,
are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial business
combination, the ratio at which shares of Class&nbsp;B common stock shall convert into shares of Class&nbsp;A common stock will
be adjusted (unless the holders of a majority of the outstanding shares of Class&nbsp;B common stock agree to waive such adjustment
with respect to any such issuance or deemed issuance) so that the number of shares of Class&nbsp;A common stock issuable upon conversion
of all shares of Class&nbsp;B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total
number of all shares of common stock outstanding upon completion of this offering plus all shares of Class&nbsp;A common stock
and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares
or equity-linked securities issued, or to be issued, to any seller in the initial business combination, the private placement units
and any private placement-equivalent units issued to our sponsor or its affiliates upon conversion of loans made to us and any
securities issued pursuant to the forward purchase agreement). We cannot determine at this time whether a majority of the holders
of our Class&nbsp;B common stock at the time of any future issuance would agree to waive such adjustment to the conversion ratio.
They may waive such adjustment due to (but not limited to) the following: (i)&nbsp;closing conditions which are part of the agreement
for our initial business combination; (ii)&nbsp;negotiation with Class&nbsp;A stockholders on structuring an initial business combination;
or (iii)&nbsp;negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class&nbsp;B
common stock. If such adjustment is not waived, the issuance would not reduce the percentage ownership of holders of our Class&nbsp;B
common stock, but would reduce the percentage ownership of holders of our Class&nbsp;A common stock. If such adjustment is waived,
the issuance would reduce the percentage ownership of holders of both classes of our common stock. The issuance of the forward
purchase shares will not result in such an adjustment to the conversion of our Class&nbsp;B common stock. Holders of founder shares
may also elect to convert their shares of Class&nbsp;B common stock into an equal number of shares of Class&nbsp;A common stock,
subject to adjustment as provided above, at any time. The term &#8220;equity-linked securities&#8221; refers to any debt or equity
securities that are convertible, exercisable or exchangeable for shares of Class&nbsp;A common stock issues in a financing transaction
in connection with our initial business combination, including but not limited to a private placement of equity or debt. Securities
could be &#8220;deemed issued&#8221; for purposes of the conversion rate adjustment if such shares are issuable upon the conversion
or exercise of convertible securities, warrants or similar securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">With certain limited exceptions, the founder
shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated
with or related to our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of&nbsp; (A six
months after the completion of our initial business combination or (B)&nbsp;subsequent to our initial business combination, (x)&nbsp;if
the last reported sale price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 30 days after our initial business combination, or (y)&nbsp;the date on which we complete a liquidation, merger, capital
stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange
their shares of common stock for cash, securities or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 129; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will provide that shares of preferred stock may be issued from time to time in one or more series. Our board of directors
will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or
other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our
board of directors will be able to, without stockholder approval, issue preferred stock with voting and other rights that could
adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The
ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring
or preventing a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date
hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so
in the future. No shares of preferred stock are being issued or registered in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redeemable Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public Stockholders&#8217; Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each whole warrant entitles the registered
holder to purchase one share of our Class&nbsp;A common stock at a price of&nbsp;$11.50 per share, subject to adjustment as discussed
below, at any time commencing on the later of 12 months from the closing of this offering or 30 days after the completion of our
initial business combination. The warrants will expire five years after the completion of our initial business combination, at
5:00 p.m., New York City time, or earlier upon redemption or liquidation. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. Accordingly, unless a holder purchases a multiple of two units, the number of
warrants issuable to such holder upon separation of the units will be rounded down to the nearest whole number of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not be obligated to deliver any
shares of Class&nbsp;A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Class&nbsp;A common stock underlying the
warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below
with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class&nbsp;A common
stock upon exercise of a warrant unless Class&nbsp;A common stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event
that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such
warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will
we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants,
the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class&nbsp;A
common stock underlying such unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not registering the shares of Class&nbsp;A
common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no
event later than 30 days after the closing of our initial business combination, we will use our best efforts to file with the SEC
a registration statement for the registration under the Securities Act of the shares of Class&nbsp;A common stock issuable upon
exercise of the warrants and thereafter will use our best efforts to cause the same to become effective within 60 business days
following our initial business combination and to maintain a current prospectus relating to the Class&nbsp;A common stock issuable
upon exercise of the warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement.
If a registration statement covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants is not effective
by the 60th business day after the closing of our initial business combination, warrantholders may, until such time as there is
an effective registration statement and during any period when we will have failed to maintain an effective registration statement,
exercise warrants on a &#8220;cashless basis&#8221; in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act or another
exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a
cashless basis. Once the warrants become exercisable, we may call the warrants for redemption:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>in whole and not in part;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>at a price of $0.01 per warrant;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>upon not less than 30 days&#8217; prior written notice of redemption (the &#8220;30-day redemption period&#8221;) to each warrantholder; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>if, and only if, the reported last reported sale price of the Class&nbsp;A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrantholders.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 130; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If and when the warrants become redeemable
by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not
exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or
qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state
of residence in those states in which the warrants were offered by us in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have established the last of the redemption
criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder
will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class&nbsp;A common
stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we call the warrants for redemption
as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a
&#8220;cashless basis.&#8221; In determining whether to require all holders to exercise their warrants on a &#8220;cashless basis,&#8221;
our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive
effect on our stockholders of issuing the maximum number of shares of Class&nbsp;A common stock issuable upon the exercise of our
warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering
their warrants for that number of shares of Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product
of the number of shares of Class&nbsp;A common stock underlying the warrants, multiplied by the difference between the exercise
price of the warrants and the &#8220;fair market value&#8221; (defined below) by (y)&nbsp;the fair market value. The &#8220;fair
market value&#8221; shall mean the average last reported sale price of the Class&nbsp;A common stock for the 10 trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management
takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares
of Class&nbsp;A common stock to be received upon exercise of the warrants, including the &#8220;fair market value&#8221; in such
case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise
of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take
advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private warrants
for cash or on a cashless basis using the same formula described above that other warrantholders would have been required to use
had all warrantholders been required to exercise their warrants on a cashless basis, as described in more detail below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A holder of a warrant may notify us in
writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person&#8217;s affiliates), to the warrant
agent&#8217;s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)
of the shares of Class&nbsp;A common stock outstanding immediately after giving effect to such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the number of outstanding shares
of Class&nbsp;A common stock is increased by a stock dividend payable in shares of Class&nbsp;A common stock, or by a
split-up of shares of Class&nbsp;A common stock or other similar event, then, on the effective date of such stock dividend,
split-up or similar event, the number of shares of Class&nbsp;A common stock issuable on exercise of each warrant will be
increased in proportion to such increase in the outstanding shares of Class&nbsp;A common stock. A rights offering to holders
of Class&nbsp;A common stock entitling holders to purchase shares of Class&nbsp;A common stock at a price less than the fair
market value will be deemed a stock dividend of a number of shares of Class&nbsp;A common stock equal to the product of
(i)&nbsp;the number of shares of Class&nbsp;A common stock actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for Class&nbsp;A common stock) and
(ii)&nbsp;one (1)&nbsp;minus the quotient of (x)&nbsp;the price per share of Class&nbsp;A common stock paid in such rights
offering divided by (y)&nbsp;the fair market value. For these purposes (i)&nbsp;if the rights offering is for securities
convertible into or exercisable for Class&nbsp;A common stock, in determining the price payable for Class&nbsp;A common
stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable
upon exercise or conversion and (ii)&nbsp;fair market value means the volume weighted average price of Class&nbsp;A common
stock as reported during the ten (10)&nbsp;trading day period ending on the trading day prior to the first date on which the
shares of Class&nbsp;A common stock trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 131; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if we, at any time while
the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the
holders of Class&nbsp;A common stock on account of such shares of Class&nbsp;A common stock (or other shares of our capital
stock into which the warrants are convertible), other than (a)&nbsp;as described above, (b)&nbsp;certain ordinary cash
dividends, (c)&nbsp;to satisfy the redemption rights of the holders of Class&nbsp;A common stock in connection with a
proposed initial business combination, (d)&nbsp;to satisfy the redemption rights of the holders of Class&nbsp;A common stock
in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i)&nbsp;to modify the
substance or timing of our obligation to redeem 100% of our Class&nbsp;A common stock if we do not complete our initial
business combination within 18 months from the closing of this offering or (ii)&nbsp;with respect to any other provision
relating to stockholders&#8217; rights or pre-initial business combination activity, or (e)&nbsp;in connection with the
redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair
market value of any securities or other assets paid on each share of Class&nbsp;A common stock in respect of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the number of outstanding shares of
our Class&nbsp;A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of
Class&nbsp;A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Class&nbsp;A common stock issuable on exercise of each warrant
will be decreased in proportion to such decrease in outstanding shares of Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Whenever the number of shares of Class&nbsp;A
common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be
adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x)&nbsp;the numerator of
which will be the number of shares of Class&nbsp;A common stock purchasable upon the exercise of the warrants immediately prior
to such adjustment, and (y)&nbsp;the denominator of which will be the number of shares of Class&nbsp;A common stock so purchasable
immediately thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In case of any reclassification or reorganization
of the outstanding shares of Class&nbsp;A common stock (other than those described above or that solely affects the par value of
such shares of Class&nbsp;A common stock), or in the case of any merger or consolidation of us with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification
or reorganization of our outstanding shares of Class&nbsp;A common stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which
we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the warrants and in lieu of the shares of our Class&nbsp;A common stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised
their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class&nbsp;A
common stock in such a transaction is payable in the form of Class&nbsp;A common stock in the successor entity that is listed for
trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty
days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement
based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of
the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in
order to determine and realize the option value component of the warrant. This formula is to compensate the warrant holder for
the loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within
30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market
price for an instrument is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 132; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The warrants will be issued in registered
form under a warrant agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, as warrant agent, and us. You should
review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement of which this prospectus
is a part, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least 65% of the then outstanding warrants to make any change that adversely affects
the interests of the registered holders of public warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, if we issue additional shares
of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at a newly issued price of less than $9.20 per share of common stock (with such issue price or effective issue price
to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their
affiliates, without taking into account any founder shares held by them, as applicable, prior to such issuance), the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrantholders do not have the rights or privileges of holders of Class&nbsp;A common stock and any voting rights until they
exercise their warrants and receive shares of Class&nbsp;A common stock. After the issuance of shares of Class&nbsp;A common stock
upon exercise of the warrants, each holder will be entitled to one (1)&nbsp;vote for each share held of record on all matters to
be voted on by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round down to the nearest whole number the number of shares of Class&nbsp;A common stock to be issued to
the warrantholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Private Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The private warrants (including the Class&nbsp;A
common stock issuable upon exercise of the private warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except, among other limited exceptions as described under the section of this
prospectus entitled &#8220;Principal Stockholders &#8212; Restrictions on Transfers of Founder Shares and Private Placement Units,&#8221;
to our officers and directors and other persons or entities affiliated with or related to our sponsor or Nomura, as applicable,
each of whom will be subject to the same transfer restrictions) and they will not be redeemable by us so long as they are held
by our sponsor, Nomura or their respective permitted transferees. Our sponsor, Nomura or their respective permitted transferees,
have the option to exercise the private warrants on a cashless basis. Except as described below, the private warrants have terms
and provisions that are identical to those of the warrants being sold as part of the units in this offering, including as to exercise
price, exercisability and exercise period. If the private warrants are held by holders other than the sponsor, Nomura or their
respective permitted transferees, the private warrants will be redeemable by us and exercisable by the holders on the same basis
as the warrants included in the units being sold in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 133; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If holders of the private warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares
of Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of Class&nbsp;A
common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &#8220;fair
market value&#8221; (defined below) by (y)&nbsp;the fair market value. The &#8220;fair market value&#8221; shall mean the average
last reported sale price of the Class&nbsp;A common stock for the 10 trading days ending on the third trading day prior to the
date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will
be exercisable on a cashless basis so long as they are held by the sponsor, Nomura or their respective permitted transferees is
because it is not known at this time whether they will be affiliated with us following an initial business combination. If they
are affiliated with us following an initial business combination, their ability to sell our securities in the open market will
be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during
specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot
trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders
who could sell the shares of Class&nbsp;A common stock issuable upon exercise of the warrants freely in the open market, the insiders
could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such warrants on
a cashless basis is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our sponsor and Nomura have agreed
not to transfer, assign or sell any of the private warrants (including the Class&nbsp;A common stock issuable upon exercise
of any of these warrants) until the date that is 30 days after the date we complete our initial business combination, except,
among other limited exceptions as described under the section of this prospectus entitled &#8220;Principal Stockholders
&#8212; Restrictions on Transfers of Founder Shares and Private Placement Units,&#8221; to our officers and directors and
other persons or entities affiliated with or related to our sponsor or Nomura, as applicable, each of whom will be subject to
the same transfer restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not paid any cash dividends on
our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent
to an initial business combination will be within the discretion of our board of directors at such time. If we increase or decrease
the size of the offering we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism,
as applicable, with respect to our Class&nbsp;B common stock immediately prior to the consummation of the offering in such amount
as to maintain the ownership of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon
the consummation of this offering. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive
covenants we may agree to in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Transfer Agent and Warrant Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The transfer agent for our common stock
and warrant agent for our warrants is Continental Stock Transfer&nbsp;&amp; Trust Company. We have agreed to indemnify Continental
Stock Transfer&nbsp;&amp; Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders,
directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities
in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person
or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 134; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Amended and Restated Certificate of Incorporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will contain certain requirements and restrictions relating to this offering that will apply to us until the completion
of our initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common
stock. Our initial stockholders (including Nomura), who will collectively beneficially own 22.03% of our common stock upon the
closing of this offering (including the private shares and assuming they do not purchase any units in this offering), will participate
in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any manner they
choose. Specifically, our amended and restated certificate of incorporation provides, among other things, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>If we are unable to complete our initial business combination within 18 months from the closing of this offering, we will
    (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more
    than ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares, at a
    per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest
    earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of
    interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
    completely extinguish public stockholders&#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 our remaining stockholders and our board of directors, dissolve and liquidate, subject
    in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other
    applicable law;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders thereof to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote on any initial business combination;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Although we do not intend to enter into an initial business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm that such an initial business combination is fair to our company from a financial point of view;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule&nbsp;13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; whether or not we maintain our registration under the our Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>So long as we obtain and maintain a listing for our securities on Nasdaq, Nasdaq rules&nbsp;require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account) at the time of our signing a definitive agreement in connection with our initial business combination;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>If our stockholders approve an amendment to our amended and restated certificate of incorporation (i)&nbsp;to modify the
    substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
    combination within 18 months from the closing of this offering or (ii)&nbsp;with respect to any other provision relating to
    stockholders&#8217; rights or pre-business combination activity, we will provide our public stockholders with the opportunity
    to redeem all or a portion of their shares of Class&nbsp;A common stock upon such approval at a per-share price, payable in
    cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
    trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares;
    and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>We will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our amended and restated certificate
of incorporation will provide that under no circumstances will we redeem our public shares in an amount that would cause our net
tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters&#8217;
fees and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 135; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 10 -->
<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Anti-Takeover Provisions of Delaware Law and our
Amended and Restated Certificate of Incorporation and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will be subject to the provisions of
Section&nbsp;203 of the DGCL regulating corporate takeovers upon completion of this offering. This statute prevents certain Delaware
corporations, under certain circumstances, from engaging in a &#8220;business combination&#8221; with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an &#8220;interested stockholder&#8221;);</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an affiliate of an interested stockholder; or</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &#8220;business combination&#8221; includes
a merger or sale of more than 10% of our assets. However, the above provisions of Section&nbsp;203 do not apply if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>our board of directors approves the transaction that made the stockholder an &#8220;interested stockholder,&#8221; prior to the date of the transaction;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>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: 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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>on or subsequent to the date of the transaction, the initial business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of us by means of a proxy contest, tender offer, merger or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exclusive forum for certain lawsuits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware, except any action (A)&nbsp;as to which the Court of Chancery in the State of Delaware determines that
there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not
consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B)&nbsp;which is
vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C)&nbsp;for which the Court of Chancery
does not have subject matter jurisdiction, or (D)&nbsp;any action arising under the Securities Act, as to which the Court of Chancery
and the federal district court for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside
of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder&#8217;s
counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in
the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is
enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 136; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our amended and restated certificate of
incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law. Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act or the rules&nbsp;and regulations thereunder. As a result, the exclusive forum provision will not apply
to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Special meeting of stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Advance notice requirements for stockholder proposals
and director nominations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&#8217;s notice will
need to be received by the company secretary at our principal executive offices not later than the close of business on the 90<SUP>th</SUP>
day nor earlier than the opening of business on the 120<SUP>th</SUP> day prior to the anniversary date of the immediately preceding
annual meeting of stockholders. Pursuant to Rule&nbsp;14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy
statement must comply with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and
content of a stockholders&#8217; meeting. These provisions may preclude our stockholders from bringing matters before our annual
meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Action by written consent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subsequent to the consummation of the offering,
any action required or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting
of such stockholders and may not be effected by written consent of the stockholders other than with respect to our Class&nbsp;B
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Class&nbsp;B Common Stock Consent Right</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For so long as any shares of Class&nbsp;B
common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares
of Class&nbsp;B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our
certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter
or change the powers, preferences or relative, participating, optional or other or special rights of the Class&nbsp;B common stock.
Any action required or permitted to be taken at any meeting of the holders of Class&nbsp;B common stock may be taken without a
meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall
be signed by the holders of the outstanding Class&nbsp;B common stock having not less than the minimum number of votes that would
be necessary to authorize or take such action at a meeting at which all shares of Class&nbsp;B common stock were present and voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 137; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities Eligible for Future Sale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Immediately after the consummation of this
offering (assuming no exercise of the underwriters&#8217; over-allotment option) we will have 25,650,000 (or 29,400,000 if the
underwriters&#8217; over-allotment option is exercised in full) shares of common stock outstanding. Of these shares, the 20,000,000
shares (or 23,000,000 if the underwriters&#8217; over-allotment option is exercised in full) sold in this offering will be freely
tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our affiliates
within the meaning of Rule&nbsp;144 under the Securities Act. All of the remaining 5,650,000 (or 6,400,000 if the underwriters&#8217;
over-allotment option is exercised in full) shares, including all 650,000 private placement units are restricted securities, in
that they were issued in private transactions not involving a public offering, and the shares of Class&nbsp;B common stock and
private placement units are subject to transfer restrictions as set forth elsewhere in this prospectus. These restricted securities
will be entitled to registration rights as more fully described below under &#8220;&#8212; Registration Rights.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Rule&nbsp;144</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to Rule&nbsp;144, a person who
has beneficially owned restricted shares of our common stock or warrants for at least six months would be entitled to sell their
securities provided that (i)&nbsp;such person is not deemed to have been one of our affiliates at the time of, or at any time during
the three months preceding, a sale and (ii)&nbsp;we are subject to the Exchange Act periodic reporting requirements for at least
three months before the sale and have filed all required reports under Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act during
the 12 months (or such shorter period as we were required to file reports) preceding the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Persons who have beneficially owned restricted
shares of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any time during
the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell
within any three-month period only a number of securities that does not exceed the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>1% of the total number of shares of Class&nbsp;A common stock then outstanding, which will equal 206,500 shares immediately after this offering (or 236,500 if the underwriters exercise their over-allotment option in full);</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the average weekly reported trading volume of the Class&nbsp;A common stock during the four calendar weeks preceding the filing of a notice on Form&nbsp;144 with respect to the sale.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sales by our affiliates under Rule&nbsp;144
are also limited by manner of sale provisions and notice requirements and to the availability of current public information about
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restrictions on the Use of Rule&nbsp;144 by Shell Companies
or Former Shell Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rule&nbsp;144 is not available for the
resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that
have been at any time previously a shell company. However, Rule&nbsp;144 also includes an important exception to this prohibition
if the following conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the issuer of the securities that was formerly a shell company has ceased to be a shell company;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the issuer of the securities is subject to the reporting requirements of Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form&nbsp;8-K; and</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>at least one year has elapsed from the time that the issuer filed current Form&nbsp;10 type information with the SEC reflecting its status as an entity that is not a shell company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As a result, our initial stockholders will
be able to sell their founder shares, private shares and private warrants, as applicable, pursuant to Rule&nbsp;144 without registration
one year after we have completed our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 138; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of the founder shares,
private placement units, securities issuable pursuant to the forward purchase agreement and warrants that may be issued upon
conversion of working capital loans (and any shares of Class&nbsp;A common stock issuable upon the exercise of the warrants
that may be issued upon conversion of working capital loans and upon conversion of the founder shares) will be entitled to
registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of this
offering, requiring us to register such securities for resale (in the case of the founder shares, only after conversion to
our Class&nbsp;A common stock). The holders of the majority of these securities are entitled to make up to three demands,
excluding short form demands, that we register such securities. In addition, the holders have certain
&#8220;piggy-back&#8221; registration rights with respect to registration statements filed subsequent to our completion of
our initial business combination and rights to require us to register for resale such securities pursuant to Rule&nbsp;415
under the Securities Act. The registration rights agreement does not contain liquidating damages or other cash settlement
provisions resulting from delays in registering our securities. We will bear the expenses incurred in connection with the
filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have applied to list our units, Class&nbsp;A
common stock and warrants on Nasdaq under the symbols &#8220;LCAPU,&#8221; &#8220;LCAP&#8221; and &#8220;LCAPW,&#8221; respectively.
We expect that our units will be listed on Nasdaq on or promptly after the effective date of the registration statement. Following
the date the shares of our Class&nbsp;A common stock and warrants are eligible to trade separately, we anticipate that the shares
of our Class&nbsp;A common stock and warrants will be listed separately and as a unit on Nasdaq. We cannot guarantee that our securities
will be approved for listing on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_015"></A><B>U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following discussion is a summary of
certain U.S. federal income tax consequences generally applicable to the acquisition, ownership and disposition of our units, shares
of Class&nbsp;A common stock and warrants, which we refer to collectively as our securities. Because the components of a unit are
separable at the option of the holder, the holder of a unit generally should be treated, for U.S. federal income tax purposes,
as the owner of the underlying Class&nbsp;A common stock and one-half of one redeemable warrant components of the unit, as the
case may be. As a result, the discussion below with respect to actual holders of Class&nbsp;A common stock and warrants should
also apply to holders of units (as the deemed owners of the underlying Class&nbsp;A common stock and warrants that comprise the
units). This discussion applies only to securities that are held as capital assets for U.S. federal income tax purposes and is
applicable only to holders who purchased units for cash in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion is a summary only and does not describe all
of the tax consequences that may be relevant to you in light of your particular circumstances, including but not limited to the
alternative minimum tax, the Medicare tax on certain investment income and the different consequences that may apply if you are
subject to special rules&nbsp;that apply to certain types of investors, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>financial institutions or financial services entities;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>broker-dealers;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>governments or agencies or instrumentalities thereof;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>regulated investment companies;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>real estate investment trusts;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>expatriates or former long-term residents of the United States;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>persons that actually or constructively own five percent or more of our voting shares;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 139; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>insurance companies;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>dealers or traders subject to a mark-to-market method of accounting with respect to the securities;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>persons holding the securities as part of a &#8220;straddle,&#8221; hedge, integrated transaction or similar transaction;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>U.S. holders (as defined below) whose functional currency is not the U.S. dollar;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>partnerships or other pass-through entities for U.S. federal income tax purposes and any beneficial owners of such entities; and</TD></TR>
</TABLE>

<P STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>tax-exempt entities.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If a partnership (including an entity or
arrangement treated as a partnership for U.S. federal income tax purposes) holds our securities, the tax treatment of a partner,
member or other beneficial owner in such partnership will generally depend upon the status of the partner, member or other beneficial
owner, the activities of the partnership and certain determinations made at the partner, member or other beneficial owner level.
If you are a partner, member or other beneficial owner of a partnership holding our securities, you are urged to consult your tax
advisor regarding the tax consequences of the ownership and disposition of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This discussion is based on the Internal
Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and administrative pronouncements, judicial decisions and final, temporary
and proposed Treasury regulations as of the date hereof, which are subject to change, possibly on a retroactive basis, and changes
to any of which subsequent to the date of this prospectus may affect the tax consequences described herein. No ruling from the
Internal Revenue Service, or IRS, has been or will be sought regarding any tax matter discussed herein. This discussion does not
address any aspect of state, local or non-U.S. taxation, or any U.S. federal taxes other than income taxes (such as gift and estate
taxes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should consult your tax advisor with
respect to the application of U.S. federal tax laws to your particular situation, as well as any tax consequences arising under
the laws of any state, local or foreign jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Personal Holding Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We could be subject to a second level of
U.S. federal income tax on a portion of our income if we are determined to be a personal holding company, or PHC, for U.S. federal
income tax purposes. A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given taxable
year if&nbsp; (i)&nbsp;at any time during the last half of such taxable year, five or fewer individuals (without regard to their
citizenship or residency and including as individuals for this purpose certain entities such as certain tax-exempt organizations,
pension funds and charitable trusts) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50%
of the stock of the corporation by value and (ii)&nbsp;at least 60% of the corporation&#8217;s adjusted ordinary gross income,
as determined for U.S. federal income tax purposes, for such taxable year consists of PHC income (which includes, among other things,
dividends, interest, certain royalties, annuities and, under certain circumstances, rents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Depending on the date and size of our initial
business combination, it is possible that at least 60% of our adjusted ordinary gross income may consist of PHC income. In addition,
depending on the concentration of our stock in the hands of individuals, including the members of our sponsor and certain tax-exempt
organizations, pension funds and charitable trusts, it is possible that more than 50% of our stock may be owned or deemed owned
(pursuant to the constructive ownership rules) by such persons during the last half of a taxable year. Thus, no assurance can be
given that we will not be a PHC following this offering or in the future. If we are or were to become a PHC in a given taxable
year, we would be subject to an additional PHC tax, currently 20%, on our undistributed PHC income, which generally includes our
taxable income, subject to certain adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Allocation of Purchase Price and Characterization of a Unit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No statutory, administrative or judicial
authority directly addresses the treatment of a unit or instruments similar to a unit for U.S. federal income tax purposes and,
therefore, that treatment is not entirely clear. The acquisition of a unit should be treated for U.S. federal income tax purposes
as the acquisition of one share of our Class&nbsp;A common stock and one-half of one warrant to acquire one share of our Class&nbsp;A
common stock. For U.S. federal income tax purposes, each holder of a unit must allocate the purchase price paid by such holder
for such unit between the one share of Class&nbsp;A common stock and the one warrant based on the relative fair market value of
each at the time of issuance. The price allocated to each share of Class&nbsp;A common stock and the one warrant should be the
stockholder&#8217;s tax basis in such share or one warrant, as the case may be. Any disposition of a unit should be treated for
U.S. federal income tax purposes as a disposition of the share of Class&nbsp;A common stock and one warrant comprising the unit,
and the amount realized on the disposition should be allocated between the Class&nbsp;A common stock and the one warrant based
on their respective relative fair market values at the time of disposition. The separation of shares of Class&nbsp;A common stock
and warrants comprising units should not be a taxable event for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 140; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing treatment of the shares of
Class&nbsp;A common stock and warrants and a holder&#8217;s purchase price allocation are not binding on the IRS or the courts.
Because there are no authorities that directly address instruments that are similar to the units, no assurance can be given that
the IRS or the courts will agree with the characterization described above or the discussion below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, each prospective investor is urged to consult its
own tax advisors regarding the tax consequences of an investment in a unit (including alternative characterizations of a unit).
The balance of this discussion assumes that the characterization of the units described above is respected for U.S. federal income
tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This section applies to you if you are
a &#8220;U.S. holder.&#8221; A U.S. holder is a beneficial owner of our units, shares of Class&nbsp;A common stock or warrants
who or that is, for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an individual who is a citizen or resident of the United States;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or under the laws of the United States, any state thereof or the District of Columbia;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a trust, if (i)&nbsp;a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons (as defined in the Code) have authority to control all substantial decisions of the trust or (ii)&nbsp;it has a valid election in effect under Treasury Regulations to be treated as a United States person.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Taxation of Distributions. </I>If we
pay distributions in cash or other property to U.S. holders of shares of our Class&nbsp;A common stock, such distributions generally
will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and
profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and
profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder&#8217;s
adjusted tax basis in our Class&nbsp;A common stock. Any remaining excess will be treated as gain realized on the sale or other
disposition of the Class&nbsp;A common stock and will be treated as described under &#8220;U.S. Holders &#8212; Gain or Loss on
Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends we pay to a U.S. holder that
is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding period is satisfied.
With certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment interest
deduction limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder
generally will constitute &#8220;qualified dividends&#8221; that will be subject to tax at preferential long-term capital gains
rates. It is unclear whether the redemption rights with respect to the Class&nbsp;A common stock described in this prospectus may
prevent a U.S. holder from satisfying the applicable holding period requirements with respect to the dividends received deduction
or the preferential tax rate on qualified dividend income, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 141; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants. </I>Upon a sale or other taxable disposition of our Class&nbsp;A
common stock or warrants which, in general, would include a redemption of Class&nbsp;A common stock or warrants that is treated
as a sale of such securities as described below, and including as a result of a dissolution and liquidation in the event we do
not consummate an initial business combination within the required time period, a U.S. holder generally will recognize capital
gain or loss in an amount equal to the difference between the amount realized and the U.S. holder&#8217;s adjusted tax basis in
the Class&nbsp;A common stock or warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the
U.S. holder&#8217;s holding period for the Class&nbsp;A common stock or warrants so disposed of exceeds one year. It is unclear,
however, whether the redemption rights with respect to the Class&nbsp;A common stock described in this prospectus may suspend the
running of the applicable holding period for this purpose. Long-term capital gains recognized by non-corporate U.S. holders will
be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Generally, the amount of gain or loss recognized
by a U.S. holder is an amount equal to the difference between (i)&nbsp;the sum of the amount of cash and the fair market value
of any property received in such disposition (or, if the Class&nbsp;A common stock or warrants are held as part of units at the
time of the disposition, the portion of the amount realized on such disposition that is allocated to the Class&nbsp;A common stock
or the warrants based upon the then fair market values of the Class&nbsp;A common stock and the warrants included in the units)
and (ii)&nbsp;the U.S. holder&#8217;s adjusted tax basis in its Class&nbsp;A common stock or warrants so disposed of. A U.S. holder&#8217;s
adjusted tax basis in its Class&nbsp;A common stock or warrants generally will equal the U.S. holder&#8217;s acquisition cost (that
is, as discussed above, the portion of the purchase price of a unit allocated to a share of Class&nbsp;A common stock or one warrant
or, as discussed below, the U.S. holder&#8217;s initial basis for Class&nbsp;A common stock received upon exercise of warrants)
less, in the case of a share of Class&nbsp;A common stock, any prior distributions treated as a return of capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Redemption of Class&nbsp;A Common Stock.
</I>In the event that a U.S. holder&#8217;s Class&nbsp;A common stock is redeemed pursuant to the redemption provisions described
in this prospectus under the section of this prospectus entitled &#8220;Description of Securities &#8212; Common Stock&#8221; or
if we purchase a U.S. holder&#8217;s Class&nbsp;A common stock in an open market transaction, the treatment of the transaction
for U.S. federal income tax purposes will depend on whether the redemption qualifies as a sale of the Class&nbsp;A common stock
under Section&nbsp;302 of the Code. If the redemption qualifies as a sale of the Class&nbsp;A common stock, the U.S. holder will
be treated as described under &#8220;U.S. Holders &#8212; Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of
Class&nbsp;A Common Stock and Warrants&#8221; above. If the redemption does not qualify as a sale of the Class&nbsp;A common stock,
the U.S. holder will be treated as receiving a corporate distribution with the tax consequences described above under &#8220;U.S.
Holders &#8212; Taxation of Distributions.&#8221; Whether a redemption qualifies for sale treatment will depend largely on the
total number of shares of our stock treated as held by the U.S. holder (including any stock constructively owned by the U.S. holder
as a result of owning warrants) relative to all of our shares outstanding both before and after the redemption. The redemption
of Class&nbsp;A common stock generally will be treated as a sale of the Class&nbsp;A common stock (rather than as a corporate distribution)
if the redemption (i)&nbsp;is &#8220;substantially disproportionate&#8221; with respect to the U.S. holder, (ii)&nbsp;results in
a &#8220;complete termination&#8221; of the U.S. holder&#8217;s interest in us or (iii)&nbsp;is &#8220;not essentially equivalent
to a dividend&#8221; with respect to the U.S. holder. These tests are explained more fully below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In determining whether any of the foregoing
tests are satisfied, a U.S. holder takes into account not only stock actually owned by the U.S. holder, but also shares of our
stock that are constructively owned by it. A U.S. holder may constructively own, in addition to stock owned directly, stock owned
by certain related individuals and entities in which the U.S. holder has an interest or that have an interest in such U.S. holder,
as well as any stock the U.S. holder has a right to acquire by exercise of an option, which would generally include Class&nbsp;A
common stock which could be acquired pursuant to the exercise of the warrants. In order to meet the substantially disproportionate
test, the percentage of our outstanding voting stock actually and constructively owned by the U.S. holder immediately following
the redemption of Class&nbsp;A common stock must, among other requirements, be less than 80% of the percentage of our outstanding
voting stock actually and constructively owned by the U.S. holder immediately before the redemption. There will be a complete termination
of a U.S. holder&#8217;s interest if either (i)&nbsp;all of the shares of our stock actually and constructively owned by the U.S.
holder are redeemed or (ii)&nbsp;all of the shares of our stock actually owned by the U.S. holder are redeemed and the U.S. holder
is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family
members and the U.S. holder does not constructively own any other shares of our stock. The redemption of the Class&nbsp;A common
stock will not be essentially equivalent to a dividend if the redemption results in a &#8220;meaningful reduction&#8221; of the
U.S. holder&#8217;s proportionate interest in us. Whether the redemption will result in a meaningful reduction in a U.S. holder&#8217;s
proportionate interest in us will depend on the particular facts and circumstances. However, the IRS has indicated in a published
ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation
who exercises no control over corporate affairs may constitute such a &#8220;meaningful reduction.&#8221; A U.S. holder should
consult with its own tax advisors as to the tax consequences of a redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 142; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->137<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If none of the foregoing tests is satisfied,
then the redemption will be treated as a corporate distribution and the tax effects will be as described under &#8220;U.S. Holders
&#8212; Taxation of Distributions,&#8221; above. After the application of those rules, any remaining tax basis of the U.S. holder
in the redeemed Class&nbsp;A common stock will be added to the U.S. holder&#8217;s adjusted tax basis in its remaining stock, or,
if it has none, to the U.S. holder&#8217;s adjusted tax basis in its warrants or possibly in other stock constructively owned by
it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Exercise or Lapse of a Warrant.</I>&nbsp;&nbsp;&nbsp;&nbsp;Except
as discussed below with respect to the cashless exercise of a warrant, a U.S. holder generally will not recognize taxable gain
or loss on the acquisition of common stock upon exercise of a warrant for cash. The U.S. holder&#8217;s tax basis in the share
of our Class&nbsp;A common stock received upon exercise of the warrant generally will be an amount equal to the sum of the U.S.
holder&#8217;s initial investment in the warrant (i.e., the portion of the U.S. holder&#8217;s purchase price for a unit that is
allocated to the warrant, as described above under &#8220;&#8212;Allocation of Purchase Price and Characterization of a Unit&#8221;)
and the exercise price. It is unclear whether the U.S. holder&#8217;s holding period for the Class&nbsp;A common stock received
upon exercise of the warrants will begin on the date following the date of exercise or on the date of exercise of the warrants;
in either case, the holding period will not include the period during which the U.S. holder held the warrants. If a warrant is
allowed to lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such holder&#8217;s tax basis in the
warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The tax consequences of a cashless exercise
of a warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization
event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation,
a U.S. holder&#8217;s basis in the Class&nbsp;A common stock received would equal the holder&#8217;s basis in the warrants exercised
therefor. If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. holder&#8217;s holding
period in the Class&nbsp;A common stock would be treated as commencing on the date following the date of exercise or on the date
of exercise of the warrant. If the cashless exercise were treated as a recapitalization, the holding period of the Class&nbsp;A
common stock would include the holding period of the warrants exercised therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is also possible that a cashless exercise
could be treated in whole or in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder
could be deemed to have surrendered a number of warrants having an aggregate fair market value equal to the exercise price for
the total number of warrants to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference
between the fair market value of the Class&nbsp;A common stock received in respect of the warrants deemed surrendered and the U.S.
holder&#8217;s tax basis in the warrants deemed surrendered. In this case, a U.S. holder&#8217;s tax basis in the Class&nbsp;A
common stock received would equal the sum of the U.S. holder&#8217;s initial investment in the warrants exercised (i.e., the portion
of the U.S. holder&#8217;s purchase price for a unit that is allocated to the warrant, as described above under &#8220;&#8212;
Allocation of Purchase Price and Characterization of a Unit&#8221;) and the exercise price of such warrants. It is unclear whether
a U.S. holder&#8217;s holding period for the Class&nbsp;A common stock would commence on the date following the date of exercise
or on the date of exercise of the warrant; in either case, the holding period would not include the period during which the U.S.
holder held the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Due to the absence of authority on the
U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder&#8217;s holding period would commence with
respect to the Class&nbsp;A common stock received, there can be no assurance which, if any, of the alternative tax consequences
and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their
tax advisors regarding the tax consequences of a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 143; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->138<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Possible Constructive Distributions</I>.
The terms of each warrant provide for an adjustment to the number of shares of Class&nbsp;A common stock for which the warrant
may be exercised or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled
&#8220;Description of Securities &#8212; Redeemable Warrants &#8212; Public Stockholders&#8217; Warrants.&#8221; An adjustment
which has the effect of preventing dilution generally is not taxable. U.S. holders of the warrants would, however, be treated as
receiving a constructive distribution from us if, for example, the adjustment to the number of such shares or to such exercise
price increases the warrantholders&#8217; proportionate interest in our assets or earnings and profits (e.g., through an increase
in the number of shares of Class&nbsp;A common stock that would be obtained upon exercise or through a decrease in the exercise
price of the warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares
of our Class&nbsp;A common stock, or as a result of the issuance of a stock dividend to holders of shares of our Class&nbsp;A common
stock, in each case which is taxable to the holders of such shares as a distribution. Such constructive distribution would be subject
to tax in the same manner as if the U.S. holders of the warrants received a cash distribution from us equal to the fair market
value of such increased interest resulting from the adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This section applies to you if you are
a &#8220;Non-U.S. holder.&#8221; As used herein, the term &#8220;Non-U.S. holder&#8221; means a beneficial owner of our units,
Class&nbsp;A common stock or warrants who or that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a non-resident alien individual (other than certain former citizens and residents of the United States subject to U.S. tax as expatriates);</TD></TR>
</TABLE>
<P STYLE="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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a foreign corporation or</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>an estate or trust that is not a U.S. holder;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">but generally does not include an individual who is present
in the United States for 183 days or more in the taxable year of disposition. If you are such an individual, you should consult
your tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership or sale or other disposition
of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Taxation of
Distributions.</I>&nbsp;&nbsp;&nbsp;&nbsp;In general, any distributions (including constructive distributions) we make to a
Non-U.S. holder of shares of our Class&nbsp;A common stock, to the extent paid out of our current or accumulated earnings and
profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax
purposes and, provided such dividends are not effectively connected with the Non-U.S. holder&#8217;s conduct of a trade or
business within the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of
30%, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and
provides proper certification of its eligibility for such reduced rate (usually on an IRS Form&nbsp;W-8BEN or W-8BEN-E). In
the case of any constructive dividend, it is possible that this tax would be withheld from any amount owed to a Non-U.S.
holder by the applicable withholding agent, including cash distributions on other property or sales proceeds from warrants or
other property subsequently paid or credited to such holder. Any distribution not constituting a dividend will be treated
first as reducing (but not below zero) the Non-U.S. holder&#8217;s adjusted tax basis in its shares of our Class&nbsp;A
common stock and, to the extent such distribution exceeds the Non-U.S. holder&#8217;s adjusted tax basis, as gain realized
from the sale or other disposition of the Class&nbsp;A common stock, which will be treated as described under &#8220;Non-U.S.
Holders &#8212; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants&#8221;
below. In addition, if we determine that we are classified as a &#8220;United States real property holding corporation&#8221;
(see &#8220;Non-U.S. Holders &#8212; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock
and Warrants&#8221; below), we will withhold 15% of any distribution that exceeds our current and accumulated earnings and
profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dividends we pay to a Non-U.S. holder
that are effectively connected with the Non-U.S. holder&#8217;s conduct of a trade or business within the United States (or
if a tax treaty applies are attributable to a United States permanent establishment or fixed base maintained by the Non-U.S.
holder) will generally not be subject to U.S. withholding tax, provided such Non-U.S. holder complies with certain
certification and disclosure requirements (usually by providing an applicable IRS Form&nbsp;W-8). Instead, such dividends
will generally be subject to U.S. federal income tax as if the Non-U.S. holder were a United States resident, subject to an
applicable tax treaty providing otherwise. A Non-U.S. corporation receiving effectively connected dividends may also be
subject to an additional &#8220;branch profits tax&#8221; imposed at a rate of 30% (or a lower treaty rate). <I>Gain on Sale,
Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants.</I> A Non-U.S. holder generally will
not be subject to U.S. federal income or withholding tax in respect of gain realized on a sale, taxable exchange or other
taxable disposition of our Class&nbsp;A common stock, which would include a dissolution and liquidation in the event we do
not complete an initial business combination within 18 months from the closing of this offering, or warrants (including an
expiration or redemption of our warrants), in each case without regard to whether those securities were held as part of a
unit, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>the gain is effectively connected with the conduct of a trade or business by the Non-U.S. holder within the United States (and, under certain tax treaties, is attributable to a United States permanent establishment or fixed base maintained by the Non-U.S. holder); or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 144; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->139<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>we are or have been a &#8220;United States real property holding corporation&#8221; for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. holder held our Class&nbsp;A common stock, and, in the case where shares of our Class&nbsp;A common stock are regularly traded on an established securities market, the Non-U.S. holder has owned, directly or constructively, more than 5% of our Class&nbsp;A common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. holder&#8217;s holding period for the shares of our Class&nbsp;A common stock. There can be no assurance that our Class&nbsp;A common stock will be treated as regularly traded on an established securities market for this purpose. Unless an applicable treaty provides otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S. holder were a United States resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign corporation may also be subject to an additional &#8220;branch profits tax&#8221; at a 30% rate (or lower treaty rate).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the second bullet point above applies
to a Non-U.S. holder, gain recognized by such holder on the sale, exchange or other disposition of our Class&nbsp;A common stock
or warrants will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Class&nbsp;A
common stock or warrants from such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized
upon such disposition. We cannot determine whether we will be a United States real property holding corporation in the future until
we complete an initial business combination. We will be classified as a United States real property holding corporation if the
fair market value of our &#8220;United States real property interests&#8221; equals or exceeds 50 percent of the sum of the fair
market value of our worldwide real property interests plus our other assets used or held for use in a trade or business, as determined
for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Redemption of Class&nbsp;A Common Stock.</I>&nbsp;&nbsp;&nbsp;&nbsp;The
characterization for U.S. federal income tax purposes of the redemption of a Non-U.S. holder&#8217;s Class&nbsp;A common stock
generally will correspond to the U.S. federal income tax characterization of such a redemption of a U.S. holder&#8217;s Class&nbsp;A
common stock, as described under &#8220;U.S. Holders &#8212; Redemption of Class&nbsp;A Common Stock&#8221; above, and the consequences
of the redemption to the Non-U.S. holder will be as described above under &#8220;Non-U.S. Holders &#8212; Taxation of Distributions&#8221;
and &#8220;Non-U.S. Holders &#8212; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and
Warrants,&#8221; as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Exercise of a Warrant.&nbsp;&nbsp;&nbsp;&nbsp;</I>The
U.S. federal income tax treatment of a Non-U.S. holder&#8217;s exercise of a warrant, or the lapse of a warrant held by a Non-U.S.
holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder,
as described under &#8220;U.S. holders &#8212; Exercise or Lapse of a Warrant&#8221; above, although to the extent a cashless exercise
results in a taxable exchange, the consequences would be similar to those described below in &#8220;Non-U.S. Holders &#8212; Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Possible Constructive Distributions</I>.&nbsp;&nbsp;&nbsp;&nbsp;The
terms of each warrant provide for an adjustment to the number of shares of Class&nbsp;A common stock for which the warrant may
be exercised or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled
&#8220;Description of Securities &#8212; Redeemable Warrants &#8212; Public Stockholders&#8217; Warrants.&#8221; An adjustment
which has the effect of preventing dilution generally is not taxable. Non-U.S. holders of the warrants would, however, be treated
as receiving a constructive distribution from us if, for example, the adjustment to the number of such shares or to such exercise
price increases the warrantholders&#8217; proportionate interest in our assets or earnings and profits (e.g., through an increase
in the number of shares of Class&nbsp;A common stock that would be obtained upon exercise or through a decrease in the exercise
price of the warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares
of our Class&nbsp;A common stock, or as a result of the issuance of a stock dividend to holders of shares of our Class&nbsp;A common
stock, in each case which is taxable to the holders of such shares as a distribution. Such constructive distribution would be subject
to tax in the same manner as if the Non-U.S. holders of the warrants received a cash distribution from us equal to the fair market
value of such increased interest resulting from the adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 145; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->140<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Information Reporting and Backup Withholding.</I>&nbsp;&nbsp;&nbsp;&nbsp;Information
returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of
our units, shares of Class&nbsp;A common stock and warrants. A Non-U.S. holder may have to comply with certification procedures
to establish that it is not a United States person in order to avoid information reporting and backup withholding requirements.
The certification procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification
requirements necessary to avoid the backup withholding as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Backup withholding is not an additional
tax. The amount of any backup withholding from a payment to a Non-U.S. holder will be allowed as a credit against such holder&#8217;s
U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished
to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All Non-U.S. holders should consult their
tax advisors regarding the application of information reporting and backup withholding to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>FATCA Withholding Taxes.&nbsp;&nbsp;&nbsp;&nbsp;</I>Sections
1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred
as the &#8220;Foreign Account Tax Compliance Act&#8221; or &#8220;FATCA&#8221;) generally impose withholding at a rate of 30% in
certain circumstances on dividends in respect of our securities which are held by or through certain foreign financial institutions
(including investment funds), unless any such institution (1)&nbsp;enters into, and complies with, an agreement with the IRS to
report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned
by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on
certain payments, or (2)&nbsp;if required under an intergovernmental agreement between the United States and an applicable foreign
country, reports such information to its local tax authority, which will exchange such information with the U.S. authorities. An
intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly,
the entity through which our securities are held will affect the determination of whether such withholding is required. Similarly,
dividends in respect of our securities held by an investor that is a non-financial non-U.S. entity that does not qualify under
certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (1)&nbsp;certifies to us
or the applicable withholding agent that such entity does not have any &#8220;substantial United States owners&#8221; or (2)&nbsp;provides
certain information regarding the entity&#8217;s &#8220;substantial United States owners,&#8221; which will in turn be provided
to the U.S. Department of Treasury. All prospective investors should consult their tax advisors regarding the possible implications
of FATCA on their investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aa_016"></A>UNDERWRITING (CONFLICTS OF INTEREST)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the terms and conditions of
the underwriting agreement, the underwriters 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&nbsp;of
this prospectus. The underwriters may offer and sell units to the public through one or more of their respective affiliates or
other registered broker-dealers or selling agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of <BR> Units</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Nomura Securities International,&nbsp;Inc.</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-size: 10pt; text-align: left">Cantor Fitzgerald&nbsp;&amp; Co.</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="padding-left: 0.125in; width: 87%; font-size: 10pt">Total</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">20,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 146; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->141<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The underwriting agreement provides that
the obligations of the underwriters to purchase the units included in this offering are subject to approval of legal matters by
counsel and to other conditions. The underwriters are obligated to purchase all of the units (other than those covered by the over-allotment
option described below) if they purchase any of the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Units sold by the underwriters to the public
will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any units sold by the
underwriters to securities dealers may be sold at a discount from the initial public offering price not to exceed $[__] per unit.
After the initial offering of the units, the offering price and other selling terms may from time to time be varied by the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the underwriters sell more units than
the total number set forth on the cover page&nbsp;of this prospectus, we have granted to the underwriters an option, exercisable
for 45 days from the date of this prospectus, to purchase up to 3,000,000 additional units at the public offering price. The underwriters
may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent
the option is exercised, each underwriter must purchase a number of additional units approximately proportionate to that underwriter&#8217;s
initial purchase commitment. Any units issued or sold under the option will be issued and sold on the same terms and conditions
as the other units that are the subject of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We and our sponsor, officers and directors
have agreed that, for a period of 180 days from the date of this prospectus, we and they will not, without the prior written consent
of the underwriters, offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any units, warrants,
shares of common stock or any other securities convertible into, or exercisable, or exchangeable for, shares of common stock subject
to certain exceptions. The underwriters, in their sole discretion may release any of the securities subject to these lock-up agreements
at any time without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our initial stockholders have agreed not
to transfer, assign or sell any of their founder shares until the earlier to occur of: (A)&nbsp;six months after the completion
of our initial business combination or (B)&nbsp;subsequent to our initial business combination, (x)&nbsp;if the last reported sale
price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30 days after our
initial business combination, or (y)&nbsp;the date on which we complete a liquidation, merger, capital stock exchange or other
similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash,
securities or other property (except as described herein under the section of this prospectus entitled &#8220;Principal Stockholders
&#8212; Restrictions on Transfers of Founder Shares and Private Placement Units&#8221;). Any permitted transferees will be subject
to the same restrictions of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions
throughout this prospectus as the lock-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The private placement units and their component
securities will not be transferable, assignable or salable until 30 days after the completion of our initial business combination
(except with respect to permitted transferees as described herein under &#8220;Principal Stockholders &#8212; Restrictions on Transfers
of Founder Shares and Private Placement Units&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Prior to this offering, there has been
no public market for our securities. Consequently, the initial public offering price for the units was determined by negotiations
between us and the underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The determination of our per-unit offering
price was more arbitrary than would typically be the case if we were an operating company. Among the factors considered in determining
initial public offering price were the history and prospects of companies whose principal business is the acquisition of other
companies, prior offerings of those companies, our management, our capital structure, and currently prevailing general conditions
in equity securities markets, including current market valuations of publicly traded companies considered comparable to our company.
We cannot assure you, however, that the price at which the units, Class&nbsp;A common stock or warrants will sell in the public
market after this offering will not be lower than the initial public offering price or that an active trading market in our units,
Class&nbsp;A common stock or warrants will develop and continue after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 147; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our units will be listed on NASDAQ under
the symbol &#8220;LCAPU&#8221; and, once the Class&nbsp;A common stock and warrants begin separate trading, to have our Class&nbsp;A
common stock and warrants listed on NASDAQ under the symbols &#8220;LCAP&#8221; and &#8220;LCAPW&#8221;, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table shows the underwriting
discounts and commissions that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming
both no exercise and full exercise of the underwriters&#8217; over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Paid by Lionheart<BR> Acquisition Corp.<SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">No Exercise</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Full Exercise</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt">Per Unit<SUP>(2)</SUP></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.55</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0.55</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Total<SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12,650,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&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">&nbsp;</TD>
    <TD STYLE="width: 24px">(1)</TD>
    <TD>Nomura will be paid a commitment fee of up to $2.0 million with respect to the forward purchase commitment of up to $100.0 million upon the announcement of a definitive agreement for our initial business combination.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px">(2)</TD>
    <TD>$0.20 per unit, or $4,000,000 in the aggregate (or $4,600,000 in the aggregate if the underwriters&#8217; option to
    purchase additional units is exercised in full), is payable upon the closing of this offering. $0.35 per unit, or $7,000,000
    in the aggregate (or $8,050,000 in the aggregate if the underwriters&#8217; option to purchase additional units is exercised
    in full) payable to the underwriters for deferred underwriting commissions will be placed in a trust account located in the
    United States as described herein. The deferred commissions will be released to the underwriters only on and concurrently
    with completion of an initial business combination. Does not include the sale of 82,500 founder shares in connection with the
    underwriting of this transaction from our sponsor to Nomura.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, we have agreed to pay for
the FINRA-related fees and expenses of the underwriters&#8217; legal counsel (excluding blue sky fees and expenses), in an amount
not to exceed $75,000, and the fees, expenses and disbursement relating to background checks of our directors and management team
not to exceed $25,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If we do not complete our initial
business combination within 18 months from the closing of this offering, we and the underwriters have agreed that:
(i)&nbsp;they will forfeit any rights or claims to their deferred underwriting discounts and commissions, including any
accrued interest thereon, then in the trust account; and (ii)&nbsp;the deferred underwriters&#8217; discounts and commissions
will be distributed on a pro rata basis, together with any accrued interest thereon (which interest shall be net of taxes
payable) to the public stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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-indent: 0.25in">We have agreed that, if Nomura offers to
purchase any securities under the forward purchase agreement, it will have a &#8220;right of first refusal&#8221; to act as a bookrunner
on any capital markets transaction issued in order to complete our initial business combination. In addition, so long as Nomura
owns 5% or more of the outstanding common stock of the post-business combination company on a fully-diluted basis, our sponsor,
has agreed to use its best efforts and influence on the successor company to offer Nomura a bookrunner role on any capital markets
transaction. Any such bookrunner role will be pursuant to a separate agreement containing terms and conditions customary for Nomura
and mutually agreed upon by us or our successor company, as applicable. Notwithstanding the foregoing, the right of first refusal
will not have a duration of more than three years from the date of commencement of sales of this offering. This &#8220;right of
first refusal&#8221; is considered to be an item of value in connection with this offering pursuant to FINRA Rule&nbsp;5110 and
has a deemed compensation value of one percent of the proceeds of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 148; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->143<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the offering, the underwriters
may purchase and sell units in the open market. Purchases and sales in the open market may include short sales, purchases to cover
short positions, which may include purchases pursuant to the over-allotment option, and stabilizing purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Short sales involve secondary market sales by the underwriters of a greater number of shares than they are required to purchase in the offering.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>&#8220;Covered&#8221; short sales are sales of units in an amount up to the number of units represented by the underwriters&#8217; over-allotment option.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>&#8220;Naked&#8221; short sales are sales of units in an amount in excess of the number of units represented by the underwriters&#8217; over-allotment option.</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Covering transactions involve purchases of units either pursuant to the over-allotment option or in the open market after the distribution has been completed in order to cover short positions.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>To close a naked short position, the underwriters must purchase shares in the open market after the distribution has been completed. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in the offering.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>To close a covered short position, the underwriters must purchase units in the open market after the distribution has been completed or must exercise the over-allotment option. In determining the source of shares to close the covered short position, the underwriter will consider, among other things, the price of units available for purchase in the open market as compared to the price at which they may purchase units through the over-allotment option.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>Stabilizing transactions involve bids to purchase units so long as the stabilizing bids do not exceed a specified maximum.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Purchases to cover short positions and
stabilizing purchases, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing
or retarding a decline in the market price of the units. They may also cause the price of the units to be higher than the price
that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions
in the over-the-counter market or otherwise. If the underwriters commence any of these transactions, they may discontinue them
at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We estimate that our portion of the total
expenses of this offering payable by us will be $750,000, excluding underwriting discounts and commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may
be required to make because of any of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as described under &#8220;&#8212;
Right of First Refusal,&#8221; we are not under any contractual obligation to engage any of the underwriters to provide any services
for us after this offering, and have no present intent to do so. However, any of the underwriters may introduce us to potential
target businesses or assist us in raising additional capital in the future. If any of the underwriters provide services to us after
this offering, we may pay such underwriter fair and reasonable fees that would be determined at that time in an arm&#8217;s length
negotiation; provided that no agreement will be entered into with any of the underwriters and no fees for such services will be
paid to any of the underwriters prior to the date that is 90 days from the effective date of the registration statement of which
this prospectus forms a part, unless FINRA determines that such payment would not be deemed underwriters&#8217; compensation in
connection with this offering and we may pay the underwriters of this offering or any entity with which they are affiliated a finder&#8217;s
fee or other compensation for services rendered to us in connection with the completion of a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As described under &#8220;Proposed Business
&#8212; Forward Purchase and Forward Financing Arrangements,&#8221; Nomura intends to enter into a forward purchase agreement with
us which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through,
other than as described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu
of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase
price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us,
to occur concurrently with the closing of our initial business combination (such investment in our equity securities, together
with any open market purchases or privately negotiated transactions pursuant to the forward purchase agreement, the &#8220;forward
purchase commitment&#8221;). In consideration of the forward purchase commitment, we will pay to Nomura (i)&nbsp;an amount equal
to 2% of the aggregate purchase price of the purchases or investment requested by us pursuant to the forward purchase agreement
(the &#8220;commitment fee&#8221;) plus (ii)&nbsp;an amount equal to the internal charges and carrying costs incurred by Nomura
in connection with the forward purchase commitment (the &#8220;commitment carrying costs&#8221;) on a monthly basis during the
period from and including the date we execute a definitive agreement for our initial business combination through the earlier of
(x)&nbsp;the consummation of our initial business combination and (y)&nbsp;the date we notify Nomura in writing that we do not
require Nomura to provide the forward purchase commitment. Up to $1.0 million of aggregate commitment carrying costs, to the extent
timely paid pursuant to the forward purchase agreement, may be credited against the commitment fee. If we request that Nomura purchase
or invest the full $100.0 million forward purchase commitment pursuant to the forward purchase agreement, a maximum of $1.0 million
of the commitment carrying costs will not be credited toward the commitment fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 149; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In July 2020, our sponsor sold
82,500 founder shares to Nomura for a purchase price of approximately $0.005 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-indent: 0.25in">Nomura has committed to purchase from
us 55,000 private placement units for $10.00 per unit. The private placement units have terms and provisions that are
identical to the units sold in this offering except as described under &#8220;Description of Securities&#8212;Units,&#8221;
including that, subject to certain exceptions, the private placement units and their component securities will not be
transferable, assignable or salable until 30 days after the completion of our initial business combination. The purchases of
private placement units will take place on a private placement basis simultaneously with the consummation of this offering.
The private placement units purchased by Nomura, the founder shares purchased by Nomura from the sponsor, any of our public
shares purchased by Nomura in privately negotiated transactions with third parties pursuant to the forward purchase agreement
and any of our equity securities purchased by Nomura in connection with an investment in such equity securities pursuant to
the forward purchase agreement will be considered underwriting compensation in connection with this offering, <FONT STYLE="background-color: white">will
be subject to&nbsp;lock-up&nbsp;restrictions, as required by FINRA&nbsp;Rule&nbsp;5110(g)(1), and may not be sold during the
offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of such securities by any person for a
period of 180 days immediately following the date of effectiveness of the registration statement of which this prospectus
forms a part or commencement of sales of the offering, except as provide in FINRA Rule&nbsp;5110(g)(2).</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-indent: 0.25in">The underwriters and their affiliates have
engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business
with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, in the ordinary course of
their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade
debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account
and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of
ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express
independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they
acquire, long and/or short positions in such securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nomura may acquire more than 10% of our
outstanding shares. This offering is being made in compliance with the applicable provisions of FINRA Rule&nbsp;5121. Nomura will
not make sales to discretionary accounts without the prior written approval of the account holder. In addition, a &#8220;qualified
independent underwriter,&#8221; as defined in FINRA Rule&nbsp;5121, will participate in the preparation of the registration statement
and exercise its usual standards of due diligence with respect thereto. Cantor is assuming the responsibilities of acting as the
qualified independent underwriter in this offering and is undertaking the legal responsibilities and liabilities of an underwriter
under the Securities Act, which specifically include those inherent in Section&nbsp;11 thereunder. Cantor will not receive any
additional fees for serving as qualified independent underwriter in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Canada</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The securities may be sold only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 <I>Prospectus
Exemptions</I> or subsection 73.3(1)&nbsp;of the <I>Securities Act</I> (Ontario), and are permitted clients, as defined in National
Instrument 31-103 <I>Registration Requirements, Exemptions and Ongoing Registrant Obligations</I>. Any resale of the securities
must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable
securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Securities legislation in certain provinces
or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within
the time limit prescribed by the securities legislation of the purchaser&#8217;s province or territory. The purchaser should refer
to any applicable provisions of the securities legislation of the purchaser&#8217;s province or territory for particulars of these
rights or consult with a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to section 3A.3 of National Instrument
33-105 <I>Underwriting Conflicts</I> (&#8220;NI 33-105&#8221;), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 150; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Australia</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is not a disclosure document
for the purposes of Australia&#8217;s Corporations Act 2001 (Cth) (&#8220;Corporations Act&#8221;), has not been lodged with the
Australian Securities&nbsp;&amp; Investments Commission and is only directed to the categories of exempt persons set out below.
Accordingly, if you receive this prospectus in Australia:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You confirm and warrant that you are either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a &#8220;sophisticated investor&#8221; under section 708(8)(a)&nbsp;or (b)&nbsp;of the Corporations Act;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a &#8220;sophisticated investor&#8221; under section 708(8)(c)&nbsp;or (d)&nbsp;of the Corporations Act and that you have provided an accountant&#8217;s certificate to the Company which complies with the requirements of section 708(8)(c)(i)&nbsp;or (ii)&nbsp;of the Corporations Act and related regulations before the offer has been made;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a person associated with the Company under Section&nbsp;708(12) of the Corporations Act; or</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a &#8220;professional investor&#8221; within the meaning of section 708(11)(a)&nbsp;or (b)&nbsp;of the Corporations Act,</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">to whom an offer of securities may be made without
a disclosure document (as defined in the Corporations Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You further warrant and agree that you
will not offer any of the securities issued to you pursuant to this prospectus for resale in Australia within 12 months of those
securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section
708 of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To the extent that you are unable to confirm
or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act
and/or warrant and agree that you will comply with the 12 month on-sale restrictions, any offer made to you under this prospectus
is void and incapable of acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information contained in this prospectus
is not investment or financial product advice (nor tax, accounting or legal advice). The Company makes no recommendations as to
whether you should participate in the offering. In preparing this prospectus, the Company has not taken into account the individual
objectives, financial situation or needs of individual investors. Accordingly, before making an investment decision, you may wish
to consult with your legal, financial, tax or other professional adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Selling Restrictions with Respect to the European Economic
Area and United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is not a prospectus for
the purposes of the Prospectus Regulation (as defined below). This prospectus and any offer if made subsequently is directed only
at persons in Member States of the European Economic Area (the &#8220;EEA&#8221;) or in the United Kingdom (the &#8220;UK&#8221;)
(each, a &#8220;Relevant State&#8221;) who are &#8220;qualified investors&#8221; within the meaning of Article&nbsp;2(e)&nbsp;of
the Prospectus Regulation. This prospectus has been prepared on the basis that any offer of our securities in any Relevant State
will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of
our securities. Accordingly any person making or intending to make an offer in that Relevant State of our securities which are
the subject of the offering contemplated in this prospectus may only do so in circumstances in which no obligation arises for Lionheart
Acquisition Corporation II or any of the underwriters to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Regulation
in relation to such offer. Neither we nor the underwriters have authorized, nor do we or they authorize, the making of any offer
of our securities in circumstances in which an obligation arises for us or the underwriters to publish a prospectus for such offer.
The expression &#8220;Prospectus Regulation&#8221; means Regulation (EU) 2017/1129.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus may not be distributed
or circulated to any person in the UK other than to (i)&nbsp;persons who have professional experience in matters relating to investments
falling within Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended
(the &#8220;Order&#8221;); and (ii)&nbsp;high net worth entities falling within Article&nbsp;49(2)(a)&nbsp;to (d)&nbsp;of the Order
(all such persons together being referred to as &#8220;relevant persons&#8221;). In the UK, this prospectus is directed only at
relevant persons. Other persons in the UK should not act on this prospectus or any of its contents. In the UK, this prospectus
is being supplied on a confidential basis only to relevant persons for their information and may not be reproduced, redistributed
or passed on to any other person or published, in whole or in part, for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In relation to each Relevant State, no
offer of our securities which are the subject of the offering contemplated by this prospectus to the public may be made in that
Relevant State other than:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">(a)</TD>
    <TD>to any legal entity which is a qualified investor as defined in the Prospectus Regulation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(b)</TD>
    <TD>to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), subject to obtaining the prior consent of the relevant underwriter or underwriters nominated by us for any such offer; or</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">(c)</TD>
    <TD>in any other circumstances falling within Article&nbsp;1(4)&nbsp;of the Prospectus Regulation, provided that no such offer of our securities shall require us or any underwriter to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Regulation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 151; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->146<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<!-- Field: Split-Segment; Name: 11 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the purposes of this provision, the
expression an &#8220;offer of our securities to the public&#8221; in relation to our securities in any Relevant State means the
communication in any form and by any means of sufficient information on the terms of the offer and our securities to be offered
so as to enable an investor to decide to purchase or subscribe for our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This EEA and UK selling restriction is
in addition to any other selling restrictions set out below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Hong Kong</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No securities have been offered or sold,
and no securities may be offered or sold, in Hong Kong, by means of any document, other than (a)&nbsp;to &#8220;professional investors&#8221;
as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (&#8220;SFO&#8221;) and any rules&nbsp;made under the
SFO; or (b)&nbsp;in other circumstances which do not result in the document being a &#8220;prospectus&#8221; as defined in the
Companies Ordinance (Winding Up and Miscellaneous Provisions Ordinance (Cap. 32) of Hong Kong (the &#8220;C(WUMP)O&#8221;) or which
do not constitute an offer to the public within the meaning of the C(WUMP)O. No document, invitation or advertisement relating
to the securities has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each
case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the
public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are
or are intended to be disposed of only to persons outside Hong Kong or only to &#8220;professional investors&#8221; as defined
in the SFO and any rules&nbsp;made under that Ordinance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus has not been registered
with the Registrar of Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong
Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities
will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers
of the securities described in this prospectus and the relevant offering documents and that he is not acquiring, and has not been
offered any securities in circumstances that contravene any such restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Israel</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This document does not constitute a prospectus
under the Israeli Securities Law, 5728-1968, or the Israeli Securities Law, and has not been filed with or approved by the Israel
Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the units
is directed only at, (i)&nbsp;a limited number of persons in accordance with the Israeli Securities Law and (ii)&nbsp;investors
listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust
funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange,
underwriters, venture capital funds, entities with equity in excess of NIS 50 million and &#8220;qualified individuals,&#8221;
each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each
case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors
listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the
Addendum, are aware of the meaning of same and agree to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 152; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->147<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Japan</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The offering has not been and will not
be registered under the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25 of 1948 of Japan, as amended), or FIEL,
and accordingly the Initial Purchaser has not offered or sold and will not offer or sell any securities, directly or indirectly,
in Japan or to, or for the account or benefit of, any resident of Japan (which term as used herein means any person resident in
Japan, including any corporation or other entity organized under the laws of Japan), or to, or for the account or benefit of, others
for re-offering or resale, directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan, except
pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable
laws, regulations and ministerial guidelines of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Notice to Prospective Investors in Singapore</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus has not been and will
not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any
other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the
securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an
invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an
institutional investor under Section&nbsp;274 of the Securities and Futures Act, Chapter 289 of Singapore (the
&#8220;<B>SFA</B>&#8221;), (ii)&nbsp;to a relevant person pursuant to Section&nbsp;275(1), or any person pursuant to
Section&nbsp;275(1A), and in accordance with the conditions specified in Section&nbsp;275, of the SFA, or
(iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Where the securities are subscribed or
purchased under Section&nbsp;275 of the SFA by a relevant person which is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,</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">securities (as defined in Section&nbsp;239(1)&nbsp;of the SFA)
of that corporation or the beneficiaries&#8217; rights and interest (howsoever described) in that trust shall not be transferred
within six months after that corporation or that trust has acquired the securities pursuant to an offer made under Section&nbsp;275
of the SFA except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>to an institutional investor or to a relevant person defined in Section&nbsp;275(2)&nbsp;of the SFA, or to any person arising from an offer referred to in Section&nbsp;275(1A) or Section&nbsp;276(4)(i)(B)&nbsp;of the SFA;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>where no consideration is or will be given for the transfer;</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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>where the transfer is by operation of law;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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 STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD>as specified in Section&nbsp;276(7)&nbsp;of the SFA; or</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%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 24px"></TD><TD STYLE="width: 24px; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">as specified in Regulation 32 of the Securities and Futures
(Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.</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><I>Notice to Prospective Investors in Switzerland</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus is not intended to constitute
an offer or solicitation to purchase or invest in the units in Switzerland. The units offered hereby may not be publicly offered,
directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (&quot;FinSA&quot;) and no application
has or will be made to admit the units to trading on any trading venue (exchange or multilateral trading facility) in Switzerland.
Neither this prospectus nor any other offering or marketing material relating to the units constitutes a prospectus pursuant to
the FinSA, and neither this prospectus nor any other offering or marketing material relating to the units may be publicly distributed
or otherwise made publicly available in Switzerland.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 153; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->148<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Selling Restrictions with Respect to the United Kingdom</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any invitation or inducement to engage
in investment activity (within the meaning of Section&nbsp;21 of the United Kingdom&#8217;s Financial Services and Markets Act
2000, as amended (the &#8220;FSMA&#8221;)) in connection with the issue or sale of our securities may only be communicated or caused
to be communicated in circumstances in which Section&nbsp;21(1)&nbsp;of the FSMA does not apply to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All applicable provisions of the FSMA must
be complied with in respect to anything done by any person in relation to our securities in, from or otherwise involving the UK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 154; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->149<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_0016"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Loeb&nbsp;&amp; Loeb LLP, New York, New
York, has passed upon the validity of the securities offered hereby on behalf of us. Certain legal matters will be passed upon
on behalf of the underwriters by Sidley Austin LLP, New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_0017"></A>EXPERTS</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The financial statements of Lionheart Acquisition
Corporation II at December&nbsp;31, 2019 and for the period from December&nbsp;23, 2019 (inception) through December&nbsp;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 Lionheart Acquisition
Corporation II 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_0018"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have filed with the SEC a registration
statement on Form&nbsp;S-1 under the Securities Act with respect to the securities we are offering by this prospectus. This prospectus
does not contain all of the information included in the registration statement. For further information about us and our securities,
you should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we
make reference in this prospectus to any of our contracts, agreements or other documents, the references are materially complete
but may not include a description of all aspects of such contracts, agreements or other documents, and you should refer to the
exhibits attached to the registration statement for copies of the actual contract, agreement or other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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&#8217;s website at <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 155; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->150<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_0019"></A>INDEX TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_001" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
    of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="#f_001" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_002" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    Sheets as of March&nbsp;31, 2020 and December&nbsp;31, 2019</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="#f_002" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#f_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
    of Operations for the three months ended March&nbsp;31, 2020 and for the period from December&nbsp;23, 2019 (inception) through
    December&nbsp;31, 2019</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="#f_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#aa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
    of Changes in Stockholder&#8217;s (Deficit) Equity for the three months ended March&nbsp;31, 2020 and for the period from
    December&nbsp;23, 2019 (inception) through December&nbsp;31, 2019</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="#aa_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#aa_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
    of Cash Flows for the three months ended March&nbsp;31, 2020 and for the period from December&nbsp;23, 2019 (inception) through
    December&nbsp;31, 2019</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="#aa_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#aa_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Financial Statements</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><A HREF="#aa_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 156; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_001"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Shareholder and Board of Directors of<BR>
Lionheart Acquisition Corporation II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have audited the accompanying balance sheet of
Lionheart Acquisition Corporation II (formerly known as Lionheart Acquisition Corp.) (the &#8220;Company&#8221;) as of
December&nbsp;31, 2019, the related statements of operations, changes in stockholder's deficit and cash flows for the period
from December&nbsp;23, 2019 (inception) through December&nbsp;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&nbsp;31, 2019, and the results of its operations and its cash flows for the
period from December&nbsp;23, 2019 (inception) through December&nbsp;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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Explanatory Paragraph &#8212; Going Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 the Company&#8217;s cash and working
capital as of December&nbsp;31, 2019 are not sufficient to complete its planned activities. These conditions raise
substantial doubt about 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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&nbsp;and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control
over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting
but not for the purpose of expressing an opinion on the effectiveness of the Company&#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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our audit included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis
for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/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; text-align: justify">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; text-align: justify">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&nbsp;13, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 157; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B><A NAME="f_002"></A>LIONHEART ACQUISITION
CORPORATION II<BR>
BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>March&nbsp;31, <BR>
2020</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><B>December&nbsp;31,<BR>
 2019</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20"><B>ASSETS</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 74%; text-align: justify"><FONT STYLE="color: #231F20">Current asset - Cash</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="width: 10%; text-align: right">28,378</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="color: #231F20">$</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="color: #231F20">&#8212;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="color: #231F20">Deferred offering costs</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="color: #231F20">110,243</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="color: #231F20">26,171</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="color: #231F20"><B>Total Assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20"><B>138,621</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20"><B>26,171</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify">&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 STYLE="text-align: justify"><FONT STYLE="color: #231F20"><B>LIABILITIES AND STOCKHOLDER&#8217;S EQUITY (DEFICIT) </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">Current liabilities</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="padding-left: 9pt; text-align: justify"><FONT STYLE="color: #231F20">Accrued expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: #231F20">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">1,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9pt; text-align: justify"><FONT STYLE="color: #231F20">Accrued offering costs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">40,450</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">26,171</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; padding-left: 9pt; text-align: justify"><FONT STYLE="color: #231F20">Promissory note &#8211; related party</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="color: #231F20">73,171</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="color: #231F20">&#8212;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="color: #231F20"><B>Total Current Liabilities</B></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="color: #231F20"><B>114,621</B></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="color: #231F20"><B>27,171</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20"><B>Commitments</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20"><B>Stockholder&#8217;s Equity (Deficit)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">Common stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 issued and outstanding <SUP>(1)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">575</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&#8212;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify"><FONT STYLE="color: #231F20">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">24,425</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #231F20">&#8212;</FONT></TD>
    <TD>&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="color: #231F20">Accumulated deficit</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="color: #231F20">(1,000</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: #231F20">)</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="color: #231F20">(1,000</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: #231F20">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 1pt; text-align: justify"><FONT STYLE="color: #231F20"><B>Total Stockholder&#8217;s Equity (Deficit)</B></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="color: #231F20"><B>24,000</B></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="color: #231F20"><B>(1,000</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="color: #231F20"><B>Total Liabilities and Stockholder&#8217;s Equity (Deficit)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20"><B>138,621</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20"><B>26,171</B></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">&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">(1)</TD>
    <TD STYLE="text-align: justify">Includes an aggregate of up to 750,000 shares subject to forfeiture to the extent that the underwriters&#8217; over-allotment option is not exercised in full or in part (see Note 5).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">The accompanying notes are
an integral part of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 158; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B><A NAME="f_003"></A>LIONHEART ACQUISITION
CORPORATION II<BR>
STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Three<BR>
Months<BR>
        Ended</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March&nbsp;31,<BR>
        2020</B></P></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="color: #231F20"><B>For the <BR>
Period from<BR>
December&nbsp;23, <BR>
2019 <BR>
(Inception)<BR>
Through<BR>
December&nbsp;31,<BR>
2019</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 74%; padding-bottom: 1pt; text-align: justify"><FONT STYLE="color: #231F20">Formation costs</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="color: #231F20">&#8212;</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid"><FONT STYLE="color: #231F20">$</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="color: #231F20">1,000</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="color: #231F20"><B>Net loss</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20">&#8212;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20"><B>(1,000</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify">&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 STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="color: #231F20">Weighted average shares outstanding, basic and diluted <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20">4,450,549</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20">&#8212;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="text-align: justify">&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 STYLE="padding-bottom: 2.5pt; text-align: justify"><FONT STYLE="color: #231F20"><B>Basic and diluted net loss per common share</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20"><B>(0.00</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="color: #231F20"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="color: #231F20"><B>(0.00</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="color: #231F20"><B>)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">(1)</TD>
    <TD>Share count as of March&nbsp;31, 2020, excludes an aggregate of up to 750,000 shares subject to forfeiture to the extent that the underwriters&#8217; over-allotment option is not exercised in full or in part (see Note 5).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20">The accompanying notes are
an integral part of these financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 159; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><B><A NAME="aa_017"></A>LIONHEART
ACQUISITION CORPORATION II<BR>
STATEMENTS OF CHANGES IN STOCKHOLDER&#8217;S (DEFICIT) EQUITY</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="color: Black; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="color: Black; vertical-align: bottom">
<TD STYLE="color: Black; font-size: 9pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; font-weight: bold; text-align: center"><FONT STYLE="color: Black">Common
Stock</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt; color: Black"><B>Additional
<BR>
Paid-in<BR>
 Capital</B></FONT></TD>
<TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; font-weight: bold; text-align: center"><FONT STYLE="color: Black">Accumulated<BR>
Deficit</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font: 9pt Times New Roman, Times, Serif; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; color: Black; text-align: center"><FONT STYLE="font-size: 9pt; color: Black"><B>Stockholder&#8217;s<BR>
(Deficit)/<BR>
 Equity</B></FONT></TD>
<TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom">
<TD STYLE="color: Black; font-size: 9pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; font-weight: bold; text-align: center"><FONT STYLE="color: Black">Shares</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; font-weight: bold; text-align: center"><FONT STYLE="color: Black">Amount</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="color: Black; font-size: 9pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 1pt; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="color: Black; font-size: 9pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 1pt; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="color: Black; font-size: 9pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 1pt; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">Balance, December&nbsp;23, 2019 (inception)</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="color: Black; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 9pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="width: 45%; font-size: 9pt; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Net loss</FONT></TD>
<TD STYLE="width: 1%; font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">(1,000</FONT></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">)</FONT></TD>
<TD STYLE="width: 1%; font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 8%; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">(1,000</FONT></TD>
<TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">Balance, December&nbsp;31, 2019 (audited)</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,000</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,000</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="font-size: 9pt; color: Black">Common stock issued to
Sponsor <SUP>(1)</SUP></FONT></TD>
<TD STYLE="font-size: 9pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">5,750,000</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">575</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">24,425</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">25,000</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 9pt; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Net loss</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 9pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 9pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Balance, March&nbsp;31,
2020 (unaudited)</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">5,750,000</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">575</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">24,425</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">(1,000</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">)</FONT></TD>
<TD STYLE="font-size: 9pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 9pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">24,000</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 9pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="color: Black; vertical-align: top">
    <TD STYLE="color: Black; width: 24px"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="color: Black; width: 24px"><FONT STYLE="color: Black">(1)</FONT></TD>
    <TD STYLE="color: Black; text-align: left"><FONT STYLE="color: Black">Includes an aggregate of up to 750,000 shares subject to forfeiture
    to the extent that the underwriters&#8217; over-allotment option is not exercised in full or in part (see Note 5).</FONT></TD></TR>
</TABLE>
<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black">The
accompanying notes are an integral part of these financial statements.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 160; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><A NAME="aa_018"></A><FONT STYLE="color: Black"><B>LIONHEART
ACQUISITION CORPORATION II<BR>
STATEMENTS OF CASH FLOWS</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="color: Black; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="color: Black; vertical-align: bottom">
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black"><B>Three
<BR>
Months<BR> Ended <BR>
March&nbsp;31,<BR> 2020</B></FONT></TD>
<TD STYLE="color: Black; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: Black">For
the<BR> Period from<BR> December&nbsp;23,<BR> 2019 <BR> (Inception)<BR> Through<BR> December&nbsp;31, <BR> 2019</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom">
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center"><FONT STYLE="color: Black">(Unaudited)</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">Cash flows from Operating
Activities:</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="width: 74%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">Net loss</FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="width: 10%; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="width: 10%; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">(1,000</FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">)</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">Changes in operating assets and liabilities:</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; color: Black; text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Accrued
expenses</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">1,000</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left; padding-bottom: 1pt; padding-left: 9pt"><FONT STYLE="color: Black">Net
cash used in operating activities</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">Cash flows from Financing
Activities:</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Proceeds from issuance of common stock to Sponsor</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">25,000</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">Proceeds from promissory note &ndash; related party</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">73,171</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="color: Black; font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Payment of offering costs</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">(69,793</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">)</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;&nbsp;&nbsp;&nbsp;Net
cash provided by financing activities</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">28,378</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">Net Change in Cash</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">28,378</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; color: Black; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: Black">Cash &ndash; Beginning</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; padding-bottom: 1pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: Black; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: Black; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Cash &ndash;
Ending</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">28,378</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">&mdash;</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">Supplemental disclosure
of non-cash investing and financing activities:</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: right"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; color: Black; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: Black">Deferred offering
costs included in accrued offering costs</FONT></TD>
<TD STYLE="color: Black; font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="color: Black; border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="color: Black">40,450</FONT></TD>
<TD STYLE="color: Black; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="font-size: 10pt; color: Black; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">$</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: Black; font-weight: bold; text-align: right"><FONT STYLE="color: Black">26,171</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: Black; font-weight: bold; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black">The
accompanying notes are an integral part of these financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 161; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><A NAME="aa_019"></A><B>LIONHEART
ACQUISITION CORPORATION II</B>&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>NOTES TO
FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="color: Black"><B>Note
1. Description of organization and business operations</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">Lionheart
Acquisition Corporation II (formerly known as Lionheart Acquisition Corp.) (the &#8220;Company&#8221;) was incorporated in
Delaware on December&nbsp;23, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the
&#8220;Business Combination&#8221;).</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">Although the Company
is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to
focus its search on businesses that apply innovative digital technologies and technology-enhanced services and solutions to the
identification, design, development, construction, operation, financing, management and disposition of real estate properties,
commonly referred to as &#8220;PropTech.&#8221; 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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">As of March&nbsp;31,
2020, the Company had not commenced any operations. All activity for the period from December&nbsp;23, 2019 (inception) through
March&nbsp;31, 2020 relates to the Company&#8217;s formation and the proposed initial public offering (&#8220;Proposed Public
Offering&#8221;), which is described below. The Company will not generate any operating revenues until after the completion of
its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income
from the proceeds derived from the Proposed Public Offering. The Company has selected December&nbsp;31 as its fiscal year end.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The Company&#8217;s ability to commence
operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 20,000,000 units (the
&#8220;Units&#8221; and, with respect to the shares of Class&nbsp;A common stock included in the Units being offered, the &#8220;Public
Shares&#8221;) at $10.00 per Unit (or 23,000,000 Units if the underwriters&#8217; over-allotment option is exercised in full),
which is discussed in Note 3, and the sale of 650,000 units (the &#8220;Private Placement Units&#8221;) at a price of $10.00 per
Private Placement Unit in a private placement to Lionheart Equities, LLC, a Delaware Limited Liability Company (the &#8220;Sponsor&#8221;),
and Nomura Securities International,&nbsp;Inc. (&#8220;Nomura&#8221;), an underwriter in the Proposed Public Offering, that will
close simultaneously with the Proposed Public Offering.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Company&#8217;s
management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and
the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.
The Company must complete a Business Combination with one or more target businesses that together have an aggregate fair market
value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the agreement to enter into a Business Combination.
The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required
to register as an investment company under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;).
Upon the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.00 per Unit sold
in the Proposed Public Offering, including the proceeds from the sale of the Private Placement Units, will be held in a trust
account (&#8220;Trust Account&#8221;), located in the United States and invested only in U.S. government securities, within the
meaning set forth in Section&nbsp;2(a)(16) of the Investment Company Act, with a maturity of 180&nbsp;days or less or in any open-ended
investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule&nbsp;2a-7
of the Investment Company Act, as determined by the Company, until the earlier of: (i)&nbsp;the completion of a Business Combination
and (ii)&nbsp;the distribution of the funds in the Trust Account, as described below.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Company will
provide its holders of the outstanding Public Shares (the &#8220;public stockholders&#8221;) with the opportunity to redeem all
or a portion of their Public Shares upon the completion of a Business Combination either (i)&nbsp;in connection with a stockholder
meeting called to approve the Business Combination or (ii)&nbsp;by means of a tender offer. The decision as to whether the Company
will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its
discretion. The public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in
the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in
the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed
to public stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company
will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination
with respect to the Company&#8217;s warrants. The Public Shares subject to redemption will be recorded at redemption value and
classified as temporary equity upon the completion of the Proposed Public Offering in accordance with the Accounting Standards
Codification (&#8220;ASC&#8221;) Topic 480 &#8220;Distinguishing Liabilities from Equity.&#8221;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 162; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><B>LIONHEART
ACQUISITION CORPORATION II</B>&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>NOTES TO
FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Company will
proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 immediately prior to or upon
such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the shares voted are
voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold
a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of
Incorporation (the &#8220;Amended and Restated Certificate of Incorporation&#8221;), conduct the redemptions pursuant to the tender
offer rules&nbsp;of the U.S. 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 transactions is required by law, or the Company
decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with
a proxy solicitation pursuant to the proxy rules&nbsp;and not pursuant to the tender offer rules. If the Company seeks stockholder
approval in connection with a Business Combination, the Company&#8217;s Sponsor, officers and directors and Nomura have agreed
to vote their Founder Shares (as defined in Note&nbsp;5), Private Placement Shares (as defined in Note 4) and any Public Shares
purchased during or after the Proposed Public Offering in favor of approving a Business Combination. Additionally, each public
stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">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&nbsp;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 15% or more of the Public Shares, without the prior consent of the Company.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Sponsor has
agreed (a)&nbsp;to waive its redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares
held by it in connection with the completion of a Business Combination and (b)&nbsp;not to propose an amendment to the 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
with the opportunity to redeem their Public Shares in conjunction with any such amendment.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Company will
have 18 months from the closing of the Proposed Public Offering to complete a Business Combination (the &#8220;Combination
Period&#8221;). 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 its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders&#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 each case to the Company&#8217;s obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to the Company&#8217;s warrants, which will expire worthless if the Company fails to complete a Business Combination
within the Combination Period.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The Sponsor and Nomura have agreed
to waive their liquidation rights with respect to the Private Placement Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the initial stockholders or any of their 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).</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 163; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><B>LIONHEART
ACQUISITION CORPORATION II</B>&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>NOTES TO
FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">In order to protect the amounts
held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party
for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering
into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i)&nbsp;$10.00 per Public
Share and (ii)&nbsp;the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust
Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such
liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights
to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the
Company&#8217;s indemnity of the underwriters of Proposed Public Offering against certain liabilities, including liabilities under
the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). 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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Going concern
consideration</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At March&nbsp;31, 2020, the Company had cash of $28,378 and
a working capital deficiency of $86,243. 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 a Proposed Public Offering as discussed in Note&nbsp;3. There is no assurance that the Company&rsquo;s plans to raise
capital or to consummate a Business Combination will be successful or successful within the Combination Period. Lionheart Equities,
LLC, the Sponsor has agreed to loan the Company up to an aggregate amount of $300,000 to be used, in part, for transaction costs
incurred in connection with the Proposed Public Offering (the &ldquo;Promissory Note&rdquo;). The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Note 2. Summary
of significant accounting policies</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Basis of presentation</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The accompanying
financial statements are presented in in conformity with accounting principles generally accepted in the United States of America
(&#8220;GAAP&#8221;) and pursuant to the rules&nbsp;and regulations of the SEC.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The accompanying unaudited condensed
financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions
to Form&nbsp;10-Q and Article&nbsp;8 of Regulation S-X of the Securities and Exchange Commission (the &#8220;SEC&#8221;). Certain
information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed
or omitted, pursuant to the rules&nbsp;and regulations of the SEC for interim financial reporting. Accordingly, they do not include
all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited condensed 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 periods presented.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Emerging growth
company</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Company is an
&#8220;emerging growth company,&#8221; as defined in Section&nbsp;2(a)&nbsp;of the Securities Act of 1933, as amended (the &#8220;Securities
Act&#8221;), 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&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">Further, Section&nbsp;102(b)(1)&nbsp;of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt
out of such extended transition period which means that when a standard is issued or revised and it has different application
dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the
time private companies adopt the new or revised standard. This may make comparison of the Company&#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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 164; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><B>LIONHEART
ACQUISITION CORPORATION II</B>&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>NOTES TO
FINANCIAL STATEMENTS</B></FONT></P>




<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="color: Black"><B>Use
of estimates</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">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 revenues and expenses during the reporting periods.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Cash and cash
equivalents</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Company considers
all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company
did not have any cash equivalents as of March&nbsp;31, 2020 or December&nbsp;31, 2019.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Deferred offering
costs</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">Deferred offering
costs consist of legal 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&#8217;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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Income taxes</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The Company follows the asset and
liability method of accounting for income taxes under ASC 740, &#8220;Income Taxes.&#8221; 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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">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&nbsp;31,
2020 and December&nbsp;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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The provision for income taxes was
deemed de minimis for the three months ended March&nbsp;31, 2020 and for the period from December&nbsp;23, 2019 (inception) through
December&nbsp;31, 2019.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Net loss per
common share</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">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. At March&nbsp;31, 2020, weighted average shares were reduced for the effect of an
aggregate of up to 750,000 shares of common stock that are subject to forfeiture if the over-allotment option is not exercised
by the underwriters (see Note 5). At March&nbsp;31, 2020 and December&nbsp;31, 2019, the Company did not have any dilutive securities
and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings
of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 165; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><B>LIONHEART
ACQUISITION CORPORATION II</B>&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><B>NOTES
TO FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: Black"><FONT STYLE="color: Black"><B>Concentration
of credit risk</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">Financial instruments
that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which,
at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account
and management believes the Company is not exposed to significant risks on such account.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Fair value of
financial instruments</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The fair value of
the Company&#8217;s assets and liabilities, which qualify as financial instruments under ASC 820, &#8220;Fair Value Measurements
and Disclosures,&#8221; approximates the carrying amounts represented in the balance sheets, primarily due to their short-term
nature.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Recent issued
accounting standards</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">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.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Note 3. Proposed
offering</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">Pursuant to the
Proposed Public Offering, the Company intends to offer for sale 20,000,000 Units (or 23,000,000 Units if the underwriters&#8217;
over-allotment option is exercised in full) at a price of $10.00 per Unit. Each Unit will consist of one share of Class&nbsp;A
common stock and one-half of one redeemable warrant (&#8220;Public Warrant&#8221;). Each whole Public Warrant will entitle the
holder to purchase one share of Class&nbsp;A common stock at a price of $11.50 per share, subject to adjustment (see Note 7).</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Note 4. Private
placement</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Sponsor and
Nomura have agreed to purchase an aggregate of 650,000 Private Placement Units at a price of $10.00 per Private Placement Unit,
for an aggregate purchase price of $6,500,000, in a private placement that will occur simultaneously with the closing of the Proposed
Public Offering. Each Private Placement Unit will consist of one share of Class&nbsp;A common stock (&#8220;Private Placement
Share&#8221;) and one-half of one redeemable warrant (&#8220;Private Placement Warrant&#8221;). Each whole Private Placement Warrant
will entitle the holder to purchase one share of Class&nbsp;A common stock at a price of $11.50 per share, subject to adjustment
(see note 7). A portion of the proceeds from the Private Placement Units will be added to the proceeds from the Proposed Public
Offering to be held in the Trust Account. The Private Placement Units are identical to the Public Units to be sold in the Proposed
Public Offering, except as described in Note&nbsp;7. If the Company does not complete a Business Combination within the Combination
Period, the proceeds of the sale of the Private Placement Units will be used to fund the redemption of the Public Shares (subject
to the requirements of applicable law) and underlying securities will be worthless.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Note 5. Related
party transactions</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Founder shares</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">On January&nbsp;10, 2020, the Sponsor
purchased 5,000,000 shares (the &#8220;Founder Shares&#8221;) of the Company&#8217;s common stock for an aggregate price of $25,000.
Subsequently, on February&nbsp;6, 2020, the Company effected a stock dividend of 0.15 share for each Founder Share outstanding,
resulting in the Sponsor holding an aggregate of 5,750,000 Founder Shares. 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 be authorized
to issue shares of Class&nbsp;B common stock. Pursuant to the amendment, the Founder Shares will be converted into shares of Class&nbsp;B
common stock. The Founder Shares will automatically convert into Class&nbsp;A common stock upon the consummation of a Business
Combination on a one-for-one basis, subject to certain adjustments, as described in Note&nbsp;7.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 166; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Black"><FONT STYLE="color: Black"><B>LIONHEART
ACQUISITION CORPORATION II</B>&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><B>NOTES TO
FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The Founder Shares
include an aggregate of up 750,000 shares subject to forfeiture to the extent that the underwriters&#8217; over-allotment option
is not exercised in full or in part, so that the initial stockholders (including Nomura) will own, on an as-converted basis, 22.03%
of the Company&#8217;s issued and outstanding shares after the Proposed Public Offering (including the Private Placement Shares
and assuming the initial stockholders do not purchase any Public Shares in the Proposed Public Offering).</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">The initial stockholders
have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur
of: (A)&nbsp;six months after the completion of a Business Combination or (B)&nbsp;subsequent to a Business Combination, (x)&nbsp;if
the last sale price of the Company&#8217;s Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 30 days after a Business Combination, or (y)&nbsp;the date on which the Company completes a liquidation, merger,
capital stock exchange, reorganization or other similar transaction that results in all of the Company&#8217;s stockholders having
the right to exchange their shares of common stock for cash, securities or other property.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Promissory note
&#8212; related party</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January&nbsp;10, 2020, the Company issued the Promissory
Note to Lionheart Equities, LLC, the Sponsor, pursuant to which the Company may borrow up to an aggregate amount of $300,000 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&nbsp;31, 2020 and December&nbsp;31, 2019, there was $73,171 and $0, respectively, outstanding
under the Promissory Note.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Administrative
services agreement</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Commencing on the effective date of the Proposed Public Offering,
the Company will agree to pay the Sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative
support. Upon completion of the Business Combination or the Company&rsquo;s liquidation, the Company will cease paying these monthly
fees.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Related party
loans</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black">In addition, in
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain
of the Company&#8217;s officers and directors may, but are not obligated to, loan the Company funds as may be required (&#8220;Working
Capital Loans&#8221;). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out
of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of
funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of
proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be
used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been
determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender&#8217;s discretion, up to $1 million of such Working Capital Loans
may be convertible into units identical to the Private Placement Units at a price of $10.00 per unit.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Note 6. Commitments
and contingencies</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Black"><FONT STYLE="color: Black"><B>Registration
rights</B></FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">The holders of the Founder Shares,
Private Placement Units, securities issuable pursuant to the forward purchase agreement (discussed below) and warrants that may
be issued upon conversion of Working Capital Loans (and any shares of Class&nbsp;A common stock issuable upon the exercise of
the Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the
Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on
the effective date of Proposed Public Offering, requiring the Company to register such securities for resale (in the case of the
Founder Shares, only after conversion to the Company&#8217;s Class&nbsp;A common stock). The holders of the majority of these
securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities.
In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements filed
subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities
pursuant to Rule&nbsp;415 under the Securities Act. The registration rights agreement does not contain liquidating damages or
other cash settlement provisions resulting from delays in registering the Company&#8217;s securities. The Company will bear the
expenses incurred in connection with the filing of any such registration statements.</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 167; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></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="color: Black; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LIONHEART
ACQUISITION CORPORATION II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></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"><B>NOTES
TO FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Underwriting
Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will grant the underwriters a 45-day option from the date of Proposed Public Offering to purchase up to 3,000,000 additional
Units to cover over-allotments, if any, at the Proposed Public Offering price less the underwriting discounts and commissions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
underwriters will be entitled to a cash underwriting discount of $0.20 per Unit, or $4,000,000 in the aggregate (or $4,600,000
in the aggregate if the underwriters&#8217; 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 $7,000,000 in the aggregate
(or $8,050,000 in the aggregate if the underwriters&#8217; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Forward
Purchase Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
connection with Proposed Public Offering, Nomura intends to enter into a forward purchase agreement with the Company, which will
provide for the purchase by Nomura of the Company&#8217;s Public Shares for an aggregate purchase price of up to $100.0 million
through, other than as described below, open market purchases or privately negotiated transactions with one or more third parties.
In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate
purchase price may instead be in the form of an investment in the Company&#8217;s equity securities on terms to be mutually agreed
between Nomura and the Company, to occur concurrently with the closing of a Business Combination. In consideration of the forward
purchase commitment, the Company will pay to Nomura (i)&nbsp;an amount equal to 2% of the aggregate purchase price of the purchases
or investment requested by the Company pursuant to the forward purchase agreement (the &#8220;commitment fee&#8221;) plus (ii)&nbsp;an
amount equal to the internal charges and carrying costs incurred by Nomura in connection with the forward purchase commitment
(the &#8220;commitment carrying costs&#8221;) on a monthly basis during the period from and including the date the Company executes
a definitive agreement for a Business Combination through the earlier of (x)&nbsp;the consummation of a Business Combination and
(y)&nbsp;the date the Company notifies Nomura in writing that the Company does not require Nomura to provide the forward purchase
commitment. Up to $1.0 million of aggregate commitment carrying costs, to the extent timely paid pursuant to the forward purchase
agreement, may be credited against the commitment fee. If the Company requests that Nomura purchase or invest the full $100.0
million forward purchase commitment pursuant to the forward purchase agreement, a maximum of $1.0 million of the commitment carrying
costs will not be credited toward the commitment fee. The decision to make such an investment in other equity securities will
not reduce the aggregate purchase price. However, Nomura will be excused from its purchase obligation in connection with a specific
business combination unless, within five business days following written notice delivered by the Company of its intention to enter
into such Business Combination, Nomura notifies the Company that it has decided to proceed with the purchase in whole or in part.
Nomura may decide not to proceed with the purchase for any reason, including, without limitation, if it has determined that such
purchase would constitute a conflict of interest. Nomura will also be restricted from making purchases if they are in possession
of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the
Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nomura
has also indicated its intent, if so requested by the Company, to use its commercially reasonable efforts to underwrite, arrange
and/or syndicate up to $400 million of additional financing for the Company in the form of equity or debt (or a combination thereof)
in connection with a Business Combination, subject to market conditions and on terms and conditions satisfactory in all respects
to Nomura in its sole judgment and determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Right
of First Refusal</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has agreed that, if the investor offers to purchase any securities under the forward purchase agreement, it will have
a &#8220;right of first refusal&#8221; to act as a bookrunner on any capital markets transaction issued in order to complete
a Business Combination. In addition, so long as the investor owns 5% or more of the outstanding common stock of the
post-business combination company on a fully-diluted basis, Lionheart Equities LLC, an affiliate of the Sponsor, has agreed
to use its best efforts and influence on the successor company to offer the investor a bookrunner role on any capital markets
transaction. Any such bookrunner role will be pursuant to a separate agreement containing terms and conditions customary for
the investor and mutually agreed upon by the Company or its successor company, as applicable. Notwithstanding the foregoing,
the right of first refusal will not have a duration of more than three years from the date of commencement of sales of the
Proposed Public Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 168; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></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"><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"><B>LIONHEART
ACQUISITION CORPORATION II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOTES
TO FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note
7. Stockholder&#8217;s equity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Preferred
Stock </I></B>&#8212; At March&nbsp;31, 2020 and December&nbsp;31, 2019, the Company has no authorized, issued or outstanding
shares of preferred stock. The Company intends to file an Amended and Restated Certificate of Incorporation prior to the closing
date of the Proposed Public Offering such that the Company will be authorized to issue 1,000,000 shares of preferred stock with
a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company&#8217;s
Board of Directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Common
Stock </I></B>&#8212; On January&nbsp;30, 2020, the Company amended its Certificate of Incorporation such that the Company is
authorized to issue 10,000,000 shares of common stock with a par value of $0.0001 per share. At December&nbsp;31, 2019, there
were no shares of common stock issued or outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
March&nbsp;31, 2020, there were 5,750,000 shares of common stock issued and outstanding, of which an aggregate of up to 750,000
shares are subject to forfeiture to the extent that the underwriters&#8217; over-allotment option is not exercised in full or
in part, so that the initial stockholders (including Nomura) will collectively own 22.03% of the Company&#8217;s issued and outstanding
common stock after the Proposed Public Offering (including the Private Placement Shares and assuming the Sponsor does not purchase
any Public Shares in the Proposed Public Offering).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company intends to file an Amended and Restated Certificate of Incorporation prior to the closing date of the Proposed Public
Offering such that the Company will be authorized to issue 100,000,000 shares of Class&nbsp;A common stock with a par value of
$0.0001 per share and 10,000,000 shares of Class&nbsp;B common stock, par value $0.0001 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Holders
of Class&nbsp;A common stock and Class&nbsp;B common stock will be entitled to one vote for each share. Holders of Class&nbsp;A
common stock and Class&nbsp;B common stock will vote together as a single class on all matters submitted to a vote of stockholders,
except as required by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
shares of Class&nbsp;B common stock will automatically convert into shares of Class&nbsp;A common stock at the time of a Business
Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class&nbsp;A common stock, or
equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Proposed Public Offering and related
to the closing of a Business Combination, the ratio at which shares of Class&nbsp;B common stock shall convert into shares of
Class&nbsp;A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class&nbsp;B common
stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class&nbsp;A
common stock issuable upon conversion of all shares of Class&nbsp;B common stock will equal, in the aggregate, on an as-converted
basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Proposed Public
Offering plus all shares of Class&nbsp;A common stock and equity-linked securities issued or deemed issued in connection with
a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business
Combination).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Warrants
</I></B>&#8212; Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon
separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a)&nbsp;30&nbsp;days
after the completion of a Business Combination or (b)&nbsp;12&nbsp;months from the closing of the Proposed Public Offering. The
Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company will not be obligated to deliver any shares of Class&nbsp;A common stock pursuant to the exercise of a warrant and will
have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the
shares of Class&nbsp;A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject
to the Company satisfying its obligations with respect to registration. No warrant will be exercisable and the Company will not
be obligated to issue any shares of Class&nbsp;A common stock upon exercise of a warrant unless Class&nbsp;A common stock issuable
upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence
of the registered holder of the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 169; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></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"><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"><B>LIONHEART
ACQUISITION CORPORATION II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOTES
TO FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has agreed that as soon as practicable, but in no event later than 30 days, after the closing of a Business Combination,
it will use its best efforts to file with the SEC a registration statement for the registration under the Securities Act of the
shares of Class&nbsp;A common stock issuable upon exercise of the warrants and thereafter will use its reasonable best efforts
to cause the same to become effective with 60 business days following the Business Combination and to maintain a current prospectus
relating to the Class&nbsp;A common stock issuable upon exercise of the warrants, until the expiration of the warrants in accordance
with the provisions of the warrant agreement. If a registration statement covering the shares of Class&nbsp;A common stock issuable
upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders
may, until such time as there is an effective registration statement and during any period when the Company will have failed to
maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with Section&nbsp;3(a)(9)&nbsp;of
the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to
exercise their warrants on a cashless basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Once
the warrants become exercisable, the Company may redeem the Public Warrants:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
    whole and not in part;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">at
    a price of $0.01 per warrant;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">upon
    not less than 30&nbsp;days&#8217; prior written notice of redemption to each warrant holder; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&middot;</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if, and only
    if, the reported last reported sale price of the Company&#8217;s Class&nbsp;A common stock equals or exceeds $18.00 per share
    for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption
    to each warrant holder.</FONT></TD></TR>
</TABLE>
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the Company calls the Public Warrants for redemption for cash, management will have the option to require all holders that wish
to exercise the Public Warrants to do so on a &#8220;cashless basis,&#8221; as described in the warrant agreement. The exercise
price and number of shares of Class&nbsp;A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances
including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants
will not be adjusted for issuance of Class&nbsp;A common stock at a price below its exercise price. Additionally, in no event
will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any
of such funds with respect to their warrants, nor will they receive any distribution from the Company&#8217;s assets held outside
of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, if the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in
connection with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.20 per
share of common stock (with such issue price or effective issue price to be determined in good faith by the Company&#8217;s board
of directors, and in the case of any such issuance to the initial stockholders or their affiliates, without taking into account
any Founder Shares held by them, as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Newly Issued Price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Private Placement Warrants will be identical to the Public Warrants underlying the Units to be sold in the Proposed Public Offering,
except that the Private Placement Warrants and the Class&nbsp;A common stock issuable upon the exercise of the Private Placement
Warrants will not be transferable, assignable or salable until 30&nbsp;days after the completion of a Business Combination, subject
to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable
so long as they are held by the initial purchasers of the Private Placement Units or their permitted transferees. If the Private
Placement Warrants are held by someone other than the initial purchasers of the Private Placement Units or their permitted transferees,
the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public
Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Note
8. Subsequent events</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On July 24, 2020, the Company changed its name to Lionheart
Acquisition Corporation II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than as described above, the Company did not identify any other 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"><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"></P>

<!-- Field: Page; Sequence: 170; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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"><B>20,000,000
Units</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lionheart
Acquisition Corporation II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PRELIMINARY
PROSPECTUS<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Joint
Book-Running Managers</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nomura</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 51%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cantor
    </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Until
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2020 (25 days after the date of this prospectus),
all dealers that buy, sell or trade our Class&nbsp;A common stock, whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to the dealers&#8217; obligation to deliver a prospectus when acting as underwriters
and with respect to their unsold allotments or subscriptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>You
should rely only on the information contained in this prospectus. We have not, and the underwriters have not, authorized anyone
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. We are not, and the underwriters are not, making an offer to sell securities in any jurisdiction where the offer or sale
is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than
the date on the front of this prospectus.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>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.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 171 -->
    <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"><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"><B>PART&nbsp;II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
13. Other Expenses of Issuance and Distribution.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,854</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">FINRA
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accounting
    fees and expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Printing
    and engraving expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq
    listing and filing fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">75,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal
    fees and expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">225,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Miscellaneous</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">310,146</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">750,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 172 -->
    <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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
14. Indemnification of Directors and officers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
amended and restated certificate of incorporation will provide that all of our directors, officers, employees and agents shall
be entitled to be indemnified by us to the fullest extent permitted by Section&nbsp;145 of the DGCL. Section&nbsp;145 of the Delaware
General Corporation Law concerning indemnification of officers, directors, employees and agents is set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;145.
Indemnification of officers, directors, employees and agents; insurance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&#8217; 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&#8217;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&#8217;s
    conduct was unlawful.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&#8217; 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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">To the extent
    that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of
    any action, suit or proceeding referred to in subsections (a)&nbsp;and (b)&nbsp;of this section, or in defense of any claim,
    issue or matter therein, such person shall be indemnified against expenses (including attorneys&#8217; fees) actually and
    reasonably incurred by such person in connection therewith.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 173; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any indemnification
    under subsections (a)&nbsp;and (b)&nbsp;of this section (unless ordered by a court) shall be made by the corporation only
    as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee
    or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections
    (a)&nbsp;and (b)&nbsp;of this section. Such determination shall be made, with respect to a person who is a director or officer
    of the corporation at the time of such determination, (1)&nbsp;by a majority vote of the directors who are not parties to
    such action, suit or proceeding, even though less than a quorum, or (2)&nbsp;by a committee of such directors designated by
    majority vote of such directors, even though less than a quorum, or (3)&nbsp;if there are no such directors, or if such directors
    so direct, by independent legal counsel in a written opinion, or (4)&nbsp;by the stockholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses (including
    attorneys&#8217; fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative
    or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
    suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
    ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section.
    Such expenses (including attorneys&#8217; fees) incurred by former directors and officers or other employees and agents of
    the corporation or by persons serving at the request of the corporation as directors, officers, employees or agents of another
    corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any,
    as the corporation deems appropriate.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&#8217;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 the certificate of incorporation or the bylaws after the occurrence of the act or omission that is the subject of the civil,
    criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses
    is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment
    after such action or omission has occurred.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&#8217;s status as such, whether or
    not the corporation would have the power to indemnify such person against such liability under this section.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">For purposes
    of this section, references to &#8220;the corporation&#8221; 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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">For purposes
    of this section, references to &#8220;other enterprises&#8221; shall include employee benefit plans; references to &#8220;fines&#8221;
    shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to &#8220;serving
    at the request of the corporation&#8221; 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 &#8220;not opposed to the best interests of the corporation&#8221; as referred to in this section.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 174; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD>
    <TD STYLE="text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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&#8217;s obligation to advance expenses (including
    attorneys&#8217; fees).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
accordance with Section&nbsp;102(b)(7)&nbsp;of the DGCL, our amended and restated certificate of incorporation, will provide that
no director shall be personally liable to us or any of our stockholders for monetary damages resulting from breaches of their
fiduciary duty as directors, except to the extent such limitation on or exemption from liability is not permitted under the DGCL.
The effect of this provision of our amended and restated certificate of incorporation is to eliminate our rights and those of
our stockholders (through stockholders&#8217; derivative suits on our behalf) to recover monetary damages against a director for
breach of the fiduciary duty of care as a director, including breaches resulting from negligent or grossly negligent behavior,
except, as restricted by Section&nbsp;102(b)(7)&nbsp;of the DGCL. 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&#8217;s duty of care.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the DGCL is amended to authorize corporate action further eliminating or limiting the liability of directors, then, in accordance
with our amended and restated certificate of incorporation, the liability of our directors to us or our stockholders will be eliminated
or limited to the fullest extent authorized by the DGCL, as so amended. Any repeal or amendment of provisions of our amended and
restated certificate of incorporation limiting or eliminating the liability of directors, whether by our stockholders or by changes
in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective
only, except to the extent such amendment or change in law permits us to further limit or eliminate the liability of directors
on a retroactive basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
amended and restated 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&#8217;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notwithstanding
the foregoing, a person eligible for indemnification pursuant to our amended and restated certificate of incorporation will be
indemnified by us in connection with a proceeding initiated by such person only if such proceeding was authorized by our board
of directors, except for proceedings to enforce rights to indemnification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 175; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
right to indemnification which will be conferred by our amended and restated certificate of incorporation is a contract right
that includes the right to be paid by us the expenses incurred in defending or otherwise participating in any proceeding referenced
above in advance of its final disposition, provided, however, that if the DGCL requires, an advancement of expenses incurred by
our officer or director (solely in the capacity as an officer or director of our corporation) will be made only upon delivery
to us of an undertaking, by or on behalf of such officer or director, to repay all amounts so advanced if it is ultimately determined
that such person is not entitled to be indemnified for such expenses under our amended and restated certificate of incorporation
or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
rights to indemnification and advancement of expenses will not be deemed exclusive of any other rights which any person covered
by our amended and restated certificate of incorporation may have or hereafter acquire under law, our amended and restated certificate
of incorporation, our bylaws, an agreement, vote of stockholders or disinterested directors, or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
repeal or amendment of provisions of our amended and restated certificate of incorporation affecting indemnification rights, whether
by our stockholders or by changes in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise
required by law) be prospective only, except to the extent such amendment or change in law permits us to provide broader indemnification
rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing at the time
of such repeal or amendment or adoption of such inconsistent provision with respect to any act or omission occurring prior to
such repeal or amendment or adoption of such inconsistent provision. Our amended and restated certificate of incorporation 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 amended and restated certificate of incorporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
bylaws, which we intend to adopt immediately prior to the closing of this offering, include the provisions relating to advancement
of expenses and indemnification rights consistent with those which will be set forth in our amended and restated certificate of
incorporation. In addition, our bylaws provide for a right of indemnity to bring a suit in the event a claim for indemnification
or advancement of expenses is not paid in full by us within a specified period of time. Our bylaws also permit us to purchase
and maintain insurance, at our expense, to protect us and/or any director, officer, employee or agent of our corporation or another
entity, trust or other enterprise against any expense, liability or loss, whether or not we would have the power to indemnify
such person against such expense, liability or loss under the DGCL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will enter into indemnification agreements with each of our officers and directors a form of which is to be filed as an exhibit
to this Registration Statement. These agreements will require us to indemnify these individuals to the fullest extent permitted
under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a
result of any proceeding against them as to which they could be indemnified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the Underwriting Agreement to be filed as Exhibit&nbsp;1.1 to this Registration Statement, we have agreed to indemnify the
underwriters and the underwriters have agreed to indemnify us against certain civil liabilities that may be incurred in connection
with this offering, including certain liabilities under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
15. Recent Sales of Unregistered Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
January&nbsp;2020, Lionheart Equities, LLC, our sponsor, purchased an aggregate 5,000,000 founder shares, for an aggregate
offering price of $25,000 at an average purchase price of approximately $0.005 per share. Subsequently, in
February&nbsp;2020, we declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000 shares being
issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of approximately
$0.005 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 176; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the outstanding
shares of common stock upon completion of this offering (excluding the private shares). Such securities were issued in connection
with our organization pursuant to the exemption from registration contained in Section&nbsp;4(a)(2)&nbsp;of the Securities Act.
Our sponsor is an accredited investor for purposes of Rule&nbsp;501 of Regulation D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
sponsor and Nomura have committed, pursuant to written agreements, to purchase an aggregate of 650,000 private placement units
at $10.00 per unit, among which 595,000 private placement units will be purchased by our sponsor, and 55,000 private placement
units will be purchased by Nomura. A portion of the purchase price of the private placement units will be added to the proceeds
of this offering to be held in the trust account. These issuances will be made pursuant to the exemption from registration contained
in Section&nbsp;4(a)(2)&nbsp;of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nomura
intends to enter into a forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares
for an aggregate purchase price of up to $100.0 million through, other than as described below, open market purchases or privately
negotiated transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated
transactions, up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity securities
on terms to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial business combination.
The funds from the sale of the forward purchase shares that we may receive may be used as part of the consideration to the sellers
in the initial business combination. The obligations under the forward purchase agreement are not affected by any redemptions
by our public stockholders of shares of our Class&nbsp;A common stock. All such securities will be issued pursuant to the exemption
from registration contained in Section&nbsp;4(a)(2)&nbsp;of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nomura
has also indicated its intent, if so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or
syndicate up to $400 million of additional financing for us in the form of equity or debt (or a combination thereof) in connection
with our initial business combination, subject to market conditions and on terms and conditions satisfactory in all respects to
Nomura in its sole judgment and determination. The forward purchase and forward financing arrangements are not anticipated to
have any impact on the redemption price of the Class&nbsp;A common stock, the conversion ratio of Class&nbsp;B common stock to
Class&nbsp;A common stock or the exercise of the warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
underwriting discounts or commissions were or will be paid with respect to such sales, except that Nomura will be paid a commitment
fee of up to $2.0 million with respect to the forward purchase commitment of up to $100.0 million upon the announcement of a definitive
agreement for our initial business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
16. Exhibits and Financial Statement Schedules.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exhibits.</I>&nbsp;&nbsp;&nbsp;&nbsp;The
    list of exhibits preceding the signature page&nbsp;of this registration statement is incorporated herein by reference.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Financial
    Statements.</I>&nbsp;&nbsp;&nbsp;&nbsp;See page&nbsp;F-1 for an index to the financial statements and schedules included in
    the registration statement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
17. Undertakings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">The undersigned
    registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates
    in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 177; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">The undersigned
    registrant hereby undertakes that:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">For purposes
    of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as
    part of this registration statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the registrant
    pursuant to Rule&nbsp;424(b)(1)&nbsp;or (4)&nbsp;or 497(h)&nbsp;under the Securities Act shall be deemed to be part of this
    registration statement as of the time it was declared effective.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the purpose
    of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule&nbsp;430C,
    each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;as part of a registration statement relating to an offering, other
    than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;430A, shall
    be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
    however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
    in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part
    of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or
    modify any statement that was made in the registration statement or prospectus that was part of the registration statement
    or made in any such document immediately prior to such date of first use.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the purpose
    of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution of
    the securities, the undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant
    pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
    if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
    will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any preliminary
    prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any free writing
    prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by an undersigned
    registrant;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">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</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(iv)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any other
    communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 178; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><B>EXHIBIT&nbsp;INDEX</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Underwriting Agreement*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certificate
    of Incorporation*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Amended and Restated Certificate of Incorporation*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">By
    Laws*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Specimen
    Unit Certificate*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Specimen
    Class&nbsp;A Common Stock Certificate*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Specimen
    Warrant Certificate*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Warrant Agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, LLC and the Registrant*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Opinion
    of Loeb&nbsp;&amp; Loeb LLP*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Letter Agreement among the Registrant and its officers, directors, director nominees and Lionheart Equities, LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Promissory
    Note, dated [__] issued to Lionheart Equities, LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Investment Management Trust Agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, LLC and the Registrant*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Registration Rights Agreement among the Registrant and certain security holders*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
    Subscription Agreement, dated [__], between the Registrant and Lionheart Equities, LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.6</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Private Placement Unit Subscription Agreement between the Registrant and Lionheart Equities, LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.7</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Private Placement Unit Subscription Agreement between the Registrant and Nomura Securities International,&nbsp;Inc.*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Indemnity Agreement*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Administrative Support Agreement by and between the Registrant and [__]*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.10</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Forward Purchase Agreement by and between the Registrant and Nomura Securities International,&nbsp;Inc.*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">14</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Code of Ethics*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm207455d6_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.1</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm207455d6_ex23-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of Marcum LLP</FONT></A></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of Loeb&nbsp;&amp; Loeb LLP (included in Exhibit&nbsp;5.1)*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#POA"><FONT STYLE="font-family: Times New Roman, Times, Serif">24</FONT></A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#POA"><FONT STYLE="font-family: Times New Roman, Times, Serif">Power
of Attorney (included on signature page&nbsp;to the initial filing of this Registration Statement)</FONT></A></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Audit Committee Charter*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Form&nbsp;of
    Compensation Committee Charter*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of Mark Walsh*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of Steven Berrard*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of Aman Kapadia*</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
be filed by amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 179; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami, State of Florida, on the 27th day of
July, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>LIONHEART
    ACQUISITION CORPORATION II</B></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Ophir Sternberg</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ophir
                                         Sternberg</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief
        Executive Officer</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><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"><A NAME="POA"></A><B>POWER
OF ATTORNEY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ophir Sternberg his true and
lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead, in any and
all capacities to sign any and all amendments including pre- and post-effective amendments to this registration statement, any
subsequent registration statement for the same offering which may be filed pursuant to Rule&nbsp;462(b)&nbsp;under the Securities
Act of 1933, as amended, and pre- or post-effective amendments thereto, and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said
attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Position</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Date</B></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Ophir Sternberg</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">
    Chairman of the Board of Directors, President and</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">July&nbsp;27,
    2020</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ophir Sternberg</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief
                                         Executive Officer</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Principal
        Executive Officer)</FONT></P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>

<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Paul Rapisarda</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial
    Officer and Secretary</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">July&nbsp;27,
    2020</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Paul Rapisarda</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;(Principal
    Accounting and Financial Officer)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Trevor Barran</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Operating
    Officer</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">July&nbsp;27,
    2020</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trevor Barran</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 180; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

</BODY>
</HTML>
[{"type": "S-1", "sequence": "1", "filename": "tm207455-6_s1.htm", "description": "FORM S-1", "secsgml_size_bytes": 1438668}]
{"company-data": {"conformed-name": "Lionheart Acquisition Corp. II", "cik": "0001802450", "assigned-sic": "6770", "irs-number": "000000000", "state-of-incorporation": "DE"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-240130", "film-number": "201051251"}, "business-address": {"street1": "4218 NE 2ND AVENUE, 2ND FL.", "city": "MIAMI", "state": "FL", "zip": "33137", "phone": "305-573-3900"}, "mail-address": {"street1": "4218 NE 2ND AVENUE, 2ND FL.", "city": "MIAMI", "state": "FL", "zip": "33137"}, "former-company": {"former-conformed-name": "Lionheart Acquisition Corp.", "date-changed": "20200205"}}
As filed with the U.S. Securities and
Exchange Commission on July 27, 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
Lionheart Acquisition Corporation II
(Exact name of registrant as specified in
its charter)
Delaware
6770
84-4117825
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
4218 NE 2nd Avenue
Miami, Florida 33137
Telephone: (305) 573-3900
(Address, Including Zip Code, and Telephone
Number, Including Area Code, of Registrant's Principal Executive Offices)
Ophir Sternberg
Chairman, President and Chief Executive Officer
Lionheart Acquisition Corporation II
4218 NE 2nd Avenue
Miami, Florida 33137
Telephone: (305) 573-3900
(Name, Address, Including Zip Code,
and Telephone Number, Including Area Code, of Agent For Service)
Copies to:
Mitchell S. Nussbaum, Esq.
Giovanni Caruso, Esq.
Loeb & Loeb LLP
345 Park Avenue
New York, New York 10154
Tel: (212) 407-4000
Fax: (212) 407-4990
Edward F. Petrosky, Esq.
Michael P. Heinz, Esq.
David Ni, Esq.
Sidley Austin LLP
787 Seventh Avenue
New York, New York 10019
Tel: (212) 839-5900
Fax: (212) 839-5599
Approximate date of commencement of
proposed sale to the public:
As soon as practicable after the effective date of this registration statement.
If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933
check the following box.
¨
If this Form is filed to register
additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
¨
If this Form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.
¨
If this Form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.
¨
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting
company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
¨
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
x
Emerging growth company
x
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
¨
CALCULATION OF REGISTRATION FEE
Title of Each Class of Security Being Registered
Amount Being
Registered
Proposed
Maximum
Offering Price
per Security
(1)
Proposed
Maximum
Aggregate
Offering
Price
(1)
Amount of
Registration
Fee
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant
(2)
23,000,000 Units
$
10.00
$
230,000,000
$
29,854
Shares of Class A common stock included as part of the units
(3)
23,000,000 Shares
—
—
—
(4)
Redeemable warrants included as part of the units
(3)
11,500,000 Warrants
—
—
—
(4)
Total
$
230,000,000
$
29,854
(1)
Estimated solely for the purpose of calculating the registration fee.
(2)
Includes 3,000,000 units, consisting of 3,000,000 shares of Class A common stock and 1,500,000 redeemable warrants, which may be issued upon exercise of a 45-day option granted to the underwriters to cover over-allotments, if any.
(3)
Pursuant to Rule 416 under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.
(4)
No fee pursuant to Rule 457(g) under the Securities Act.
The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities
and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement
filed with the Securities and Exchange Commission is effective.  This prospectus is not an offer to sell these securities
and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED JULY 27, 2020
PRELIMINARY
PROSPECTUS
$200,000,000
LIONHEART ACQUISITION CORPORATION II
20,000,000 Units
Lionheart Acquisition Corporation II is
a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more businesses, which we refer to as our initial business
combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated
any substantive discussions, directly or indirectly, with any business combination target. While we may pursue an acquisition opportunity
in any business, industry, sector or geographical location, we intend to identify and acquire a business that applies innovative
digital technologies and technology-enhanced services and solutions to the identification, design, development, construction, operation,
financing, management and disposition of real estate properties, commonly referred to as "PropTech." We will seek
to acquire one or more PropTech businesses.
This is an initial public offering of
our securities. Each unit has an offering price of $10.00 and consists of one share of our Class A common stock and
one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our Class A
common stock at a price of $11.50 per share, subject to adjustment as described herein. Warrants may be exercised only for a
whole number of shares of Class A common stock. The warrants will become exercisable on the later of 30 days after the
completion of our initial business combination or 12 months from the closing of this offering, and will expire five years
after the completion of our initial business combination or earlier upon redemption or liquidation, as described in this
prospectus. The underwriters have a 45-day option from the date of this prospectus to purchase up to an additional 3,000,000
units to cover over-allotments, if any. We will provide our public stockholders with the opportunity to redeem all or a
portion of their shares of our Class A common stock upon the completion of our initial business combination, subject to
the limitations described herein. If we are unable to complete our initial business combination within 18 months from the
closing of this offering, we will redeem 100% of the public shares for cash, subject to applicable law and certain conditions
as further described herein.
Each of our sponsor, Lionheart Equities, LLC, and
Nomura Securities International, Inc. ("Nomura"), an underwriter of this offering, which we refer to as Nomura
throughout this prospectus, have committed, pursuant to written agreements, to purchase an aggregate of 650,000 private placement
units at $10.00 per unit in a private placement that will close simultaneously with this offering. Each private placement unit
consists of one share of our Class A common stock and one-half of one redeemable private warrant. Among the private placement
units, 595,000 units will be purchased by our sponsor and 55,000 units will be purchased by Nomura. A portion of the proceeds from
the sale of the private placement units will be placed in trust account described below. The private placement units purchased
by Nomura are deemed underwriters' compensation by the Financial Industry Regulatory Authority ("FINRA") pursuant
to Rule 5110 of the FINRA Manual.
Our initial stockholders, which are
our sponsor and Nomura, own an aggregate of 5,750,000 shares of our Class B common stock (up to 750,000 shares of which are
subject to forfeiture depending on the extent to which the underwriters' over-allotment option is exercised), which will
automatically convert into shares of Class A common stock at the time of our initial business combination as described herein.
In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess
of the amounts offered in this prospectus and related to the closing of the initial business combination, the ratio at which shares
of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority
of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed
issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common
stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock
outstanding upon the completion of this offering plus all shares of Class A common stock and equity-linked securities issued
or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the initial business combination, the private placement units and any private placement-equivalent
units issued to our sponsor or its affiliates upon conversion of loans made to us or any securities issued pursuant to the forward
purchase agreement).
In connection with this offering,
Nomura, an underwriter of this offering, intends to enter into a forward purchase agreement with us, which will provide for
the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as
described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu of
purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate
purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between
Nomura and us, to occur concurrently with the closing of our initial business combination. The decision to make such an
investment in other equity securities will not reduce the aggregate purchase price. However, Nomura will be excused from its
purchase obligation in connection with a specific business combination unless, within five business days following written
notice delivered by us of our intention to enter into such business combination, Nomura notifies us that it has decided to
proceed with the purchase in whole or in part. Nomura may decide not to proceed with the purchase for any reason, including,
without limitation, if it has determined that such purchase would constitute a conflict of interest. The obligations under
the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of our Class A
common stock.
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
Currently, there is no public market for
our units, Class A common stock or warrants. We have applied to list our units on The Nasdaq Capital Market, or Nasdaq, under
the symbol "LCAPU." We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus.
We cannot guarantee that our securities will be approved for listing on Nasdaq. We expect the Class A common stock and warrants
comprising the units will begin separate trading on the 52
nd
day following the date of this prospectus unless the underwriters
inform us of their decision to allow earlier separate trading, subject to our satisfaction of certain conditions. Once the securities
comprising the units begin separate trading, we expect that the Class A common stock and warrants will be listed on Nasdaq
under the symbols "LCAP" and "LCAPW," respectively.
We are an "emerging growth company"
under applicable federal securities laws and will be subject to reduced public company reporting requirements. Investing in our
securities involves a high degree of risk. See "Risk Factors" beginning on page 32 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 (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Per Unit
Total
Public offering price
$
10.00
$
200,000,000
Underwriting discounts and commissions
(1)
$
0.55
$
11,000,000
Proceeds, before expenses, to Lionheart Acquisition Corporation II
$
9.45
$
189,000,000
(1)
Includes $0.35 per unit, or $7.0 million (or up to $8.05 million if the underwriters' over-allotment option is
    exercised in full) in the aggregate payable to the underwriters for deferred underwriting commissions to be placed in a trust
    account located in the United States as described in this prospectus. The deferred commissions will be released to the
    underwriters only on completion of an initial business combination, as described in this prospectus. The underwriters will
    receive compensation in addition to the underwriting discount. Does not include the sale of 82,500 founder shares in
    connection with the underwriting of this transaction from our sponsor to Nomura described further in this prospectus. See the
    section of this prospectus entitled "Underwriting (Conflicts of Interest)" beginning on page 139 for a
    description of compensation and other items of value payable to the underwriters.
Of the proceeds we receive from this offering
and the sale of the private placement units described in this prospectus, $200 million, or $230 million if the underwriters'
over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited into a trust account in the United
States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and $1.75 million
($1.15 million if the underwriters' over-allotment option is exercised in full) will be available to pay fees and expenses
in connection with the closing of this offering and for working capital following the closing of this offering.
The underwriters are offering the units
for sale on a firm commitment basis. The underwriters expect to deliver the units to the purchasers on or about             ,
2020.
Joint Book-Running Managers
Nomura
Cantor
,2020
TABLE OF CONTENTS
Summary
1
Risk Factors
32
Cautionary Note Regarding Forward-Looking Statements
62
Use of Proceeds
63
Dividend Policy
67
Dilution
67
Capitalization
69
Management's Discussion and Analysis of Financial
    Condition and Results of Operations
70
Proposed Business
77
Management
105
Principal Stockholders
114
Certain Relationships and Related Party Transactions
117
Description of Securities
120
United States Federal Income Tax Considerations
134
Underwriting (Conflicts of Interest)
141
Legal Matters
150
Experts
150
Where You Can Find Additional Information
150
Index to Financial Statements
F-1
We are responsible for the information
contained in this prospectus. We have not authorized anyone to provide you with different information, and we take no responsibility
for any other information others may give to you. We are not, and the underwriters are not, making an offer to sell securities
in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus
is accurate as of any date other than the date on the front of this prospectus.
i
SUMMARY
This summary only highlights the more
detailed information appearing elsewhere in this prospectus. You should read this entire prospectus carefully, including the information
under the section of this prospectus entitled "Risk Factors" and our financial statements and the related notes included
elsewhere in this prospectus, before investing. Unless otherwise stated in this prospectus, or the context otherwise requires,
references to:
·
"Cantor" refer to Cantor Fitzgerald & Co., an underwriter of this offering;
·
"
common stock" refer to our Class A common stock and our Class B common stock, collectively;
·
"
forward financing" refer to the intent of Nomura, if requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400,000,000 of additional financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination, subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination, as described herein;
·
"forward purchase agreement" refer to the agreement providing for the purchase of public shares by Nomura, a portion of which may instead be in the form of an investment in our equity securities, to occur concurrently with the closing of our initial business combination, as described herein;
·
"forward purchase shares" refer to the public shares and/or our equity securities to be purchased pursuant to the forward purchase agreement;
·
"founder shares" refer to shares of our Class B common stock (1) initially purchased by our sponsor from us in a private placement prior to this offering and (2) by Nomura from our sponsor prior to this offering, and the shares of our Class A common stock issued upon the conversion thereof as provided herein;
·
"initial stockholders" refer to the holders of our founder shares prior to this offering (or their permitted transferees), which include our sponsor and Nomura;
·
"management" or our "management team" refer to our officers and directors;
·
"Nomura" refer to Nomura Securities International, Inc., an underwriter of this offering;
·
"private placement units" refer to the units, each consisting of one share of our Class A common stock and one-half of one private warrant, issued to our sponsor and Nomura in a private placement closing simultaneously with this offering;
·
"
private shares" refer to the shares of Class A common stock included within the private placement units being purchased separately by our sponsor and Nomura in a private placement closing simultaneously with the closing of this offering;
·
"private warrants" refer to the warrants included within the private placement units being purchased separately by our sponsor and Nomura in a private placement closing simultaneously with the closing of this offering;
·
"public shares" refer to shares of our Class A common stock sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market);
·
"public stockholders" refer to the holders of our public shares, including our initial stockholders and management team to the extent our initial stockholders and/or members of our management team purchase public shares, provided that each initial stockholder's and member of our management team's status as a "public stockholder" shall only exist with respect to such public shares;
·
"public warrants" refer to our redeemable warrants sold as part of the units in this offering (whether they are purchased in this offering or thereafter in the open market), to the private warrants if held by third parties other than our sponsor and Nomura (or their permitted transferees), and to any private warrants issued upon conversion of working capital loans that are sold to third parties that are not initial purchasers of the private placement units or executive officers or directors (or permitted transferees), in each case, following the consummation of our initial business combination;
·
"sponsor" refer to Lionheart Equities, LLC, a Delaware limited liability company and an affiliate of Ophir Sternberg, our  Chairman, President and Chief Executive Officer;
·
"warrants" refer to our redeemable warrants, which includes the public warrants as well as the warrants comprising part of the private placement units to the extent they are no longer held by the initial purchasers of the private placement units or their permitted transferees; and
·
"we," "us," "company" or "our company" refer to Lionheart Acquisition Corporation II
Each unit consists of one share of Class A
common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of our
Class A common stock at a price of $11.50 per share, subject to adjustment as described in this prospectus. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple
of two units, the number of warrants issuable to you upon separation of the units will be rounded down to the nearest whole number
of warrants.
1
Unless we tell you otherwise, the information
in this prospectus assumes that the underwriters will not exercise their over-allotment option.
Our Company
We are a newly organized blank check
company incorporated in December 2019 as a Delaware corporation and formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more
businesses, which we refer to throughout this prospectus as our initial business combination. We have not selected any
specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions,
directly or indirectly, with any business combination target.
While we may pursue an initial business
combination target in any stage of its corporate evolution or in any industry or sector, we currently intend to concentrate our
efforts in businesses that apply innovative digital technologies and technology-enhanced services and solutions to the identification,
design, development, construction, operation, financing, management and disposition of real estate properties, commonly referred
to as "PropTech."  Our definition of PropTech applies to both technology companies that are disrupting the real estate
sector as well as to real estate and consumer-oriented companies with a real estate component that utilize innovative technology.
Our management team has an extensive track record of acquiring attractive assets at disciplined valuations, investing in growth
while fostering financial discipline and improving business results.
Note from Management
Our management is pragmatic, measuring
our success in both immediate and continuous financial return balanced across all stakeholders. Our investment philosophy has been
shaped by the many transactions we have originated, combined with our hands-on experiences as entrepreneurial leaders across the
growth spectrum, from startups to multi-billion dollar corporations.
We
believe in quality management teams
that lead attractive target businesses. Successful teams understand not only their
craft, but the limitations in their businesses, and realize that efficient scaling requires a consistent onboarding of knowledge,
expertise, and varied points of view, as well as capital, to continue winning the challenge of sustained extraordinary growth.
We
see a concentration of opportunity to unlock value at the intersection of two sectors
where the application of methods
or business models built in one sector can be applied to another, especially where a sustained fast growth industry (such as technology)
is elevating a massive scale industry (such as real estate). Quality businesses in these "combination sectors" such
as PropTech that capture value in the intersection between conventional sectors may be systematically overlooked in our information
overloaded age.
Unlocking value and growth potential for
our investors, our business combination targets, and ourselves is a balanced multi-part equation crafted through an alignment of
incentives and an incremental injection of value from and across all stakeholders.
We have been and continue to be entrepreneurs,
managers, board members and investors in public and private enterprises that we find exciting. It is with real knowledge of the
successes and failures of talented and energetic creators that we offer our counsel as partners in seeking to unlock further growth
and value, as well as our support and a matching of intense work ethic, to the managers of businesses we select for combination.
The Lionheart Equities
Team
Management Team
Our management team is led by Ophir Sternberg,
our Chief Executive Officer, President and  Chairman, Trevor Barran, our Chief Operating Officer, and Paul Rapisarda, our Chief Financial
Officer and Secretary.
Mr. Sternberg,
our Chairman, President and Chief Executive Officer since inception,
has over 28 years of experience acquiring,
developing, repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality,
ultra-luxury residential condominiums and land acquisitions. Mr. Sternberg is the founding partner and Chief Executive Officer
of Lionheart Capital LLC ("Lionheart Capital"), founded in 2010. In 2019, Lionheart Capital completed in excess of
20 real estate transactions across North America alone. Under Mr. Sternberg's leadership, Lionheart Capital executed
numerous, marquee real estate transactions and repositions, including the Miami Beach Ritz-Carlton project, which resulted in
a total sell-out value in excess of $560 million as well as the $30 million purchase and $120 million sale of the Seagull Hotel,
Miami Beach making it the largest hotel sale of the year in Miami Beach. Mr. Sternberg and Lionheart Capital are currently
in development on a number of other projects including but are not limited to retail properties in Miami's Design District,
two oceanfront condominium towers in Pompano Beach, Florida and a ski-in/ski-out hotel and residences in Breckenridge, Colorado.
Additionally, in 2017,
Mr. Sternberg founded Out of the Box Ventures, a Lionheart Capital subsidiary, to acquire and reposition distressed
retail properties throughout the United States. With over 28 properties in 17 states, Out of the Box Ventures currently
controls over 6 million square feet of big box stores, shopping centers and enclosed regional mall properties with plans to
improve and expand upon these acquisitions.
Mr. Sternberg and Lionheart Capital
are dedicated to working with best-in-class operators and partners such as the Ritz-Carlton. Lionheart Capital has been able to
execute numerous, marquee transactions due largely in part to Mr. Sternberg's extensive industry relationships particularly
with key institutional investors.
Mr. Sternberg began his career assembling,
acquiring and developing properties in emerging neighborhoods in New York City, which established his reputation for identifying
assets with unrealized potential and combining innovative partnerships with efficient financing structures to realize above average
returns. Mr. Sternberg came to the United States in 1993 after completing three years of military service within an elite
unit for the Israeli Defense Forces (IDF).
In March 2020,
Mr. Sternberg became  Chairman of OPES Acquisition Corp., a SPAC. On June 30, 2020, OPES Acquisition Corp.
announced a definitive agreement to merge with BurgerFi International Inc. The consummation of the OPES-BurgerFi merger is
subject to receipt of stockholder approval and satisfaction of other customary closing conditions. BurgerFi is a fast-casual
"better burger" concept that consists of 125 corporate owned franchise locations in 23 states. BurgerFi expanded
its delivery only options by signing a license agreement in April 2020 with REEF Technology, an operator of logistics
hubs and neighborhood kitchens. The OPES team, led by Mr. Sternberg, evaluated over 50 potential targets and negotiated
business combination terms with multiple candidates in a span of a few months and is acquiring BurgerFi at what it believes
is an attractive multiple relative to its peers.
Mr. Barran, our Chief Operating
Officer, has also served as Chief Operating Officer at Out of the Box Ventures, a subsidiary of Lionheart Capital, since its inception in 2017. Mr. Barran
brings over 20 years of experience developing and executing investment and operational strategies across the financial
services, healthcare, technology, and real estate industries, including the last ten years acquiring and developing real
estate properties. From 2013 until 2019, Mr. Barran served as Chief
Executive Officer of Lionheart Nica S.A., Real Estate. Mr. Barran began his career in
1998 at the Mitchell Madison Group, Inc., a management consulting firm focused on improving financial and operational
performance for large companies through strategic sourcing, performance improvement and big data, which was subsequently sold
to USWeb/CKS Corp. for approximately $300 million in 1999 and eventually grew to over 8,500 employees with annual revenues
exceeding $1 billion. Subsequently, in 1999, Mr. Barran joined ScreamingMedia (NASDAQ:SCRM), later known as Pinnacor, a
global technology platform focused on the aggregation and distribution of digital content over the Internet. Mr. Barran
helped prepare ScreamingMedia for its $60 million initial public offering in 2000. ScreamingMedia, which underwent a series
of acquisitions, is now a part of the Walt Disney Company (NYSE:DIS). Other career milestones for Mr. Barran include
founding and operating SACSA, s.a. (2016-2019), a resort construction company where he served as managing partner; founding
and operating BioIntegral Surgical (2008-2010), a cardiovascular medical devices company where he served as Chief Executive Officer
; and
co-founding a systematic global macro high-frequency trading fund, EagleStone Advisors (2010-2011). At EagleStone,
Mr. Barran was instrumental in putting forward a day trading exchanged-traded fund (ETF) strategy. Additionally, in
2003, Mr. Barran participated in post-graduate work in computer science and artificial intelligence with Professor David
Ackley in a joint program between the University of New Mexico and Santa Fe Research Institute. Mr. Barran earned a
degree in Aerospace Engineering from Princeton University in 1998.
2
Mr. Rapisarda, our Chief Financial
Officer and Secretary, also serves as Chief Financial Officer at Lionheart Capital and Out of the Box Ventures, a position he has
held since 2019. Mr. Rapisarda is an experienced public company C-suite executive and investment banking professional with
more than 25 years working in and for a variety of public and private companies.  Prior to joining Lionheart Capital in June 2019
he served as Chief Financial Officer at Etrion Corp. (TSX:ETX), a dual-listed (Canada/Sweden) solar energy development company
from October 2015 to December 2017. Etrion Corp. is part of The Lundin Group, a portfolio of 13 public companies in the
energy and mining sectors with a combined market capitalization in excess of $16 billion, started or sponsored by the Lundin family.
Mr. Rapisarda was responsible for managing all finance functions, including financial reporting, treasury & cash
management, corporate finance, regulatory/SEC compliance matters and investor relations. Prior to this, Mr. Rapisarda worked
for Garrison Capital Advisors LLC, a financial advisory and consulting services company. From 2008 to 2014, he worked for another
dual-listed company (Canada/United States), Atlantic Power Corporation (NYSE:AT), most recently serving as Executive Vice President-Commercial
Development. The company was a portfolio company controlled by Arclight Capital Partners, a private equity firm with $10.4 billion
of assets under management and a focus on the energy sector. He was a key member of the executive team that successfully engineered
the $1.8 billion merger with Capital Power Income L.P. and had primary responsibility for the investment of over $1.2 billion in
capital from 2008-2012. Prior to Atlantic Power, Mr. Rapisarda worked for over 20 years in investment banking and private
equity for several firms, including Compass Advisers LLP, Schroders, Merrill Lynch and BT Securities. He has also acted as a board
member at several emerging growth companies, primarily in the energy, technology and infrastructure sectors. Mr. Rapisarda
has a B.A. from Amherst College and an M.B.A. from the Harvard Business School.
Steven Berrard, who will become our board
member at the closing of this offering,
is a co-founder of e-commerce company RumbleOn Inc.
and has served as its Chief Financial Officer since 2017 and has been a member of its Board of Directors since 2016.  Mr. Berrard
is the Managing Partner of New River Capital Partners, a private equity fund he co-founded in 1997. Mr. Berrard was the co-founder
and Co-Chief Executive Officer of AutoNation from 1996 to 1999. Prior to joining AutoNation, Mr. Berrard served as President
and Chief Executive Officer of the Blockbuster Entertainment Group, the world's largest video store operator at the time.
Mr. Berrard served as Chairman of Board of Jamba, Inc. from 2005 to 2007 and as its Chief Executive Officer from 2005
to 2006. Mr. Berrard served as President of Huizenga Holdings, Inc., a real estate management and development company,
and served in various positions with subsidiaries of Huizenga Holdings, Inc. from 1981 to 1987. Mr. Berrard currently
serves on the Board of Directors of Pivotal Fitness, Inc., a chain of fitness centers operating in Charleston, SC. He has
previously served on the Boards of Directors of Swisher Hygiene Inc., Walter Investment Management Corp., Jamba, Inc., Viacom, Inc.,
Birmingham Steel, HealthSouth and Boca Resorts, Inc. Mr. Berrard earned his B.S. in Accounting from Florida Atlantic
University.
Aman Kapadia, who will become our
board member at the closing of this offering, has been the Managing Partner of Akaris Global Partners, an investment firm
based in New York City, since September 2018. He brings 16 years of experience in public markets investing across capital
structure, geographies, and industries. Prior to founding Akaris Global, from 2007 to 2018, Mr. Kapadia served as Partner and
Managing Director at Fir Tree Partners, an investment firm formed in 1994 to apply the best practices of a private equity
approach to opportunistic value investing. From 2016 until his departure in 2018, Mr. Kapadia was one of three individuals
managing the firm with co-portfolio manager responsibilities. Previously, Mr. Kapadia was an analyst at Rockbay Capital
Management, Severn River Capital Management, Sagamore Hill and McKinsey & Co. Mr. Kapadia received a J.D./M.B.A.
from Harvard Law School and Harvard Business School, and an A.B. in Public and International Affairs, magna cum laude, from
Princeton University, where he was inducted into Phi Beta Kappa.
Mark Walsh, who will become our board
member at the closing of this offering, is a venture investor in technology, software, content and services through his fund, Ruxton
Ventures, LLC, which he founded in 2003. Mr. Walsh was Chief Executive Officer of FactSquared, an AI/Machine learning company he
helped found, from late 2017 to early 2019. He remains on its board. He served as a presidential appointee in the Obama Administration
as Head of Investment and Innovation at the Small Business Administration from 2015 to 2017, overseeing a $30 billion investment
portfolio in private equity, venture capital and venture accelerators. Prior to the SBA, from 2013 to 2015, Mr. Walsh was executive
chairman of Homesnap.com, a "prosumer" platform/app for residential real estate backed by Revolution Ventures. He has
been a senior executive at several technology and content companies, including GE, AOL and Home Box Office. Mr. Walsh served as
Chief Executive Officer and then Chairman of VerticalNet, a leading provider of B2B "communities of commerce" from
1997 to 2004. He led the company through its public offering on NASDAQ in 1999. Mr. Walsh has invested in and/or served as a board
member of a number of high growth public and private companies, including: BlackBoard (NASDAQ: BBBB), NutriSystems (NASDAQ: NTRI),
Thestreet.com (NASDAQ: TST), Day Software (Zurich Stock Exchange: DAY), half.com, LifeShield.com, Transactis and GoCanvas.com.
Mr. Walsh received an M.B.A. from the Harvard Business School and a B.A. from Union College.
Business Strategy
We define the PropTech sector as businesses
that apply innovative digital technologies and technology-enhanced services and solutions to the identification, design, development,
construction, operation, financing, management and disposition of real estate properties. This definition applies to both technology
companies that are disrupting the real estate sector as well as to real estate companies that utilize innovative technology.
Combined, real estate and technology represent
a significant segment of the U.S. economy. Further, digital transformation is driving technological innovation across the broader
real estate sector. Real estate has traditionally been a human capital and resource-intensive sector but technology has become a strategic
imperative as businesses seek ways to increase the efficiency of their assets. Innovation is being driven by both incumbent firms
and disruptive new entrants that are leveraging B2B technology solutions from other industries as well as applying consumer-facing
technologies to the commercial market. Examples of innovative technology trends driving digital transformation in the real estate
sector include: artificial intelligence and machine learning, data and analytics, mobility, cloud technologies, the Internet of
Things, virtual and augmented reality, financial and mortgage technology, 5G, and drones. Digital transformation has also enabled
new business models including iBuying, co-working, flexible warehousing, and crowdfunding.
The businesses we seek to acquire offer
innovative software, hardware, products, operations or services that are technologically equipped to improve property ownership;
property financing; property valuation; property operations; property management; leasing; property insurance; real estate asset
management and investment management; and design, construction and development. These businesses have a large addressable market
across the broader real estate sector potentially including landlords, tenants, developers, operators, managers, brokers, investors,
lenders, architects, engineers, and general contractors. We believe the acquisition of one or more businesses in this sector can
serve as a platform for expansion, both organically and through further acquisitions, including "roll-ups" of smaller
players in some of the more fragmented, emerging sectors such as co-working and co-living.
3
While we intend to focus our search for
business combination targets in the PropTech sector, we may pursue an acquisition in any business industry or sector. We will seek
to acquire established businesses of scale that we believe are poised for continued growth with capable management teams and proven
unit economics, but potentially in need of financial, operational, strategic or managerial enhancement to maximize value. We do
not intend to acquire startup companies or companies without established business plans. Our management team and board of directors
will seek to leverage their access to proprietary deal flow, sourcing capabilities and network of industry contacts to generate
business combination opportunities.
Business Opportunity Overview
Real estate investment represents a significant
segment of the U.S. economy. In 2018, the National Association of Real Estate Investment Trusts estimated the total value of commercial
real estate in the U.S. to be $16.0 trillion, and Zillow estimated the total value of residential real estate in the U.S. to be
$33.6 trillion in 2019. According to the U.S. Bureau of Economic Analysis, real estate, rental and leasing comprised the largest
share of U.S. gross domestic product ("GDP"), with $2.9 trillion of seasonally adjusted annualized value added as of
the third quarter of 2019, representing 13.3% of U.S. GDP in that quarter. Real estate has historically lagged in technology adoption.
This is evidenced by the prevalence of paper-driven processes, lack of data transparency, and intermediaries present in transactions.
However, there is an understanding emerging at real estate companies that leveraging technology is a strategic advantage. According
to KPMG, 97% of real estate organizations think that digital and technological innovation will impact their business and 73% consider
it an opportunity. Furthermore, in a sign of recognition that technology within real estate remains under-developed, 93% of real
estate organizations believe they must engage with PropTech companies in order to adapt to the changing global environment.
As PropTech is an established and rapidly
expanding sector, it is currently being impacted by a new wave of innovative technologies, which has led to a 378% increase in
PropTech funding from 2015 to 2018, according to the 2019 GCA Real Estate Tech report. In 2019, total PropTech funding was $8.9
billion and exceeded the amount of total funding for the year  2018. Significant investment from venture capital firms as
well as corporations has grown substantially from 217 funding rounds in 2017 to 420 in 2019. In addition, there has been a higher
percentage of later-stage funding in recent years.
Figure 1: U.S. Financing Activity (dollars in thousands)
(1)
Figure 2: PropTech Funding Breakdown (includes debt and equity)
(2)
Source: GCA, CRE Tech
(1)
Represents U.S. data across Commercial Real Estate (CRE) / Investment, Residential Real Estate and Mortgage Technology; excludes Airbnb, Credit Karma, Houzz, NextDoor, OYO Hotels and The We Company.
(2)
Funding includes debt and equity. Early Stage: Pre-Seed, Angel, Seed or Series A; Mid Stage: Series A or B; Late Stage: SeriesC or later.
Nonetheless, we believe we are still
early in this cycle relative to other industry-specific technology sectors. For example, PropTech has received a relatively
low amount of venture funding compared to other industry-specific technologies. For example, in 2018, U.S. PropTech companies
received just $5.3 billion of venture funding compared to approximately $47 billion for U.S. financial technology companies,
according to GCA.
We believe that business opportunities
within PropTech are poised to increase, driven by digital transformation initiatives that will enable businesses throughout the
real estate ecosystem to increase the efficiency of their assets. The benefits of digital transformation in the real estate sector
include improving building utilization, optimizing customer relationship management, creating better tenant experiences, streamlining
construction projects, and reducing friction from financial transactions. According to CRETech, 1,385 private companies have received
over $48 billion in venture funding globally between 2017 and 2019. Furthermore, CRETech expects global PropTech venture funding
to reach approximately $30 billion in 2020.
The public markets have historically supported
PropTech companies, including:
·
Autodesk (NASDAQ:ADSK), which has revolutionized building design.
·
AppFolio (NASDAQ:APPF), which has pioneered building automation through software-as-a-service platforms.
·
Zillow (NASDAQ: ZG), which has changed the way people think about buying or renting their next home.
·
CoStar (NASDAQ: CSGP), which has changed the way that data is aggregated and analyzed (e.g. LoopNet, Apartments.com, ForRent.com).
In 2019, the stock price of publicly traded
PropTech companies increased on average nearly 50%, outperforming the S&P 500 by 21 percentage points. Some of the largest
public market investors (as measured by equity assets under management) have also invested in private companies such as Airbnb,
which is disrupting the hospitality industry, Opendoor, which enables individuals to sell their homes directly to buyers, and Procore,
which is mobile construction project management software.
4
As PropTech businesses grow, we believe
that they will require greater access to the public markets for growth capital. Historically, companies have accessed public markets
through initial public offerings, or IPOs. However, the number of IPOs in recent years has diminished. An average of 93 technology
companies and 17 real estate companies went public each year before the financial crisis (1990-2008), according to the research
firm Dealogic. However, since 2009, the average number of IPOs has plummeted to only 39 and 10 per year respectively, a 56% decrease.
Additionally, only 9% of venture-backed private companies executed an IPO in 2019 according to Pitchbook. The most common exit
route for venture-backed private companies in 2019 was through a strategic sale, which can be an unattractive option for current
management who desire to maintain some level of control over their businesses. Ultimately, we believe this disparity creates a
long-term opportunity to unlock shareholder value through a business combination with an established and growing PropTech business.
The combination of (i) the massive
scale of the real estate economy; (ii) lagging technology adoption; (iii) an inflection point in the application of technologies
to the real estate sector; (iv) underfunding concerns; (v) an increasingly challenged IPO market and (vi) the emergence
of PropTech as an investment theme, evidenced by strong investor demand for PropTech assets make this an attractive and timely
sector with quality businesses that will benefit from a business combination with our company.
Our strategy will be to identify, evaluate,
acquire and, after our initial business combination, continue to grow a compelling PropTech business.
Our Investment Thesis and Strategy
We believe that we are uniquely
qualified among SPAC vehicles due to our management's extensive research, analysis, credentials, and relationships with
respect to U.S. real estate and technology companies. As PropTech is an established and rapidly expanding sector, we believe
that a key differentiator in the space will be combining our deal making experience across real estate and technology, with
superior access to the entrepreneurs that are driving the rapid growth of PropTech and the investors that are funding this
growth.
When taken together, we believe that our
management team's proprietary network and experience investing and executing across real estate and technology companies,
our Board's extensive management, private equity, venture capital and technology experience, position us to identify an attractive
PropTech target company and close an initial business combination with such target.
Consistent with this strategy, we have
identified the following general criteria and guidelines that we believe are important in evaluating prospective targets. We will
use these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business
combination with a target business that does not meet these criteria and guidelines.
·
Property
Technology.
We will seek to invest in one or more businesses with a focus on
PropTech, a domain in which we have a substantial track record, deep experience, and the technical ability to diligence efficiently.
Our management team and advisors' multifaceted expertise in assessing a target's applicability to real estate are key
in evaluating business transaction candidates.
·
Target
Business Size.
We will seek to invest in one or more businesses,
determined in the sole discretion of our officers and directors according to reasonably accepted valuation standards and methodologies.
This segment is where we believe we have a superior and proprietary network to identify the greatest number of attractive opportunities.
·
Proven
Unit Economics and Growing Companies.
We will seek to invest in one or more businesses that have generated attractive
unit economics at scale. We will focus on one or more businesses that have established and growing revenue streams. We do not intend
to acquire startup companies, companies with speculative business plans, or companies that are excessively leveraged.
·
Competitive
Position.
We intend to invest in one or more businesses that have a leading, growing or unique niche
market position in their respective sectors. We will analyze the strengths and weaknesses of target businesses relative to their
competitors. We will seek to invest in one or more businesses that demonstrate advantages when compared to their competitors, including
capable management team, defensible proprietary technology, strong adoption rates, and relevant domain expertise.
5
·
Capable
Management Team.
We will seek to invest in one or more businesses that have experienced management teams
or those that provide a platform for us to assemble an effective and capable management team. We will focus on management teams
with a track record of driving revenue growth and creating value for their shareholders.
·
Benefit
from Being a Public Company.
We intend to invest in one or more businesses that will benefit from being
publicly listed and can effectively utilize the broader access to capital and the public profile to grow and accelerate shareholder
value creation.
·
Defensible
Business Niche.
We will seek companies that have a leading or niche market position and that demonstrate advantages when compared
to their competitors, which may help to create barriers to entry against new competitors.
·
Potential
for Stable Free Cash Flow.
We will seek to acquire a business that has historically generated, or has the near-term potential
to generate, strong and sustainable free cash flow.
These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these
general guidelines as well as other considerations, factors and criteria that our management may deem relevant. In the event that
we find an opportunity that has characteristics more compelling to us than the characteristics described above, we would pursue
such opportunity
6
Forward Purchase and Forward Financing Arrangements
In connection with this offering,
Nomura, an underwriter of this offering, intends to enter into a forward purchase agreement with us, which will provide for
the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as
described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu of
purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate
purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between
Nomura and us, to occur concurrently with the closing of our initial business combination. The decision to make such an
investment in other equity securities will not reduce the aggregate purchase price. However, Nomura will be excused from its
purchase obligation in connection with a specific business combination unless, within five business days following written
notice delivered by us of our intention to enter into such business combination, Nomura notifies us that it has decided to
proceed with the purchase in whole or in part. Nomura may decide not to proceed with the purchase for any reason, including,
without limitation, if it has determined that such purchase would constitute a conflict of interest. Nomura will also be
restricted from making purchases if they are in possession of any material nonpublic information not disclosed to the seller
or if such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as amended (the
"Exchange Act").
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
7
Initial Business Combination
Nasdaq rules require that we must
complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account)
at the time of our signing a definitive agreement in connection with our initial business combination. Our board of directors will
make the determination as to the fair market value of our initial business combination. If our board of directors is not able to
independently determine the fair market value of our initial business combination, we will obtain an opinion from an independent
investment banking firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction of such criteria.
While we consider it unlikely that our board of directors will not be able to make an independent determination of the fair market
value of our initial business combination, it may be unable to do so if it is less familiar or experienced with the business of
a particular target or if there is a significant amount of uncertainty as to the value of a target's assets or prospects.
8
We will only complete an initial business
combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or
otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company
under the Investment Company Act of 1940, as amended, or the "Investment Company Act." Even if the post-transaction
company owns or acquires 50% or more of the voting securities of the target, our stockholders prior to the initial business combination
may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us
in the initial business combination. For example, we could pursue a transaction in which we issue a substantial number of new shares
in exchange for all of the outstanding capital stock of a target.
In this case, we would acquire a 100% controlling
interest in the target. However, as a result of the issuance of a substantial number of new shares, our stockholders immediately
prior to our initial business combination could own less than a majority of our outstanding shares subsequent to our initial business
combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the
post-transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into account
for purposes of Nasdaq's 80% of net assets test. If the initial business combination involves more than one target business,
the 80% of net assets test will be based on the aggregate value of all of the transactions and we will treat the target businesses
together as the initial business combination for purposes of a tender offer or for seeking stockholder approval, as applicable.
Our Business Combination Process
In evaluating prospective business combinations,
we expect to conduct a thorough due diligence review process that will encompass, among other things, a review of historical and
projected financial and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities
and assets, discussion with customers and suppliers, legal reviews and other reviews as we deem appropriate.
We are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, officers or directors. However, in the event we
seek to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.
Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The forward purchase
agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business combination, in whole
or in part, unless, within five business days following written notice delivered by us of our intention to enter into such business
combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not to proceed with the purchase
for any reason, including, without limitation, if it has determined that such purchase would constitute a conflict of interest.
Nomura's forward purchase commitment will be reduced by the aggregate amount of commitments by third parties to purchase
our securities, if any, in private placements to occur concurrently with the closing of our initial business combination. The obligations
under the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of our Class A
common stock.
9
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
Each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his or her fiduciary or contractual
obligations to present such opportunity to such entity. We believe, however, that the fiduciary duties or contractual obligations
of our officers or directors will not materially affect our ability to complete our initial business combination. Our amended and
restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director
or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of
our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable
for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without violating another
legal obligation.
Corporate Information
Our executive offices are located at 4218
NE 2nd Avenue,  Miami, Florida 33137 and our telephone number is (305) 573-3900. We are an "emerging growth company,"
as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified
by the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. As such, we are eligible to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not emerging growth companies including,
but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports
and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and
stockholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive
as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.
In addition, Section 107 of the JOBS
Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of
the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay
the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take
advantage of the benefits of this extended transition period.
We will remain an emerging growth company
until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this
offering, (b) in which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to
be a large accelerated filer, which means the worldwide market value of our common stock that is held by non-affiliates exceeds
$700 million as of the prior June 30, and (2) the date on which we have issued more than $1.0 billion in non-convertible
debt securities during the prior three-year period. References herein to emerging growth company will have the meaning associated
with it in the JOBS Act.
10
THE OFFERING
In deciding whether to invest in our
securities, you should take into account not only the backgrounds of the members of our management team, but also the special risks
we face as a blank check company and the fact that this offering is not being conducted in compliance with Rule 419 promulgated
under the Securities Act. You will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings.
You should carefully consider these and the other risks set forth in the section of this prospectus entitled "Risk Factors."
Securities offered
20,000,000 units, at $10.00 per unit, each unit consisting of:
·
one share of Class A common stock; and
·
one-half of one redeemable warrant.
Proposed Nasdaq symbols
Units: "LCAPU"
Class A Common Stock: "LCAP"
Warrants: "LCAPW"
Trading commencement and
separation of Class A common stock and warrants
The units will begin trading on or promptly after the date of this prospectus. We expect the Class A common stock and warrants comprising the units will begin separate trading on the 52
nd
day following the date of this prospectus unless the underwriters inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once the shares of Class A common stock and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of Class A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants issuable to you upon separation of the units will be rounded down to the nearest whole number of warrants.
In no event will the Class A common stock and warrants be traded separately until we have filed a Current Report on Form 8-K with the SEC containing an audited balance sheet reflecting our receipt of the net proceeds at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering, which is anticipated to take place three business days from the date of this prospectus. If the underwriters' over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters' over-allotment option.
11
Units:
Number outstanding before this offering
0
Number outstanding after this offering
20,650,000
(1)
Common stock:
Number outstanding before this offering
5,750,000 shares of Class B common stock
(2)
Number outstanding after this offering
25,650,000 shares of Class A common stock and Class B common stock
(1)(3)
Redeemable warrants:
Number of private warrants to be sold as part of private placement units in a private placement closing simultaneously with this offering
325,000
(1)
Number of warrants to be outstanding after the private placement and this offering
10,325,000
(1)
Exercisability
Each whole warrant is exercisable to purchase one share of our Class A common stock and only whole warrants are exercisable. We structured each unit to contain one-half of one redeemable warrant, with each whole warrant exercisable for one share of Class A common stock, as compared to units issued by some other similar blank check companies which contain whole warrants exercisable for one whole share, in order to reduce the dilutive effect of the warrants upon completion of an initial business combination as compared to units that each contain a warrant to purchase one whole share, thus making us, we believe, a more attractive initial business combination partner for target businesses.
(1)
Assumes no exercise of the underwriters' over-allotment option, and includes, accordingly, an aggregate of 650,000 private placement units sold concurrently with the closing of this offering and the forfeiture by our sponsor of 750,000 founder shares.
(2)
Includes up to 750,000 shares that are subject to forfeiture by our sponsor depending on the extent to which the underwriters' over-allotment option is exercised.
(3)
Comprised of 20,650,000 shares of Class A common stock and 5,000,000 shares of Class B common stock (or founder shares). The Class B common stock is convertible into shares of our Class A common stock on a one-for-one basis, subject to adjustment as described below adjacent to the caption "Founder shares conversion and anti-dilution rights."
12
Exercise price
$11.50 per share, subject to adjustment as described herein. In addition, if we issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination at an issue price or effective issue price of less than $9.20 per share of common stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares held by them, as applicable, prior to such issuance) (the "newly issued price"), the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.
Exercise period
The warrants will become exercisable on the later of:
·
30 days after the completion of our initial business combination, or
·
12 months from the closing of this offering;
provided in each case that we have an effective registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement).
We are not registering the shares of Class A common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later than 30 days after the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants and thereafter will use our best efforts to cause the same to become effective within 60 business days following our initial business combination and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60
th
business day after the closing of our initial business combination, warrantholders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis.
The warrants will expire at 5:00 p.m., New York City time, five years after the completion of our initial business combination or earlier upon redemption or liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not placed in the trust account.
13
Redemption of warrants
Once the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private warrants):
·
in whole and not in part;
·
at a price of $0.01 per warrant;
·
upon a minimum of 30 days' prior written notice of redemption, which we refer to as the 30-day redemption period; and
·
if, and only if, the last reported sale price of our Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrantholders.
We will not redeem the warrants unless a registration statement under the Securities Act covering the shares of Class A common stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of Class A common stock is available throughout the 30-day redemption period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities Act. If and when the warrants become redeemable by us, we may not exercise our redemption right if the issuance of shares of Class A common stock upon exercise of the warrants is not exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states in which the warrants were offered by us in this offering.
If we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a "cashless basis." In determining whether to require all holders to exercise their warrants on a "cashless basis," our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair market value" (defined below) by (y) the fair market value. The "fair market value" shall mean the average last reported sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Please see the section of this prospectus entitled "Description of Securities — Redeemable Warrants — Public Stockholders' Warrants" for additional information.
None of the private warrants will be redeemable by us so long as they are held by the sponsor, Nomura or their permitted transferees.
14
Private placement at initial business combination
Nomura intends to enter into a forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. Any funds received by us from the sale of forward purchase shares may be used as part of the consideration to the sellers in the initial business combination.
Forward financing
Nomura has also indicated its intent, if so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination, subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination. The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
Founder shares
In January 2020, our sponsor purchased 5,000,000 founder shares for an aggregate purchase price of $25,000, or
    approximately $0.005 per share. The per share purchase price of the founder shares was determined by dividing the amount of
    cash contributed to the company by the aggregate number of founder shares issued. Subsequently, in February 2020, we
    declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000 shares being issued and outstanding. In
    July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of approximately $0.005 per share.
15
The number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the outstanding shares after this offering (excluding the private shares). As such, our initial stockholders (including Nomura) will collectively own 22.03% of our issued and outstanding shares after this offering (including the private shares and assuming they do not purchase any units in this offering). Neither our sponsor nor any of our officers or directors have expressed an intention to purchase any units in this offering. Up to 750,000 founder shares will be subject to forfeiture by our sponsor depending on the extent to which the underwriters' over-allotment option is exercised so that our initial stockholders will maintain ownership of 20% of our common stock after this offering (excluding the private shares). We will effect a stock dividend or share contribution prior to this offering should the size of the offering change, in order to maintain such ownership percentage.
The founder shares are identical to the shares of Class A common stock included in the units being sold in this offering, except that:
·
the founder shares are shares of Class B common stock that automatically convert into shares of our Class A common stock at the time of our initial business combination, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described herein;
·
the founder shares are subject to certain transfer restrictions, as described in more detail below;
·
our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to
    (i) waive their redemption rights with respect to their founder shares, private shares and public shares in connection
    with the completion of our initial business combination, (ii) waive their redemption rights with respect to their
    founder shares, private shares and public shares in connection with a stockholder vote to approve an amendment to our amended
    and restated certificate of incorporation (A) to modify the substance or timing of our obligation to redeem 100% of our
    public shares if we do not complete our initial business combination within 18 months from the closing of this offering or
    (B) with respect to any other provision relating to stockholders' rights or pre-initial business combination
    activity and (iii) waive their rights to liquidating distributions from the trust account with respect to their private
    shares and founder shares if we fail to complete our initial business combination within 18 months from the closing of this
    offering, although they will be entitled to liquidating distributions from the trust account with respect to any public
    shares they hold if we fail to complete our initial business combination within the prescribed time frame. Permitted
    transferees of the founder shares held by our sponsor, officers, directors and Nomura would be subject to the same
    restrictions;
16
·
our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private shares held by them and any public shares purchased during or after this offering (including in open market and privately negotiated transactions) in favor of our initial business combination. If we submit our initial business combination to our public stockholders for a vote, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. As a result, in addition to the founder shares and private shares held by our sponsor, officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised). In the event that Nomura purchases public shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders would be required to approve our initial business combination, depending on the number of shares that are present at the meeting to approve such transaction; and
·
the founder shares are entitled to registration rights.
Transfer restrictions on founder shares
Our initial stockholders have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of: (A) six months after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the last reported sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange or other similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property (except as described herein under the section of this prospectus entitled "Principal Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Units"). Any permitted transferees will be subject to the same restrictions with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up.
17
Founder shares conversion and anti-dilution rights
The shares of Class B common stock will automatically convert into shares of our Class A common stock at the time of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial business combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of this offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial business combination, the private placement units and any private placement-equivalent units issued to our sponsor or its affiliates upon conversion of loans made to us or any securities issued pursuant to the forward purchase agreement). Holders of founder shares may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above, at any time. The term "equity-linked securities" refers to any debt or equity securities that are convertible, exercisable or exchangeable for shares of Class A common stock issued in a financing transaction in connection with our initial business combination, including but not limited to a private placement of equity or debt. Securities could be "deemed issued" for purposes of the conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar securities.
Voting rights
Holders of the Class A common stock and holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each share of common stock entitling the holder to one vote.
Private placement units
Our sponsor and Nomura have committed, pursuant to written agreements, to purchase an aggregate of 650,000 private placement units at $10.00 per unit in a private placement that will close simultaneously with this offering.  Among the private placement units, 595,000 units will be purchased by our sponsor and 55,000 units will be purchased by Nomura.
18
A portion of the purchase price of the private placement
    units will be added to the proceeds of this offering to be held in the trust account described below.  If we do not
    complete our initial business combination within 18 months from the closing of this offering, the proceeds from the sale of
    the private placement units held in the trust account will be used to fund the redemption of our public shares (subject to
    the requirements of applicable law) and the warrants included in the private placement units will expire
    worthless.  The private placement units are identical to the units sold in this offering, except that, so long as
    they are held by the initial purchasers of the private placement units or their permitted transferees, (i) the private
    shares and the private warrants (including the Class A common stock issuable upon the exercise of the private warrants)
    may not be transferred, assigned or sold until 30 days after the completion of our initial business combination,
    (ii) the private warrants will not be redeemable by us and (iii) the private warrants may be exercised by the
    holders for cash or on a cashless basis, as described in this prospectus. If the warrants included in the private
    placement units are held by holders other than our sponsor, Nomura or any of their permitted transferees, then the warrants
    included in the private placement units will be redeemable by us and exercisable by the holders on the same basis as the
    public warrants.  In the event of a liquidation prior to our initial business combination, the warrants included in
    the private placement units will expire worthless.  Units purchased by Nomura are deemed underwriters'
    compensation by FINRA pursuant to Rule 5110 of the FINRA Manual.
Transfer restrictions on private placement units
The private placement units and their component securities will not be transferable, assignable or salable until 30 days after the completion of our initial business combination (except as described under the section of this prospectus entitled "Principal Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Units").
Proceeds to be held in trust account
Nasdaq rules provide that at least 90% of the gross proceeds from this offering and the sale of the private placement units be deposited in a trust account. Of the net proceeds of this offering and the sale of the private placement units, $200,000,000, or $10.00 per unit ($230,000,000, or $10.00 per unit, if the underwriters' over-allotment option is exercised in full), will be placed into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee. These proceeds include $7.0 million (or $8.05 million if the underwriters' over-allotment option is exercised in full) in deferred underwriting commissions.
19
Except with respect to interest earned on the funds held in the trust account that may be released to us to
    pay our tax obligations (less up to $100,000 interest to pay dissolution expenses), the proceeds from this offering and the
    sale of the private placement units will not be released from the trust account until the earliest of (a) the completion
    of our initial business combination, (b) the redemption of any public shares properly submitted in connection with a
    stockholder vote to amend our amended and restated certificate of incorporation (i) to modify the substance or timing of
    our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
    from the closing of this offering or (ii) with respect to any other provision relating to stockholders' rights or
    pre-business combination activity, and (c) the redemption of our public shares if we are unable to complete our initial
    business combination within 18 months from the closing of this offering, subject to applicable law. The proceeds deposited in
    the trust account could become subject to the claims of our creditors, if any, which could have priority over the claims of
    our public stockholders.
Anticipated expenses and funding
sources
Except as described above with respect to the payment of taxes, unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use. The proceeds held in the trust account will be invested only in U.S. government securities with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. We will disclose in each quarterly and annual report filed with the SEC prior to our initial business combination whether the proceeds deposited in the trust account are invested in U.S. government treasury obligations or money market funds or a combination thereof. Based upon current interest rates, we expect the trust account to generate approximately $3.0 million of interest annually assuming an interest rate of 1.5% per year; however, we can provide no assurances regarding this amount. Unless and until we complete our initial business combination, we may pay our expenses only from:
·
the net proceeds of this offering and the sale of the private placement units not held in the trust account, which will be approximately $1,750,000 in working capital after the payment of approximately $750,000 in expenses relating to this offering; and
·
any loans or additional investments from our sponsor, members of our management team or their affiliates or other third parties, although they are under no obligation to advance funds or invest in us, and provided that any such loans will not have any claim on the proceeds held in the trust account unless such proceeds are released to us upon completion of an initial business combination.
20
Conditions to completing our initial business combination
Nasdaq rules require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account) at the time of our signing a definitive agreement in connection with our initial business combination. Our board of directors will make the determination as to the fair market value of our initial business combination. If our board of directors is not able to independently determine the fair market value of our initial business combination, we will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction of such criteria. While we consider it unlikely that our board of directors will not be able to make an independent determination of the fair market value of our initial business combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a significant amount of uncertainty as to the value of a target's assets or prospects. There is no limitation on our ability to raise funds privately or through loans in connection with our initial business combination. We will only complete an initial business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our stockholders prior to the initial business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the target and us in the initial business combination. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our stockholders immediately prior to our initial business combination could own less than a majority of our outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into account for purposes of Nasdaq's 80% of net assets test. If the initial business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the transactions and we will treat the target businesses together as the initial business combination for purposes of a tender offer or for seeking stockholder approval, as applicable.
21
Permitted purchases of public shares and public warrants by our affiliates
If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our initial stockholders, directors, officers, advisors or their affiliates may purchase public shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. There is no limit on the number of shares our initial stockholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and Nasdaq rules. However, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will not make any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. None of the funds held in the trust account will be used to purchase public shares or public warrants in such transactions prior to completion of our initial business combination. See "Proposed Business — Permitted purchases of our securities" for a description of how our initial stockholders, directors, officers, advisors or any of their affiliates will select which stockholders to purchase securities from in any private transaction.
The purpose of any such purchases of shares could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection with our initial business combination. Any such purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible. In addition, if such purchases are made, the public "float" of our shares of Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities exchange.
22
Redemption rights for public stockholders upon completion of our initial business combination
We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described herein. The amount in the trust account will initially be $10.00 per public share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Our sponsor, officers, directors and Nomura have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private shares and any public shares they may acquire during or after this offering in connection with the completion of our initial business combination or otherwise.
We may require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements.
Manner of conducting redemptions
We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination either (i) in connection with a stockholder meeting called to approve the initial business combination or (ii) by means of a tender offer.
The decision as to whether we will seek stockholder approval of a proposed initial business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek stockholder approval under the law or stock exchange listing requirements. Under Nasdaq rules, asset acquisitions and stock purchases would not typically require stockholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our amended and restated certificate of incorporation would require stockholder approval. We may conduct redemptions without a stockholder vote pursuant to the tender offer rules of the SEC unless stockholder approval is required by law or stock exchange listing requirements or we choose to seek stockholder approval for business or other legal reasons. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with such rules.
23
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, pursuant to our amended and restated certificate of incorporation:
·
conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and
·
file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.
Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.
Whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above. Upon the public announcement of our initial business combination, if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase shares of our Class A common stock in the open market, in order to comply with Rule 14e-5 under the Exchange Act.
In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on public stockholders not tendering more than a specified number of public shares, which number will be based on the requirement that we may not redeem public shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. If public stockholders tender more shares than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.
24
If, however, stockholder approval of the transaction is required by law or stock exchange listing requirements, or we decide to obtain stockholder approval for business or other legal reasons, we will:
·
conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and
·
file proxy materials with the SEC.
If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting. Our initial stockholders (including Nomura) will count towards this quorum, and our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private shares held by them and any public shares purchased during or after this offering (including in open market and privately negotiated transactions) in favor of our initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. As a result, in addition to the founder shares and private shares held by our sponsor, officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised). Any forward purchase shares issued by us to Nomura will not be entitled to vote on our initial business combination since those shares will not be issued until the closing of such transaction, although Nomura may elect to purchase (and vote) shares from existing stockholders.
We intend to give prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements of our sponsor, officers and directors, may make it more likely that we will consummate our initial business combination. Each public stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction.
We may require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically. We believe that this will allow our transfer agent to efficiently process any redemptions without the need for further communication or action from the redeeming public stockholders, which could delay redemptions and result in additional administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company, we will promptly return any certificates delivered, or shares tendered electronically, by public stockholders who elected to redeem their shares.
25
Our amended and restated certificate of incorporation will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed initial business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class A common stock submitted for redemption will be returned to the holders thereof.
Limitation on redemption rights of stockholders holding 15% or more of the shares sold in this offering if we hold stockholder vote
Notwithstanding the foregoing redemption rights, if we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, without our prior consent. We believe the restriction described above will discourage stockholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public stockholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights against an initial business combination if such holder's shares are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By limiting our stockholders' ability to redeem to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with an initial business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders' ability to vote all of their shares (including all shares held by those stockholders that hold more than 15% of the shares sold in this offering) for or against our initial business combination.
26
Redemption rights in connection with proposed amendments to our certificate of incorporation
Our amended and restated certificate of incorporation provides that any of its provisions related to
    pre-business combination activity (including the requirement to deposit proceeds of this offering and the private placement
    of warrants into the trust account and not release such amounts except in specified circumstances, and to provide redemption
    rights to public stockholders as described herein) may be amended if approved by holders of 65% of our common stock entitled
    to vote thereon, and corresponding provisions of the trust agreement governing the release of funds from our trust account
    may be amended if approved by holders of 65% of our common stock entitled to vote thereon. In all other instances, our
    amended and restated certificate of incorporation may be amended by holders of a majority of our outstanding common stock
    entitled to vote thereon, subject to applicable provisions of the Delaware General Corporation Law, or DGCL, or applicable
    stock exchange rules. Under our amended and restated certificate of incorporation, we may not issue additional securities
    that can vote on amendments to our amended and restated certificate of incorporation or on our initial business combination
    or that would entitle holders thereof to receive funds from the trust account. Our initial stockholders (including Nomura),
    who will collectively beneficially own 22.03% of our common stock upon the closing of this offering (including the private
    shares and assuming they do not purchase any units in this offering), will participate in any vote to amend our amended and
    restated certificate of incorporation and/or trust agreement and will have the discretion to vote in any manner they choose.
    Our sponsor, officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will
    not propose any amendment to our amended and restated certificate of incorporation (i) to modify the substance or timing
    of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
    from the closing of this offering or (ii) with respect to any other provision relating to stockholders' rights or
    pre-business combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of
    Class A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
    amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable) divided by the
    number of then outstanding public shares. Our sponsor, officers, directors and Nomura have entered into a letter agreement
    with us pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private
    shares and any public shares held by them in connection with the completion of our initial business combination.
27
Release of funds in trust account on closing of our initial business combination
On the completion of our initial business combination, the funds held in the trust account will be used to pay amounts due to any public stockholders who exercise their redemption rights as described above under "Redemption rights for public stockholders upon completion of our initial business combination." We will use the remaining funds to pay the underwriters their deferred underwriting commissions, to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination, we may apply the balance of the cash released to us from the trust account for general corporate purposes, including for maintenance or expansion of operations of post-transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.
Redemption of public shares and distribution and liquidation if no initial business combination
Our amended and restated certificate of incorporation provides that we will have only 18 months from the closing of this
    offering to complete our initial business combination. If we are unable to complete our initial business combination within
    such 18 month period, we will: (i) cease all operations except for the purpose of winding up, (ii) as promptly as
    reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable
    in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in
    the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution
    expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public
    stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any),
    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 each case to our
    obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. There will be
    no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to
    complete our initial business combination within the 18 month time period.
28
Our sponsor, officers, directors and Nomura have agreed to waive their rights to liquidating distributions
    from the trust account with respect to any founder shares and private shares held by them if we fail to complete our initial
    business combination within 18 months from the closing of this offering. However, if our sponsor, officers and directors
    acquire public shares in or after this offering, they will be entitled to liquidating distributions from the trust account
    with respect to such public shares if we fail to complete our initial business combination within the allotted 18-month time
    period. The underwriters have agreed to waive their rights to their deferred underwriting commission held in the trust
    account in the event we do not complete our initial business combination within 18 months from the closing of this offering
    and, in such event, such amounts will be included with the funds held in the trust account that will be available to fund the
    redemption of our public shares.
Limited payments to insiders
There will be no finder's fees, reimbursement, consulting fee, non-cash payments, monies in respect of any payment of a loan or other compensation paid by us to our sponsor, officers or directors, or any affiliate of our sponsor or officers prior to, or in connection with any services rendered in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction that it is). However, the following payments will be made to our sponsor, officers or directors, or our or their affiliates, none of which will be made from the proceeds of this offering and the sale of the private placement units held in the trust account prior to the completion of our initial business combination:
·
repayment of up to an aggregate of $300,000 in loans made to
us by our sponsor to cover offering-related and organizational expenses;
·
payment to our sponsor of $15,000 per month, for up to 18 months,
for office space, utilities and secretarial and administrative support;
·
the potential payment of a finder's fee to one or more
independent directors to the extent such director(s) render services in connection with locating the target business with which
a successful business combination transaction is consummated;
·
reimbursement for any out-of-pocket expenses related to identifying, investigating
and completing an initial business combination; and
·
repayment of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units. The terms of such working capital loans by our sponsor or its affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect to such loans.
29
Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates.
Audit Committee
We will establish and maintain an audit committee, which will be composed entirely of independent directors to, among other things, monitor compliance with the terms described above and the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to immediately take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section of this prospectus entitled "Management — Committees of the Board of Directors — Audit Committee."
Indemnity
Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
Conflicts of interest
Nomura may acquire more than 10% of our outstanding shares. This offering is being made in compliance with the applicable provisions of FINRA Rule 5121. Nomura will not make sales to discretionary accounts without the prior written approval of the account holder. In addition, a "qualified independent underwriter," as defined in FINRA Rule 5121, will participate in the preparation of the registration statement and exercise its usual standards of due diligence with respect thereto. Cantor is assuming the responsibilities of acting as the qualified independent underwriter in this offering and is undertaking the legal responsibilities and liabilities of an underwriter under the Securities Act, which specifically include those inherent in Section 11 thereunder. Cantor will not receive any additional fees for serving as qualified independent underwriter in connection with this offering.
30
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 the section of this prospectus entitled "Proposed Business —
Comparison of This Offering to Those of Blank Check Companies Subject to Rule 419." You should carefully consider these
and the other risks set forth in the section of this prospectus entitled "Risk Factors" beginning on page 32 of
this prospectus.
Summary
Financial Data
The following table summarizes the relevant
financial data for our business and should be read with our financial statements, which are included in this prospectus. We have
not had any significant operations to date, so only balance sheet data is presented.
March 31,
2020
December 31,
2019
(Unaudited)
(Audited)
Balance Sheet Data:
Working capital (deficiency)
$
(86,243
)
$
(27,171
)
Total assets
$
138,621
$
26,171
Total liabilities
$
114,621
$
27,171
Stockholder's equity (deficit)
$
24,000
$
(1,000
)
31
RISK FACTORS
An investment in our securities involves
a high degree of risk. You should consider carefully all of the risks described below, together with the other information contained
in this prospectus, before making a decision to invest in our units. If any of the following events occur, our business, financial
condition and operating results may be materially adversely affected. In that event, the trading price of our securities could
decline, and you could lose all or part of your investment.
We are a newly formed company with no operating history and
no revenues, and you have no basis on which to evaluate our ability to achieve our business objective.
We are a newly formed company with no operating
results, and we will not commence operations until obtaining funding through this offering. Because we lack an operating history,
you have no basis upon which to evaluate our ability to achieve our business objective of completing our initial business combination
with one or more target businesses. We have no plans, arrangements or understandings with any prospective target business concerning
an initial business combination and may be unable to complete our initial business combination. If we fail to complete our initial
business combination, we will never generate any operating revenues.
Our 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
$28,378 in cash and a working capital deficit of $86,243. 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.
Our search for a business combination, and any target business
with which we ultimately consummate a business combination, may be materially adversely affected by the recent coronavirus (COVID-19)
outbreak and the status of debt and equity markets.
The outbreak of the COVID-19 coronavirus
has resulted in a widespread health crisis that has adversely affected the economies and financial markets worldwide. 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, if the target company's personnel, vendors and service providers are unavailable to negotiate
and consummate a transaction in a timely manner, or if COVID-19 causes a prolonged economic downturn. The extent to which COVID-19
impacts our search for a business combination will depend on future developments, which are highly uncertain and cannot be predicted,
including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its
impact, among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period
of time, our ability to consummate a business combination, or the operations of a target business with which we ultimately consummate
a business combination, may be materially adversely affected.
In addition, our ability to consummate a
business combination may be dependent on the ability to raise equity and debt financing which may be impacted by COVID-19 and other
events.
Our public stockholders may not be afforded an opportunity
to vote on our proposed initial business combination, which means we may complete our initial business combination even though
a majority of our public stockholders do not support such a combination.
We may choose not to hold a stockholder
vote to approve our initial business combination unless the initial business combination would require stockholder approval under
applicable law or stock exchange listing requirements or if we decide to hold a stockholder vote for business or other legal reasons.
Except as required by law, the decision as to whether we will seek stockholder approval of a proposed initial business combination
or will allow stockholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will
be based on a variety of factors, such as the timing of the transaction and whether the terms of the transaction would otherwise
require us to seek stockholder approval. Accordingly, we may complete our initial business combination even if holders of a majority
of our public shares do not approve of the initial business combination we complete. Please see the section of this prospectus
entitled "Proposed Business — Stockholders May Not Have the Ability to Approve Our Initial Business Combination"
for additional information.
32
If we seek stockholder approval of our initial business combination,
our sponsor, officers and directors and Nomura have agreed to vote in favor of such initial business combination, regardless of
how our public stockholders vote.
Our sponsor, officers, directors and Nomura
have agreed to vote any founder shares and private shares held by them, as well as any public shares purchased during or after
this offering (including in open market and privately negotiated transactions), in favor of our initial business combination. As
a result, in addition to the founder shares and private shares held by our sponsor, officers, directors and Nomura, we may need
only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in this offering to be voted in favor of an initial
business combination (assuming only a quorum is present at the shareholders meeting) in order to have our initial business combination
approved (assuming the over-allotment option is not exercised). Any forward purchase shares issued by us to Nomura will not be
entitled to vote on our initial business combination since those shares will not be issued until the closing of such transaction,
although Nomura may elect to purchase (and vote) shares from existing stockholders. Our initial stockholders (including Nomura)
will own shares representing 22.03% of our outstanding shares of common stock immediately following the completion of this offering
(including the private shares and assuming they do not purchase any units in this offering). Accordingly, if we seek stockholder
approval of our initial business combination, the agreement by our sponsor, officers, directors and Nomura to vote in favor of
our initial business combination will increase the likelihood that we will receive the requisite stockholder approval for such
initial business combination.
Your only opportunity to affect the investment decision regarding
a potential business combination will be limited to the exercise of your right to redeem your shares from us for cash, unless we
seek stockholder approval of the initial business combination.
At the time of your investment in us, you
will not be provided with an opportunity to evaluate the specific merits or risks of our initial business combination. Since our
board of directors may complete an initial business combination without seeking stockholder approval, public stockholders may not
have the right or opportunity to vote on the initial business combination, unless we seek such stockholder vote.
Accordingly, if we do not seek stockholder
approval, your only opportunity to affect the investment decision regarding a potential business combination may be limited to
exercising your redemption rights within the period of time (which will be at least 20 business days) set forth in our tender offer
documents mailed to our public stockholders in which we describe our initial business combination.
The ability of our public stockholders to redeem their shares
for cash may make our financial condition unattractive to potential business combination targets, which may make it difficult for
us to enter into an initial business combination with a target.
We may seek to enter into an initial business
combination agreement with a prospective target that requires as a closing condition that we have a minimum net worth or a certain
amount of cash. While we may have access to proceeds from the forward purchase agreement with Nomura, if too many public stockholders
exercise their redemption rights, we would not be able to meet such closing condition and, as a result, would not be able to proceed
with the initial business combination. Furthermore, in no event will we redeem our public shares in an amount that would cause
our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters'
fees and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible
asset or cash requirement which may be contained in the agreement relating to our initial business combination. Consequently, if
accepting all properly submitted redemption requests would cause our net tangible assets to be less than $5,000,001 upon consummation
of our initial business combination and after payment of underwriters' fees and commissions or such greater amount necessary
to satisfy a closing condition as described above, we would not proceed with such redemption and the related business combination
and may instead search for an alternate business combination. Prospective targets will be aware of these risks and, thus, may be
reluctant to enter into an initial business combination with us.
The ability of our public stockholders to exercise redemption
rights with respect to a large number of our shares may not allow us to complete the most desirable business combination or optimize
our capital structure.
At the time we enter into an agreement
for our initial business combination, we will not know how many stockholders may exercise their redemption rights, and therefore
will need to structure the transaction based on our expectations as to the number of shares that will be submitted for redemption.
If our initial business combination agreement requires us to use a portion of the cash in the trust account to pay the purchase
price, or requires us to have a minimum amount of cash at closing, we will need to reserve a portion of the cash in the trust account
to meet such requirements, or arrange for third party financing. In addition, if a larger number of shares are submitted for redemption
than we initially expected, we may need to restructure the transaction to reserve a greater portion of the cash in the trust account
or arrange for third party financing. Raising additional third party financing may involve dilutive equity issuances or the incurrence
of indebtedness at higher than desirable levels. Furthermore, this dilution would increase to the extent that the anti-dilution
provision of the Class B common stock results in the issuance of Class A shares on a greater than one-to-one basis upon
conversion of the Class B common stock at the time of our business combination. The above considerations may limit our ability
to complete the most desirable business combination available to us or optimize our capital structure. The amount of the deferred
underwriting commissions payable to the underwriters will not be adjusted for any shares that are redeemed in connection with an
initial business combination. The per share amount we will distribute to stockholders who properly exercise their redemption rights
will not be reduced by the deferred underwriting commission and after such redemptions, the per-share value of shares held by non-redeeming
stockholders will reflect our obligation to pay the deferred underwriting commissions.
33
The ability of our public stockholders to exercise redemption
rights with respect to a large number of our shares could increase the probability that our initial business combination would
be unsuccessful and that you would have to wait for liquidation in order to redeem your stock.
If our initial business combination
agreement requires us to use a portion of the cash in the trust account to pay the purchase price, or requires us to have a
minimum amount of cash at closing, the probability that our initial business combination would be unsuccessful is increased.
If our initial business combination is unsuccessful, you would not receive your pro rata portion of the trust account until
we liquidate the trust account. If you are in need of immediate liquidity, you could attempt to sell your stock in the open
market; however, at such time our stock may trade at a discount to the pro rata amount per share in the trust account. In
either situation, you may suffer a material loss on your investment or lose the benefit of funds expected in connection with
our redemption until we liquidate or you are able to sell your stock in the open market.
The requirement that we complete our initial business combination
within the prescribed time frame may give potential target businesses leverage over us in negotiating an initial business combination
and may decrease our ability to conduct due diligence on potential business combination targets as we approach our dissolution
deadline, which could undermine our ability to complete our initial business combination on terms that would produce value for
our stockholders.
Any potential target business with
which we enter into negotiations concerning an initial business combination will be aware that we must complete our initial
business combination within 18 months from the closing of this offering. Consequently, such target business may obtain
leverage over us in negotiating an initial business combination, knowing that if we do not complete our initial business
combination with that particular target business, we may be unable to complete our initial business combination with any
target business. This risk will increase as we get closer to the timeframe described above. In addition, we may have limited
time to conduct due diligence and may enter into our initial business combination on terms that we would have rejected upon a
more comprehensive investigation.
We may not be able to complete our initial business combination
within the prescribed time frame, in which case we would cease all operations except for the purpose of winding up and we would
redeem our public shares and liquidate, in which case our public stockholders may only receive $10.00 per share, or less than such
amount in certain circumstances, and our warrants will expire worthless.
Our amended and restated certificate
of incorporation provides that we must complete our initial business combination within 18 months from the closing of this
offering. We may not be able to find a suitable target business and complete our initial business combination within such
time period. If we have not completed our initial business combination within such time period, we will: (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account including interest earned on the funds held in the trust account and not previously released to
us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
public shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the
right to receive further liquidating distributions, if any), 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 each case to our obligations under Delaware law to provide for claims of
creditors and the requirements of other applicable law. In such case, our public stockholders may only receive $10.00 per
share, and our warrants will expire worthless. In certain circumstances, our public stockholders may receive less than $10.00
per share on the redemption of their shares. See "— If third parties bring claims against us, the proceeds held
in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share" and other risk factors below.
34
If we seek stockholder approval of our initial business combination,
our sponsor, directors, officers, advisors and their affiliates may elect to purchase shares or warrants from public stockholders,
which may influence a vote on a proposed initial business combination and reduce the public "float" of our Class A
common stock.
If we seek stockholder approval of our
initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our sponsor, directors, officers, advisors or their affiliates may purchase public shares or public warrants
or a combination thereof in privately negotiated transactions or in the open market either prior to or following the completion
of our initial business combination, although they are under no obligation to do so. However, they have no current commitments,
plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. None
of the funds in the trust account will be used to purchase public shares or public warrants in such transactions.
Such a purchase may include a
contractual acknowledgement that such stockholder, although still the record holder of our shares is no longer the beneficial
owner thereof and therefore agrees not to exercise its redemption rights. In the event that our sponsor, directors, officers,
advisors or their affiliates purchase shares in privately negotiated transactions from public stockholders who have already
elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to
redeem their shares. The purpose of such purchases could be to vote such shares in favor of the initial business combination
and thereby increase the likelihood of obtaining stockholder approval of the initial business combination, or to satisfy a
closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at
the closing of our initial business combination, where it appears that such requirement would otherwise not be met. The
purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such
warrants on any matters submitted to the warrantholders for approval in connection with our initial business combination. Any
such purchases of our securities may result in the completion of our initial business combination that may not otherwise have
been possible. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the
extent such purchasers are subject to such reporting requirements.
In addition, if such purchases are made,
the public "float" of our Class A common stock or public warrants and the number of beneficial holders of our
securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our securities
on a national securities exchange.
If a stockholder fails to receive notice of our offer to
redeem our public shares in connection with our initial business combination, or fails to comply with the procedures for tendering
its shares, such shares may not be redeemed.
We will comply with the tender offer rules or
proxy rules, as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance
with these rules, if a stockholder fails to receive our tender offer or proxy materials, as applicable, such stockholder may not
become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents, as applicable, that
we will furnish to holders of our public shares in connection with our initial business combination will describe the various procedures
that must be complied with in order to validly tender or redeem public shares. For example, we may require our public stockholders
seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name,"
to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such
holders, or up to two business days prior to the vote on the proposal to approve the initial business combination in the event
we distribute proxy materials, or to deliver their shares to the transfer agent electronically. In the event that a stockholder
fails to comply with these or any other procedures, its shares may not be redeemed. See the section of this prospectus entitled
"Proposed Business — Redemption Rights for Public Stockholders upon Completion of our Initial Business Combination
— Tendering Stock Certificates in Connection with a Tender Offer or Redemption Rights."
35
You will not have any rights or interests in funds from the
trust account, except under certain limited circumstances. To liquidate your investment, therefore, you may be forced to sell your
public shares or warrants, potentially at a loss.
Our public stockholders will be
entitled to receive funds from the trust account only upon the earliest to occur of: (i) our completion of an initial
business combination, and then only in connection with those shares of Class A common stock that such stockholder
properly elected to redeem, subject to the limitations described herein, (ii) the redemption of any public shares
properly submitted in connection with a stockholder vote to amend our amended and restated certificate of incorporation
(A) to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our
initial business combination within 18 months from the closing of this offering or (B) with respect to any other
provision relating to stockholders' rights or pre-initial business combination activity and (iii) the redemption
of our public shares if we are unable to complete an initial business combination within 18 months from the closing of this
offering, subject to applicable law and as further described herein. In no other circumstances will a public stockholder have
any right or interest of any kind in the trust account. Holders of warrants will not have any right to the proceeds held in
the trust account with respect to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your
public shares or warrants, potentially at a loss.
Nasdaq may delist our securities from trading on its exchange,
which could limit investors' ability to make transactions in our securities and subject us to additional trading restrictions.
We have applied to have our units listed
on Nasdaq. We expect that our units will be listed on Nasdaq on or promptly after the date of this prospectus. Following the date
the shares of our Class A common stock and warrants are eligible to trade separately, we anticipate that the shares of our
Class A common stock and warrants will be separately listed on Nasdaq. We cannot guarantee that our securities will be approved
for listing on Nasdaq. Although after giving effect to this offering we expect to meet, on a pro forma basis, the minimum initial
listing standards set forth in the Nasdaq listing standards, we cannot assure you that our securities will be, or will continue
to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing our securities
on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and stock price levels. Generally,
we must maintain a minimum amount in stockholders' equity (generally $2,500,000) and a minimum number of holders of our securities
(generally 300 public holders). Additionally, in connection with our initial business combination, we will be required to demonstrate
compliance with Nasdaq's initial listing requirements, which are more rigorous than Nasdaq's continued listing requirements,
in order to continue to maintain the listing of our securities on Nasdaq. For instance, our stock price would generally be required
to be at least $4.00 per share and our stockholders' equity would generally be required to be at least $5.0 million. Further,
recent Nasdaq rules changes that went into effect in August 2019 may make it more difficult to maintain our listing after
our business combination. Under these new rules, restricted securities, including those subject to a contractual lock-up, will
not count toward the $5.0 million stockholder equity minimum. Additionally, we would be required to have a minimum of 300 round
lot holders (with at least 50% of such round lot holders holding securities with a market value of at least $2,500) of our securities.
We cannot assure you that we will be able to meet those initial listing requirements at that time.
If Nasdaq delists our securities from trading
on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could
be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, including:
·
a limited availability of market quotations for our securities;
·
reduced liquidity for our securities;
·
a determination that our Class A common stock is a "penny stock" which will require brokers trading in our Class A common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;
·
a limited amount of news and analyst coverage; and
·
a decreased ability to issue additional securities or obtain additional financing in the future.
36
The National Securities Markets Improvement
Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which
are referred to as "covered securities." Because we expect that our units and eventually our Class A common stock
and warrants will be listed on Nasdaq, our units, Class A common stock and warrants will be covered securities. Although the
states are preempted from regulating the sale of our securities, the federal statute does allow the states to investigate companies
if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale
of covered securities in a particular case. While we are not aware of a state having used these powers to prohibit or restrict
the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view
blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities
of blank check companies in their states. Further, if we were no longer listed on Nasdaq, our securities would not be covered securities
and we would be subject to regulation in each state in which we offer our securities, including in connection with our initial
business combination.
You will not be entitled to protections normally afforded
to investors of many other blank check companies.
Since the net proceeds of this offering
and the sale of the private placement units are intended to be used to complete an initial business combination with a target business
that has not been identified, we may be deemed to be a "blank check" company under the United States securities laws.
However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this offering and the
sale of the private placement units and will file a Current Report on Form 8-K, including an audited balance sheet demonstrating
this fact, we are exempt from rules promulgated by the SEC to protect investors in blank check companies, such as Rule 419.
Accordingly, investors will not be afforded
the benefits or protections of those rules. Among other things, this means our units will be immediately tradable and we may have
a longer period of time to complete our initial business combination than do companies subject to Rule 419. Moreover, if this
offering were subject to Rule 419, that rule would prohibit the release of any interest earned on funds held in the trust
account to us unless and until the funds in the trust account were released to us in connection with our completion of an initial
business combination. For a more detailed comparison of our offering to offerings that comply with Rule 419, please see the
section of this prospectus entitled "Proposed Business — Comparison of This Offering to Those of Blank Check Companies
Subject to Rule 419."
If we seek stockholder approval of our initial business combination
and we do not conduct redemptions pursuant to the tender offer rules, and if you or a "group" of stockholders are deemed
to hold in excess of 15% of our Class A common stock, you will lose the ability to redeem all such shares in excess of 15%
of our Class A common stock.
If we seek stockholder approval of
our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public
stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in
concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from seeking
redemption rights with respect to more than an aggregate of 15% of the shares sold in this offering without our prior
consent, which we refer to as the "Excess Shares." However, we would not be restricting our stockholders'
ability to vote all of their shares (including Excess Shares) for or against our initial business combination. Your inability
to redeem the Excess Shares will reduce your influence over our ability to complete our initial business combination and you
could suffer a material loss on your investment in us if you sell Excess Shares in open market transactions. Additionally,
you will not receive redemption distributions with respect to the Excess Shares if we complete our initial business
combination. And as a result, you will continue to hold that number of shares exceeding 15% and, in order to dispose of such
shares, would be required to sell your stock in open market transactions, potentially at a loss.
37
Because of our limited resources and the significant competition
for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we are
unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share on
our redemption of our public shares, or less than such amount in certain circumstances, and our warrants will expire worthless.
We expect to encounter intense competition
from other entities having a business objective similar to ours, including private investors (which may be individuals or investment
partnerships), other blank check companies and other entities competing for the types of businesses we intend to acquire. Many
of these individuals and entities are well-established and have extensive experience in identifying and effecting, directly or
indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess
greater technical, human and other resources or more industry knowledge than we do, and our financial resources will be relatively
limited when contrasted with those of many of these competitors. While we believe there are numerous target businesses we could
potentially acquire with the net proceeds of this offering and the sale of the private placement units, our ability to compete
with respect to the acquisition of certain target businesses that are sizable will be limited by our available financial resources.
This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses. Furthermore,
because we are obligated to pay cash for the shares of Class A common stock which our public stockholders redeem in connection
with our initial business combination, target companies will be aware that this may reduce the resources available to us for our
initial business combination. This may place us at a competitive disadvantage in successfully negotiating an initial business combination.
If we are unable to complete our initial business combination, our public stockholders may receive only approximately $10.00 per
share on the liquidation of our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders
may receive less than $10.00 per share upon our liquidation. See "— If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share" and other risk factors below.
If the net proceeds of this offering and the sale of the
private placement units not being held in the trust account are insufficient to allow us to operate for at least the next 18 months,
we may be unable to complete our initial business combination, in which case our public stockholders may only receive $10.00 per
share, or less than such amount in certain circumstances, and our warrants will expire worthless.
The funds available to us outside of the
trust account may not be sufficient to allow us to operate for at least the next 18 months, assuming that our initial business
combination is not completed during that time. We believe that, upon the closing of this offering, the funds available to us outside
of the trust account will be sufficient to allow us to operate for at least the next 18 months; however, we cannot assure you that
our estimate is accurate. Of the funds available to us, we could use a portion of the funds available to us to pay fees to consultants
to assist us with our search for a target business. We could also use a portion of the funds as a down payment or to fund a "no-shop"
provision (a provision in letters of intent or merger agreements designed to keep target businesses from "shopping"
around for transactions with other companies on terms more favorable to such target businesses) with respect to a particular proposed
initial business combination, although we do not have any current intention to do so. If we entered into a letter of intent or
merger agreement where we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit
such funds (whether as a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct
due diligence with respect to, a target business. If we are unable to complete our initial business combination, our public stockholders
may receive only approximately $10.00 per share on the liquidation of our trust account and our warrants will expire worthless.
In certain circumstances, our public stockholders may receive less than $10.00 per share upon our liquidation. See "—
If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption
amount received by stockholders may be less than $10.00 per share" and other risk factors below.
38
If the net proceeds of this offering and the sale of the
private placement units not being held in the trust account are insufficient, it could limit the amount available to fund our search
for a target business or businesses and complete our initial business combination and we will depend on loans from our sponsor
or management team to fund our search for an initial business combination, to pay our taxes and to complete our initial business
combination. If we are unable to obtain these loans, we may be unable to complete our initial business combination.
Of the net proceeds of this offering and
the sale of the private placement units, only approximately $1.75 million will be available to us initially outside the trust account
to fund our working capital requirements. In the event that our offering expenses exceed our estimate of $750,000, we may fund
such excess with funds not to be held in the trust account. In such case, the amount of funds we intend to be held outside the
trust account would decrease by a corresponding amount. The amount held in the trust account will not be impacted as a result of
such increase or decrease. Conversely, in the event that the offering expenses are less than our estimate of $750,000, the amount
of funds we intend to be held outside the trust account would increase by a corresponding amount. If we are required to seek additional
capital, we would need to borrow funds from our sponsor, management team or other third parties to operate or may be forced to
liquidate. None of our sponsor, members of our management team nor any of their affiliates is under any obligation to advance funds
to us in such circumstances. Any such advances would be repaid only from funds held outside the trust account or from funds released
to us upon completion of our initial business combination. Up to $1 million of such loans may be convertible into units, at a price
of $10.00 per unit at the option of the lender. The units would be identical to the private placement units. Prior to the completion
of our initial business combination, we do not expect to seek loans from parties other than our sponsor or an affiliate of our
sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to
seek access to funds in our trust account. If we are unable to obtain these loans, we may be unable to complete our initial business
combination. If we are unable to complete our initial business combination because we do not have sufficient funds available to
us, we will be forced to cease operations and liquidate the trust account. Consequently, our public stockholders may only receive
approximately $10.00 per share on our redemption of our public shares, and our warrants will expire worthless. In certain circumstances,
our public stockholders may receive less than $10.00 per share on the redemption of their shares. See "— If third parties
bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount received by
stockholders may be less than $10.00 per share" and other risk factors below.
Subsequent to the completion of our initial business combination,
we may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant
negative effect on our financial condition, results of operations and our stock price, which could cause you to lose some or all
of your investment.
Even if we conduct extensive due diligence
on a target business with which we combine, we cannot assure you that this diligence will surface all material issues that may
be present inside a particular target business, that it would be possible to uncover all material issues through a customary amount
of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result of
these factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or other
charges that could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected
risks may arise and previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even
though these charges may be non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of
this nature could contribute to negative market perceptions about us or our securities. In addition, charges of this nature may
cause us to violate net worth or other covenants to which we may be subject as a result of assuming pre-existing debt held by a
target business or by virtue of our obtaining debt financing to partially finance the initial business combination. Accordingly,
any stockholders who choose to remain stockholders following the initial business combination could suffer a reduction in the value
of their shares. Such stockholders are unlikely to have a remedy for such reduction in value unless they are able to successfully
claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary duty owed to them,
or if they are able to successfully bring a private claim under securities laws that the proxy solicitation or tender offer materials,
as applicable, relating to the initial business combination constituted an actionable material misstatement or omission.
39
If third parties bring claims against us, the proceeds held
in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00 per
share.
Our placing of funds in the trust account
may not protect those funds from third-party claims against us. Although we will seek to have all vendors, service providers, prospective
target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or
claim of any kind in or to any monies held in the trust account for the benefit of our public stockholders, such parties may not
execute such agreements, or even if they execute such agreements they may not be prevented from bringing claims against the trust
account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well
as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against
our assets, including the funds held in the trust account. If any third party refuses to 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. We are not aware of any product or service providers
who have not or will not provide such waiver other than the underwriters of this offering and our independent registered public
accounting firm.
Examples of possible instances where we
may engage a third party that refuses to execute a waiver include the engagement of a third party consultant whose particular expertise
or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver
or in cases where management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee
that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations,
contracts or agreements with us and will not seek recourse against the trust account for any reason. Upon redemption of our public
shares, if we are unable to complete our initial business combination within the prescribed timeframe, or upon the exercise of
a redemption right in connection with our initial business combination, we will be required to provide for payment of claims of
creditors that were not waived that may be brought against us within the 10 years following redemption. Accordingly, the per-share
redemption amount received by public stockholders could be less than the $10.00 per share initially held in the trust account,
due to claims of such creditors. Pursuant to the letter agreement, the form of which is filed as Exhibit 10.1 to the registration
statement of which this prospectus forms a part, our sponsor has agreed that it will be liable to us if and to the extent any claims
by a third party for services rendered or products sold to us, or a prospective target business with which we have entered into
a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds
in the trust account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held
in the trust account as of the date of the liquidation of the trust account, if less than $10.00 per share due to reductions in
the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or
prospective target business who executed a waiver of any and all rights to the monies held in the trust account (whether or not
such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters of this offering against certain
liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor to reserve for such indemnification
obligations, nor have we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and
believe that our sponsor's only assets are securities of our company. 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) $10.00 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 $10.00 per share due to reductions in the value
of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable
to satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent directors
would determine whether to take legal action against our sponsor to enforce its indemnification obligations.
40
While we currently expect that our independent
directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible
that our independent directors in exercising their business judgment and subject to their fiduciary duties may choose not to do
so in any particular instance if, for example, the cost of such legal action is deemed by the independent directors to be too high
relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. If our independent
directors choose not to enforce these indemnification obligations, the amount of funds in the trust account available for distribution
to our public stockholders may be reduced below $10.00 per share.
We may not have sufficient funds to satisfy indemnification
claims of our directors and executive officers.
We have agreed to indemnify our officers
and directors to the fullest extent permitted by law. However, our officers, directors and Nomura have agreed to waive any right,
title, interest or claim of any kind in or to any monies in the trust account and not to seek recourse against the trust account
for any reason whatsoever. Accordingly, any indemnification provided will be able to be satisfied by us only if (i) we have
sufficient funds outside of the trust account or (ii) we consummate an initial business combination. Our obligation to indemnify
our officers and directors may discourage stockholders from bringing a lawsuit against our officers or directors for breach of
their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our
officers and directors, even though such an action, if successful, might otherwise benefit us and our stockholders. Furthermore,
a stockholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against
our officers and directors pursuant to these indemnification provisions.
If, after we distribute the proceeds in the trust account
to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not
dismissed, a bankruptcy court may seek to recover such proceeds, and we and our board may be exposed to claims of punitive damages.
If, after we distribute the proceeds
in the trust account to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed
against us that is not dismissed, any distributions received by stockholders could be viewed under applicable debtor/creditor
and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent conveyance." As a result,
a bankruptcy court could seek to recover all amounts received by our stockholders. In addition, our board of directors may be
viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself and
us to claims of punitive damages, by paying public stockholders from the trust account prior to addressing the claims of
creditors.
If, before distributing the proceeds in the trust account
to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not
dismissed, the claims of creditors in such proceeding may have priority over the claims of our stockholders and the per-share amount
that would otherwise be received by our stockholders in connection with our liquidation may be reduced.
If, before distributing the proceeds in
the trust account to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against
us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included
in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our stockholders. To the extent
any bankruptcy claims deplete the trust account, the per-share amount that would otherwise be received by our stockholders in connection
with our liquidation may be reduced.
If we are deemed to be an investment company under the Investment
Company Act, we may be required to institute burdensome compliance requirements and our activities may be restricted, which may
make it difficult for us to complete our initial business combination.
If we are deemed to be an investment company
under the Investment Company Act, our activities may be restricted, including:
·
restrictions on the nature of our investments; and
·
restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination.
In addition, we may have imposed upon us
burdensome requirements, including:
·
registration as an investment company;
·
adoption of a specific form of corporate structure; and
·
reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.
41
In order not to be regulated as an investment
company under the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily
in a business other than investing, reinvesting or trading in securities and that our activities do not include investing, reinvesting,
owning, holding or trading "investment securities" constituting more than 40% of our total assets (exclusive of U.S.
government securities and cash items) on an unconsolidated basis. Our business will be to identify and complete an initial business
combination and thereafter to operate the post-transaction business or assets for the long term. We do not plan to buy businesses
or assets with a view to resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive
investor.
We do not believe that our
anticipated principal activities will subject us to the Investment Company Act. To this end, the proceeds held in the trust
account may only be invested in 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 earliest to occur of: (i) the
completion of our initial business combination; (ii) the redemption of any public shares properly submitted in
connection with a stockholder vote to amend our amended and restated certificate of incorporation (A) to modify the
substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination within 18 months from the closing of this offering or (B) with respect to any other provision relating to
stockholders' rights or pre-initial business combination activity; or (iii) absent an initial business combination
within 18 months from the closing of this offering, our return of the funds held in the trust account to our public
stockholders as part of our redemption of the public shares. If we do not invest the proceeds as discussed above, we may be
deemed to be subject to the Investment Company Act. If we were deemed to be subject to the Investment Company Act, compliance
with these additional regulatory burdens would require additional expenses for which we have not allotted funds and may
hinder our ability to complete an initial business combination or may result in our liquidation. If we are unable to complete
our initial business combination, our public stockholders may receive only approximately $10.00 per share on the liquidation
of our trust account and our warrants will expire worthless.
Changes in laws or regulations, or a failure to comply with
any laws and regulations, may adversely affect our business, including our ability to negotiate and complete our initial business
combination and results of operations.
We are subject to laws and regulations
enacted by national, regional and local governments. In particular, we will be required to comply with certain SEC and other legal
requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly.
Those laws and regulations and their interpretation
and application may also change from time to time and those changes could have a material adverse effect on our business, investments
and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could
have a material adverse effect on our business, including our ability to negotiate and complete our initial business combination
and results of operations.
Our stockholders may be held liable for claims by third parties
against us to the extent of distributions received by them upon redemption of their shares.
Under the DGCL, stockholders may be
held liable for claims by third parties against a corporation to the extent of distributions received by them in a
dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption of our
public shares in the event we do not complete our initial business combination within 18 months from the closing of this
offering may be considered a liquidating distribution under Delaware law. If a corporation complies with certain procedures
set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it,
including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period
during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating
distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited
to the lesser of such stockholder's pro rata share of the claim or the amount distributed to the stockholder, and any
liability of the stockholder would be barred after the third anniversary of the dissolution. However, it is our intention to
redeem our public shares as soon as reasonably possible following the 18
th
month from the closing of this offering
in the event we do not complete our initial business combination and, therefore, we do not intend to comply with the
foregoing procedures.
42
Because we will not be complying with
Section 280, Section 281(b) of the DGCL requires us to adopt a plan, based on facts known to us at such time
that will provide for our payment of all existing and pending claims or claims that may be potentially brought against us
within the 10 years following our dissolution. However, because we are a blank check company, rather than an operating
company, and our operations will be limited to searching for prospective target businesses to acquire, the only likely claims
to arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. If our
plan of distribution complies with Section 281(b) of the DGCL, any liability of stockholders with respect to a
liquidating distribution is limited to the lesser of such stockholder's pro rata share of the claim or the amount
distributed to the stockholder, and any liability of the stockholder would likely be barred after the third anniversary of
the dissolution. We cannot assure you that we will properly assess all claims that may be potentially brought against us. As
such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no
more) and any liability of our stockholders may extend beyond the third anniversary of such date. Furthermore, if the pro
rata portion of our trust account distributed to our public stockholders upon the redemption of our public shares in the
event we do not complete our initial business combination within 18 months from the closing of this offering is not
considered a liquidating distribution under Delaware law and such redemption distribution is deemed to be unlawful
(potentially due to the imposition of legal proceedings that a party may bring or due to other circumstances that are
currently unknown), then pursuant to Section 174 of the DGCL, the statute of limitations for claims of creditors could
then be six years after the unlawful redemption distribution, instead of three years, as in the case of a liquidating
distribution.
We may not hold an annual meeting of stockholders until after
the consummation of our initial business combination, which could delay the opportunity for our stockholders to elect directors.
In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following
our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders
for the purposes of electing directors in accordance with our bylaws unless such election is made by written consent in lieu of
such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial
business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual
meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination,
they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of
the DGCL.
We are not registering the shares of Class A common
stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time, and such registration
may not be in place when an investor desires to exercise warrants, thus precluding such investor from being able to exercise its
warrants except on a cashless basis. If the issuance of the shares upon exercise of warrants is not registered, qualified or exempt
from registration or qualification, the holder of such warrant will not be entitled to exercise such warrant and such warrant may
have no value and expire worthless.
We are not registering the shares of Class A
common stock issuable upon exercise of the warrants under the Securities Act or any state securities laws at this time. However,
under the terms of the warrant agreement, we have agreed that as soon as practicable, but in no event later than 30 days after
the closing of our initial business combination, we will use our best efforts to file with the SEC a registration statement for
the registration under the Securities Act of the shares of Class A common stock issuable upon exercise of the warrants and
thereafter will use our best efforts to cause the same to become effective within 60 business days following our initial business
combination and to maintain a current prospectus relating to the Class A common stock issuable upon exercise of the warrants,
until the expiration of the warrants in accordance with the provisions of the warrant agreement. We cannot assure you that we will
be able to do so if, for example, any facts or events arise which represent a fundamental change in the information set forth in
the registration statement or prospectus, the financial statements contained or incorporated by reference therein are not current
or correct or the SEC issues a stop order. If the shares issuable upon exercise of the warrants are not registered under the Securities
Act, we will be required to permit holders to exercise their warrants on a cashless basis. However, no warrant will be exercisable
for cash or on a cashless basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants,
unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising
holder, or an exemption from registration is available. If that exemption, or another exemption, is not available, holders will
not be able to exercise their warrants on a cashless basis. In no event will we be required to net cash settle any warrant, or
issue securities or other compensation in exchange for the warrants in the event that we are unable to register or qualify the
shares underlying the warrants under applicable state securities laws and there is no exemption available. If the issuance of the
shares upon exercise of the warrants is not so registered or qualified or exempt from registration or qualification, the holder
of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In such
event, holders who acquired their warrants as part of a purchase of units will have paid the full unit purchase price solely for
the shares of Class A common stock included in the units. If and when the warrants become redeemable by us, we may not exercise
our redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or
qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use our
best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in those states
in which the warrants were offered by us in this offering. However, there may be instances in which holders of our public warrants
may be unable to exercise such public warrants but holders of our private warrants may be able to exercise such private warrants.
43
If you exercise your public warrants on a "cashless
basis," you will receive fewer shares of Class A common stock from such exercise than if you were to exercise such warrants
for cash.
There are circumstances in which the
exercise of the public warrants may be required or permitted to be made on a cashless basis. First, if a registration
statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the
60
th
business day after the closing of our initial business combination, warrantholders may, until such time as
there is an effective registration statement, exercise warrants on a cashless basis in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Second, if a registration statement covering the
Class A common stock issuable upon exercise of the warrants is not effective within a specified period following the
consummation of our initial business combination, warrant holders may, until such time as there is an effective registration
statement and during any period when we shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such
exemption is available; if that exemption, or another exemption, is not available, holders will not be able to exercise their
warrants on a cashless basis. Third, if we call the public warrants for redemption, our management will have the option to
require all holders that wish to exercise warrants to do so on a cashless basis. In the event of an exercise on a cashless
basis, a holder would pay the warrant exercise price by surrendering the warrants for that number of shares of Class A
common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common
stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair
market value" (as defined in the next sentence) by (y) the fair market value. The "fair market value"
is the average last reported sale price of the Class A common stock for the 10 trading days ending on the third trading
day prior to the date on which the notice of exercise is received by the warrant agent or on which the notice of redemption
is sent to the holders of warrants, as applicable. As a result, you would receive fewer shares of Class A common stock
from such exercise than if you were to exercise such warrants for cash.
The grant of registration rights to our initial stockholders
may make it more difficult to complete our initial business combination, and the future exercise of such rights may adversely affect
the market price of our Class A common stock.
Pursuant to an agreement to be entered
into concurrently with the issuance and sale of the securities in this offering, our initial stockholders and their permitted transferees
can demand that we register the private placement units, the shares of Class A common stock issuable upon exercise of the
founder shares and the warrants issued in connection with the private placement units and the securities issuable pursuant to the
forward purchase agreement held, or to be held, by them and holders of warrants that may be issued upon conversion of working capital
loans may demand that we register such warrants or the Class A common stock issuable upon exercise of such warrants. We will
bear the cost of registering these securities. The registration and availability of such a significant number of securities for
trading in the public market may have an adverse effect on the market price of our Class A common stock. In addition, the
existence of the registration rights may make our initial business combination more costly or difficult to conclude. This is because
the stockholders of the target business may increase the equity stake they seek in the combined entity or ask for more cash consideration
to offset the negative impact on the market price of our Class A common stock that is expected when the securities owned by
our initial stockholders or holders of working capital loans or their respective permitted transferees are registered.
Because we are neither limited to evaluating a target business
in a particular industry sector nor have we selected any specific target businesses with which to pursue our initial business combination,
you will be unable to ascertain the merits or risks of any particular target business's operations.
We will seek to complete a business combination
with an operating company in the PropTech sector in the United States (which may include a company based in the United States which
has operations or opportunities outside the United States), but may also pursue acquisition opportunities in other industries,
except that we will not, under our amended and restated certificate of incorporation, be permitted to effectuate our initial business
combination with another blank check company or similar company with nominal operations. Because we have not yet selected any specific
target business with respect to a business combination, there is no basis to evaluate the possible merits or risks of any particular
target business's operations, results of operations, cash flows, liquidity, financial condition or prospects. To the extent
we complete our initial business combination, we may be affected by numerous risks inherent in the business operations with which
we combine. For example, if we combine with a financially unstable business or an entity lacking an established record of sales
or earnings, we may be affected by the risks inherent in the business and operations of a financially unstable or a development
stage entity. Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business,
we cannot assure you that we will properly ascertain or assess all of the significant risk factors or that we will have adequate
time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us with no ability to
control or reduce the chances that those risks will adversely impact a target business. We also cannot assure you that an investment
in our units will ultimately prove to be more favorable to investors than a direct investment, if such opportunity were available,
in a business combination target. Accordingly, any stockholders who choose to remain stockholders following our initial business
combination could suffer a reduction in the value of their securities. Such stockholders are unlikely to have a remedy for such
reduction in value unless they are able to successfully claim that the reduction was due to the breach by our officers or directors
of a duty of care or other fiduciary duty owed to them, or if they are able to successfully bring a private claim under securities
laws that the proxy solicitation or tender offer materials, as applicable, relating to the business combination contained an actionable
material misstatement or material omission.
Past performance by members of our management team may not
be indicative of future performance of an investment in the Company.
Past performance by members of our management
team is not a guarantee either (i) of success with respect to any business combination we may consummate or (ii) that
we will be able to locate a suitable candidate for our initial business combination. You should not rely on the historical record
of members of our management team's performance as indicative of our future performance of an investment in the company or
the returns the company will, or is likely to, generate going forward.
44
We may seek business combination opportunities in industries
or sectors which may or may not be outside of our management's area of expertise.
Although we intend to focus on identifying
companies that apply innovative digital technologies and technology-enhanced services and solutions to the identification, design,
development, construction, operation, financing, management and disposition of real estate properties, commonly referred to as
"PropTech," we will consider an initial business combination outside of our management's area of expertise if
an initial business combination candidate is presented to us and we determine that such candidate offers an attractive business
combination opportunity for our company or we are unable to identify a suitable candidate in this sector after having expanded
a reasonable amount of time and effort in an attempt to do so. Although our management will endeavor to evaluate the risks inherent
in any particular business combination candidate, we cannot assure you that we will adequately ascertain or assess all of the significant
risk factors. We also cannot assure you that an investment in our units will not ultimately prove to be less favorable to investors
in this offering than a direct investment, if an opportunity were available, in an initial business combination candidate. In the
event we elect to pursue a business combination outside of the areas of our management's expertise, our management's
expertise may not be directly applicable to its evaluation or operation, and the information contained in this prospectus regarding
the areas of our management's expertise would not be relevant to an understanding of the business that we elect to acquire.
As a result, our management may not be able to adequately ascertain or assess all of the significant risk factors. Accordingly,
any stockholders who choose to remain stockholders following our initial business combination could suffer a reduction in the value
of their shares. Such stockholders are unlikely to have a remedy for such reduction in value.
Although we have identified general criteria and guidelines
that we believe are important in evaluating prospective target businesses, we may enter into our initial business combination with
a target that does not meet such criteria and guidelines, and as a result, the target business with which we enter into our initial
business combination may not have attributes entirely consistent with our general criteria and guidelines.
Although we have identified general criteria
and guidelines for evaluating prospective target businesses, it is possible that a target business with which we enter into our
initial business combination will not have all of these positive attributes. If we complete our initial business combination with
a target that does not meet some or all of these guidelines, such combination may not be as successful as a combination with a
business that does meet all of our general criteria and guidelines. In addition, if we announce a prospective business combination
with a target that does not meet our general criteria and guidelines, a greater number of stockholders may exercise their redemption
rights, which may make it difficult for us to meet any closing condition with a target business that requires us to have a minimum
net worth or a certain amount of cash. In addition, if stockholder approval of the transaction is required by law, or we decide
to obtain stockholder approval for business or other legal reasons, it may be more difficult for us to attain stockholder approval
of our initial business combination if the target business does not meet our general criteria and guidelines. If we are unable
to complete our initial business combination, our public stockholders may receive only approximately $10.00 per share on the liquidation
of our trust account and our warrants will expire worthless. In certain circumstances, our public stockholders may receive less
than $10.00 per share on the redemption of their shares. See "— If third parties bring claims against us, the proceeds
held in the trust account could be reduced and the per-share redemption amount received by stockholders may be less than $10.00
per share" and other risk factors below.
We may seek business combination opportunities with a financially
unstable business or an entity lacking an established record of revenue, cash flow or earnings, which could subject us to volatile
revenues, cash flows or earnings or difficulty in retaining key personnel.
To the extent we complete our initial business
combination with a financially unstable business or an entity lacking an established record of revenues or earnings, we may be
affected by numerous risks inherent in the operations of the business with which we combine. These risks include volatile revenues
or earnings and difficulties in obtaining and retaining key personnel. Although our officers and directors will endeavor to evaluate
the risks inherent in a particular target business, we may not be able to properly ascertain or assess all of the significant risk
factors and we may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control
and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business.
45
We are not required to obtain an opinion from an independent
investment banking firm or from an independent accounting firm, and consequently, you may have no assurance from an independent
source that the price we are paying for the business is fair to our company from a financial point of view.
Unless we complete our initial business
combination with an affiliated entity or our board cannot independently determine the fair market value of the target business
or businesses, we are not required to obtain an opinion from an independent investment banking firm that is a member of FINRA or
from an independent accounting firm that the price we are paying is fair to our company from a financial point of view. If no opinion
is obtained, our stockholders will be relying on the judgment of our board of directors, who will determine fair market value based
on standards generally accepted by the financial community. Such standards used will be disclosed in our proxy materials or tender
offer documents, as applicable, related to our initial business combination.
We may issue additional common stock or preferred stock to
complete our initial business combination or under an employee incentive plan after completion of our initial business combination.
We may also issue shares of Class A common stock upon the conversion of the Class B common stock at a ratio greater than
one-to-one at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended
and restated certificate of incorporation. Any such issuances would dilute the interest of our stockholders and likely present
other risks.
Our amended and restated certificate of
incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, par value $0.0001 per share, 10,000,000
shares of Class B common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per
share. Immediately after this offering, there will be 69,025,000 and 5,000,000 (assuming, in each case, that the underwriters have
not exercised their over-allotment option) authorized but unissued shares of Class A common stock and Class B common
stock, respectively, available for issuance, which amount takes into account the shares of Class A common stock reserved for
issuance upon exercise of outstanding warrants but not the shares of Class A common stock issuable upon conversion of Class B
common stock. Immediately after the consummation of this offering, there will be no shares of preferred stock issued and outstanding.
Shares of Class B common stock are convertible into shares of our Class A common stock initially at a one-for-one ratio
but subject to adjustment as set forth herein, including in certain circumstances in which we issue Class A common stock or
equity-linked securities related to our initial business combination. These amounts exclude the issuance of forward purchase shares
issuable pursuant to our forward purchase agreement with Nomura at the time of the initial business combination.
We may issue a substantial number of
additional shares of common or preferred stock to complete our initial business combination (including pursuant to our
forward purchase agreement with Nomura) or under an employee incentive plan after completion of our initial business
combination (although our amended and restated certificate of incorporation will provide that we may not issue securities
that can vote with common stockholders on matters related to our pre-initial business combination activity). We may also
issue shares of Class A common stock upon conversion of the Class B common stock at a ratio greater than one-to-one
at the time of our initial business combination as a result of the anti-dilution provisions contained in our amended and
restated certificate of incorporation. However, our amended and restated certificate of incorporation will provide, among
other things, that prior to our initial business combination, we may not issue additional shares of capital stock that would
entitle the holders thereof to (i) receive funds from the trust account or (ii) vote on any initial business
combination. These provisions of our amended and restated certificate of incorporation, like all provisions of our amended
and restated certificate of incorporation, may be amended with the approval of our stockholders. However, our sponsor,
officers, directors and director nominees have agreed, pursuant to a written agreement with us, that they will not propose
any amendment to our amended and restated certificate of incorporation (A) to modify the substance or timing of our
obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from
the closing of this offering or (B) with respect to any other provision relating to stockholders' rights or
pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem their
shares of common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by
the number of then outstanding public shares.
The issuance of additional shares of common
or preferred stock:
·
may significantly dilute the equity interest of investors in this offering;
·
may subordinate the rights of holders of common stock if preferred stock is issued with rights senior to those afforded our common stock;
·
could cause a change of control if a substantial number of shares of our common stock are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors; and
·
may adversely affect prevailing market prices for our units, Class A common stock and/or warrants.
46
Resources could be wasted in researching business combinations
that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another
business. If we are unable to complete our initial business combination, our public stockholders may receive only approximately
$10.00 per share, or less than such amount in certain circumstances, on the liquidation of our trust account and our warrants will
expire worthless.
We anticipate that the investigation of
each specific target business and the negotiation, drafting and execution of relevant agreements, disclosure documents and other
instruments will require substantial management time and attention and substantial costs for accountants, attorneys, consultants
and others. If we decide not to complete a specific initial business combination, the costs incurred up to that point for the proposed
transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target business, we may
fail to complete our initial business combination for any number of reasons including those beyond our control. Any such event
will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts to locate
and acquire or merge with another business. If we are unable to complete our initial business combination, our public stockholders
may receive only approximately $10.00 per share on the liquidation of our trust account and our warrants will expire worthless.
In certain circumstances, our public stockholders may receive less than $10.00 per share on the redemption of their shares.
See "— If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share
redemption amount received by stockholders may be less than $10.00 per share" and other risk factors below.
Our ability to successfully effect our initial business combination
and to be successful thereafter will be totally dependent upon the efforts of our officers and directors, some of whom may join
us following our initial business combination. The loss of officers and directors could negatively impact the operations and profitability
of our post-combination business.
Our ability to successfully effect our
initial business combination is dependent upon the efforts of our officers and directors. The role of our officers and directors
in the target business, however, cannot presently be ascertained. Although some of our officers and directors may remain with the
target business in senior management or advisory positions following our initial business combination, it is likely that some or
all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals we employ
after our initial business combination, we cannot assure you that our assessment of these individuals will prove to be correct.
These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could cause us to
have to expend time and resources helping them become familiar with such requirements. In addition, the officers and directors
of an initial business combination candidate may resign upon completion of our initial business combination. The departure of an
initial business combination target's officers and directors could negatively impact the operations and profitability of
our post-combination business. The role of an initial business combination candidate's officers and directors upon the completion
of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members of an initial
business combination candidate's management team will remain associated with the initial business combination candidate following
our initial business combination, it is possible that members of the management of an initial business combination candidate will
not wish to remain in place. The loss of officers and directors could negatively impact the operations and profitability of our
post-combination business.
We are dependent upon our executive officers and directors
and their departure could adversely affect our ability to operate.
Our operations are dependent upon a relatively
small group of individuals and, in particular, our executive officers and directors. We believe that our success depends on the
continued service of our executive officers and directors, at least until we have completed our initial business combination. We
do not have an employment agreement with, or key-man insurance on the life of, any of our directors or executive officers. The
unexpected loss of the services of one or more of our directors or executive officers could have a detrimental effect on us.
47
Our officers and directors 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 officers and directors may be
able to remain with the company after the completion of our initial business combination only if they are able to negotiate
employment or consulting agreements in connection with the initial business combination. Such negotiations would take place
simultaneously with the negotiation of the initial business combination and could provide for such individuals to receive
compensation in the form of cash payments and/or our securities for services they would render to us after the completion of
the initial business combination. The personal and financial interests of such individuals may influence their motivation in
identifying and selecting a target business. However, we believe the ability of such individuals to remain with us after the
completion of our initial business combination will not be the determining factor in our decision as to whether or not we
will proceed with any potential business combination. There is no certainty, however, that any of our officers and directors
will remain with us after the completion of our initial business combination. We cannot assure you that any of our officers
and directors will remain in senior management or advisory positions with us. The determination as to whether any of our
officers and directors will remain with us will be made at the time of our initial business combination.
We may have a limited ability to assess the management of
a prospective target business and, as a result, may effect our initial business combination with a target business whose management
may not have the skills, qualifications or abilities to manage a public company, which could, in turn, negatively impact the value
of our stockholders' investment in us.
When evaluating the desirability of effecting
our initial business combination with a prospective target business, our ability to assess the target business's management
may be limited due to a lack of time, resources or information. Our assessment of the capabilities of the target's management,
therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should
the target's management not possess the skills, qualifications or abilities necessary to manage a public company, the operations
and profitability of the post-combination business may be negatively impacted. Accordingly, any stockholders who choose to remain
stockholders following the initial business combination could suffer a reduction in the value of their shares. Such stockholders
are unlikely to have a remedy for such reduction in value.
Our officers and directors will allocate their time to other
businesses thereby causing conflicts of interest in their determination as to how much time to devote to our affairs. This conflict
of interest could have a negative impact on our ability to complete our initial business combination.
Our officers and directors are not required
to, and will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between
our operations and our search for an initial business combination and their other businesses. We do not intend to have any full-time
employees prior to the completion of our initial business combination. Each of our officers is engaged in other business endeavors
for which he may be entitled to substantial compensation and our officers are not obligated to contribute any specific number of
hours per week to our affairs. Our independent directors may also serve as officers or board members for other entities. If our
officers' and directors' other business affairs require them to devote substantial amounts of time to such affairs
in excess of their current commitment levels, it could limit their ability to devote time to our affairs which may have a negative
impact on our ability to complete our initial business combination. For a complete discussion of our officers' and directors'
other business affairs, please see the section of this prospectus entitled "Management — Directors and Officers."
Certain of our officers and directors are now, and all of
them may in the future become, affiliated with entities engaged in business activities similar to those intended to be conducted
by us and, accordingly, may have conflicts of interest in allocating their time and determining to which entity a particular business
opportunity should be presented.
Following the completion of this
offering and until we consummate our initial business combination, we intend to engage in the business of identifying and
combining with one or more businesses. Our sponsor and officers and directors are, and may in the future become, affiliated
with entities (such as operating companies or investment vehicles) that are engaged in a similar business. In March 2020,
Ophir Sternberg, our  Chairman, President and Chief Executive Officer, became  Chairman, of OPES Acquisition Corp.,
a SPAC. On June 30, 2020, OPES Acquisition Corp. announced a definitive agreement to merge with BurgerFi International
Inc.
48
Our officers and directors also may become
aware of business opportunities which may be appropriate for presentation to us and the other entities to which they owe certain
fiduciary or contractual duties.
Accordingly, they may have conflicts of
interest in determining to which entity a particular business opportunity should be presented. These conflicts may not be resolved
in our favor and a potential target business may be presented to another entity prior to its presentation to us. Our amended and
restated certificate of incorporation will provide that we renounce our interest in any corporate opportunity offered to any director
or officer unless such opportunity is expressly offered to such person solely in his or her capacity as a director or officer of
our company and such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable
for us to pursue, and to the extent the director or officer is permitted to refer that opportunity to us without violating another
legal obligation.
For a complete discussion of our officers'
and directors' business affiliations and the potential conflicts of interest that you should be aware of, please see the
sections of this prospectus entitled "Management — Directors and Officers," "Management — Conflicts
of Interest" and "Certain Relationships and Related Party Transactions."
Our officers, directors, security holders and their respective
affiliates may have competitive pecuniary interests that conflict with our interests.
We have not adopted a policy that expressly
prohibits our directors, officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest
in any investment to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact,
we may enter into an initial business combination with a target business that is affiliated with our sponsor, our directors or
officers, although we do not intend to do so. We do not have a policy that expressly prohibits any such persons from engaging for
their own account in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict
between their interests and ours.
We may engage in an initial business combination with one
or more target businesses that have relationships with entities that may be affiliated with our sponsor, officers, directors or
existing holders which may raise potential conflicts of interest.
In light of the involvement of our sponsor,
officers and directors with other entities, we may decide to acquire one or more businesses affiliated with our sponsor, officers
or directors. Our directors also serve as officers and board members for other entities, including, without limitation, those described
under the section of this prospectus entitled "Management — Conflicts of Interest." Such entities may compete
with us for business combination opportunities. Our sponsor, officers and directors are not currently aware of any specific opportunities
for us to complete our initial business combination with any entities with which they are affiliated, and there have been no preliminary
discussions concerning an initial business combination with any such entity or entities. Although we will not be specifically focusing
on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that such affiliated
entity met our criteria for an initial business combination as set forth in the section of this prospectus entitled "Proposed
Business — Selection of a Target Business and Structuring of our Initial Business Combination" and such transaction
was approved by a majority of our disinterested directors. Despite our agreement to obtain an opinion from an independent investment
banking firm that is a member of FINRA or from an independent accounting firm, regarding the fairness to our stockholders from
a financial point of view of an initial business combination with one or more domestic or international businesses affiliated with
our officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the
initial business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of interest.
49
Since our sponsor, officers and directors will lose their
entire investment in us if our initial business combination is not completed, a conflict of interest may arise in determining whether
a particular business combination target is appropriate for our initial business combination.
In January 2020, our sponsor
purchased an aggregate of 5,000,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.005 per
share. Subsequently, in February 2020, we declared a dividend of 0.15 share for each outstanding share, resulting in
5,750,000 shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase
price of approximately $0.005 per share. The number of founder shares issued was determined based on the expectation that
such founder shares would represent 20% of the outstanding shares after this offering (excluding the private shares). The
founder shares will be worthless if we do not complete an initial business combination. In addition, our sponsor and Nomura
have committed to purchase an aggregate of 650,000 private placement units, at $10.00 per unit, among which 595,000 units
will be purchased by our sponsor and 55,000 units will be purchased by Nomura. Holders of founder shares have agreed
(A) to vote any shares owned by them in favor of any proposed initial business combination and (B) not to redeem
any founder shares in connection with a stockholder vote to approve a proposed initial business combination. In addition, we
may obtain loans from our sponsor, affiliates of our sponsor or an officer or director. The personal and financial interests
of our officers and directors may influence their motivation in identifying and selecting a target business combination,
completing an initial business combination and influencing the operation of the business following the initial business
combination.
We may issue notes or other debt securities, or otherwise
incur substantial debt, to complete an initial business combination, which may adversely affect our leverage and financial condition
and thus negatively impact the value of our stockholders' investment in us.
Although we have no commitments as of the
date of this prospectus to issue any notes or other debt securities, or to otherwise incur outstanding debt following this offering,
we may choose to incur substantial debt to complete our initial business combination. We have agreed that we will not incur any
indebtedness unless we have obtained from the lender a waiver of any right, title, interest or claim of any kind in or to the monies
held in the trust account. As such, no issuance of debt will affect the per-share amount available for redemption from the trust
account. Nevertheless, the incurrence of debt could have a variety of negative effects, including:
·
default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;
·
acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
·
our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;
·
our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;
·
our inability to pay dividends on our common stock;
·
using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;
·
limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
·
increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
·
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and
·
other disadvantages compared to our competitors who have less debt.
50
We may only be able to complete one business combination
with the proceeds of this offering, the sale of the private placement units and the proceeds from the forward purchase agreement
received by us, which will cause us to be solely dependent on a single business which may have a limited number of services and
limited operating activities. This lack of diversification may negatively impact our operating results and profitability.
Of the net proceeds from this offering
and the sale of the private placement units, $200,000,000 (or $230,000,000 if the underwriters' over-allotment option is
exercised in full) will be available to complete our initial business combination and pay related fees and expenses (which includes
$7.0 million, or up to $8.05 million if the over-allotment option is exercised in full, for the payment of deferred underwriting
commissions). In addition, Nomura intends to enter into a forward purchase agreement with us, which will provide for the purchase
by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as described below,
open market purchases or privately negotiated transactions with one or more third parties. In lieu of purchasing public shares
in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase price may instead be in
the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us, to occur concurrently
with the closing of our initial business combination. We may effectuate our initial business combination with a single target business
or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate our initial
business combination with more than one target business because of various factors, including the existence of complex accounting
issues and the requirement that we prepare and file pro forma financial statements with the SEC that present operating results
and the financial condition of several target businesses as if they had been operated on a combined basis. By completing our initial
business combination with only a single entity, our lack of diversification may subject us to numerous economic, competitive and
regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible spreading of risks
or offsetting of losses, unlike other entities which may have the resources to complete several business combinations in different
industries or different areas of a single industry. In addition, we intend to focus our search for an initial business combination
in a single industry.
Accordingly, the prospects for our success
may be:
·
solely dependent upon the performance of a single business, property or asset, or
·
dependent upon the development or market acceptance of a single or limited number of products, processes or services.
This lack of diversification may subject
us to numerous economic, competitive and regulatory risks, any or all of which may have a substantial adverse impact upon the particular
industry in which we may operate subsequent to our initial business combination.
We may attempt to simultaneously complete business combinations
with multiple prospective targets, which may hinder our ability to complete our initial business combination and give rise to increased
costs and risks that could negatively impact our operations and profitability.
If we determine to simultaneously acquire
several businesses that are owned by different sellers, we will need for each of such sellers to agree that our purchase of its
business is contingent on the simultaneous closings of the other business combinations, which may make it more difficult for us,
and delay our ability, to complete our initial business combination. We do not, however, intend to purchase multiple businesses
in unrelated industries in conjunction with our initial business combination. With multiple business combinations, we could also
face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence
investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations
and services or products of the acquired companies in a single operating business. If we are unable to adequately address these
risks, it could negatively impact our profitability and results of operations.
We may attempt to complete our initial business combination
with a private company about which little information is available, which may result in an initial business combination with a
company that is not as profitable as we suspected, if at all.
In pursuing our initial business combination
strategy, we may seek to effectuate our initial business combination with a privately held company. Very little public information
generally exists about private companies, and we could be required to make our decision on whether to pursue a potential initial
business combination on the basis of limited information, which may result in an initial business combination with a company that
is not as profitable as we suspected, if at all.
Our management may not be able to maintain control of a target
business after our initial business combination.
We may structure an initial business combination
so that the post-transaction company in which our public stockholders own shares will own less than 100% of the equity interests
or assets of a target business, but we will only complete such business combination if the post-transaction company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for us not to be required to register as an investment company under the Investment Company Act. We will not consider any transaction
that does not meet such criteria. Even if the post-transaction company owns 50% or more of the voting securities of the target,
our stockholders prior to the initial business combination may collectively own a minority interest in the post business combination
company, depending on valuations ascribed to the target and us in the initial business combination. For example, we could pursue
a transaction in which we issue a substantial number of new shares of Class A common stock in exchange for all of the outstanding
capital stock of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of
a substantial number of new shares of common stock, our stockholders immediately prior to such transaction could own less than
a majority of our outstanding shares of common stock subsequent to such transaction. In addition, other minority stockholders may
subsequently combine their holdings resulting in a single person or group obtaining a larger share of the company's stock
than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our control
of the target business. We cannot provide assurance that, upon loss of control of a target business, new management will possess
the skills, qualifications or abilities necessary to profitably operate such business.
51
We do not have a specified maximum redemption threshold.
The absence of such a redemption threshold may make it possible for us to complete an initial business combination with which a
substantial majority of our stockholders do not agree.
Our amended and restated certificate
of incorporation will not provide a specified maximum redemption threshold, except that in no event will we redeem our public
shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial
business combination and after payment of underwriters' fees and commissions (such that we are not subject to the
SEC's "penny stock" rules) or any greater net tangible asset or cash requirement which may be contained in
the agreement relating to our initial business combination. As a result, we may be able to complete our initial business
combination even though a substantial majority of our public stockholders do not agree with the transaction and have redeemed
their shares or, if we seek stockholder approval of our initial business combination and do not conduct redemptions in
connection with our initial business combination pursuant to the tender offer rules, have entered into privately negotiated
agreements to sell their shares to our sponsor, officers, directors, advisors or their affiliates. In the event the aggregate
cash consideration we would be required to pay for all shares of Class A common stock that are validly submitted for
redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business
combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or
redeem any shares, all shares of Class A common stock submitted for redemption will be returned to the holders thereof,
and we instead may search for an alternate business combination.
In order to effectuate an initial business combination, blank
check companies have, in the recent past, amended various provisions of their charters and other governing instruments, including
their warrant agreements. We cannot assure you that we will not seek to amend our amended and restated certificate of incorporation
or governing instruments in a manner that will make it easier for us to complete our initial business combination that our stockholders
may not support.
In order to effectuate an initial
business combination, blank check companies have, in the recent past, amended various provisions of their charters and
modified governing instruments, including their warrant agreements. For example, blank check companies have amended the
definition of business combination, increased redemption thresholds and extended the time to consummate an initial business
combination and, with respect to their warrants, amended their warrant agreements to require the warrants to be exchanged for
cash and/or other securities. Amending our amended and restated certificate of incorporation will require the approval of
holders of 65% of our common stock, and amending our warrant agreement will require a vote of holders of at least 65% of the
outstanding warrants. In addition, our amended and restated certificate of incorporation requires us to provide our public
stockholders with the opportunity to redeem their public shares for cash if we propose an amendment to our amended and
restated certificate of incorporation (A) to modify the substance or timing of our obligation to redeem 100% of our
public shares if we do not complete our initial business combination within 18 months from the closing of this offering or
(B) with respect to any other provision relating to stockholders' rights or pre-initial business combination
activity. To the extent any such amendments would be deemed to fundamentally change the nature of any securities offered
through this registration statement, we would register, or seek an exemption from registration for, the affected securities.
We cannot assure you that we will not seek to amend our charter or governing instruments or extend the time to consummate an
initial business combination in order to effectuate our initial business combination.
The provisions of our amended and restated certificate of
incorporation that relate to our pre-business combination activity (and corresponding provisions of the agreement governing the
release of funds from our trust account), including an amendment to permit us to withdraw funds from the trust account such that
the per share amount investors will receive upon any redemption or liquidation is substantially reduced or eliminated, may be amended
with the approval of holders of 65% of our common stock, which is a lower amendment threshold than that of some other blank check
companies. It may be easier for us, therefore, to amend our amended and restated certificate of incorporation and the trust agreement
to facilitate the completion of an initial business combination that some of our stockholders may not support.
Our amended and restated certificate of
incorporation will provide that any of its provisions related to pre-initial business combination activity (including the requirement
to deposit proceeds of this offering and the private placement of warrants into the trust account and not release such amounts
except in specified circumstances, and to provide redemption rights to public stockholders as described herein and including to
permit us to withdraw funds from the trust account such that the per share amount investors will receive upon any redemption or
liquidation is substantially reduced or eliminated) may be amended if approved by holders of 65% of our common stock entitled to
vote thereon, and corresponding provisions of the trust agreement governing the release of funds from our trust account may be
amended if approved by holders of 65% of our common stock entitled to vote thereon. In all other instances, our amended and restated
certificate of incorporation may be amended by holders of a majority of our outstanding common stock entitled to vote thereon,
subject to applicable provisions of the DGCL or applicable stock exchange rules. We may not issue additional securities that can
vote on amendments to our amended and restated certificate of incorporation. Our sponsor, officers, directors, and Nomura, who
will collectively beneficially own up to 22.03% of our common stock upon the closing of this offering (including the private shares
and assuming they do not purchase any units in this offering), will participate in any vote to amend our amended and restated certificate
of incorporation and/or trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be
able to amend the provisions of our amended and restated certificate of incorporation which govern our pre-initial business combination
behavior more easily than some other blank check companies, and this may increase our ability to complete an initial business combination
with which you do not agree. Our stockholders may pursue remedies against us for any breach of our amended and restated certificate
of incorporation.
52
Our sponsor, officers, directors and
director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our
amended and restated certificate of incorporation (i) to modify the substance or timing of our obligation to redeem 100%
of our public shares if we do not complete our initial business combination within 18 months from the closing of this
offering or (ii) with respect to any other provision relating to stockholders' rights or pre-initial business
combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of Class A
common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, divided by the number of then outstanding public shares. These agreements are contained in a
letter agreement that we have entered into with our sponsor, officers, directors and director nominees. Our stockholders are
not parties to, or third-party beneficiaries of, these agreements and, as a result, will not have the ability to pursue
remedies against our sponsor, officers or directors for any breach of these agreements. As a result, in the event of a
breach, our stockholders would need to pursue a stockholder derivative action, subject to applicable law.
We may be unable to obtain additional financing to complete
our initial business combination or to fund the operations and growth of a target business, which could compel us to restructure
or abandon a particular business combination.
We have not selected any specific business
combination target but intend to target businesses larger than we could acquire with the net proceeds of this offering, the sale
of the private placement units as well as proceeds we may receive from the forward purchase agreement with Nomura. As a result,
we may be required to seek additional financing to complete such proposed initial business combination. We cannot assure you that
such financing will be available on acceptable terms, if at all. To the extent that additional financing proves to be unavailable
when needed to complete our initial business combination, we would be compelled to either restructure the transaction or abandon
that particular business combination and seek an alternative target business candidate. Further, the amount of additional financing
we may be required to obtain could increase as a result of future growth capital needs for any particular transaction, the depletion
of the available net proceeds in search of a target business, the obligation to repurchase for cash a significant number of shares
from stockholders who elect redemption in connection with our initial business combination and/or the terms of negotiated transactions
to purchase shares in connection with our initial business combination. If we are unable to complete our initial business combination,
our public stockholders may receive only approximately $10.00 per share plus any pro rata interest earned on the funds held in
the trust account and not previously released to us to pay our taxes on the liquidation of our trust account and our warrants will
expire worthless. In addition, even if we do not need additional financing to complete our initial business combination, we may
require such financing to fund the operations or growth of the target business. The failure to secure additional financing outside
of the forward purchase agreement 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. If we are unable to complete our initial business combination, our public stockholders may only receive approximately
$10.00 per share on the liquidation of our trust account, and our warrants will expire worthless. Furthermore, as described in
the risk factor entitled "If third parties bring claims against us, the proceeds held in the trust account could be reduced
and the per-share redemption amount received by stockholders may be less than $10.00 per share," under certain circumstances
our public stockholders may receive less than $10.00 per share upon the liquidation of the trust account.
In evaluating a prospective target business for our initial
business combination, our management may rely on the availability of all of the funds that we may receive from the sale of the
forward purchase shares to be used as part of the consideration to the sellers in the initial business combination. If the sale
of some or all of the forward purchase shares fails to close, we may lack sufficient funds to consummate our initial business combination.
Nomura intends to enter into a forward
purchase agreement with us which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of
up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with one
or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The obligations under
the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of our Class A common
stock. However, if the sale of the forward purchase shares does not close by reason of (i) the failure of a condition or contingency
or (ii) Nomura's failure to fund the purchase price for the forward purchase shares, either because they determine that
it would constitute a conflict of interest, because they lack sufficient funds or because they determine that it is not in their
best interest to fund the purchase price for any reason whatsoever, we may lack sufficient funds to consummate our initial business
combination, or we may need to seek alternative financing. In the event of any such failure to fund by Nomura, we may not be able
to obtain additional funds to account for such shortfall on terms favorable to us or at all. We have not obligated Nomura to reserve
funds to satisfy its obligations under the forward purchase agreement.
53
Nomura has the right to excuse itself from its obligation
to purchase the forward purchase shares for any reason.
Pursuant to the forward purchase agreement
with Nomura, if, upon notification of our intention to enter into an initial business combination, Nomura decides not to purchase
forward purchase shares for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest, it will be excused from its obligation to purchase such forward purchase shares. This excusal right could
give Nomura significant influence over our decision of whether or not to proceed with an initial business combination with a particular
target business. We may not be able to obtain any or enough additional funds to account for such shortfall, which may impact our
ability to consummate an initial business combination.
Our initial stockholders may exert a substantial influence
on actions requiring a stockholder vote, potentially in a manner that you do not support.
Upon the closing of this offering, our
initial stockholders (including Nomura) will own shares representing 22.03% of our issued and outstanding shares of common stock
(including the private shares, assuming they do not purchase any units in this offering and excluding the securities issuable pursuant
to the forward purchase agreement). Accordingly, they may exert a substantial influence on actions requiring a stockholder vote,
potentially in a manner that you do not support, including amendments to our amended and restated certificate of incorporation
and approval of major corporate transactions. If our initial stockholders purchase any units in this offering or if our initial
stockholders purchase any additional shares of common stock in the aftermarket or in privately negotiated transactions, this would
increase their control. Factors that would be considered in making such additional purchases would include consideration of the
current trading price of our Class A common stock. In addition, our board of directors, whose members were elected by certain
of our initial stockholders, will be elected in each year. We may not hold an annual meeting of stockholders to elect new directors
prior to the completion of our initial business combination, in which case all of the current directors will continue in office
until at least the completion of the initial business combination. If there is an annual meeting our initial stockholders, because
of their ownership position, will have considerable influence regarding the outcome. Accordingly, our initial stockholders will
continue to exert control at least until the completion of our initial business combination.
Our sponsor paid an aggregate of approximately $25,000, or
approximately $0.005 per founder share, and, accordingly, you will experience immediate and substantial dilution from the purchase
of our Class B common stock.
The difference between the public offering
price per share (allocating all of the unit purchase price to the Class A common stock and none to the warrant included in
the unit) and the pro forma net tangible book value per share of our Class A common stock after this offering constitutes
the dilution to you and the other investors in this offering. Our sponsor acquired the founder shares at a nominal price, significantly
contributing to this dilution. Upon the closing of this offering, and assuming no value is ascribed to the warrants included in
the units, you and the other public stockholders will incur an immediate and substantial dilution of approximately 92.5% (or $9.25
per share, assuming no exercise of the underwriters' over-allotment option), the difference between the pro forma net tangible
book value per share of $0.75 and the initial offering price of $10.00 per unit. In addition, because of the anti-dilution rights
of the founder shares, any equity or equity-linked securities issued or deemed issued in connection with our initial business combination
would be disproportionately dilutive to our Class A common stock.
54
We may amend the terms of the warrants in a manner that may
be adverse to holders of public warrants with the approval by the holders of at least 65% of the then outstanding warrants. As
a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number of shares
of our Class A common stock purchasable upon exercise of a warrant could be decreased, all without your approval.
Our warrants will be issued in registered
form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The warrant
agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct
any defective provision, but requires the approval by the holders of at least 65% of the then outstanding warrants to make any
change that adversely affects the interests of the registered holders of public warrants. Accordingly, we may amend the terms of
the public warrants in a manner adverse to a holder if holders of at least 65% of the then outstanding warrants approve of such
amendment. Although our ability to amend the terms of the public warrants with the consent of at least 65% of the then outstanding
warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the
warrants, convert the warrants into cash or stock, shorten the exercise period or decrease the number of shares of our Class A
common stock purchasable upon exercise of a warrant.
We may redeem your unexpired warrants prior to their exercise
at a time that is disadvantageous to you, thereby making your warrants worthless.
We have the ability to redeem
outstanding warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
warrant, provided that the last reported sales price of our Class A common stock equals or exceeds $18.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a
30 trading-day period ending on the third trading day prior to the date on which we give proper notice of such redemption and
provided certain other conditions are met. If and when the warrants become redeemable by us, we may not exercise our
redemption right if the issuance of shares of common stock upon exercise of the warrants is not exempt from registration or
qualification under applicable state blue sky laws or we are unable to effect such registration or qualification. We will use
our best efforts to register or qualify such shares of common stock under the blue sky laws of the state of residence in
those states in which the warrants were offered by us in this offering. Redemption of the outstanding warrants could force
you (i) to exercise your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you
to do so, (ii) to sell your warrants at the then-current market price when you might otherwise wish to hold your
warrants or (iii) to accept the nominal redemption price which, at the time the outstanding warrants are called for
redemption, is likely to be substantially less than the market value of your warrants. None of the private warrants will be
redeemable by us so long as they are held by the sponsor or its permitted transferees.
Our warrants and founder shares may have an adverse effect
on the market price of our Class A common stock and make it more difficult to effectuate our initial business combination.
We will be issuing warrants to purchase
10,000,000 shares of our Class A common stock (or up to 11,500,000 shares of Class A common stock if the underwriters'
over-allotment option is exercised in full) as part of the units offered by this prospectus and, simultaneously with the closing
of this offering, we will be issuing 650,000 units in a private placement.
55
Our initial stockholders (including Nomura)
currently own an aggregate of 5,750,000 founder shares. The founder shares are convertible into shares of Class A common stock
on a one-for-one basis, subject to adjustment as set forth herein. Furthermore, Nomura intends to enter into a forward purchase
agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to
$100.0 million through, other than as described below, open market purchases or privately negotiated transactions with one or more
third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million
of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed
between Nomura and us, to occur concurrently with the closing of our initial business combination. In addition, if our sponsor
makes any working capital loans, up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at
the option of the lender. The units would be identical to the private placement units. To the extent we issue shares of Class A
common stock to effectuate an initial business combination, the potential for the issuance of a substantial number of additional
shares of Class A common stock upon exercise of these warrants and conversion rights could make us a less attractive business
combination vehicle to a target business. Any such issuance will increase the number of issued and outstanding shares of our Class A
common stock and reduce the value of the shares of Class A common stock issued to complete the initial business combination.
Therefore, our warrants and founder shares may make it more difficult to effectuate an initial business combination or increase
the cost of acquiring the target business.
The private warrants included in the private
placement units are identical to the public warrants sold as part of the units in this offering, except that so long as they are
held by the initial purchasers of the private placement units or their permitted transferees: (i) they will not be redeemable
by us, (ii) they (including the Class A common stock issuable upon the exercise of the private warrants) may not, subject
to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of our initial business combination
and (iii) they may be exercised by the holders for cash or on a cashless basis, as described in this prospectus.
Because each unit contains one-half of one redeemable warrant
and only a whole warrant may be exercised, the units may be worth less than units of other blank check companies.
Each unit contains one-half of one redeemable
warrant. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless
you purchase at least two units, you will not be able to receive or trade a whole warrant. This is different from other offerings
similar to ours whose units include one share of common stock and one warrant to purchase one whole share. We have established
the components of the units in this way in order to reduce the dilutive effect of the warrants upon completion of an initial business
combination since the warrants will be exercisable in the aggregate for one-half of the number of shares compared to units that
each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive merger partner for target
businesses. Nevertheless, this unit structure may cause our units to be worth less than if they included a warrant to purchase
one whole share.
A provision of our warrant agreement may make it more difficult
for use to consummate an initial business combination.
Unlike most blank check companies, if we
issue additional shares of common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a newly issued price of less than $9.20 per share of common stock, then the exercise price
of the warrants will be adjusted to be equal to 115% of the newly issued price. This may make it more difficult for us to consummate
an initial business combination with a target business.
56
The determination of the offering price of our units and
the size of this offering is more arbitrary than the pricing of securities and size of an offering of an operating company in a
particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects the value of
such units than you would have in a typical offering of an operating company.
Prior to this offering there has been no
public market for any of our securities. The public offering price of the units and the terms of the warrants were negotiated between
us and the underwriters. In determining the size of this offering, management held customary organizational meetings with representatives
of the underwriters, both prior to our inception and thereafter, with respect to the state of capital markets, generally, and the
amount the underwriters believed they reasonably could raise on our behalf. Factors considered in determining the size of this
offering, prices and terms of the units, including the Class A common stock and warrants underlying the units, include:
·
the history and prospects of companies whose principal business is the acquisition of other companies;
·
prior offerings of those companies;
·
our prospects for acquiring an operating business;
·
a review of debt to equity ratios in leveraged transactions;
·
our capital structure;
·
an assessment of our management and their experience in identifying operating companies;
·
general conditions of the securities markets at the time of this offering; and
·
other factors as were deemed relevant.
Although these factors were considered,
the determination of our offering price is more arbitrary than the pricing of securities of an operating company in a particular
industry since we have no historical operations or financial results.
There is currently no market for our securities and a market
for our securities may not develop, which would adversely affect the liquidity and price of our securities.
There is currently no market for our securities.
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.
57
Because we must furnish our stockholders with target business
financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective
target businesses.
The federal proxy rules require that
a proxy statement with respect to a vote on an initial business combination meeting certain financial significance tests include
historical and/or pro forma financial statement disclosure in periodic reports. We will include the same financial statement disclosure
in connection with our tender offer documents, whether or not they are required under the tender offer rules. These financial statements
may be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United
States of America, or GAAP, or international financial reporting standards as issued by the International Accounting Standards
Board, or IFRS, depending on the circumstances and the historical financial statements may be required to be audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. These financial statement requirements
may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements
in time for us to disclose such statements in accordance with federal proxy rules and complete our initial business combination
within the prescribed time frame.
We are an emerging growth company and a smaller
reporting company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure
requirements available to emerging growth companies and smaller reporting companies, this could make our securities less
attractive to investors and may make it more difficult to compare our performance with other public companies.
We are an "emerging growth company"
within the meaning of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not
limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act,
reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute
payments not previously approved. As a result, our stockholders may not have access to certain information they may deem important.
We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier,
including if the worldwide market value of our common stock held by non-affiliates exceeds $700 million as of any June 30
before that time, in which case we would no longer be an emerging growth company as of the following December 31. We cannot
predict whether investors will find our securities less attractive because we will rely on these exemptions. If some investors
find our securities less attractive as a result of our reliance on these exemptions, the trading prices of our securities may be
lower than they otherwise would be, there may be a less active trading market for our securities and the trading prices of our
securities may be more volatile.
Further, Section 102(b)(1) of
the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards
until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out
of such extended transition period, which means that when a standard is issued or revised and it has different application dates
for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of our financial statements with another public company which is neither
an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.
Additionally, we are a "smaller reporting
company" as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain
reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. We will
remain a smaller reporting company until the last day of the fiscal year in which (1) the market value of our common stock
held by non-affiliates exceeds $250 million as of the end of the prior June 30th, or (2) our annual revenues exceeded
$100 million during such completed fiscal year and the market value of our common stock held by non-affiliates exceeds $700 million
as of the prior June 30th. To the extent we take advantage of such reduced disclosure obligations, it may also make comparison
of our financial statements with other public companies difficult or impossible.
58
Compliance obligations under the Sarbanes-Oxley Act may make
it more difficult for us to effectuate our initial business combination, require substantial financial and management resources,
and increase the time and costs of completing an initial business combination.
Section 404 of the Sarbanes-Oxley
Act requires that we evaluate and report on our system of internal controls beginning with our Annual Report on Form 10-K
for the year ending December 31, 2020. Only in the event we are deemed to be a large accelerated filer or an accelerated filer,
and no longer qualify as an emerging growth company, will we be required to comply with the independent registered public accounting
firm attestation requirement on our internal control over financial reporting. Further, for as long as we remain an emerging growth
company, we will not be required to comply with the independent registered public accounting firm attestation requirement on our
internal control over financial reporting. The fact that we are a blank check company makes compliance with the requirements of
the Sarbanes-Oxley Act particularly burdensome on us as compared to other public companies because a target company with which
we seek to complete our initial business combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding
adequacy of its internal controls. The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley
Act may increase the time and costs necessary to complete any such business combination.
Provisions in our amended and restated certificate of incorporation
and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for
our Class A common stock and could entrench management.
Our amended and restated certificate
of incorporation will contain provisions that may discourage unsolicited takeover proposals that stockholders may consider to
be in their best interests. These provisions include the ability of the board of directors to designate the terms of and
issue new series of preferred shares, which may make the removal of management more difficult and may discourage transactions
that otherwise could involve payment of a premium over prevailing market prices for our securities.
We are also subject to anti-takeover provisions
under Delaware law, which could delay or prevent a change of control. Together these provisions may make the removal of management
more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices
for our securities.
Our amended and restated certificate of incorporation will
require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against our directors, officers,
other employees or stockholders for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented
to service of process on such stockholder's counsel, which may have the effect of discouraging lawsuits against our directors,
officers, other employees or stockholders.
Our amended and restated certificate of
incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
our directors, officers, other employees or stockholders for breach of fiduciary duty and other similar actions may be brought
only in the Court of Chancery in the State of Delaware and, if brought outside of Delaware, the stockholder bringing the suit will
be deemed to have consented to service of process on such stockholder's counsel except any action (A) as to which the
Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the
Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten
days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court
of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) any action arising
under the Securities Act, as to which the Court of Chancery and the federal district court for the District of Delaware shall have
concurrent jurisdiction. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall
be deemed to have notice of and consented to the forum provisions in our amended and restated certificate of incorporation. This
choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable
for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect
to such claims, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the
rules and regulations thereunder. However, there is no assurance that a court would enforce the choice of forum provision
contained in our amended and restated certificate of incorporation. If a court were to find such provision to be inapplicable or
unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could
harm our business, operating results and financial condition.
59
Our amended and restated certificate of
incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply
to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction.
Cyber incidents or attacks directed at us could result in
information theft, data corruption, operational disruption and/or financial loss.
We depend on digital technologies, including
information systems, infrastructure and cloud applications and services, including those of third parties with which we may deal.
Sophisticated and deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure
of third parties or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive
or confidential data. As an early stage company without significant investments in data security protection, we may not be sufficiently
protected against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate
any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse
consequences on our business and lead to financial loss.
If we effect our initial business combination with a company
with operations or opportunities outside of the United States, we would be subject to a variety of additional risks that may negatively
impact our operations.
If we effect our initial business combination
with a company with operations or opportunities outside of the United States, we would be subject to any special considerations
or risks associated with companies operating in an international setting, including any of the following:
·
higher costs and difficulties inherent in managing cross-border business operations and complying with different commercial and legal requirements of overseas markets;
·
rules and regulations regarding currency redemption;
·
complex corporate withholding taxes on individuals;
·
laws governing the manner in which future business combinations may be effected;
·
tariffs and trade barriers;
·
regulations related to customs and import/export matters;
·
longer payment cycles and challenges in collecting accounts receivable;
·
tax issues, including but not limited to tax law changes and variations in tax laws as compared to the United States;
·
currency fluctuations and exchange controls;
·
rates of inflation;
·
cultural and language differences;
·
employment regulations;
·
changes in industry, regulatory or environmental standards within the jurisdictions where we operate;
·
crime, strikes, riots, civil disturbances, terrorist attacks, natural disasters and wars;
·
deterioration of political relations with the United States; and
·
government appropriations of assets.
We may not be able to adequately address
these additional risks. If we were unable to do so, our operations might suffer, which may adversely impact our results of operations
and financial condition.
60
We may face risks related to businesses in the PropTech sector.
Business combinations with businesses in
the PropTech sector entail special considerations and risks. If we are successful in completing a business combination with such
a target business, we may be subject to, and possibly adversely affected by, the following risks:
·
the markets we may serve may be subject to general economic conditions and cyclical demand, which could lead to significant shifts in our results of operations from quarter to quarter that make it difficult to project long-term performance;
·
we may be unable to attract or retain customers;
·
we may be subject to the negative impacts of catastrophic events;
·
we may face competition and consolidation of the specific sector of the industry within which the target business operates;
·
we may be subject to volatility in costs for strategic raw material and energy commodities (such as natural gas, including exports of material quantities of natural gas from the United States) or disruption in the supply of these commodities could adversely affect our financial results;
·
we may be unable to obtain necessary insurance coverage for the target business' operations;
·
we may incur additional expenses and delays due to technical problems, labor problems (including union disruptions) or other interruptions at our manufacturing facilities after our initial business combination;
·
we may experience work-related accidents that may expose us to liability claims;
·
our manufacturing processes and products may not comply with applicable statutory and regulatory requirements, or if we manufacture products containing design or manufacturing defects, demand for our products may decline and we may be subject to liability claims;
·
we may be liable for damages based on product liability claims, and we may also be exposed to potential indemnity claims from customers for losses due to our work or if our employees are injured performing services;
·
our products may be subject to warranty claims, and our business reputation may be damaged and we may incur significant costs as a result;
·
we may be unable to protect our intellectual property rights;
·
our products and manufacturing processes will be subject to technological change;
·
we may be subject to increased government regulations, including with respect to, among other matters, increased environmental regulation and worker safety regulation, and the costs of compliance with such regulations; and
·
the failure of our customers to pay the amounts owed to us in a timely manner.
Any of the foregoing could have an adverse impact on our operations
following a business combination. However, our efforts in identifying prospective target businesses will not be limited to the
PropTech sector. Accordingly, if we acquire a target business in another industry, these risks we will be subject to risks attendant
with the specific industry in which we operate or target business which we acquire, which may or may not be different than those
risks listed above.
61
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in this prospectus may
constitute "forward-looking statements" for purposes of the federal securities laws. Our forward-looking statements
include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions
or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate,"
"believe," "continue," "could," "estimate," "expect," "intend,"
"may," "might," "plan," "possible," "potential," "predict,"
"project," "should," "would" and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus
may include, for example, statements about:
·
our ability to select an appropriate target business or businesses;
·
our ability to complete our initial business combination;
·
our expectations around the performance of the prospective target business or businesses;
·
our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;
·
our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination, as a result of which they would then receive expense reimbursements;
·
our potential ability to obtain additional financing to complete our initial business combination;
·
our pool of prospective target businesses;
·
the ability of our officers and directors to generate a number of potential acquisition opportunities;
·
our public securities' potential liquidity and trading;
·
the lack of a market for our securities;
·
the use of proceeds not held in the trust account or available to us from interest income on the trust account balance;
·
the trust account not being subject to claims of third parties; or
·
our financial performance following this offering.
The forward-looking statements contained
in this prospectus are based on our current expectations and beliefs concerning future developments and their potential effects
on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking
statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause
actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These
risks and uncertainties include, but are not limited to, those factors described under the section of this prospectus entitled
"Risk Factors." 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.
62
USE OF PROCEEDS
We are offering 20,000,000 units at an
offering price of $10.00 per unit. We estimate that the net proceeds of this offering together with the funds we will receive from
the sale of the private placement units upon the closing of this offering will be used as set forth in the following table.
Without
Over-
Allotment
Option
Over-
Allotment
Option Fully
Exercised
Gross proceeds
Gross proceeds from units offered to public
(1)
$
200,000,000
$
230,000,000
Gross proceeds from private placement units offered in the private placement
$
6,500,000
$
6,500,000
Total gross proceeds
$
206,500,000
$
236,500,000
Offering expenses
(2)
Underwriting discounts (2% of gross proceeds from units offered to public, excluding deferred portion)
(3)
$
4,000,000
$
4,600,000
Legal fees and expenses
225,000
225,000
Accounting fees and expenses
40,000
40,000
SEC/FINRA Expenses
64,854
64,854
Nasdaq listing and filing fees
75,000
75,000
Printing and engraving expenses
35,000
35,000
Miscellaneous
310,146
310,146
Total offering expenses (excluding underwriting discounts)
$
750,000
$
750,000
Proceeds after offering expenses
$
201,750,000
$
231,150,000
Held in trust account
$
200,000,000
$
230,000,000
% of public offering size
100
%
100
%
Not held in trust account
$
1,750,000
$
1,150,000
The following table shows the use of the
approximately $1,750,000 of net proceeds not held in the trust account.
(4)(5)
Amount
% of Total
Legal, accounting, due diligence, travel, and other expenses in connection with any business combination
$
310,000
17.71
%
Legal and accounting fees related to regulatory reporting obligations
150,000
8.57
%
Nasdaq continued listing fees
250,000
14.29
%
Payment for office space, utilities and secretarial and administrative support ($15,000 per month for up to 18 months)
270,000
15.43
%
Working capital to cover miscellaneous expenses
(6)
770,000
44.00
%
Total
$
1,750,000
100.0
%
(1)
Includes gross proceeds from this offering of $200,000,000 (or $230,000,000 if the underwriters' overallotment option is exercised in full).
(2)
A portion of the offering expenses will be paid from the proceeds of loans from our sponsor of up to $300,000 as described
in this prospectus.
As of March 31, 2020, we had borrowed $73,171 under the promissory note
with the affiliate of our sponsor.
Any borrowed amounts will be repaid upon completion of this offering out of the offering
proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions). In the event that
offering expenses are more than as set forth in this table, they will be repaid using a portion of the $1,750,000 of offering
proceeds not held in the trust account and set aside for post-closing working capital expenses. In the event that offering expenses
are less than set forth in this table, any such amounts will be used for post-closing working capital expenses.
(3)
The underwriters have agreed to defer underwriting commissions equal to 3.5% of the gross proceeds of this offering. Upon completion of our initial business combination, $7.0 million, which constitutes the underwriters' deferred commissions (or up to $8.05 million if the underwriters' over-allotment option is exercised in full) will be paid to the underwriters from the funds held in the trust account, and the remaining funds, less amounts released to the trustee to pay redeeming stockholders, will be released to us and can be used to pay all or a portion of the purchase price of the business or businesses with which our initial business combination occurs or for general corporate purposes, including payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases of other companies or for working capital. The underwriters will not be entitled to any interest accrued on the deferred underwriting discounts and commissions.
(4)
These expenses are estimates only and do not include interest which may be available to us from the trust account. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring our initial business combination based upon the level of complexity of such business combination. In the event we identify an initial business combination target in a specific industry subject to specific regulations, we may incur additional expenses associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses.
63
(5)
Includes estimated amounts that may also be used in connection with our initial business combination to fund a "no shop" provision and commitment fees for financing.
(6)
In the event that the over-allotment option is exercised in full, the amount available for "working capital to cover miscellaneous expenses" will be an aggregate of $125,000.
We may increase or decrease the total
number of units sold to the public in this offering by up to 20%. If we decide to proceed with an offering that results in an
increase in the total number of units sold to the public, we would have additional proceeds from the offering available to
pursue an acquisition. If we proceed with an offering that results in a decrease in the total number of shares sold to the
public, we would have reduced proceeds from the offering available to pursue an acquisition. Such an increase or decrease may
impact the size of the initial business combination we may pursue. In addition, the proceeds held in trust would
correspondingly increase or decrease such that 100% of the gross proceeds from this offering initially will be held in trust.
The underwriters' option to purchase additional units to cover over-allotments and the amount of private placement
units that our sponsor will purchase will correspondingly increase or decrease. We would issue additional shares of
Class B common stock in the event we increase the total number of units sold in this offering and the holders of our
Class B common stock would forfeit shares of Class B common stock in the event we decrease the total number of
units sold in this offering so that the number of shares of Class A common stock issuable upon conversion of all shares
of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of
all shares of common stock outstanding upon the completion of this offering plus all shares of Class A common stock and
equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares or
equity-linked securities issued, or to be issued, to any seller in the initial business combination, the private placement
units and any private placement-equivalent units issued to our sponsor or its affiliates upon conversion of loans made to us
or any securities issued pursuant to the forward purchase agreement).
Of the net proceeds of this offering
and the sale of the private placement units, $200,000,000 (or $230,000,000 if the underwriters' over-allotment option
is exercised in full), including $7.0 million (or $8.05 million if the underwriters' over-allotment option is exercised
in full) of deferred underwriting commissions, will be placed in a trust account in the United States at J.P. Morgan Chase
Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee, and will be invested only in U.S.
government treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under
Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. We estimate
that the interest earned on the trust account will be approximately $3 million per year, assuming an interest rate of 1.5%
per year; however, we can provide no assurance regarding this amount. Except with respect to interest earned on the funds
held in the trust account that may be released to us to pay our tax obligations, the proceeds from this offering and the sale
of the private placement units will not be released from the trust account until the earliest to occur of: (a) the
completion of our initial business combination, (b) the redemption of any public shares properly submitted in connection
with a stockholder vote to amend our amended and restated certificate of incorporation (A) to modify the substance or
timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18
months from the closing of this offering or (B) with respect to any other provision relating to stockholders'
rights or pre-initial business combination activity, and (c) the redemption of our public shares if we are unable to
complete our initial business combination within 18 months from the closing of this offering, subject to applicable law.
The net proceeds held in the trust account
may be used as consideration to pay the sellers of a target business with which we ultimately complete our initial business combination.
If our initial business combination is paid for using equity or debt 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 from the trust account, as well as the proceeds from the sale of forward purchase shares pursuant to the forward
purchase agreement described elsewhere in this prospectus, for general corporate purposes, including for maintenance or expansion
of operations of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing
our initial business combination, to fund the purchase of other companies or for working capital. There is no limitation on our
ability to raise funds privately or through loans in connection with our initial business combination, including pursuant to forward
purchase agreements we may enter into following consummation of this offering.
We believe that amounts not held in trust
will be sufficient to pay the costs and expenses to which such proceeds are allocated. This belief is based on the fact that while
we may begin preliminary due diligence of a target business in connection with an indication of interest, we intend to undertake
in-depth due diligence, depending on the circumstances of the relevant prospective business combination, only after we have negotiated
and signed a letter of intent or other preliminary agreement that addresses the terms of an initial business combination. However,
if our estimate of the costs of undertaking in-depth due diligence and negotiating an initial business combination is less than
the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and cost of which
is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital through loans
or additional investments from our sponsor, members of our management team or their affiliates, but such persons are not under
any obligation to advance funds to, or invest in, us.
Commencing on the date of this prospectus,
we have agreed to pay our sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative support.
Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.
Prior to the closing of this offering,
our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering.
As
of March 31, 2020, we had borrowed $73,171 under the promissory note with the affiliate of our sponsor.
These loans
are non-interest bearing, unsecured and are due at the closing of this offering. The loan will be repaid upon the closing of this
offering out of offering proceeds not held in the trust account.
64
In addition, in order to finance
transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or
certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our
initial business combination, we would repay such loaned amounts out of the proceeds of the trust account released to us.
Otherwise, such loans would be repaid only out of funds held outside the trust account. In the event that our initial
business combination does not close, we may use a portion of the working capital held outside the trust account to repay such
loaned amounts but no proceeds from our trust account would be used to repay such loaned amounts. Up to $1 million of such
loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical
to the private placement units. The terms of such loans by our officers and directors, if any, have not been determined and
no written agreements exist with respect to such loans. We do not expect to seek loans from parties other than our sponsor or
an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver
against any and all rights to seek access to funds in our trust account.
Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura's forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class A common stock. If we seek stockholder approval of our initial business combination and we do not conduct
redemptions in connection with our initial business combination pursuant to the tender offer rules, our initial stockholders, directors,
officers, advisors or their affiliates may purchase public shares or public warrants in privately negotiated transactions or in
the open market either prior to or following the completion of our initial business combination. There is no limit on the number
of shares our initial stockholders, directors, officers, advisors or their affiliates may purchase in such transactions, subject
to compliance with applicable law and Nasdaq rules. However, they have no current commitments, plans or intentions to engage in
such transactions and have not formulated any terms or conditions for any such transactions. If they engage in such transactions,
they will not make any such purchases when they are in possession of any material nonpublic information not disclosed to the seller
or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases,
if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction
subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such purchases
that the purchases are subject to such rules, the purchasers will comply with such rules. Any such purchases will be reported pursuant
to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements.
None of the funds held in the trust account will be used to purchase public shares or public warrants in such transactions prior
to completion of our initial business combination. See "Proposed Business — Permitted purchases of our securities"
for a description of how our initial stockholders, directors, officers, advisors or any of their affiliates will select which stockholders
to purchase securities from in any private transaction.
65
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
The purpose of any such purchases of shares
could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder
approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to
have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that
such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number
of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection
with our initial business combination. Any such purchases of our securities may result in the completion of our initial business
combination that may not otherwise have been possible. In addition, if such purchases are made, the public "float"
of our shares of Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may
be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national
securities exchange.
In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.
We may not redeem our public shares in
an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business combination
and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's "penny stock"
rules) and the agreement for our initial business combination may require as a closing condition that we have a minimum net worth
or a certain amount of cash. If too many public stockholders exercise their redemption rights so that we cannot satisfy the net
tangible asset requirement or any net worth or cash requirements, we would not proceed with the redemption of our public shares
or the initial business combination, and instead may search for an alternate business combination.
A public stockholder will be entitled
to receive funds from the trust account only upon the earliest to occur of: (i) our completion of an initial business
combination, (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend
our amended and restated certificate of incorporation (A) to modify the substance or timing of our obligation to redeem
100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this
offering or (B) with respect to any other provision relating to stockholders' rights or pre-initial business
combination activity, and (iii) the redemption of our public shares if we are unable to complete our initial business
combination within 18 months following the closing of this offering, subject to applicable law and as further described
herein and any limitations (including but not limited to cash requirements) created by the terms of the proposed initial
business combination. In no other circumstances will a public stockholder have any right or interest of any kind to or in the
trust account.
Our sponsor, officers, directors and Nomura
have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect
to any founder shares, private shares and any public shares held by them in connection with the completion of our initial business
combination. In addition, our sponsor, officers, directors and Nomura have agreed to waive their rights to liquidating distributions
from the trust account with respect to any founder shares and private shares held by them if we fail to complete our initial business
combination within the prescribed time frame. However, if our initial stockholders or their affiliates acquires public shares in
or after this offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares
if we fail to complete our initial business combination within the prescribed time frame. Permitted transferees of the founder
shares held by our sponsor, officers, directors and Nomura would be subject to the same restrictions applicable to our sponsor,
officers, directors and Nomura, respectively.
66
DIVIDEND POLICY
We have not paid any cash dividends on
our common stock to date and do not intend to pay cash dividends prior to the completion of our initial business combination. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of our initial business combination. If we increase or decrease the size of the offering
we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect
to our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership
of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation of this offering.
Further, if we incur any indebtedness in connection with our initial business combination, our ability to declare dividends may
be limited by restrictive covenants we may agree to in connection therewith.
DILUTION
The difference between the public offering
price per share of Class A common stock, assuming no value is attributed to the warrants included in the units we are offering
pursuant to this prospectus or the private placement units, and the pro forma net tangible book value per share of our Class A
common stock after this offering constitutes the dilution to investors in this offering. Such calculation does not reflect any
dilution associated with the sale and exercise of warrants, including the private warrants, which would cause the actual dilution
to the public stockholders to be higher, particularly where a cashless exercise is utilized. Net tangible book value per share
is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the
value of Class A common stock which may be redeemed for cash), by the number of outstanding shares of our Class A common
stock.
At March 31, 2020, our net
tangible book value was $(86,243), or approximately $(0.01) per share of common stock. After giving effect to the sale of
20,000,000 shares of Class A common stock included in the units we are offering by this prospectus (or 23,000,000 shares
of Class A common stock if the underwriters' over-allotment option is exercised in full), the sale of the private
placement units and the deduction of underwriting commissions and estimated expenses of this offering, our pro forma net
tangible book value at March 31, 2020 would have been $5,000,010, or approximately $0.75 per share (or $0.66 per share
if the underwriters' over-allotment option is exercised in full), representing an immediate increase in net tangible
book value (as decreased by the value of the 18,977,399 shares of Class A common stock that may be redeemed for cash, or
21,812,399 shares of Class A common stock if the underwriters' over-allotment option is exercised in full) of
$0.76 per share (or $0.67 per share if the underwriters' over-allotment option is exercised in full) to our initial
stockholders as of the date of this prospectus and dilution to public stockholders from this offering will be $9.25 per share
(or $9.34 if the underwriters' over-allotment option is exercised in full).
The following table illustrates the dilution
to the public stockholders on a per-share basis, assuming no value is attributed to the warrants included in the units or the private
placement units:
No exercise
of
over-
allotment
option
Exercise of
over-
allotment
option in full
Public offering price
$
10.00
$
10.00
Net tangible book value before this offering
$
(0.01
)
$
(0.01
)
Increase attributable to public stockholders and sale of the private placement units
$
0.76
$
0.67
Pro forma net tangible book value after this offering
$
0.75
$
0.66
Dilution to public stockholders
$
9.25
$
9.34
Percentage of dilution to public stockholders
92.5
%
93.4
%
For purposes of presentation, we have reduced
our pro forma net tangible book value after this offering (assuming no exercise of the underwriters' over-allotment option)
by $189,773,990 because holders of up to approximately 94.9% of our public shares may redeem their shares for a pro rata share
of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account
as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior
to the commencement of our tender offer or stockholders meeting, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes), divided by the number of shares of Class A common stock sold in this
offering.
67
The following table sets forth information
with respect to our initial stockholders, the investors in the private placement and the public stockholders:
Shares Purchased
Total Consideration
Average
Price
Number
Percentage
Amount
Percentage
Per Share
Initial stockholders
(1)
5,000,000
19.50
%
$
25,000
0.01
%
$
0.005
Private shares
650,000
2.53
%
6,500,000
3.15
%
$
10.000
Public stockholders
20,000,000
77.97
%
200,000,000
96.84
%
$
10.000
25,650,000
100.00
%
$
206,525,000
100.00
%
(1)
Assumes no exercise of the underwriters' over-allotment option and the corresponding forfeiture of an aggregate of 750,000 shares of Class B common stock held by our sponsor.
The pro forma net tangible book value per
share after the offering is calculated as follows:
Without
Over-
allotment
With
Over-
allotment
Numerator:
Net tangible book deficit before this offering
$
(86,243
)
(86,243
)
Net proceeds from this offering and sale of the private placement units, net of expenses
(1)
201,750,000
231,150,000
Plus: Offering costs paid in advance, excluded from tangible book value
110,243
110,243
Less: Deferred underwriters' commissions payable
(7,000,000
)
(8,050,000
)
Less: Proceeds held in trust subject to redemption to maintain net tangible assets in excess of $5,000,000
(2)
(189,773,990
)
(218,123,990
)
$
5,000,010
$
5,000,010
Without
Over-
allotment
With
Over-
allotment
Denominator:
Shares of Class B common stock outstanding prior to this offering
5,750,000
5,750,000
Shares of Class B common stock forfeited if over-allotment is not exercised
(750,000
)
—
Shares of Class A common stock included in the units offered
20,000,000
23,000,000
Shares of Class A common stock to be sold as part of the private placement units
650,000
650,000
Less: Shares subject to redemption
(18,977,399
)
(21,812,399
)
6,672,601
7,587,601
(1)
Expenses applied against gross proceeds include offering expenses of $750,000 and underwriting commissions of $4,000,000 (or $4,600,000 if the underwriters' over-allotment option is exercised in full) excluding deferred underwriting fees. See "Use of Proceeds."
(2)
If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our initial stockholders, directors, executive officers, advisors or their affiliates may purchase public shares or public warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial business combination. In the event of any such purchases of our shares prior to the completion of our initial business combination, the number of shares of Class A common stock subject to redemption will be reduced by the amount of any such purchases, increasing the pro forma net tangible book value per share. See "Proposed Business — Effecting Our Initial Business Combination — Permitted Purchases of Our Securities."
68
CAPITALIZATION
The following table sets forth our capitalization
at March 31, 2020, and as adjusted to give effect to the sale of our units in this offering and the sale of the private placement
units and the application of the estimated net proceeds derived from the sale of such securities, assuming no exercise by the underwriters
of its over-allotment option:
March 31, 2020
Actual
As Adjusted
Notes payable to related party
(1)
$
73,171
—
Deferred underwriting commissions
(2)
$
—
7,000,000
Class A common stock subject to possible redemption; -0- shares, actual, 18,977,399 shares, as adjusted
—
189,773,990
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted
—
—
Class A common stock, $0.0001 par value, 100,000,000 shares authorized; -0- and 1,672,601 shares issued and outstanding (excluding -0- and 18,977,399 shares subject to possible redemption), actual and as adjusted, respectively
(3)
—
167
Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 5,750,000 and 5,000,000 shares issued and outstanding, actual and as adjusted, respectively
(4)
575
500
Additional paid-in capital
24,425
5,000,343
Accumulated deficit
(1,000
)
(1,000
)
Total stockholders' equity (deficit)
$
24,000
$
5,000,010
Total capitalization
$
97,171
$
201,774,000
(1)
Our sponsor has agreed to loan us up to $300,000 to be used
for a portion of the expenses of this offering. The "as adjusted" information gives effect to the repayment of any
loans made under this note out of the proceeds from this offering and the sale of the private placement units. As of March 31,
2020, we had borrowed $73,171 under the promissory note with the affiliate of our sponsor.
(2)
$0.35 per unit, or $7.0 million in the aggregate, will be payable to the underwriters for deferred underwriting commissions. The deferred underwriting commissions will become payable to the underwriters from the amounts held in the trust account solely in the event that we complete an initial business combination, subject to the terms of the underwriting agreement. We record deferred underwriting commissions upon the closing of the initial public offering as a reduction of additional paid-in capital. Since the actual additional paid-in capital was reduced by the recording of the accrued deferred underwriting commission, total capitalization, as adjusted, includes the amount of the deferred underwriting commission to reflect total capitalization.
(3)
Upon the completion of our initial business combination, we will provide our stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, subject to the limitations described herein whereby our net tangible assets will be maintained at a minimum of $5,000,001 upon consummation of our initial business combination and any limitations (including, but not limited to, cash requirements) created by the terms of the proposed initial business combination.
(4)
Actual share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted amount assumes no exercise of the underwriters' over-allotment option.
69
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We are a blank check company incorporated
as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more businesses. We have not selected any specific business combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business
combination target. We intend to effectuate our initial business combination using cash from the proceeds of this offering and
the private placement of the private placement units, the proceeds of the sale of our shares in connection with our initial business
combination (pursuant to the forward purchase agreement with Nomura and pursuant to forward purchase agreements or backstop agreements
we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued
to bank or other lenders or the owners of the target, or a combination of the foregoing.
The issuance of additional shares in connection
with an initial business combination to the owners of the target or other investors:
·
may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions in the Class B common stock resulted in the issuance of Class A shares on a greater than one-to-one basis upon conversion of the Class B common stock;
·
may subordinate the rights of holders of our common stock if preferred stock is issued with rights senior to those afforded our common stock;
·
could cause a change in control if a substantial number of shares of our common stock is issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;
·
may have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person seeking to obtain control of us; and
·
may adversely affect prevailing market prices for our Class A common stock and/or warrants.
Similarly, if we issue debt securities
or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:
·
default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt obligations;
·
acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
·
our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;
·
our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;
·
our inability to pay dividends on our common stock;
·
using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends on our common stock if declared, our ability to pay expenses, make capital expenditures and acquisitions, and fund other general corporate purposes;
·
limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
·
increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
·
limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, and execution of our strategy; and
·
other purposes and other disadvantages compared to our competitors who have less debt.
70
As indicated in the accompanying financial
statements, at March 31, 2020, we had $28,378 in cash and deferred offering costs of $110,243. In the short term, we expect
to incur costs in connection with consummating this offering. Thereafter, we expect to incur significant costs in the pursuit of
our initial business combination plans. We cannot assure you that our plans to raise capital or to complete our initial business
combination will be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
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 position and no material adverse change has occurred
since the date of our audited financial statements. After this offering, we expect to incur increased expenses as a result of being
a public company (for legal, financial reporting, accounting and auditing compliance), as well as expenses as we conduct due diligence
on prospective business combination candidates. We expect our expenses to increase substantially after the closing of this offering.
Liquidity and Capital Resources
As indicated in the accompanying financial
statements, at March 31, 2020, we had $28,378 in cash and a working capital deficit of $86,243. Our liquidity needs are being
satisfied prior to the completion of this offering through the receipt proceeds from our sponsor of $25,000 for the founder shares
and up to $300,000 in loans available from our sponsor under an unsecured promissory note. We expect that these funds will be sufficient
to fund our costs until the completion of this offering. We estimate that the net proceeds from (i) the sale of the units
in this offering, after deducting offering expenses of approximately $750,000, underwriting commissions of $4.0 million (excluding
deferred underwriting commissions of $7.0 million (or $8.1 million if the underwriters' over-allotment option is exercised
in full)), and (ii) the sale of the private placement units for a purchase price of $6,500,000, will be $201,750,000 (or $231,150,000
if the underwriters' over-allotment option is exercised in full). Of this amount, $200,000,000 (or $230,000,000 if the underwriters'
over-allotment option is exercised in full) will be held in the trust account, which includes $7.0 million (or $8.05 million if
the underwriters' over-allotment option is exercised in full) of deferred underwriting commissions. The proceeds held in
the trust account will be invested only in U.S. government treasury obligations with a maturity of 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. The remaining approximately $1,750,000 will not be held in the trust account. In the event that
our offering expenses exceed our estimate of $750,000, we may fund such excess with funds not to be held in the trust account.
In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely,
in the event that the offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside
the trust account would increase by a corresponding amount.
71
We intend to use substantially all of the
funds held in the trust account, including any amounts representing interest earned on the trust account to complete our initial
business combination (less deferred underwriting commissions). We may withdraw interest to pay taxes. We estimate our annual franchise
tax obligations, based on the number of shares of our common stock authorized and outstanding after the completion of this offering,
to be $200,000, which is the maximum amount of annual franchise taxes payable by us as a Delaware corporation per annum, which
we may pay from funds from this offering held outside of the trust account or from interest earned on the funds held in our trust
account and released to us for this purpose. Our annual income tax obligations will depend on the amount of interest and other
income earned on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be
sufficient to pay our income and franchise taxes. To the extent that our capital stock or debt is used, in whole or in part, as
consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working
capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.
Prior to the completion of our initial
business combination, we will have available to us the approximately $1,750,000 ($1,150,000 if the underwriters' over-allotment
option is exercised in full) of proceeds held outside the trust account. We will use these funds to identify and evaluate target
businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar
locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements
of prospective target businesses, and structure, negotiate and complete an initial business combination.
In order to fund working capital deficiencies
or finance transaction costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor
or certain of our officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial
business combination, we would repay such loaned amounts. In the event that our initial business combination does not close, we
may use a portion of the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust
account would be used for such repayment. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per
unit at the option of the lender. The units would be identical to the private placement units. The terms of such loans by our officers
and directors, if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to
seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing
to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.
We expect our primary liquidity
requirements during that period to include approximately $310,000 for legal, accounting, due diligence, travel and other
expenses associated with structuring, negotiating and documenting successful business combinations; $150,000 for legal and
accounting fees related to regulatory reporting requirements; $250,000 for expenses relating to looking for a target business
to acquire, $270,000 for office space, utilities and secretarial and administrative support; and approximately $770,000 (or
$170,000 if the over-allotment option is exercised in full) for working capital that will be used for miscellaneous expenses
and reserves.
These amounts are estimates and may differ
materially from our actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment
fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a "no-shop"
provision (a provision designed to keep target businesses from "shopping" around for transactions with other companies
on terms more favorable to such target businesses) with respect to a particular proposed initial business combination, although
we do not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity
from a target business, the amount that would be used as a down payment or to fund a "no-shop" provision would be determined
based on the terms of the specific business combination and the amount of our available funds at the time. Our forfeiture of such
funds (whether as a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for,
or conducting due diligence with respect to, prospective target businesses.
72
Nomura intends to enter into a
forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate
purchase price of up to $100.0 million through, other than as described below, open market purchases or privately negotiated
transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated
transactions, up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity
securities on terms to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial
business combination. The funds from the sale of the forward purchase shares received by us may be used as part of the
consideration to the sellers in the initial business combination. The forward purchase agreement will allow Nomura to be
excused from its purchase obligation in connection with a specific business combination, in whole or in part, unless, within
five business days following written notice delivered by us of our intention to enter into such business combination, Nomura
notifies us that it has decided to proceed with the purchase. Nomura may decide not to proceed with the purchase for any
reason, including, without limitation, if it has determined that such purchase would constitute a conflict of interest.
Nomura's forward purchase commitment will be reduced by the aggregate amount of commitments by third parties to
purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public
stockholders of shares of our Class A common stock. We do not believe we will need to raise additional funds following
this offering in order to meet the expenditures required for operating our business. However, if our estimates of the costs
of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less
than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our
initial business combination. Moreover, we may need to obtain additional financing either to complete our initial business
combination or because we become obligated to redeem a significant number of our public shares upon completion of our initial
business combination, in which case we may issue additional securities or incur debt in connection with such business
combination. In addition, we intend to target businesses larger than we could acquire with the net proceeds of this offering
and the sale of the private placement units, and may as a result be required to seek additional financing to complete such
proposed initial business combination. Subject to compliance with applicable securities laws, we would only complete such
financing simultaneously with the completion of our initial business combination. If we are unable to complete our initial
business combination because we do not have sufficient funds available to us, we will be forced to cease operations and
liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient, we may
need to obtain additional financing in order to meet our obligations.
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
Controls and Procedures
We are not currently required to maintain
an effective system of internal controls as defined by Section 404 of the Sarbanes-Oxley Act. We will be required to comply
with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending December 31, 2022. Only in the
event that we are deemed to be a large accelerated filer or an accelerated filer would we be required to comply with the independent
registered public accounting firm attestation requirement. Further, for as long as we remain an emerging growth company as defined
in the JOBS Act, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other
public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent
registered public accounting firm attestation requirement.
Prior to the closing of this offering,
we have not completed an assessment, nor has our independent registered public accounting firm tested our systems, of internal
controls. We expect to assess the internal controls of our target business or businesses prior to the completion of our initial
business combination and, if necessary, to implement and test additional controls as we may determine are necessary in order to
state that we maintain an effective system of internal controls. A target business may not be in compliance with the provisions
of the Sarbanes-Oxley Act regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider
for our initial business combination may have internal controls that need improvement in areas such as:
·
staffing for financial, accounting and external reporting areas, including segregation of duties;
·
reconciliation of accounts;
·
proper recording of expenses and liabilities in the period to which they relate;
·
evidence of internal review and approval of accounting transactions;
·
documentation of processes, assumptions and conclusions underlying significant estimates; and
·
documentation of accounting policies and procedures.
73
Because it will take time, management involvement
and perhaps outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements
and market expectations for our operation of a target business, we may incur significant expense in meeting our public reporting
responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so
effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting.
Once our management's report on internal
controls is complete, we will retain our independent registered public accounting firm to audit and render an opinion on such report
when required by Section 404 of the Sarbanes-Oxley Act. The independent registered public accounting firm may identify additional
issues concerning a target business's internal controls while performing their audit of internal control over financial reporting.
Quantitative and Qualitative Disclosures about Market Risk
The net proceeds of this offering and the
sale of the private placement 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.
Related Party Transactions
In January 2020, our sponsor
purchased 5,000,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.005 per share.
Subsequently, in February 2020, we declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000
shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of
approximately $0.005 per share. The number of founder shares issued was determined based on the expectation that such founder
shares would represent 20% of the outstanding shares upon completion of this offering (excluding the private shares). The per
share purchase price of the founder shares was determined by dividing the amount of cash contributed to the company by the
aggregate number of founder shares issued. If we increase or decrease the size of the offering we will effect a stock
dividend or a share contribution back to capital or other appropriate mechanism, as applicable, with respect to our
Class B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership
of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation of this
offering.
Commencing on the date of this prospectus,
we have agreed to pay our sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative support.
Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.
Our sponsor, officers and directors, or
any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on
our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their
affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on
the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.
Prior to the consummation of this offering,
our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering.
As
of March 31, 2020, we had borrowed $73,171 under the promissory note with the affiliate of our sponsor
to be used for
a portion of the expenses of this offering. These loans are non-interest bearing, unsecured and are payable upon completion of
this offering. The loan will be repaid upon the closing of this offering out of the offering proceeds that has been allocated to
the payment of offering expenses (other than underwriting commissions).
74
In addition, in order to finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination,
we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used for such repayment. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option
of the lender. The units would be identical to the private placement units. The terms of such loans by our officers and directors,
if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from
parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds
and provide a waiver against any and all rights to seek access to funds in our trust account.
Our sponsor and Nomura have committed,
pursuant to written agreements, to purchase an aggregate of 650,000 private placement units at $10.00 per unit, among which 595,000
units will be purchased by our sponsor and 55,000 units will be purchased by Nomura. These purchases will take place on a private
placement basis simultaneously with the consummation of this offering and the over-allotment option, as applicable. The foregoing
purchases will only be made by our founders if they are able to do so in accordance with Regulation M and Sections 9(a)(2) and
10(b) and Rule 10b-5 of the Exchange Act. A portion of the purchase price of the private placement units will be added
to the proceeds of this offering to be held in the trust account. Nomura intends to enter into a forward purchase agreement with
us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million
through, other than as described below, open market purchases or privately negotiated transactions with one or more third parties.
In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85 million of such aggregate
purchase price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between Nomura
and us, to occur concurrently with the closing of our initial business combination. The funds from the sale of the forward purchase
shares received by us may be used as part of the consideration to the sellers in the initial business combination. The forward
purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business combination,
in whole or in part, unless, within five business days following written notice delivered by us of our intention to enter into
such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not to proceed
with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute a conflict
of interest. Nomura's forward purchase commitment will be reduced by the aggregate amount of commitments by third parties
to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business combination.
The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders of shares of
our Class A common stock. Nomura will be paid a commitment fee of up to $2.0 million with respect to the forward purchase
commitment of up to $100.0 million upon the announcement of a definitive agreement for our initial business combination. In addition,
the forward purchase agreement provides that Nomura (or its assignees) is entitled to registration rights with respect to the forward
purchase shares.
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.
75
Pursuant to a registration rights agreement
we will enter into with our initial stockholders on or prior to the closing of this offering, we may be required to register certain
securities for sale under the Securities Act (including securities issuable pursuant to the forward purchase agreement). These
holders, and holders of warrants issued upon conversion of working capital loans, if any, are entitled under the registration rights
agreement to make up to three demands that we register certain of our securities held by them for sale under the Securities Act
and to have the securities covered thereby registered for resale pursuant to Rule 415 under the Securities Act. In addition,
these holders have the right to include their securities in other registration statements filed by us. We will bear the costs and
expenses of filing any such registration statements. See the section of this prospectus entitled "Certain Relationships and
Related Party Transactions."
Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations; 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 April 5, 2012, the JOBS Act
was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for
qualifying public companies. We will qualify as an "emerging growth company" and under the JOBS Act will be
allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded)
companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply
with new or revised accounting standards on the relevant dates on which adoption of such standards is required for
non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new
or revised accounting pronouncements as of public company effective dates.
Additionally, we are in the process of
evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions
set forth in the JOBS Act, if, as an "emerging growth company", we choose to rely on such exemptions we may not be
required to, among other things, (i) provide an independent registered public accounting firm's attestation report on
our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation
disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection
Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement
to the report of independent registered public accounting firm providing additional information about the audit and the financial
statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation.
These exemptions will apply for a period of five years following the completion of this offering or until we are no longer an "emerging
growth company," whichever is earlier.
76
PROPOSED BUSINESS
Overview
We are a newly organized blank check company
incorporated in December 2019 as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to
throughout this prospectus as our initial business combination. We have not selected any specific business combination target and
we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination
target. While we may pursue an initial business combination target in any stage of its corporate evolution or in any industry or
sector, we currently intend to concentrate our efforts in businesses that apply innovative digital technologies and technology-enhanced
services and solutions to the identification, design, development, construction, operation, financing, management and disposition
of real estate properties, commonly referred to as "PropTech." Our definition of PropTech applies to both technology
companies that are disrupting the real estate sector as well as to real estate and consumer-oriented companies with a real estate
component that utilize innovative technology. Our management team has an extensive track record of acquiring attractive assets
at disciplined valuations, investing in growth while fostering financial discipline and improving business results.
Management Team
Our management team is led by Ophir Sternberg,
our Chief Executive Officer, President and  Chairman, Trevor Barran, our Chief Operating Officer, and Paul Rapisarda, our Chief Financial
Officer and Secretary.
Mr. Sternberg,
our Chairman, President and Chief Executive Officer since inception,
has over 28 years of experience acquiring,
developing, repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality,
ultra-luxury residential condominiums and land acquisitions. Mr. Sternberg is the founding partner and Chief Executive Officer
of Lionheart Capital LLC ("Lionheart Capital"), founded in 2010. In 2019, Lionheart Capital completed in excess of
20 real estate transactions across North America alone. Under Mr. Sternberg's leadership, Lionheart Capital executed
numerous, marquee real estate transactions and repositions, including the Miami Beach Ritz-Carlton project, which resulted in
a total sell-out value in excess of $560 million as well as the $30 million purchase and $120 million sale of the Seagull Hotel,
Miami Beach making it the largest hotel sale of the year in Miami Beach. Mr. Sternberg and Lionheart Capital are currently
in development on a number of other projects including but are not limited to retail properties in Miami's Design District,
two oceanfront condominium towers in Pompano Beach, Florida and a ski-in/ski-out hotel and residences in Breckenridge, Colorado.
Additionally, in 2017,
Mr. Sternberg founded Out of the Box Ventures, a Lionheart Capital subsidiary, to acquire and reposition distressed
retail properties throughout the United States. With over 28 properties in 17 states, Out of the Box Ventures currently
controls over 6 million square feet of big box stores, shopping centers and enclosed regional mall properties with plans to
improve and expand upon these acquisitions.
Mr. Sternberg and Lionheart Capital
are dedicated to working with best-in-class operators and partners such as the Ritz-Carlton. Lionheart Capital has been able to
execute numerous, marquee transactions due largely in part to Mr. Sternberg's extensive industry relationships particularly
with key institutional investors.
Mr. Sternberg began his career assembling,
acquiring and developing properties in emerging neighborhoods in New York City, which established his reputation for identifying
assets with unrealized potential and combining innovative partnerships with efficient financing structures to realize above average
returns. Mr. Sternberg came to the United States in 1993 after completing three years of military service within an elite
unit for the Israeli Defense Forces (IDF).
In March 2020, Mr. Sternberg
became  Chairman of OPES Acquisition Corp., a SPAC. On June 30, 2020, OPES Acquisition Corp. announced a definitive
agreement to merge with BurgerFi International Inc. The consummation of the OPES-BurgerFi merger is subject to receipt of
stockholder approval and satisfaction of other customary closing conditions. BurgerFi is a fast-casual "better
burger" concept that consists of 125 corporate owned franchise locations in 23 states. BurgerFi expanded its delivery
only options by signing a license agreement in April 2020 with REEF Technology, an operator of logistics hubs and
neighborhood kitchens. The OPES team, led by Mr. Sternberg, evaluated over 50 potential targets and negotiated business
combination terms with multiple candidates in a span of a few months and is acquiring BurgerFi at what it believes is an
attractive multiple relative to its peers.
77
Mr. Barran, our Chief Operating Officer,
has also served as Chief Operating Officer at Out of the Box Ventures since its inception in 2017. Mr. Barran brings over
20 years of experience developing and executing investment and operational strategies across the financial services, healthcare,
technology, and real estate industries, including the last ten years acquiring and developing real estate properties as a senior
member of the Lionheart Capital team. From 2013 until 2019, Mr. Barran served as Chief Executive Officer of Lionheart Nica
S.A., Real Estate, a subsidiary of Lionheart Capital. Mr. Barran began his career in 1998 at the Mitchell Madison Group, Inc.,
a management consulting firm focused on improving financial and operational performance for large companies through strategic sourcing,
performance improvement and big data, which was subsequently sold to USWeb/CKS Corp. for approximately $300 million in 1999 and
eventually grew to over 8,500 employees with annual revenues exceeding $1 billion. Subsequently, in 1999, Mr. Barran joined
ScreamingMedia (NASDAQ:SCRM), later known as Pinnacor, a global technology platform focused on the aggregation and distribution
of digital content over the Internet. Mr. Barran helped prepare ScreamingMedia for its $60 million initial public offering
in 2000. ScreamingMedia, which underwent a series of acquisitions, is now a part of the Walt Disney Company (NYSE:DIS). Other career
milestones for Mr. Barran include founding and operating SACSA, s.a. (2016-2019), a resort construction company where he served
as managing partner; founding and operating BioIntegral Surgical (2008-2010), a cardiovascular medical devices company where he
served as Chief Executive Officer; and co-founding a systematic global macro high-frequency trading fund, EagleStone Advisors (2010-2011). At EagleStone,
Mr. Barran was instrumental in putting forward a day trading exchanged-traded fund (ETF) strategy. Additionally, in 2003,
Mr. Barran participated in post-graduate work in computer science and artificial intelligence with Professor David Ackley
in a joint program between the University of New Mexico and Santa Fe Research Institute. Mr. Barran earned a degree in Aerospace
Engineering from Princeton University in 1998.
Mr. Rapisarda, our Chief
Financial Officer and Secretary, also serves as Chief Financial Officer at Lionheart Capital and Out of the Box Ventures, a position he has held
since 2019. Mr. Rapisarda is an experienced public company C-suite executive and investment banking professional with
more than 25 years working in and for a variety of public and private companies. Prior to
joining Lionheart Capital in June 2019, he served as Chief Financial Officer at Etrion Corp. (TSX:ETX), a dual-listed
(Canada/Sweden) solar energy development company from October 2015 to December 2017. Etrion Corp. is part of The
Lundin Group, a portfolio of 13 public companies in the energy and mining sectors with a combined market capitalization in
excess of $16 billion, started or sponsored by the Lundin family. Mr. Rapisarda was responsible for managing all finance
functions, including financial reporting, treasury & cash management, corporate finance, regulatory/SEC compliance
matters and investor relations. Prior to this, Mr. Rapisarda worked for Garrison Capital Advisors LLC, a financial
advisory and consulting services company. From 2008 to 2014, he worked for another dual-listed company (Canada/United
States), Atlantic Power Corporation (NYSE:AT), most recently serving as Executive Vice President-Commercial Development. The
company was a portfolio company controlled by Arclight Capital Partners, a private equity firm with $10.4 billion of assets
under management and a focus on the energy sector. He was a key member of the executive team that successfully engineered the
$1.8 billion merger with Capital Power Income L.P. and had primary responsibility for the investment of over $1.2 billion in
capital from 2008-2012. Prior to Atlantic Power, Mr. Rapisarda worked for over 20 years in investment banking and
private equity for several firms, including Compass Advisers LLP, Schroders, Merrill Lynch and BT Securities. He has also
acted as a board member at several emerging growth companies, primarily in the energy, technology and infrastructure sectors.
Mr. Rapisarda has a B.A. from Amherst College and an M.B.A. from the Harvard Business School.
Steven Berrard, who will become our board
member at the closing of this offering,
is a co-founder of e-commerce company RumbleOn Inc.
and has served as its Chief Financial Officer since 2017 and has been a member of its Board of Directors since 2016. Mr. Berrard
is the Managing Partner of New River Capital Partners, a private equity fund he co-founded in 1997. Mr. Berrard was the co-founder
and Co-Chief Executive Officer of AutoNation from 1996 to 1999. Prior to joining AutoNation, Mr. Berrard served as President
and Chief Executive Officer of the Blockbuster Entertainment Group, the world's largest video store operator at the time.
Mr. Berrard served as Chairman of Board of Jamba, Inc. from 2005 to 2007 and as its Chief Executive Officer from 2005
to 2006. Mr. Berrard served as President of Huizenga Holdings, Inc., a real estate management and development company,
and served in various positions with subsidiaries of Huizenga Holdings, Inc. from 1981 to 1987. Mr. Berrard currently
serves on the Board of Directors of Pivotal Fitness, Inc., a chain of fitness centers operating in Charleston, SC. He has
previously served on the Boards of Directors of Swisher Hygiene Inc., Walter Investment Management Corp., Jamba, Inc., Viacom, Inc.,
Birmingham Steel, HealthSouth and Boca Resorts, Inc. Mr. Berrard earned his B.S. in Accounting from Florida Atlantic
University.
Aman Kapadia, who will become our
board member at the closing of this offering, has been the Managing Partner of Akaris Global Partners, an investment firm
based in New York City, since September 2018. He brings 16 years of experience in public markets investing across capital
structure, geographies, and industries. Prior to founding Akaris Global, from 2007 to 2018, Mr. Kapadia served as Partner and
Managing Director at Fir Tree Partners, an investment firm formed in 1994 to apply the best practices of a private equity
approach to opportunistic value investing. From 2016 until his departure in 2018, Mr. Kapadia was one of three individuals
managing the firm with co-portfolio manager responsibilities. Previously, Mr. Kapadia was an Analyst at Rockbay Capital
Management, Severn River Capital Management, Sagamore Hill and McKinsey & Co. Mr. Kapadia received a J.D./M.B.A.
from Harvard Law School and Harvard Business School, and an A.B. in Public and International Affairs, magna cum laude, from
Princeton University, where he was inducted into Phi Beta Kappa.
Mark Walsh, who will become our board member
at the closing of this offering, is a venture investor in technology, software, content and services through his fund, Ruxton Ventures,
LLC, which he founded in 2003. Mr. Walsh was Chief Executive Officer of FactSquared, an AI/Machine learning company he helped found,
from late 2017 to early 2019. He remains on its board. He served as a presidential appointee in the Obama Administration as Head
of Investment and Innovation at the Small Business Administration from 2015 to 2017, overseeing a $30 billion investment portfolio
in private equity, venture capital and venture accelerators. Prior to the SBA, from 2013 to 2015, Mr. Walsh was executive chairman
of Homesnap.com, a "prosumer" platform/app for residential real estate backed by Revolution Ventures. He has been a
senior executive at several technology and content companies, including GE, AOL and Home Box Office. Mr. Walsh served as Chief
Executive Officer and then Chairman of VerticalNet, a leading provider of B2B "communities of commerce" from 1997 to
2004. He led the company through its public offering on NASDAQ in 1999. Mr. Walsh has invested in and/or served as a board member
of a number of high growth public and private companies, including: BlackBoard (NASDAQ: BBBB), NutriSystems (NASDAQ: NTRI), Thestreet.com
(NASDAQ: TST), Day Software (Zurich Stock Exchange: DAY), half.com, LifeShield.com, Transactis and GoCanvas.com. Mr. Walsh received
an M.B.A. from the Harvard Business School and a B.A. from Union College.
Business Strategy
We define the PropTech sector as businesses
that apply innovative digital technologies and technology-enhanced services and solutions to the identification, design, development,
construction, operation, financing, management and disposition of real estate properties. This definition applies to both technology
companies that are disrupting the real estate sector as well as to real estate companies that utilize innovative technology.
78
Combined, real estate and technology represent
a significant segment of the U.S. economy. Further, digital transformation is driving technological innovation across the broader
real estate sector. Real estate has traditionally been a human capital and resource-intensive sector but technology has become a strategic
imperative as businesses seek ways to increase the efficiency of their assets. Innovation is being driven by both incumbent firms
and disruptive new entrants that are leveraging B2B technology solutions from other industries as well as applying consumer-facing
technologies to the commercial market. Examples of innovative technology trends driving digital transformation in the real estate
sector include: artificial intelligence and machine learning, data and analytics, mobility, cloud technologies, the Internet of
Things, virtual and augmented reality, financial and mortgage technology, 5G, and drones. Digital transformation has also enabled
new business models including iBuying, co-working, flexible warehousing, and crowdfunding.
The businesses we seek to acquire offer
innovative software, hardware, products, operations or services that are technologically equipped to improve property ownership;
property financing; property valuation; property operations; property management; leasing; property insurance; real estate asset
management and investment management; and design, construction and development. These businesses have a large addressable market
across the broader real estate sector potentially including landlords, tenants, developers, operators, managers, brokers, investors,
lenders, architects, engineers, and general contractors. We believe the acquisition of one or more businesses in this sector can
serve as a platform for expansion, both organically and through further acquisitions, including "roll-ups" of smaller
players in some of the more fragmented, emerging sectors such as co-working and co-living. While we intend to focus our search
for business combination targets in the PropTech sector, we may pursue an acquisition in any business industry or sector. We will
seek to acquire established businesses of scale that we believe are poised for continued growth with capable management teams and
proven unit economics, but potentially in need of financial, operational, strategic or managerial enhancement to maximize value.
We do not intend to acquire startup companies or companies without established business plans. Our management team and board of
directors will seek to leverage their access to proprietary deal flow, sourcing capabilities and network of industry contacts to
generate business combination opportunities.
Business Opportunity Overview
Real estate investment represents a significant
segment of the U.S. economy. In 2018, the National Association of Real Estate Investment Trusts estimated the total value of commercial
real estate in the U.S. to be $16.0 trillion, and Zillow estimated the total value of residential real estate in the U.S. to be
$33.6 trillion in 2019. According to the U.S. Bureau of Economic Analysis, real estate, rental and leasing comprised the largest
share of U.S. GDP, with $2.9 trillion of seasonally adjusted annualized value added as of the third quarter of 2019, representing
13.3% of U.S. GDP in that quarter.
Real estate has historically lagged in
technology adoption. This is evidenced by the prevalence of paper-driven processes, lack of data transparency, and intermediaries
present in transactions. However, there is an understanding emerging at real estate companies that leveraging technology is a strategic
advantage. According to KPMG, 97% of real estate organizations think that digital and technological innovation will impact their
business and 73% consider it an opportunity. Furthermore, in a sign of recognition that technology within real estate remains under-developed,
93% of real estate organizations believe they must engage with PropTech companies in order to adapt to the changing global environment.
As PropTech is an established and rapidly
expanding sector, it is currently being impacted by a new wave of innovative technologies, which has led to a 378% increase in
PropTech funding from 2015 to 2018, according to the 2019 GCA Real Estate Tech report. In 2019, total PropTech funding was $8.9
billion and exceeded the amount of total funding for the year 2018. Significant investment from venture capital firms as well as
corporations has grown substantially from 217 funding rounds in 2017 to 420 in 2019. In addition, there has been a higher percentage
of later-stage funding in recent years.
Figure 1: U.S. Financing Activity (dollars in thousands)
(1)
Figure 2: PropTech Funding Breakdown (includes debt and equity)
(2)
Source: GCA, CRE Tech
(1)
Represents U.S. data across Commercial Real Estate (CRE) / Investment, Residential Real Estate and Mortgage Technology; excludes Airbnb, Credit Karma, Houzz, NextDoor, OYO Hotels and The We Company.
(2)
Funding includes debt and equity. Early Stage: Pre-Seed, Angel, Seed or Series A; Mid Stage: Series A or B; Late Stage: SeriesC or later.
Nonetheless, we believe we are still
early in this cycle relative to other industry-specific technology sectors. For example, PropTech has received a relatively
low amount of venture funding compared to other industry-specific technologies. For example, in 2018, U.S. PropTech companies
received just $5.3 billion of venture funding compared to approximately $47 billion for U.S. financial technology companies,
according to GCA.
79
We believe that business opportunities
within PropTech are poised to increase, driven by digital transformation initiatives that will enable businesses throughout the
real estate ecosystem to increase the efficiency of their assets. The benefits of digital transformation in the real estate sector
include improving building utilization, optimizing customer relationship management, creating better tenant experiences, streamlining
construction projects, and reducing friction from financial transactions. According to CRETech, 1,385 private companies have received
over $48 billion in venture funding globally between 2017 and 2019. Furthermore, CRETech expects global PropTech venture funding
to reach approximately $30 billion in 2020.
The public markets have historically supported
PropTech companies including:
·
Autodesk (NASDAQ:ADSK), which has revolutionized building design.
·
AppFolio (NASDAQ:APPF), which has pioneered building automation through software-as-a-service platforms.
·
Zillow (NASDAQ: ZG), which has changed the way people think about buying or renting their next home.
·
CoStar (NASDAQ: CSGP), which has changed the way that data is aggregated and analyzed (e.g. LoopNet, Apartments.com, ForRent.com).
In 2019, the stock price of publicly traded
PropTech companies increased on average nearly 50%, outperforming the S&P 500 by 21 percentage points. Some of the largest
public market investors (as measured by equity assets under management) have also invested in private companies such as Airbnb,
which is disrupting the hospitality industry, Opendoor, which enables individuals to sell their homes directly to buyers, and Procore,
which is mobile construction project management software.
As PropTech businesses grow, we believe
that they will require greater access to the public markets for growth capital. Historically, companies have accessed public markets
through initial public offerings, or IPOs. However, the number of IPOs in recent years has diminished. An average of 93 technology
companies and 17 real estate companies went public each year before the financial crisis (1990-2008), according to the research
firm Dealogic. However, since 2009, the average number of IPOs has plummeted to only 39 and 10 per year respectively, a 56% decrease.
Additionally, only 9% of venture-backed private companies executed an IPO in 2019, according to Pitchbook. The most common exit
route for venture-backed private companies in 2019 was through a strategic sale, which can be an unattractive option for current
management who desire to maintain some level of control over their businesses. Ultimately, we believe this disparity creates a
long-term opportunity to unlock shareholder value through a business combination with an established and growing PropTech business.
The combination of (i) the massive
scale of the real estate economy; (ii) lagging technology adoption; (iii) an inflection point in the application of technologies
to the real estate sector; (iv) underfunding concerns; (v) an increasingly challenged IPO market and (vi) the emergence
of PropTech as an investment theme, evidenced by strong investor demand for PropTech assets make this an attractive and timely
sector with quality businesses that will benefit from a business combination with our company.
Our strategy will be to identify, evaluate,
acquire and, after our initial business combination, continue to grow a compelling PropTech business.
Our Investment Thesis and Strategy
We believe that we are uniquely qualified
among SPAC vehicles due to our management's extensive research, analysis, credentials, and relationships with respect to
U.S. real estate and technology companies. As PropTech is an established and rapidly expanding sector, we believe that a key differentiator
in the space will be combining our deal making experience across real estate and technology, with superior access to the entrepreneurs
that are driving the rapid growth of PropTech and the investors that are funding this growth.
When taken together, we believe that our
management team's proprietary network and experience investing and executing across real estate and technology companies,
our Board's extensive management, private equity, venture capital and technology experience, position us to identify an attractive
PropTech target company and close an initial business combination with such target.
80
Consistent with this strategy, we have
identified the following general criteria and guidelines that we believe are important in evaluating prospective targets. We will
use these criteria and guidelines in evaluating acquisition opportunities, but we may decide to enter into our initial business
combination with a target business that does not meet these criteria and guidelines.
·
Property Technology.
We will seek to invest in one or more businesses with a focus on PropTech, a domain in which we have a substantial track record, deep experience, and the technical ability to diligence efficiently. Our management team and advisors' multifaceted expertise in assessing a target's applicability to real estate are key in evaluating business transaction candidates.
·
Target Business Size.
We will seek to invest in one or more businesses, determined in the sole discretion of our officers and directors according to reasonably accepted valuation standards and methodologies. This segment is where we believe we have a superior and proprietary network to identify the greatest number of attractive opportunities.
·
Proven Unit Economics and Growing Companies.
We will seek to invest in one or more businesses that have generated attractive unit economics at scale. We will focus on one or more businesses that have established and growing revenue streams. We do not intend to acquire startup companies, companies with speculative business plans or companies that are excessively leveraged.
·
Competitive Position.
We intend to invest in one or more businesses that have a leading, growing or unique niche market position in their respective sectors. We will analyze the strengths and weaknesses of target businesses relative to their competitors. We will seek to invest in one or more businesses that demonstrate advantages when compared to their competitors, including capable management team, defensible proprietary technology, strong adoption rates and relevant domain expertise.
·
Capable Management Team.
We will seek to invest in one or more businesses that have experienced management teams or those that provide a platform for us to assemble an effective and capable management team. We will focus on management teams with a track record of driving revenue growth and creating value for their shareholders.
·
Benefit from Being a Public Company.
We intend to invest in one or more businesses that will benefit from being publicly listed and can effectively utilize the broader access to capital and the public profile to grow and accelerate shareholder value creation.
·
Defensible Business Niche.
We will seek companies that have a leading or niche market position and that demonstrate advantages when compared to their competitors, which may help to create barriers to entry against new competitors.
·
Potential for Stable Free Cash Flow.
We will seek to acquire a business that has historically generated, or has the near-term potential to generate, strong and sustainable free cash flow.
These criteria are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these
general guidelines as well as other considerations, factors and criteria that our management may deem relevant. In the event that
we find an opportunity that has characteristics more compelling to us than the characteristics described above, we would pursue
such opportunity
81
Forward Purchase and Forward Financing Arrangements
In connection with this offering, Nomura,
an underwriter of this offering, intends to enter into a forward purchase agreement with us, which will provide for the purchase
by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through, other than as described below,
open market purchases or privately negotiated transactions with one or more third parties. In lieu of purchasing public shares
in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase price may instead be in
the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us, to occur concurrently
with the closing of our initial business combination. The decision to make such an investment in other equity securities will not
reduce the aggregate purchase price. However, Nomura will be excused from its purchase obligation in connection with a specific
business combination unless, within five business days following written notice delivered by us of our intention to enter into
such business combination, Nomura notifies us that it has decided to proceed with the purchase in whole or in part. Nomura may
decide not to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase
would constitute a conflict of interest. Nomura will also be restricted from making purchases if they are in possession of any
material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange
Act.
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
Initial Business Combination
Nasdaq rules require that we
must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the
assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on
the trust account) at the time of our signing a definitive agreement in connection with our initial business combination. Our
board of directors will make the determination as to the fair market value of our initial business combination. If our board
of directors is not able to independently determine the fair market value of our initial business combination, we will obtain
an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm with
respect to the satisfaction of such criteria. While we consider it unlikely that our board of directors will not be able to
make an independent determination of the fair market value of our initial business combination, it may be unable to do so if
it is less familiar or experienced with the business of a particular target or if there is a significant amount of
uncertainty as to the value of a target's assets or prospects. We will only complete an initial business combination if
the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise
acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under
the Investment Company Act of 1940, as amended, or the "Investment Company Act." Even if the post-transaction
company owns or acquires 50% or more of the voting securities of the target, our stockholders prior to the initial business
combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed to the
target and us in the initial business combination. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock of a target. In this case, we would acquire a 100%
controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our
stockholders immediately prior to our initial business combination could own less than a majority of our outstanding shares
subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or
businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or
acquired is what will be taken into account for purposes of Nasdaq's 80% of net assets test. If the initial business
combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of
the transactions and we will treat the target businesses together as the initial business combination for purposes of a
tender offer or for seeking stockholder approval, as applicable.
Our Business Combination Process
In evaluating prospective business combinations,
we expect to conduct a thorough due diligence review process that will encompass, among other things, a review of historical and
projected financial and operating data, meetings with management and their advisors (if applicable), on-site inspection of facilities
and assets, discussion with customers and suppliers, legal reviews and other reviews as we deem appropriate. We will also utilize
our expertise analyzing companies in the PropTech industry and evaluating operating projections, financial projections and determining
the appropriate return expectations given the risk profile of the target business.
We are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, officers or directors. However, in the event we
seek to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors, we,
or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of
FINRA or an independent accounting firm that our initial business combination is fair to our company from a financial point of
view.
82
Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura's forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class A common stock.
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
Our officers and directors will indirectly
own founder shares and/or private placement units following this offering. Because of this ownership, our officers and directors
may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate
our initial business combination. Further, each of our officers and directors may have a conflict of interest with respect to evaluating
a particular business combination if the retention or resignation of any such officers and directors were to be included by a target
business as a condition to any agreement with respect to our initial business combination. For additional information regarding
our executive officers' and directors' business affiliations and potential conflicts of interest, see "Management
— Directors and Executive Officers" and "Management — Conflicts of Interest."
Each of our officers and directors presently
has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities pursuant to which
such officer or director is or will be required to present a business combination opportunity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such opportunity
to such entity. We believe, however, that the fiduciary duties or contractual obligations of our officers or directors will not
materially affect our ability to complete our initial business combination. Our amended and restated certificate of incorporation
will provide that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity
is expressly offered to such person solely in his or her capacity as a director or officer of our company and such opportunity
is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent
the director or officer is permitted to refer that opportunity to us without violating another legal obligation.
Status as a Public Company
We believe our structure will make us an
attractive business combination partner to target businesses. As a public company, we offer a target business an alternative to
the traditional initial public offering through a merger or other business combination with us. Following an initial business combination,
we believe the target business would have greater access to capital and additional means of creating management incentives that
are better aligned with stockholders' interests than it would as a private company. A target business can further benefit
by augmenting its profile among potential new customers and vendors and aid in attracting talented employees. In a business combination
transaction with us, the owners of the target business may, for example, exchange their shares of stock in the target business
for our shares of Class A common stock (or shares of a new holding company) or for a combination of our shares of Class A
common stock and cash, allowing us to tailor the consideration to the specific needs of the sellers.
83
Although there are various costs and obligations
associated with being a public company, we believe target businesses will find this method a more expeditious and cost effective
method to becoming a public company than the typical initial public offering. The typical initial public offering process takes
a significantly longer period of time than the typical business combination transaction process, and there are significant expenses
in the initial public offering process, including underwriting discounts and commissions, marketing and road show efforts that
may not be present to the same extent in connection with an initial business combination with us.
Furthermore, once a proposed initial business
combination is completed, the target business will have effectively become public, whereas an initial public offering is always
subject to the underwriters' ability to complete the offering, as well as general market conditions, which could delay or
prevent the offering from occurring or could have negative valuation consequences. Following an initial business combination, we
believe the target business would then have greater access to capital and an additional means of providing management incentives
consistent with stockholders' interests and the ability to use its shares as currency for acquisitions. Being a public company
can offer further benefits by augmenting a company's profile among potential new customers and vendors and aid in attracting
talented employees.
While we believe that our structure and
our management team's backgrounds will make us an attractive business partner, some potential target businesses may view
our status as a blank check company, such as our lack of an operating history and our ability to seek stockholder approval of any
proposed initial business combination, negatively.
We are an "emerging growth company,"
as defined in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging
growth companies" including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. If some investors
find our securities less attractive as a result, there may be a less active trading market for our securities and the prices of
our securities may be more volatile.
In addition, Section 107 of the JOBS
Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in
Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging
growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private
companies. We intend to take advantage of the benefits of this extended transition period.
We will remain an emerging growth company
until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this
offering, (b) in which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to
be a large accelerated filer, which means the worldwide 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 securities during the prior three-year period.
84
Financial Position
With funds available for an initial business
combination initially in the amount of $193,000,000 assuming no redemptions before fees and expenses associated with our initial
business combination and after payment of $7.0 million of deferred underwriting fees (or $221,950,000 after payment of up to $8.05
million of deferred underwriting fees if the underwriters' over-allotment option is exercised in full), plus proceeds we
may receive from the forward purchase agreement with Nomura that we may receive, we offer a target business a variety of options
such as creating a liquidity event for its owners, providing capital for the potential growth and expansion of its operations or
strengthening its balance sheet by reducing its debt or leverage ratio. Because we are able to complete our initial business combination
using our cash, debt or equity securities, or a combination of the foregoing, we have the flexibility to use the most efficient
combination that will allow us to tailor the consideration to be paid to the target business to fit its needs and desires. However,
we have not taken any steps to secure third party financing and there can be no assurance it will be available to us.
Effecting Our Initial Business Combination
We are not presently engaged in, and we
will not engage in, any operations for an indefinite period of time following this offering. We intend to effectuate our initial
business combination using cash from the proceeds of this offering and the private placement of the private placement units and
from the proceeds we may receive from the forward purchase agreement with Nomura, the proceeds of the sale of our shares in connection
with our initial business combination (pursuant to forward purchase agreements or backstop agreements we may enter into following
the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders
or the owners of the target, or a combination of the foregoing. We may seek to complete our initial business combination with a
company or business that may be financially unstable or in its early stages of development or growth, which would subject us to
the numerous risks inherent in such companies and businesses.
If our initial business combination is
paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration
in connection with our initial business combination or used for redemptions of our Class A common stock, we may apply the
balance of the cash released to us from the trust account, as well as the proceeds we may receive from the forward purchase agreement
with Nomura described elsewhere in this prospectus, for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business
combination, to fund the purchase of other companies or for working capital.
In addition to the proceeds from the forward
purchase agreement with Nomura described elsewhere in this prospectus that we may receive, we may seek to raise additional funds
through a private offering of debt or equity securities in connection with the completion of our initial business combination,
and we may effectuate our initial business combination using the proceeds of such offering rather than using the amounts held in
the trust account. In addition, we intend to target businesses larger than we could acquire with the net proceeds of this offering
and the sale of the private placement units, and may as a result be required to seek additional financing to complete such proposed
initial business combination. Subject to compliance with applicable securities laws, we would expect to complete such financing
only simultaneously with the completion of our initial business combination. In the case of an initial business combination funded
with assets other than the trust account assets, our proxy materials or tender offer documents disclosing the initial business
combination would disclose the terms of the financing and, only if required by law, we would seek stockholder approval of such
financing. There are no prohibitions on our ability to raise funds privately or through loans in connection with our initial business
combination. At this time, we are not a party to any arrangement or understanding with any third party with respect to raising
any additional funds through the sale of securities or otherwise.
85
We have not, nor has anyone on our behalf,
initiated any substantive discussions, directly or indirectly, with any business combination target. From the period commencing
with our formation through the date of this prospectus, there have been no communications or discussions between any of our officers,
directors or our sponsor and any of their potential contacts or relationships regarding a potential initial business combination.
Additionally, we have not engaged or retained any agent or other representative to identify or locate any suitable acquisition
candidate, to conduct any research or take any measures, directly or indirectly, to locate or contact a target business. Additionally,
we have not contacted any of the prospective target businesses that our advisors had considered and rejected while such persons
were affiliated with other blank check companies searching for target businesses to acquire. However, we may contact such targets
subsequent to the closing of this offering if we become aware that such targets are interested in a potential initial business
combination with us and such transaction would be attractive to our stockholders. Accordingly, there is no current basis for investors
in this offering to evaluate the possible merits or risks of the target business with which we may ultimately complete our initial
business combination. Although our management will assess the risks inherent in a particular target business with which we may
combine, we cannot assure you that this assessment will result in our identifying all risks that a target business may encounter.
Furthermore, some of those risks may be outside of our control, meaning that we can do nothing to control or reduce the chances
that those risks will adversely impact a target business.
Sources of Target Businesses
We
anticipate that target business candidates will be brought to our attention from various unaffiliated sources, including investment
bankers and investment professionals. Target businesses may be brought to our attention by such unaffiliated sources as a result
of being solicited by us by calls or mailings. These sources may also introduce us to target businesses in which they think we
may be interested on an unsolicited basis, since many of these sources will have read this prospectus and know what types of businesses
we are targeting. Our officers and directors, as well as our sponsor and their affiliates, may also bring to our attention target
business candidates that they become aware of through their business contacts as a result of formal or informal inquiries or discussions
they may have, as well as attending trade shows or conventions. In addition, we expect to receive a number of proprietary deal
flow opportunities that would not otherwise necessarily be available to us as a result of the business relationships of our officers
and directors and our sponsor and their respective industry and business contacts as well as their affiliates. While we do not
presently anticipate engaging the services of professional firms or other individuals that specialize in business acquisitions
on any formal basis, we may engage these firms or other individuals in the future, in which event we may pay a finder's
fee, consulting fee, advisory fee or other compensation to be determined in an arm's length negotiation based on the terms
of the transaction. We will engage a finder only to the extent our management determines that the use of a finder may bring opportunities
to us that may not otherwise be available to us or if finders approach us on an unsolicited basis with a potential transaction
that our management determines is in our best interest to pursue. Payment of finder's fees is customarily tied to completion
of a transaction, in which case any such fee will be paid out of the funds held in the trust account. In no event, however, will
our sponsor or any of our existing officers or directors, or any entity with which our sponsor or officers are affiliated, be
paid any finder's fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation by
the company prior to, or in connection with any services rendered in order to effectuate, the completion of our initial business
combination (regardless of the type of transaction that it is). None of our sponsor, executive officers or directors, or any of
their respective affiliates, will be allowed to receive any compensation, finder's fees or consulting fees from a prospective
business combination target in connection with a contemplated initial business combination.
We have agreed to pay
our sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative support and to reimburse
our sponsor for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination.
We may also agree to pay a finder's fee to one or more independent directors to the extent such director(s) render services
in connection with locating the target business with which a successful business combination transaction is consummated. Some
of our officers and directors may enter into employment or consulting agreements with the post-transaction company following our
initial business combination. The presence or absence of any such fees or arrangements will not be used as a criterion in our
selection process of an initial business combination candidate.
We are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, executive officers or directors, or making the
acquisition through a joint venture or other form of shared ownership with our sponsor, executive officers or directors. However,
in the event we seek to complete an initial business combination with a target that is affiliated with our sponsor, executive officers
or directors, we, or a committee of independent directors, would obtain an opinion from an independent investment banking which
is a member of FINRA or a qualified independent accounting firm that such an initial business combination is fair to our company
from a financial point of view. We are not required to obtain such an opinion in any other context.
86
As more fully discussed in the
section of this prospectus entitled "Management — Conflicts of Interest," if any of our officers or
directors becomes aware of an initial business combination opportunity that falls within the line of business of any entity
to which he or she has 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. Our officers and
directors currently have certain relevant fiduciary duties or contractual obligations that may take priority over their
duties to us.
Selection of a Target Business and Structuring of our Initial
Business Combination
Nasdaq rules require that we must
complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held
in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account)
at the time of our signing a definitive agreement in connection with our initial business combination. The fair market value of
our initial business combination will be determined by our board of directors based upon one or more standards generally accepted
by the financial community, such as discounted cash flow valuation, a valuation based on trading multiples of comparable public
businesses or a valuation based on the financial metrics of M&A transactions of comparable businesses. If our board of directors
is not able to independently determine the fair market value of our initial business combination, we will obtain an opinion from
an independent investment banking firm that is a member of FINRA or an independent accounting firm with respect to the satisfaction
of such criteria. While we consider it unlikely that our board of directors will not be able to make an independent determination
of the fair market value of our initial business combination, it may be unable to do so if it is less familiar or experienced with
the business of a particular target or if there is a significant amount of uncertainty as to the value of a target's assets
or prospects. We do not intend to purchase multiple businesses in unrelated industries in conjunction with our initial business
combination. Subject to this requirement, our management will have virtually unrestricted flexibility in identifying and selecting
one or more prospective target businesses, although we will not be permitted to effectuate our initial business combination with
another blank check company or a similar company with nominal operations.
In any case, we will only complete an initial
business combination in which we own or acquire 50% or more of the outstanding voting securities of the target or otherwise acquire
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act. If we own or acquire less than 100% of the equity interests or assets of a target business or businesses, the portion
of such business or businesses that are owned or acquired by the post-transaction company is what will be taken into account for
purposes of Nasdaq's 80% of net assets test. There is no basis for investors in this offering to evaluate the possible merits
or risks of any target business with which we may ultimately complete our initial business combination.
To the extent we effect our initial business combination with
a company or business that may be financially unstable or in its early stages of development or growth we may be affected by numerous
risks inherent in such company or business. Although our management will endeavor to evaluate the risks inherent in a particular
target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.
In evaluating a prospective business target,
we expect to conduct a thorough due diligence review, which may encompass, among other things, meetings with incumbent management
and employees, document reviews, interviews of customers and suppliers, inspection of facilities, as well as a review of financial
and other information that will be made available to us.
The time required to select and evaluate
a target business and to structure and complete our initial business combination, and the costs associated with this process, are
not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification and evaluation
of a prospective target business with which our initial business combination is not ultimately completed will result in our incurring
losses and will reduce the funds we can use to complete another business combination.
87
Lack of Business Diversification
For an indefinite period of time after
the completion of our initial business combination, the prospects for our success may depend entirely on the future performance
of a single business. Unlike other entities that have the resources to complete business combinations with multiple entities in
one or several industries, it is probable that we will not have the resources to diversify our operations and mitigate the risks
of being in a single line of business. In addition, we intend to focus our search for an initial business combination in a single
industry. By completing our initial business combination with only a single entity, our lack of diversification may:
·
subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact on the particular industry in which we operate after our initial business combination, and
·
cause us to depend on the marketing and sale of a single product or limited number of products or services.
Limited Ability to Evaluate the Target's Management
Team
Although we intend to closely scrutinize
the management of a prospective target business when evaluating the desirability of effecting our initial business combination
with that business, our assessment of the target business' management may not prove to be correct. In addition, the future
management may not have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role
of members of our management team, if any, in the target business cannot presently be stated with any certainty. The determination
as to whether any of the members of our management team will remain with the combined company will be made at the time of our initial
business combination. While it is possible that one or more of our directors will remain associated in some capacity with us following
our initial business combination, it is unlikely that any of them will devote their full efforts to our affairs subsequent to our
initial business combination. Moreover, we cannot assure you that members of our management team will have significant experience
or knowledge relating to the operations of the particular target business.
We cannot assure you that any of our officers
and directors will remain in senior management or advisory positions with the combined company. The determination as to whether
any of our officers and directors will remain with the combined company will be made at the time of our initial business combination.
Following an initial business combination,
we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you
that we will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge
or experience necessary to enhance the incumbent management.
88
Stockholders May Not Have the Ability to Approve Our
Initial Business Combination
We may conduct redemptions without a stockholder
vote pursuant to the tender offer rules of the SEC. However, we will seek stockholder approval if it is required by law or
applicable stock exchange rule, or we may decide to seek stockholder approval for business or other legal reasons. Presented in
the table below is a graphic explanation of the types of initial business combinations we may consider and whether stockholder
approval is currently required under Delaware law for each such transaction.
Type of Transaction
Whether
Stockholder
Approval is
Required
Purchase of assets
No
Purchase of stock of target not involving a merger with the company
No
Merger of target into a subsidiary of the company
No
Merger of the company with a target
Yes
Under Nasdaq's listing rules, stockholder
approval would be required for our initial business combination if, for example:
·
we issue shares of Class A common stock that will be equal to or in excess of 20% of the number of shares of our Class A common stock then outstanding;
·
any of our directors, officers or substantial stockholders (as defined by Nasdaq rules) has a 5% or greater interest (or such persons collectively have a 10% or greater interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential issuance of common stock could result in an increase in outstanding common shares or voting power of 5% or more; or
·
the issuance or potential issuance of common stock will result in our undergoing a change of control.
89
Permitted Purchases of our Securities
If we seek stockholder approval of
our initial business combination and we do not conduct redemptions in connection with our initial business combination
pursuant to the tender offer rules, our initial stockholders, directors, officers, advisors or their affiliates may purchase
public shares or public warrants in privately negotiated transactions or in the open market either prior to or following the
completion of our initial business combination. There is no limit on the number of shares our initial stockholders,
directors, officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable
law and Nasdaq rules. However, they have no current commitments, plans or intentions to engage in such transactions and have
not formulated any terms or conditions for any such transactions. If they engage in such transactions, they will not make any
such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such
purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any,
would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private transaction
subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any such
purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Any such purchases will
be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to
such reporting requirements. None of the funds held in the trust account will be used to purchase public shares or public
warrants in such transactions prior to completion of our initial business combination.
The purpose of any such purchases of shares
could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining stockholder
approval of the initial business combination or to satisfy a closing condition in an agreement with a target that requires us to
have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it appears that
such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to reduce the number
of public warrants outstanding or to vote such warrants on any matters submitted to the warrantholders for approval in connection
with our initial business combination. Any such purchases of our securities may result in the completion of our initial business
combination that may not otherwise have been possible. In addition, if such purchases are made, the public "float"
of our shares of Class A common stock or warrants may be reduced and the number of beneficial holders of our securities may
be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national
securities exchange.
Our sponsor, officers, directors and/or
their affiliates anticipate that they may identify the stockholders with whom our sponsor, officers, directors or their affiliates
may pursue privately negotiated purchases by either the stockholders contacting us directly or by our receipt of redemption requests
submitted by stockholders following our mailing of proxy materials in connection with our initial business combination. To the
extent that our sponsor, officers, directors, advisors or their affiliates enter into a private purchase, they would identify and
contact only potential selling stockholders who have expressed their election to redeem their shares for a pro rata share of the
trust account or vote against our initial business combination, whether or not such stockholder has already submitted a proxy with
respect to our initial business combination. Our sponsor, officers, directors, advisors or their affiliates will only purchase
shares if such purchases comply with Regulation M under the Exchange Act and the other federal securities laws.
Any purchases by our sponsor, officers,
directors and/or their affiliates who are affiliated purchasers under Rule 10b-18 under the Exchange Act will only be made
to the extent such purchases are able to be made in compliance with Rule 10b-18, which is a safe harbor from liability for
manipulation under Section 9(a)(2) and Rule 10b-5 of the Exchange Act. Rule 10b-18 has certain technical requirements
that must be complied with in order for the safe harbor to be available to the purchaser. Our sponsor, officers, directors and/or
their affiliates will not make purchases of common stock if the purchases would violate Section 9(a)(2) or Rule 10b-5
of the Exchange Act.
Any such purchases will be reported pursuant
to Section 13 and Section 16 of the Exchange Act to the extent such purchases are subject to such reporting requirements.
90
Redemption Rights for Public Stockholders upon Completion
of our Initial Business Combination
We will provide our public stockholders
with the opportunity to redeem all or a portion of their shares of Class A common stock upon the completion of our initial
business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
as of two business days prior to the consummation of the initial business combination including interest earned on the funds held
in the trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares,
subject to the limitations described herein. The amount in the trust account will initially be approximately $10.00 per public
share. The per-share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred
underwriting commissions we will pay to the underwriters. Our sponsor, officers, directors and Nomura have entered into a letter
agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares, private
shares and any public shares held by them in connection with the completion of our initial business combination.
Manner of Conducting Redemptions
We will provide our public
stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon the completion
of our initial business combination either (i) in connection with a stockholder meeting called to approve the initial
business combination or (ii) by means of a tender offer. The decision as to whether we will seek stockholder approval of
a proposed initial business combination or conduct a tender offer will be made by us, solely in our discretion, and will be
based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us
to seek stockholder approval under the law or stock exchange listing requirement. Under Nasdaq rules, asset acquisitions and
stock purchases would not typically require stockholder approval while direct mergers with our company where we do not
survive and any transactions where we issue more than 20% of our outstanding common stock or seek to amend our amended and
restated certificate of incorporation would require stockholder approval. If we structure an initial business combination
with a target company in a manner that requires stockholder approval, we will not have discretion as to whether to seek a
stockholder vote to approve the proposed initial business combination. We may conduct redemptions without a stockholder vote
pursuant to the tender offer rules of the SEC unless stockholder approval is required by law or stock exchange listing
requirements or we choose to seek stockholder approval for business or other legal reasons. So long as we obtain and maintain
a listing for our securities on Nasdaq, we will be required to comply with such rules.
If a stockholder vote is not required and
we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated
certificate of incorporation:
·
conduct the redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and
·
file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.
Upon the public announcement of our initial
business combination, we or our sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase shares
of our Class A common stock in the open market if we elect to redeem our public shares through a tender offer, to comply with
Rule 14e-5 under the Exchange Act.
In the event we conduct redemptions pursuant
to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under
the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender
offer period. In addition, the tender offer will be conditioned on public stockholders not tendering more than a specified number
of public shares which are not purchased by our sponsor, which number will be based on the requirement that we may not redeem public
shares in an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business
combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's "penny
stock" rules) or any greater net tangible asset or cash requirement which may be contained in the agreement relating to our
initial business combination. If public stockholders tender more shares than we have offered to purchase, we will withdraw the
tender offer and not complete the initial business combination.
91
If, however, stockholder approval of the
transaction is required by law or stock exchange listing requirement, or we decide to obtain stockholder approval for business
or other legal reasons, we will, pursuant to our amended and restated certificate of incorporation:
·
conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and
·
file proxy materials with the SEC.
In the event that we seek stockholder approval
of our initial business combination, we will distribute proxy materials and, in connection therewith, provide our public stockholders
with the redemption rights described above upon completion of the initial business combination.
If we seek stockholder approval, we
will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted
in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person or by
proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding
shares of capital stock of the company entitled to vote at such meeting. Our initial stockholders (including Nomura) will
count toward this quorum, and our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private
shares held by them and any public shares purchased during or after this offering (including in open market and privately
negotiated transactions) in favor of our initial business combination. For purposes of seeking approval of the majority of
our outstanding shares of common stock voted, non-votes will have no effect on the approval of our initial business
combination once a quorum is obtained. As a result, in addition to the founder shares and private shares held by our sponsor,
officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares sold in
this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders
meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised).
Any forward purchase shares issued by us to Nomura will not be entitled to vote on our initial business combination since
those shares will not be issued until the closing of such transaction, although Nomura may elect to purchase (and vote)
shares from existing stockholders. These quorum and voting thresholds, and the voting agreements of our sponsor, officers and
directors, may make it more likely that we will consummate our initial business combination. Each public stockholder may
elect to redeem its public shares irrespective of whether they vote for or against the proposed transaction.
Our amended and restated certificate of
incorporation will provide that in no event will we redeem our public shares in an amount that would cause our net tangible assets
to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters' fees
and commissions (so that we are not subject to the SEC's "penny stock" rules) or any greater net tangible asset
or cash requirement which may be contained in the agreement relating to our initial business combination. For example, the proposed
initial business combination may require: (i) cash consideration to be paid to the target or its owners, (ii) cash to
be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy
other conditions in accordance with the terms of the proposed initial business combination. In the event the aggregate cash consideration
we would be required to pay for all shares of Class A common stock that are validly submitted for redemption plus any amount
required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount
of cash available to us, we will not complete the initial business combination or redeem any shares, and all shares of Class A
common stock submitted for redemption will be returned to the holders thereof.
92
Limitation on Redemption upon Completion of our Initial
Business Combination if we Seek Stockholder Approval
Notwithstanding the foregoing, if we seek
stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business
combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public
stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert
or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption
rights with respect to more than an aggregate of 15% of the shares sold in this offering, which we refer to as the "Excess
Shares." Such restriction shall also be applicable to our affiliates. We believe this restriction will discourage stockholders
from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to exercise their redemption
rights against a proposed initial business combination as a means to force us or our management to purchase their shares at a significant
premium to the then-current market price or on other undesirable terms. Absent this provision, a public stockholder holding more
than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights if such holder's
shares are not purchased by us or our management at a premium to the then-current market price or on other undesirable terms. By
limiting our stockholders' ability to redeem no more than 15% of the shares sold in this offering without our prior consent,
we believe we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete
our initial business combination, particularly in connection with an initial business combination with a target that requires as
a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders'
ability to vote all of their shares (including Excess Shares) for or against our initial business combination.
Tendering Stock Certificates in Connection with a Tender
Offer or Redemption Rights
We may require our public stockholders
seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name,"
to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents or proxy materials
mailed to such holders, or up to two business days prior to the vote on the proposal to approve the initial business combination
in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository
Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option. The tender offer or proxy materials,
as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate
whether we are requiring public stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have
from the time we send out our tender offer materials until the close of the tender offer period, or up to two days prior to the
vote on the initial business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to
seek to exercise its redemption rights. Given the relatively short exercise period, it is advisable for stockholders to use electronic
delivery of their public shares.
There is a nominal cost associated with
the above-referenced tendering process and the act of certificating the shares or delivering them through the DWAC System. The
transfer agent will typically charge the tendering broker $80.00 and it would be up to the broker whether or not to pass this cost
on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise
redemption rights to tender their shares. The need to deliver shares is a requirement of exercising redemption rights regardless
of the timing of when such delivery must be effectuated.
The foregoing is different from the procedures
used by many blank check companies. In order to perfect redemption rights in connection with their business combinations, many
blank check companies would distribute proxy materials for the stockholders' vote on an initial business combination, and
a holder could simply vote against a proposed initial business combination and check a box on the proxy card indicating such holder
was seeking to exercise his or her redemption rights. After the initial 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 completion of the initial business combination during which he or she could monitor
the price of the company's stock in the market. If the price rose above the redemption price, he or she could sell his or
her shares in the open market before actually delivering his or her shares to the company for cancellation. As a result, the redemption
rights, to which stockholders were aware they needed to commit before the stockholder meeting, would become "option"
rights surviving past the completion of the initial business combination until the redeeming holder delivered its certificate.
The requirement for physical or electronic delivery prior to the meeting ensures that a redeeming holder's election to redeem
is irrevocable once the initial business combination is approved.
93
Any request to redeem such shares, once
made, may be withdrawn at any time up to the date set forth in the tender offer materials or the date of the stockholder meeting
set forth in our proxy materials, as applicable. Furthermore, if a holder of a public share delivered its certificate in connection
with an election of redemption rights and subsequently decides prior to the applicable date not to elect to exercise such rights,
such holder may simply request that the transfer agent return the certificate (physically or electronically). It is anticipated
that the funds to be distributed to holders of our public shares electing to redeem their shares will be distributed promptly after
the completion of our initial business combination.
If our initial business combination is
not approved or completed for any reason, then our public stockholders who elected to exercise their redemption rights would not
be entitled to redeem their shares for the applicable pro rata share of the trust account. In such case, we will promptly return
any certificates delivered by public holders who elected to redeem their shares.
If our initial proposed initial
business combination is not completed, we may continue to try to complete an initial business combination with a different
target until 18 months from the closing of this offering.
Redemption of Public Shares and Liquidation if no Initial
Business Combination
Our amended and restated certificate
of incorporation provides that we will have only 18 months from the closing of this offering to complete our initial business
combination. If we are unable to complete our initial business combination within such 18-month period, we will:
(i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more
than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the
number of then outstanding public shares, which redemption will completely extinguish public stockholders' rights as
stockholders (including the right to receive further liquidating distributions, if any), 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 each case to our obligations under Delaware law
to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or
liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete our initial
business combination within the 18 month time period.
Our sponsor, officers, directors and
Nomura have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder
shares and private shares held by them if we fail to complete our initial business combination within 18 months from the
closing of this offering. However, if our sponsor, officers and directors acquire public shares in or after this offering,
they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to
complete our initial business combination within the allotted 18-month time period.
Our sponsor, officers, directors and
director nominees have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our
amended and restated certificate of incorporation (i) to modify the substance or timing of our obligation to redeem 100%
of our public shares if we do not complete our initial business combination within 18 months from the closing of this
offering or (ii) with respect to any other provision relating to stockholders' rights or pre-initial business
combination activity, unless we provide our public stockholders with the opportunity to redeem their shares of Class A
common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account including interest earned on the funds held in the trust account and not previously released to
us to pay our taxes, divided by the number of then outstanding public shares. However, we may not redeem our public shares in
an amount that would cause our net tangible assets to be less than $5,000,001 upon consummation of our initial business
combination and after payment of underwriters' fees and commissions (so that we are not subject to the SEC's
"penny stock" rules). If this optional redemption right is exercised with respect to an excessive number of
public shares such that we cannot satisfy the net tangible asset requirement (described above), we would not proceed with the
amendment or the related redemption of our public shares at such time.
94
We expect that all costs and expenses associated
with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the
approximately $1,750,000 of proceeds held outside the trust account, although we cannot assure you that there will be sufficient
funds for such purpose. We will depend on sufficient interest being earned on the proceeds held in the trust account to pay any
tax obligations we may owe. However, if those funds are not sufficient to cover the costs and expenses associated with implementing
our plan of dissolution, to the extent that there is any interest accrued in the trust account not required to pay taxes on interest
income earned on the trust account balance, we may request the trustee to release to us an additional amount of up to $100,000
of such accrued interest to pay those costs and expenses.
If we were to expend all of the net proceeds
of this offering and the sale of the private placement units, other than the proceeds deposited in the trust account, and without
taking into account interest, if any, earned on the trust account, the per-share redemption amount received by stockholders upon
our dissolution would be approximately $10.00. The proceeds deposited in the trust account could, however, become subject to the
claims of our creditors which would have higher priority than the claims of our public stockholders. We cannot assure you that
the actual per-share redemption amount received by stockholders will not be substantially less than $10.00. Under Section 281(b) of
the DGCL, our plan of dissolution must provide for all claims against us to be paid in full or make provision for payments to be
made in full, as applicable, if there are sufficient assets. These claims must be paid or provided for before we make any distribution
of our remaining assets to our stockholders. While we intend to pay such amounts, if any, we cannot assure you that we will have
funds sufficient to pay or provide for all creditors' claims.
Although we will seek to have all vendors,
service providers, prospective target businesses or other entities with which we do business execute agreements with us waiving
any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public 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.
We are not aware of any product or service providers who have not or will not provide such waiver other than the underwriters of
this offering and our independent registered public accounting firm.
In addition, there is no guarantee that
such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts
or agreements with us and will not seek recourse against the trust account for any reason. Our sponsor has agreed that it will
be liable to us if and to the extent any claims by a third party for services rendered or products sold to us, or a prospective
target business with which we have entered into a written letter of intent, confidentiality or similar agreement or business combination
agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per public share and (ii) the
actual amount per public share held in the trust account as of the date of the liquidation of the trust account, if less than $10.00
per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to
any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the
trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the underwriters
of this offering against certain liabilities, including liabilities under the Securities Act. However, we have not asked our sponsor
to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has sufficient funds to
satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our company. Therefore, we
cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will indemnify
us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
95
In the event that the proceeds in the
trust account are reduced below (i) $10.00 per public share or (ii) such lesser amount per public share held in the
trust account as of the date of the liquidation of the trust account, due to reductions in value of the trust assets, in each
case net of the amount of interest which may be withdrawn to pay taxes, and our sponsor asserts that it is unable to satisfy
its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent
directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While
we currently expect that our independent directors would take legal action on our behalf against our sponsor to enforce its
indemnification obligations to us, it is possible that our independent directors in exercising their business judgment may
choose not to do so if, for example, the cost of such legal action is deemed by the independent directors to be too high
relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. We have
not asked our sponsor to reserve for such indemnification obligations and we cannot assure you that our sponsor would be able
to satisfy those obligations. Accordingly, we cannot assure you that due to claims of creditors the actual value of the
per-share redemption price will not be less than $10.00 per public share.
We will seek to reduce the possibility
that our sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service
providers, prospective target businesses or other entities with which we do business execute agreements with us waiving any right,
title, interest or claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims
under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. We will have access to up to approximately $1,750,000 from the proceeds of this offering with which to pay any such potential
claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately
$100,000). In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient,
stockholders who received funds from our trust account could be liable for claims made by creditors. In the event that our offering
expenses exceed our estimate of $750,000, we may fund such excess with funds from the funds not to be held in the trust account.
In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely,
in the event that the offering expenses are less than our estimate of $750,000, the amount of funds we intend to be held outside
the trust account would increase by a corresponding amount.
Under the DGCL, stockholders may be
held liable for claims by third parties against a corporation to the extent of distributions received by them in a
dissolution. The pro rata portion of our trust account distributed to our public stockholders upon the redemption of our
public shares in the event we do not complete our initial business combination within 18 months from the closing of this
offering may be considered a liquidating distribution under Delaware law. If the corporation complies with certain procedures
set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it,
including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period
during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating
distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited
to the lesser of such stockholder's pro rata share of the claim or the amount distributed to the stockholder, and any
liability of the stockholder would be barred after the third anniversary of the dissolution.
Furthermore, if the pro rata portion of
our trust account distributed to our public stockholders upon the redemption of our public shares in the event we do not complete
our initial business combination within 18 months from the closing of this offering, is not considered a liquidating distribution
under Delaware law and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings
that a party may bring or due to other circumstances that are currently unknown), then pursuant to Section 174 of the DGCL,
the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead
of three years, as in the case of a liquidating distribution. If we are unable to complete our initial business combination within
18 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 the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held
in the trust account and not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders'
rights as stockholders (including the right to receive further liquidating distributions, if any), 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 each case to our obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law. Accordingly, it is our intention to redeem our public shares
as soon as reasonably possible following our 18
th
month and, therefore, we do not intend to comply with those procedures.
As such, our stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more)
and any liability of our stockholders may extend well beyond the third anniversary of such date.
96
Because we will not be complying with
Section 280, Section 281(b) of the DGCL requires us to adopt a plan, based on facts known to us at such time
that will provide for our payment of all existing and pending claims or claims that may be potentially brought against us
within the subsequent 10 years. However, because we are a blank check company, rather than an operating company, and our
operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise would
be from our vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. As described above,
pursuant to the obligation contained in our underwriting agreement, we will seek to have all vendors, service providers,
prospective target businesses or other entities with which we do business execute agreements with us waiving any right,
title, interest or claim of any kind in or to any monies held in the trust account. As a result of this obligation, the
claims that could be made against us are significantly limited and the likelihood that any claim that would result in any
liability extending to the trust account is remote. Further, our sponsor may be liable only to the extent necessary to ensure
that the amounts in the trust account are not reduced below (i) $10.00 per public share or (ii) such lesser amount
per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions in value
of the trust assets, in each case net of the amount of interest withdrawn to pay taxes and will not be liable as to any
claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the
Securities Act. In the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will
not be responsible to the extent of any liability for such third-party claims.
If we file a bankruptcy petition or an
involuntary bankruptcy petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject
to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority
over the claims of our stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will
be able to return $10.00 per share to our public stockholders. Additionally, if we file a bankruptcy petition or an involuntary
bankruptcy petition is filed against us that is not dismissed, any distributions received by stockholders could be viewed under
applicable debtor/creditor and/or bankruptcy laws as either a "preferential transfer" or a "fraudulent conveyance."
As a result, a bankruptcy court could seek to recover some or all amounts received by our stockholders. Furthermore, our board
of directors may be viewed as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, thereby exposing
itself and our company to claims of punitive damages, by paying public stockholders from the trust account prior to addressing
the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons.
Our public stockholders will be
entitled to receive funds from the trust account only upon the earlier to occur of: (i) the completion of our initial
business combination, (ii) the redemption of any public shares properly tendered in connection with a stockholder vote
to amend any provisions of our amended and restated certificate of incorporation (A) to modify the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
from the closing of this offering or (B) with respect to any other provision relating to stockholders' rights or
pre-initial business combination activity, and (iii) the redemption of all of our public shares if we are unable to
complete our business combination within 18 months from the closing of this offering, subject to applicable law. In no other
circumstances will a stockholder have any right or interest of any kind to or in the trust account. However, in the event we
seek stockholder approval in connection with our initial business combination, a stockholder's voting in connection
with the initial business combination alone will not result in a stockholder's redeeming its shares to us for an
applicable pro rata share of the trust account.
Such stockholder must have also exercised
its redemption rights as described above. These provisions of our amended and restated certificate of incorporation, like all provisions
of our amended and restated certificate of incorporation, may be amended with a stockholder vote.
97
Comparison of This Offering to Those of Blank Check Companies
Subject to Rule 419
The following table compares the terms
of this offering to the terms of an offering by a blank check company subject to the provisions of Rule 419. This comparison
assumes that the gross proceeds, underwriting commissions and underwriting expenses of our offering would be identical to those
of an offering undertaken by a company subject to Rule 419, and that the underwriters will not exercise their over-allotment
option. None of the provisions of Rule 419 apply to our offering.
Terms of Our Offering
Terms Under a Rule 419 Offering
Escrow of offering proceeds
$200,000,000 of the net proceeds of this offering and the sale of the private placement units will be deposited into a trust account in the United States at J.P. Morgan Chase Bank, N.A., with Continental Stock Transfer & Trust Company acting as trustee.
Approximately $176,400,000 of the offering proceeds would be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.
Investment of net proceeds
$200,000,000 of the net offering proceeds and the sale of the private placement units held in trust will be invested only 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.
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.
98
Terms of Our Offering
Terms Under a Rule 419 Offering
Receipt of interest on escrowed funds
Interest on proceeds from the trust account to be paid to stockholders is reduced by (i) any taxes paid or payable, and (ii) in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.
Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination.
Limitation on fair value or net assets of target business
Nasdaq rules require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business combination.
The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.
Trading of securities issued
We expect the units will begin trading on or promptly after the date of this prospectus. The Class A common stock and warrants comprising the units will begin separate trading on the 52
nd
day following the date of this prospectus unless the underwriters inform us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form 8-K promptly after the closing of this offering, which is anticipated to take place three business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, an additional Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the over-allotment option.
No trading of the units or the underlying Class A common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.
99
Terms of Our Offering
Terms Under a Rule 419 Offering
Exercise of the warrants
The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination or 12 months from the closing of this offering.
The warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection with the exercise would be deposited in the escrow or trust account.
Election to remain an investor
We will provide our public stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account and not previously released to us to pay our taxes, upon the completion of our initial business combination, subject to the limitations described herein. We may not be required by law to hold a stockholder vote. We intend to give approximately 30 days' (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at which a vote shall be taken to approve our initial business combination. If we are not required by law and do not otherwise decide to hold a stockholder vote, we will, pursuant to our amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under the SEC's proxy rules. In the event we conduct redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. If, however, we hold a stockholder vote, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules. If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. A quorum for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such meeting.
A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company's registration statement, to decide if it elects to remain a stockholder of the company or require the return of its investment. If the company has not received the notification by the end of the 45
th
business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the stockholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued.
100
Terms of Our Offering
Terms Under a Rule 419 Offering
Business combination deadline
If we are unable to complete an initial business combination within 18 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 public shares, at a per-share price, payable in cash, equal to the
    aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account and
    not previously released to us to pay our taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the
    number of then outstanding public shares, which redemption will completely extinguish public stockholders' rights as
    stockholders (including the right to receive further liquidating distributions, if any), 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 each case to our obligations under Delaware law
    to provide for claims of creditors and the requirements of other applicable law.
If a business combination has not been completed within 18 months after the effective date of the company's registration statement, funds held in the trust or escrow account are returned to investors.
101
Terms of Our Offering
Terms Under a Rule 419 Offering
Limitation on redemption rights of stockholders holding more than 15% of the shares sold in this offering if we hold a stockholder vote
If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation will provide that a public stockholder (including our affiliates), together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to Excess Shares (more than an aggregate of 15% of the shares sold in this offering). Our public stockholders' inability to redeem Excess Shares will reduce their influence over our ability to complete our initial business combination and they could suffer a material loss on their investment in us if they sell any Excess Shares in open market transactions.
Many blank check companies provide no restrictions on the ability of stockholders to redeem shares based on the number of shares held by such stockholders in connection with an initial business combination.
Tendering stock certificates in connection with a tender offer or redemption rights
We may require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name," to either tender their certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to such holders or up to two business days prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials, or to deliver their shares to the transfer agent electronically using The Depository Trust Company's DWAC System, at the holder's option. The tender offer or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have from the time we send out our tender offer materials until the close of the tender offer period, or up to two days prior to the vote on the initial business combination if we distribute proxy materials, as applicable, to tender its shares if it wishes to seek to exercise its redemption rights.
In order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed initial business combination and check a box on the proxy card indicating such holders were seeking to exercise their redemption rights. After the business combination was approved, the company would contact such stockholders to arrange for them to deliver their certificate to verify ownership.
102
Terms of Our Offering
Terms Under a Rule 419 Offering
Release of funds
Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our tax
    obligations, the proceeds from this offering and the sale of the private placement units held in the trust account will not
    be released from the trust account until the earliest to occur of: (i) the completion of our initial business
    combination, (ii) the redemption of any public shares properly submitted in connection with a stockholder vote to amend
    our amended and restated certificate of incorporation (A) to modify the substance or timing of our obligation to redeem
    100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this
    offering or (B) with respect to any other provision relating to stockholders' rights or pre-business combination
    activity and (iii) the redemption of 100% of our public shares if we are unable to complete an initial business
    combination within the required time frame (subject to the requirements of applicable law). On the completion of our initial
    business combination, all amounts held in the trust account will be released to us, less amounts released to a separate
    account controlled by the trustee for disbursal to redeeming stockholders. We will use these funds to pay amounts due to any
    public stockholders who exercise their redemption rights as described above under "Redemption rights for public
    stockholders upon completion of our initial business combination," to pay the underwriters their deferred underwriting
    commissions, to pay all or a portion of the consideration payable to the target or owners of the target of our initial
    business combination and to pay other expenses associated with our initial business combination.
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.
103
Competition
In identifying, evaluating and selecting
a target business for our initial business combination, we may encounter intense competition from other entities having a business
objective similar to ours, including other blank check companies, private equity groups and leveraged buyout funds, and operating
businesses seeking strategic business combinations. Many of these entities are well established and have extensive experience identifying
and effecting business combinations directly or through affiliates. Moreover, many of these competitors possess greater financial,
technical, human and other resources than we do. Our ability to acquire larger target businesses will be limited by our available
financial resources. This inherent limitation gives others an advantage in pursuing the initial business combination of a target
business. Furthermore, our obligation to pay cash in connection with our public stockholders who exercise their redemption rights
may reduce the resources available to us for our initial business combination and our outstanding warrants, and the future dilution
they potentially represent, may not be viewed favorably by certain target businesses. Either of these factors may place us at a
competitive disadvantage in successfully negotiating an initial business combination.
Facilities
Our executive offices are located at 4218
NE 2nd Avenue, Miami, Florida 33137, and our telephone number is (305) 573-3900. Our executive offices are provided to us by our
sponsor. Commencing on the date of this prospectus, we have agreed to pay our sponsor a total of $15,000 per month for office space,
utilities and secretarial and administrative support. We consider our current office space adequate for our current operations.
Employees
We currently have three officers. These
individuals are not obligated to devote any specific number of hours to our matters but they intend to devote as much of their
time as they deem necessary to our affairs until we have completed our initial business combination. The amount of time they will
devote in any time period will vary based on whether a target business has been selected for our initial business combination and
the stage of the initial business combination process we are in. We do not intend to have any full-time employees prior to the
completion of our initial business combination.
Periodic Reporting and Financial Information
We will register our units, Class A
common stock and warrants under the Exchange Act and have reporting obligations, including the requirement that we file annual,
quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports will contain
financial statements audited and reported on by our independent registered public accountants.
We will provide stockholders with audited financial statements
of the prospective target business as part of the tender offer materials or proxy solicitation materials sent to stockholders to
assist them in assessing the target business. In all likelihood, these financial statements will need to be prepared in accordance
with, or reconciled to, GAAP, or IFRS, depending on the circumstances, and the historical financial statements may be required
to be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential
targets we may conduct an initial business combination with because some targets may be unable to provide such statements in time
for us to disclose such statements in accordance with federal proxy rules and complete our initial business combination within
the prescribed time frame. We cannot assure you that any particular target business identified by us as a potential business combination
candidate will have financial statements prepared in accordance with GAAP or that the potential target business will be able to
prepare its financial statements in accordance with the requirements outlined above. To the extent that these requirements cannot
be met, we may not be able to acquire the proposed target business. While this may limit the pool of potential business combination
candidates, we do not believe that this limitation will be material.
We will be required to evaluate our internal
control procedures for the fiscal year ending December 31, 2022 as required by the Sarbanes-Oxley Act. Only in the event we
are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we
be required to have our internal control procedures audited. A target company may not be in compliance with the provisions of the
Sarbanes-Oxley Act regarding adequacy of their internal controls. The development of the internal controls of any such entity to
achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination.
Prior to the date of this prospectus, we will file a Registration Statement on Form 8-A with the SEC to voluntarily register
our securities under Section 12 of the Exchange Act. As a result, we will be subject to the rules and regulations promulgated
under the Exchange Act. We have no current intention of filing a Form 15 to suspend our reporting or other obligations under
the Exchange Act prior or subsequent to the consummation of our initial business combination.
104
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 worldwide market value of our common stock held by non-affiliates exceeds $700 million
as of the prior June 30
th
, and (2) the date on which we have issued more than $1.0 billion in non-convertible
debt during the prior three-year period.
Legal Proceedings
There is no material litigation, arbitration
or governmental proceeding currently pending against us or any members of our management team in their capacity as such.
MANAGEMENT
Officers, Directors and Director Nominees
Our officers, directors and director nominees
are as follows:
Name
Age
Position
Ophir Sternberg
50
Chairman of the
    Board of Directors, President and Chief Executive Officer
Trevor Barran
44
Chief Operating Officer
Paul Rapisarda
66
Chief Financial Officer and Secretary
Mark Walsh
66
Director Nominee
Steven Berrard
66
Director Nominee
Aman Kapadia
44
Director Nominee
Ophir Sternberg,
our
Chairman, President and Chief Executive Officer since inception,
has over 28 years of experience acquiring, developing,
repositioning and investing in all segments of the real estate industry, including office, industrial, retail, hospitality, ultra-luxury
residential condominiums and land acquisitions. Mr. Sternberg is the founding partner and Chief Executive Officer of Lionheart
Capital LLC ("Lionheart Capital"), founded in 2010. In 2019, Lionheart Capital completed in excess of 20 real estate
transactions across North America alone. Under Mr. Sternberg's leadership, Lionheart Capital executed numerous, marquee
real estate transactions and repositions, including the Miami Beach Ritz-Carlton project, which resulted in a total sell-out value
in excess of $560 million as well as the $30 million purchase and $120 million sale of the Seagull Hotel, Miami Beach making it
the largest hotel sale of the year in Miami Beach. Mr. Sternberg and Lionheart Capital are currently in development on a
number of other projects including but are not limited to retail properties in Miami's Design District, two oceanfront condominium
towers in Pompano Beach, Florida and a ski-in/ski-out hotel and residences in Breckenridge, Colorado.
105
Additionally, in 2017, Mr. Sternberg
founded Out of the Box Ventures, a Lionheart Capital subsidiary, to acquire and reposition distressed retail properties throughout
the United States. With over 28 properties in 17 states, Out of the Box Ventures currently controls over 6 million square feet of
big box stores, shopping centers and enclosed regional mall properties with plans to improve and expand upon these acquisitions.
Mr. Sternberg and Lionheart Capital
are dedicated to working with best-in-class operators and partners such as the Ritz-Carlton. Lionheart Capital has been able to
execute numerous, marquee transactions due largely in part to Mr. Sternberg's extensive industry relationships particularly
with key institutional investors.
Mr. Sternberg began his career assembling,
acquiring and developing properties in emerging neighborhoods in New York City, which established his reputation for identifying
assets with unrealized potential and combining innovative partnerships with efficient financing structures to realize above average
returns. Mr. Sternberg came to the United States in 1993 after completing three years of military service within an elite
unit for the Israeli Defense Forces (IDF).
In March 2020, Mr. Sternberg
became Chairman  of OPES Acquisition Corp., a SPAC.
Trevor Barran
, our Chief
Operating Officer, has also served as Chief Operating Officer at Out of the Box Ventures since its inception in 2017.
Mr. Barran brings over 20 years of experience developing and executing investment and operational strategies across the
financial services, healthcare, technology, and real estate industries, including the last ten years acquiring and developing
real estate properties as a senior member of the Lionheart Capital team. From 2013 until 2019, Mr. Barran served as
Chief Executive Officer of Lionheart Nica S.A., Real Estate, a subsidiary of Lionheart Capital. Mr. Barran began his
career in 1998 at the Mitchell Madison Group, Inc., a management consulting firm focused on improving financial and
operational performance for large companies through strategic sourcing, performance improvement and big data, which was
subsequently sold to USWeb/CKS Corp. for approximately $300 million in 1999 and eventually grew to over 8,500 employees with
annual revenues exceeding $1 billion. Subsequently, in 1999, Mr. Barran joined ScreamingMedia (NASDAQ:SCRM), later known
as Pinnacor, a global technology platform focused on the aggregation and distribution of digital content over the Internet.
Mr. Barran helped prepare ScreamingMedia for its $60 million initial public offering in 2000. ScreamingMedia, which
underwent a series of acquisitions, is now a part of the Walt Disney Company (NYSE:DIS). Other career milestones for
Mr. Barran include founding and operating SACSA, s.a. (2016-2019), a resort construction company where he served as
managing partner; founding and operating BioIntegral Surgical (2008-2010), a cardiovascular medical devices company where he
served as Chief Executive Officer; and co-founding a systematic global macro high-frequency trading fund, EagleStone Advisors from 2010 to 2011.
At EagleStone, Mr. Barran was instrumental in putting forward a day trading exchanged-traded fund (ETF) strategy.
Additionally, in 2003, Mr. Barran participated in post-graduate work in computer science and artificial intelligence
with Professor David Ackley in a joint program between the University of New Mexico and Santa Fe Research Institute.
Mr. Barran earned a degree in Aerospace Engineering from Princeton University in 1998.
Paul Rapisarda
,
our
Chief Financial Officer and Secretary, also serves as Chief Financial Officer at Lionheart Capital and Out of the Box
Ventures, a position he has held since 2019. Mr. Rapisarda is an experienced public company C-suite executive and
investment banking professional with more than 25 years working in and for a variety of public and private companies. Prior to joining Lionheart Capital in June 2019, he served as Chief Financial Officer at Etrion Corp.
(TSX:ETX), a dual-listed (Canada/Sweden) solar energy development company from October 2015 to December 2017.
Etrion Corp. is part of The Lundin Group, a portfolio of 13 public companies in the energy and mining sectors with a combined
market capitalization in excess of $16 billion, started or sponsored by the Lundin family. Mr. Rapisarda was responsible
for managing all finance functions, including financial reporting, treasury & cash management, corporate finance,
regulatory/SEC compliance matters and investor relations. Prior to this, Mr. Rapisarda worked for Garrison Capital
Advisors LLC, a financial advisory and consulting services company. From 2008 to 2014, he worked for another dual-listed
company (Canada/United States), Atlantic Power Corporation (NYSE:AT), most recently serving as Executive Vice
President-Commercial Development. The company was a portfolio company controlled by Arclight Capital Partners, a private
equity firm with $10.4 billion of assets under management and a focus on the energy sector. He was a key member of the
executive team that successfully engineered the $1.8 billion merger with Capital Power Income L.P. and had primary
responsibility for the investment of over $1.2 billion in capital from 2008-2012. Prior to Atlantic Power, Mr. Rapisarda
worked for over 20 years in investment banking and private equity for several firms, including Compass Advisers LLP,
Schroders, Merrill Lynch and BT Securities. He has also acted as a board member at several emerging growth companies,
primarily in the energy, technology and infrastructure sectors. Mr. Rapisarda has a B.A. from Amherst College and an
M.B.A. from the Harvard Business School.
Steven Berrard
, who will
become our board member at the closing of this offering,
is a co-founder of e-commerce
company RumbleOn Inc. and has served as its Chief Financial Officer since 2017 and has been a member of its Board of
Directors since 2016. Mr. Berrard is the Managing Partner of New River Capital Partners, a private equity fund he
co-founded in 1997. Mr. Berrard was the co-founder and Co-Chief Executive Officer of AutoNation from 1996 to 1999. Prior
to joining AutoNation, Mr. Berrard served as President and Chief Executive Officer of the Blockbuster Entertainment
Group, the world's largest video store operator at the time. Mr. Berrard served as Chairman of Board of
Jamba, Inc. from 2005 to 2007 and as its Chief Executive Officer from 2005 to 2006. Mr. Berrard served as President
of Huizenga Holdings, Inc., a real estate management and development company, and served in various positions with
subsidiaries of Huizenga Holdings, Inc. from 1981 to 1987. Mr. Berrard currently serves on the Board of Directors
of Pivotal Fitness, Inc., a chain of fitness centers operating in Charleston, SC. He has previously served on the Boards
of Directors of Swisher Hygiene Inc., Walter Investment Management Corp., Jamba, Inc., Viacom, Inc., Birmingham
Steel, HealthSouth and Boca Resorts, Inc.. Mr. Berrard earned his B.S. in Accounting from Florida Atlantic
University.
106
Aman Kapadia
, who will become
our board member at the closing of this offering, has been the Managing Partner of Akaris Global Partners, an investment firm
based in New York City, since September 2018. He brings 16 years of experience in public markets investing across capital
structure, geographies, and industries. Prior to founding Akaris Global, from 2007 to 2018, Mr. Kapadia served as Partner and
Managing Director at Fir Tree Partners, an investment firm formed in 1994 to apply the best practices of a private equity
approach to opportunistic value investing. From 2016 until his departure in 2018, Mr. Kapadia was one of three individuals
managing the firm with co-portfolio manager responsibilities. Previously, Mr. Kapadia was an Analyst at Rockbay Capital
Management, Severn River Capital Management, Sagamore Hill and McKinsey & Co. Mr. Kapadia received a J.D./M.B.A.
from Harvard Law School and Harvard Business School, and an A.B. in Public and International Affairs, magna cum laude, from
Princeton University, where he was inducted into Phi Beta Kappa.
Mark
Walsh
, who will become our board member at the closing of this offering, is a venture investor in technology, software,
content and services through his fund, Ruxton Ventures, LLC, which he founded in 2003. Mr. Walsh was Chief Executive Officer of
FactSquared, an AI/Machine learning company he helped found, from late 2017 to early 2019. He remains on its board. He served as
a presidential appointee in the Obama Administration as Head of Investment and Innovation at the Small Business Administration
from 2015 to 2017, overseeing a $30 billion investment portfolio in private equity, venture capital and venture accelerators. Prior
to the SBA, from 2013 to 2015, Mr. Walsh was executive chairman of Homesnap.com, a "prosumer" platform/app for residential
real estate backed by Revolution Ventures. He has been a senior executive at several technology and content companies, including
GE, AOL and Home Box Office. Mr. Walsh served as Chief Executive Officer and then Chairman of VerticalNet, a leading provider of
B2B "communities of commerce" from 1997 to 2004. He led the company through its public offering on NASDAQ in 1999.
Mr. Walsh has invested in and/or served as a board member of a number of high growth public and private companies, including: BlackBoard
(NASDAQ: BBBB), NutriSystems (NASDAQ: NTRI), Thestreet.com (NASDAQ: TST), Day Software (Zurich Stock Exchange: DAY), half.com,
LifeShield.com, Transactis and GoCanvas.com. Mr. Walsh received an M.B.A. from the Harvard Business School and a B.A. from Union
College.
107
Number and Terms of Office of Officers and Directors
We will have five directors upon completion
of this offering. Each member of our board of directors will be elected at our annual meetings. 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.
Our officers are appointed by the
board of directors and serve at the discretion of the board of directors, rather than for specific terms of office. Our board
of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate. Our bylaws
provide that our officers may consist of an  Chairman of the Board, Chief Executive Officer, Chief Financial
Officer, President, Vice Presidents, Secretary, Treasurer, Assistant Secretaries and such other offices as may be determined
by the board of directors.
Director Independence
Nasdaq listing standards require that a
majority of our board of directors be independent. An "independent director" is defined generally as a person other
than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion
of the company's board of directors, would interfere with the director's exercise of independent judgment in carrying
out the responsibilities of a director. Our board of directors has determined that Steven Berrard, Aman Kapadia and Mark Walsh
are "independent directors" as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors
will have regularly scheduled meetings at which only independent directors are present.
Officer and Director Compensation
None of our officers has received any cash
compensation for services rendered to us. However, these individuals will be reimbursed for any out-of-pocket expenses incurred
in connection with activities on our behalf such as identifying potential target businesses and performing due diligence on suitable
business combinations. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers
or directors, or our or their affiliates. Any such payments prior to an initial business combination will be made using funds held
outside the trust account. Other than quarterly audit committee review of such payments, we do not expect to have any additional
controls in place governing our reimbursement payments to our directors and executive officers for their out-of-pocket expenses
incurred in connection with identifying and consummating an initial business combination.
After the completion of our initial business
combination, directors or members of our management team who remain with us may be paid consulting or management fees from the
combined company. All of these fees will be fully disclosed to stockholders, to the extent then known, in the tender offer materials
or proxy solicitation materials furnished to our stockholders in connection with a proposed initial business combination. We have
not established any limit on the amount of such fees that may be paid by the combined company to our directors or members of management.
It is unlikely the amount of such compensation will be known at the time of the proposed initial business combination, because
the directors of the post-combination business will be responsible for determining officer and director compensation. Any compensation
to be paid to our officers will be determined, or recommended to the board of directors for determination, either by a compensation
committee constituted solely by independent directors or by a majority of the independent directors on our board of directors.
108
We do not intend to take any action to ensure
that members of our management team maintain their positions with us after the consummation of our initial business combination,
although it is possible that some or all of our officers and directors may negotiate employment or consulting arrangements to remain
with us after our initial business combination. The existence or terms of any such employment or consulting arrangements to retain
their positions with us may influence our management's motivation in identifying or selecting a target business but we do
not believe that the ability of our management to remain with us after the consummation of our initial business combination will
be a determining factor in our decision to proceed with any potential business combination. We are not party to any agreements
with our officers and directors that provide for benefits upon termination of employment.
Committees of the Board of Directors
Our board of directors will have two standing
committees: an audit committee and a compensation committee. Subject to phase-in rules and a limited exception, Nasdaq rules and
Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors,
and Nasdaq rules require that the compensation committee of a listed company be comprised solely of independent directors.
Audit Committee
Prior to the consummation of this offering,
we will establish an audit committee of the board of directors. Steven Berrard, Aman Kapadia and Mark Walsh will serve as members
of our audit committee, and Steven Berrard will chair the audit committee. Under the Nasdaq listing standards and applicable SEC
rules, we are required to have at least three members of the audit committee, all of whom must be independent. Each of Steven Berrard,
Aman Kapadia and Mark Walsh meets the independent director standard under Nasdaq listing standards and under Rule 10-A-3(b)(1) of
the Exchange Act.
Each member of the audit committee is financially
literate and our board of directors has determined that Steven Berrard qualifies as an "audit committee financial expert"
as defined in applicable SEC rules.
We will adopt an audit committee charter,
which will detail the principal functions of the audit committee, including:
·
the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm engaged by us;
·
pre-approving all audit and permitted non-audit services to be provided by the independent registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;
·
setting clear hiring policies for employees or former employees of the independent registered public accounting firm, including but not limited to, as required by applicable laws and regulations;
·
setting clear policies for audit partner rotation in compliance with applicable laws and regulations;
·
obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (i) the independent registered public accounting firm's internal quality-control procedures, (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues and (iii) all relationships between the independent registered public accounting firm and us to assess the independent registered public accounting firm's independence;
·
reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and
·
reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.
109
Compensation Committee
Prior to the consummation of this offering,
we will establish a compensation committee of the board of directors. Steven Berrard, Aman Kapadia and Mark Walsh will serve as
members of our compensation committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have at
least two members of the compensation committee, all of whom must be independent. Steven Berrard, Aman Kapadia and Mark Walsh are
independent and Mark Walsh will chair the compensation committee.
We will adopt a compensation committee
charter, which will detail the principal functions of the compensation committee, including:
·
reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation, if any is paid by us, evaluating our Chief Executive Officer's performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;
·
reviewing and approving on an annual basis the compensation, if any is paid by us, of all of our other officers;
·
reviewing on an annual basis our executive compensation policies and plans;
·
implementing and administering our incentive compensation equity-based remuneration plans;
·
assisting management in complying with our proxy statement and annual report disclosure requirements;
·
approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;
·
if required, producing a report on executive compensation to be included in our annual proxy statement; and
·
reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.
Notwithstanding the foregoing, as indicated
above, other than (i) the payment to our sponsor of $15,000 per month, for up to 18 months, for office space, utilities and secretarial
and administrative support and reimbursement of expenses, and (ii) the payment of a finder's fee to one or more of the independent
directors to the extent such director(s) render services in connection with locating the target business with which a successful
business combination transaction is consummated, no compensation of any kind, including finders, consulting or other similar fees,
will be paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any
services they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that
prior to the consummation of an initial business combination, the compensation committee will only be responsible for the review
and recommendation of any compensation arrangements to be entered into in connection with such initial business combination.
The charter will also provide that the
compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or
other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser.
However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation
committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.
110
Director Nominations
We do not have a standing nominating committee
though we intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules.
In accordance with Rule 5605 of the Nasdaq rules, a majority of the independent directors may recommend a director nominee
for selection by the board of directors. The board of directors believes that the independent directors can satisfactorily carry
out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating committee.
The directors who will participate in the consideration and recommendation of director nominees are Steven Berrard, Aman Kapadia and Mark Walsh. In accordance with Rule 5605
of the Nasdaq rules, all such directors are independent. As there is no standing nominating committee, we do not have a nominating
committee charter in place.
The board of directors will also
consider director candidates recommended for nomination by our stockholders during such times as they are seeking proposed
nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a special meeting of
stockholders). Our stockholders that wish to nominate a director for election to our board of directors should follow the
procedures set forth in our bylaws.
We have not formally established any specific,
minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating
nominees for director, the board of directors considers educational background, diversity of professional experience, knowledge
of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our
stockholders.
Compensation Committee Interlocks and Insider Participation
None of our officers currently serves,
or in the past year has served, as a member of the compensation committee of any entity that has one or more officers serving on
our board of directors.
Code of Ethics
Prior to the consummation of this offering,
we will have adopted a Code of Ethics applicable to our directors, officers and employees. We will file a copy of our Code of Ethics
and our audit and compensation committee charters as exhibits to the registration statement of which this prospectus is a part.
You will be able to review these documents by accessing our public filings at the SEC's web site at
www.sec.gov
. In
addition, a copy of the Code of Ethics will be provided without charge upon request from us. We intend to disclose any amendments
to or waivers of certain provisions of our Code of Ethics in a Current Report on Form 8-K. See the section of this prospectus
entitled "Where You Can Find Additional Information."
Conflicts of Interest
Each of our officers, directors and director
nominees presently has, and any of them in the future may have additional, fiduciary or contractual obligations to other entities
pursuant to which such officer or director is or will be required to present a business combination opportunity. Accordingly, if
any of our officers or directors becomes aware of a business combination opportunity which is suitable for an entity to which he
or she has then-current fiduciary or contractual obligations to present the opportunity to such entity, he or she will honor his
or her fiduciary or contractual obligations to present such opportunity to such entity. We believe, however, that the fiduciary
duties or contractual obligations of our officers or directors will not materially affect our ability to complete our initial business
combination. Our amended and restated certificate of incorporation will provide that we renounce our interest in any corporate
opportunity offered to any director or officer unless such opportunity is expressly offered to such person solely in his or her
capacity as a director or officer of our company and such opportunity is one we are legally and contractually permitted to undertake
and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted to refer that opportunity
to us without violating another legal obligation.
111
In March 2020, Ophir Sternberg,
our  Chairman, President and Chief Executive Officer, became Chairman of OPES Acquisition Corp., a SPAC. On
June 30, 2020, OPES Acquisition Corp. announced a definitive agreement to merge with BurgerFi International Inc. The
consummation of the OPES-BurgerFi merger is subject to receipt of stockholder approval and satisfaction of other customary
closing conditions.
Potential investors should also be aware
of the following other potential conflicts of interest:
·
None of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of interest in allocating his or her time among various business activities.
·
In the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to us as well as the other entities with which they are affiliated. Our management may have conflicts of interest in determining to which entity a particular business opportunity should be presented.
·
Our sponsor, officers, directors and Nomura have agreed to waive their redemption rights with respect to any founder
    shares, private shares and any public shares held by them in connection with the consummation of our initial business
    combination. Additionally, sponsor, officers, directors and Nomura have agreed to waive their redemption rights with respect
    to any founder shares and private shares held by them if we fail to consummate our initial business combination within 18
    months after the closing of this offering. If we do not complete our initial business combination within such applicable time
    period, the proceeds of the sale of the private placement units held in the trust account will be used to fund the redemption
    of our public shares, and the private warrants will expire worthless. With certain limited exceptions, the founder shares
    will not be transferable, assignable by our sponsor until the earlier of: (A) six months after the completion of our
    initial business combination or (B) subsequent to our initial business combination, (x) if the last reported sale
    price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
    reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
    30 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital
    stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to
    exchange their shares of common stock for cash, securities or other property. With certain limited exceptions, the private
    shares and the private warrants and the Class A common stock underlying such warrants, will not be transferable,
    assignable or saleable by the initial purchasers of the private placement units or their permitted transferees until 30 days
    after the completion of our initial business combination. Since our sponsor and officers and directors may directly or
    indirectly own common stock and warrants following this offering, our officers and directors may have a conflict of interest
    in determining whether a particular target business is an appropriate business with which to effectuate our initial business
    combination. Permitted transferees of the founder shares would be subject to the same restrictions.
·
Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.
·
Our sponsor, officers or directors may have a conflict of interest with respect to evaluating a business combination and financing arrangements as we may obtain loans from our sponsor or an affiliate of our sponsor or any of our officers or directors to finance transaction costs in connection with an intended initial business combination. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units.
The conflicts described above may not be
resolved in our favor.
In general, officers and directors of a
corporation incorporated under the laws of the State of Delaware are required to present business opportunities to a corporation
if:
·
the corporation could financially undertake the opportunity;
·
the opportunity is within the corporation's line of business; and
·
it would not be fair to our company and its stockholders for the opportunity not to be brought to the attention of the corporation.
Accordingly, as a result of multiple business
affiliations, our officers and directors may have similar legal obligations relating to presenting business opportunities meeting
the above-listed criteria to multiple entities. Furthermore, our amended and restated certificate of incorporation will provide
that we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly
offered to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are
legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director
or officer is permitted to refer that opportunity to us without violating another legal obligation.
112
Below is a table summarizing the entities
to which our executive officers, directors and director nominees currently have fiduciary duties or contractual obligations:
Individual
Entity
Entity's Business
Affiliation
Ophir Sternberg
OPES Acquisition Corp.
Special Purpose Acquisition Company
Chairman, President and Chief Executive Officer
Lionheart Capital LLC
Real estate investment firm
Chief Executive Officer
Lionheart Management LLC
Real estate holding company
Manager
Out of the Box Holdings LLC
Retail space redevelopment company
Manager
Paul Rapisarda
Lionheart Capital LLC
Real estate investment firm
Chief Financial Officer
Lionheart Management LLC
Real estate holding company
Chief Financial Officer
Out of the Box Holdings LLC
Retail space redevelopment company
Chief Financial Officer
Feeney Utility Services Group.
Utility infrastructure services company
Board Member
Garrison Capital Advisors LLC
Financial consulting and advisory services company
Sole Member
Trevor Barran
Out of the Box Holdings LLC
Retail space redevelopment company
Chief Operating Officer
Mark Walsh
Ruxton Ventures, LLC
Angel Investing
Managing Partner
Steven Berrard
RumbleOn Inc.
E-commerce company
Chief Financial Officer
New River Capital Partners
Private equity fund
Managing Partner
Aman Kapadia
Akaris Global Partners
Investment firm
Managing Partner
Accordingly, if any of the above executive
officers, directors or director nominees becomes aware of a business combination opportunity which is suitable for any of the above
entities to which he or she has current 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 are not prohibited from pursuing an
initial business combination with a company that is affiliated with our sponsor, officers or directors. However, in the event we
seek to complete our initial business combination with such a company, we, or a committee of independent directors, would obtain
an opinion from an independent investment banking firm that is a member of FINRA or from an independent accounting firm, that such
an initial business combination is fair to our company from a financial point of view.
In the event that we submit our initial
business combination to our public stockholders for a vote, our sponsor, officers, directors and Nomura have agreed to vote any
founder shares and private shares held by them and any public shares purchased during or after the offering (including in open
market and privately negotiated transactions) in favor of our initial business combination.
Limitation on Liability and Indemnification of Officers and
Directors
Our amended and restated certificate of
incorporation will provide that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware
law, as it now exists or may in the future be amended. In addition, our amended and restated certificate of incorporation will
provide that our directors will not be personally liable for monetary damages to us or our stockholders for breaches of their fiduciary
duty as directors, unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally
violated the law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper
personal benefit from their actions as directors.
We will enter into agreements with our
officers and directors to provide contractual indemnification in addition to the indemnification provided for in our amended and
restated certificate of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director or
employee for any liability arising out of his or her actions, regardless of whether Delaware law would permit such indemnification.
We will purchase a policy of directors' and officers' liability insurance that insures our officers and directors against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
our officers and directors.
These provisions may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of
reducing the likelihood of derivative litigation against officers and directors, even though such an action, if successful, might
otherwise benefit us and our stockholders. Furthermore, a stockholder's investment may be adversely affected to the extent
we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.
We believe that these provisions, the directors'
and officers' liability insurance and the indemnity agreements are necessary to attract and retain talented and experienced
officers and directors.
113
PRINCIPAL STOCKHOLDERS
The following table sets forth information
regarding the beneficial ownership of our common stock as of the date of this prospectus, and as adjusted to reflect the sale of
our Class A common stock included in the units offered by this prospectus and the private placement units, and assuming no
purchase of units in this offering, by:
·
each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock;
·
each of our executive officers, directors and director nominees that beneficially owns shares of our common stock; and
·
all our executive officers, directors and director nominees as a group.
Unless otherwise indicated, we believe
that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially
owned by them.
In January 2020, our sponsor
purchased 5,000,000 founder shares for an aggregate purchase price of $25,000, or approximately $0.005 per share.
Subsequently, in February 2020, we declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000
shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of
approximately $0.005 per share. The following table presents the number of shares and percentage of our common stock owned by
our initial stockholders before and after this offering. The post-offering numbers and percentages presented assume that the
underwriters do not exercise their over-allotment option, that our sponsor forfeits 750,000 founder shares and that there are
25,650,000 shares of our common stock, consisting of (i) 20,650,000 shares of our Class A common stock and
(ii) 5,000,000 shares of our Class B common stock, issued and outstanding after this offering.
Number of
Shares
Approximate Percentage of
Outstanding Common Stock
Name and Address of Beneficial Owner
(1)
Beneficially
Owned
Before
Offering
After
Offering
Lionheart Equities, LLC (our sponsor)
(2)
5,667,500
98.6
%
20
%
Ophir Sternberg
(2)
5,667,500
98.6
%
20
%
Trevor Barran
0
0
%
0
%
Paul Rapisarda
0
0
%
0
%
Mark Walsh
0
0
%
0
%
Steven Berrard
0
0
%
0
%
Aman Kapadia
0
0
%
0
%
All directors, director nominees and executive officers as a group (6 individuals)
5,667,500
98.6
%
20
%
*
Less than one percent.
(1)
Unless otherwise noted, the business address of each of the following entities or individuals is 4218 NE 2nd Avenue, Miami, Florida 33137.
(2)
These shares represent the founder shares held by our sponsor, 750,000 of which are subject to forfeiture depending on
    the extent to which the underwriters' over-allotment option is exercised. Ophir Sternberg, our  Chairman, President and
    Chief Executive Officer, is the  member of  our sponsor.
    Consequently, Mr. Sternberg may be deemed the beneficial owner of the founder shares held by our sponsor and has sole
    voting and dispositive control over such securities. Mr. Sternberg disclaims beneficial ownership over any securities
    owned by our sponsor in which he does not have any pecuniary interest.
114
Immediately after this offering, our
initial stockholders (including Nomura) will beneficially own 22.03% of the then-issued and outstanding shares of our common
stock (including the private shares and assuming they do not purchase any units in this offering). Neither our sponsor nor
any of our officers or directors have expressed an intention to purchase any units in this offering. If we increase or
decrease the size of the offering, we will effect a stock dividend or a share contribution back to capital, or other
appropriate mechanism, as applicable, with respect to our Class B common stock immediately prior to the consummation of
the offering in such amount as to maintain the ownership of our initial stockholders at 20.0% of the issued and outstanding
shares of our common stock upon the consummation of this offering. Because of this ownership block, our initial stockholders
may be able to effectively influence the outcome of all matters requiring approval by our stockholders, including the
election of directors, amendments to our amended and restated certificate of incorporation and approval of significant
corporate transactions, including approval of our initial business combination.
The holders of the founder shares and the
private shares have agreed (A) to vote any shares owned by them in favor of any proposed initial business combination and
(B) not to redeem any shares in connection with a stockholder vote to approve a proposed initial business combination.
Our
sponsor has committed that it or its respective designees will purchase an aggregate of 650,000 private placement units at $10.00
per unit, among which 595,000 private placement units will be purchased by our sponsor and/or its designees and 55,000 private
placement units will be purchased by Nomura and/or its designees at $10.00 per unit. These purchases will take place on a private
placement basis simultaneously with the consummation of this offering.
The private placement units are identical to the
units sold in this offering, except that, so long as they are held by the initial purchasers of the private placement units or
their permitted transferees, (i) the private shares and the private warrants (including the Class A common stock issuable
upon the exercise of the private warrants) may not be transferred, assigned or sold until 30 days after the completion of our initial
business combination, (ii) the private warrants will not be redeemable by us and (iii) the private warrants may be exercised
by the holders for cash or on a cashless basis, as described in this prospectus
. In addition,
for as long as the private warrants are held by Nomura or its respective designees or affiliates, they may not be exercised after
five years from the effective date of the registration statement of which this prospectus forms a part. The holders have agreed
(A) to vote the shares issued in connection with the private placement units in favor of any proposed business combination,
(B) not to propose an amendment to our charter documents with respect to our pre-business combination activities prior to
the consummation of such a business combination unless we provide our public stockholders with the opportunity to redeem their
shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the trust account, including interest (which interest shall be net of taxes payable, divided by the number of
then issued and outstanding public shares, (C) not to redeem any private placement units (and underlying securities) in connection
with a stockholder vote to approve our proposed initial business combination and (D) that private placement units (and underlying
securities) shall not participate in any liquidating distribution upon winding up if a business combination is not consummated,
until all of the claims of any redeeming stockholders and creditors are fully satisfied (and then only from funds held outside
the trust account).
Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura's forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class A common stock. Our sponsor and our executive officers and directors are deemed to be our "promoters"
as such term is defined under the federal securities laws.
115
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.
Restrictions on Transfers of Founder Shares and Private Placement
Units
The founder shares, private placement units
and their component securities are each subject to transfer restrictions pursuant to lock-up provisions in a letter agreement with
us to be entered into by our sponsor, officers, directors and Nomura. Those lock-up provisions provide that such securities are
not transferable or salable (i) in the case of the founder shares, until the earlier of  (A) six months after the
completion of our initial business combination or (B) subsequent to our initial business combination, (x) if the last
reported sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30
days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange,
reorganization or other similar transaction that results in all of our stockholders having the right to exchange their shares of
common stock for cash, securities or other property, and (ii) in the case of the private placement units and the underlying
securities, until 30 days after the completion of our initial business combination, except in each case (a) to our officers
or directors, any affiliates or family members of any of our officers or directors, any members of our sponsor, or any affiliates
of our sponsor; (b) in the case of an individual, by gift to a member of one of the members of the individual's immediate
family or to a trust, the beneficiary of which is a member of one of the individual's immediate family, an affiliate of such
person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private
sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation
of an initial business combination at prices no greater than the price at which the shares or warrants were originally purchased;
(f) in the event of our liquidation prior to the completion of our initial business combination; (g) by virtue of the
laws of Delaware or our sponsor's limited liability company agreement upon dissolution of our sponsor; or (h) in the
case of Nomura, to Nomura's affiliates or any entity controlled by Nomura, provided, however, that in the case of clauses
(a) through (e), (g) or (h), these permitted transferees must enter into a written agreement agreeing to be bound by
these transfer restrictions and the other restrictions contained in the letter agreements and by the same agreements entered into
by our sponsor with respect to such securities (including provisions relating to voting, the trust account and liquidation distributions
described elsewhere in this prospectus).
Registration Rights
The holders of the founder shares, private
placement units, securities issuable pursuant to the forward purchase agreement and warrants that may be issued upon conversion
of working capital loans (and any shares of Class A common stock issuable upon the exercise of the warrants that may be issued
upon conversion of working capital loans and upon conversion of the founder shares) will be entitled to registration rights pursuant
to a registration rights agreement to be signed prior to or on the effective date of this offering, requiring us to register such
securities for resale (in the case of the founder shares, only after conversion to our Class A common stock). The holders
of the majority of these securities are entitled to make up to three demands, excluding short form demands, that we register such
securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements
filed subsequent to our completion of our initial business combination and rights to require us to register for resale such securities
pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidating damages or other
cash settlement provisions resulting from delays in registering our securities. We will bear the expenses incurred in connection
with the filing of any such registration statements.
116
CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS
In January 2020, we issued an
aggregate of 5,000,000 founder shares to our sponsor for an aggregate purchase price of $25,000 in cash, or approximately
$0.005 per share. Subsequently, in February 2020, we declared a dividend of 0.15 share for each outstanding share,
resulting in 5,750,000 shares being issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura
for a purchase price of approximately $0.005 per share. The number of founder shares issued was determined based on the
expectation that such founder shares would represent 20% of the outstanding shares upon completion of this offering
(excluding the private shares). If we increase or decrease the size of the offering we will effect a stock dividend or a
share contribution back to capital or other appropriate mechanism, as applicable, with respect to our Class B common
stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of our initial
stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation of this offering. Up to
750,000 founder shares are subject to forfeiture by our sponsor depending on the extent to which the underwriters'
over-allotment option is exercised. The founder shares (including the Class A common stock issuable upon exercise
thereof) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holder.
Our sponsor and Nomura have committed,
pursuant to written agreements, to purchase an aggregate of 650,000 private placement units at $10.00 per unit, among which 595,000
private placement units will be purchased by our sponsor, and 55,000 private placement units will be purchased by Nomura. These
purchases of private placement units shall take place as a private placement closing simultaneously with this offering. Nomura
intends to enter into a forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares
for an aggregate purchase price of $100 million through, other than as described below, open market purchases or privately negotiated
transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions,
up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms
to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds
from the sale of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial
business combination. The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection
with a specific business combination, in whole or in part, unless, within five business days following written notice delivered
by us of our intention to enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase.
Nomura may decide not to proceed with the purchase for any reason, including, without limitation, if it has determined that such
purchase would constitute a conflict of interest. Nomura's forward purchase commitment will be reduced by the aggregate amount
of commitments by third parties to purchase our securities, if any, in private placements to occur concurrently with the closing
of our initial business combination. The obligations under the forward purchase agreement are not affected by any redemptions by
our public stockholders of shares of our Class A common stock. Nomura will be paid a commitment fee of up to $2.0 million
with respect to the forward purchase commitment of up to $100.0 million upon the announcement of a definitive agreement for our
initial business combination. In addition, the forward purchase agreement provides that Nomura (or its assignees) is entitled to
registration rights with respect to the forward purchase shares.
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
As more fully discussed in the section
of this prospectus entitled "Management — Conflicts of Interest," if any of our officers or directors becomes
aware of an initial business combination opportunity that falls within the line of business of any entity to which he or she has
then-current fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present
such business combination opportunity to such other entity. Our officers and directors currently have certain relevant fiduciary
duties or contractual obligations that may take priority over their duties to us.
117
In the event that Nomura purchases public
shares in the open market or in privately negotiated transactions, it is possible that no votes from other public stockholders
would be required to approve our initial business combination, depending on the number of shares that are present at the meeting
to approve such transaction.
Commencing on the date of this prospectus,
we have agreed to pay our sponsor, a total of $15,000 per month for office space, utilities and secretarial and administrative
support. Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees. In addition,
we may also agree to pay a finder's fee to one or more independent directors to the extent such director(s) render services
in connection with locating the target business with which a successful business combination transaction is consummated.
Other than the foregoing, no compensation
of any kind, including any finder's fee, reimbursement, consulting fee or monies in respect of any payment of a loan, will
be paid by us to our sponsor, officers and directors, or any affiliate of our sponsor or officers, prior to, or in connection with
any services rendered in order to effectuate, the consummation of an initial business combination (regardless of the type of transaction
that it is). However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their
affiliates and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on
the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities on our behalf.
Prior to the closing of this offering,
our sponsor has agreed to loan us up to $300,000 to be used for a portion of the expenses of this offering. As of March 31,
2020, we borrowed $73,171 under the promissory note with the affiliate of our sponsor. These loans are non-interest bearing, unsecured
and are at the closing of this offering. The loan will be repaid upon the closing of this offering out of the estimated $750,000
of offering proceeds that has been allocated to the payment of offering expenses (other than underwriting commissions). The value
of our sponsor's interest in this transaction corresponds to the principal amount outstanding under any such loan.
In addition, in order to finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our
officers and directors may, but are not obligated to, loan us funds as may be required. If we complete an initial business combination,
we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used for such repayment. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option
of the lender. The units would be identical to the private placement units. The terms of such loans by our officers and directors,
if any, have not been determined and no written agreements exist with respect to such loans. We do not expect to seek loans from
parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds
and provide a waiver against any and all rights to seek access to funds in our trust account.
After our initial business combination,
members of our management team who remain with us may be paid consulting, management or other fees from the combined company with
any and all amounts being fully disclosed to our stockholders, to the extent then known, in the tender offer or proxy solicitation
materials, as applicable, furnished to our stockholders. It is unlikely the amount of such compensation will be known at the time
of distribution of such tender offer materials or at the time of a stockholder meeting held to consider our initial business combination,
as applicable, as it will be up to the directors of the post-combination business to determine executive and director compensation.
118
We will enter into a registration rights
agreement with respect to the private placement units, the warrants issuable upon conversion of working capital loans (if any)
and the shares of Class A common stock issuable upon exercise of the foregoing and upon conversion of the founder shares,
which is described under the section of this prospectus entitled "Description of Securities — Registration Rights."
Related Party Transactions Policy
We have not yet adopted a formal policy
for the review, approval or ratification of related party transactions. Accordingly, the transactions discussed above were not
reviewed, approved or ratified in accordance with any such policy.
Prior to the consummation of this offering,
we will adopt a code of ethics requiring us to avoid, wherever possible, all conflicts of interests, except under guidelines or
resolutions approved by our board of directors (or the appropriate committee of our board) or as disclosed in our public filings
with the SEC. Under our code of ethics, conflict of interest situations will include any financial transaction, arrangement or
relationship (including any indebtedness or guarantee of indebtedness) involving the company. A form of the code of ethics that
we plan to adopt prior to the consummation of this offering is filed as an exhibit to the registration statement of which this
prospectus is a part.
In addition, our audit committee, pursuant
to a written charter that we will adopt prior to the consummation of this offering, will be responsible for reviewing and approving
related party transactions to the extent that we enter into such transactions. An affirmative vote of a majority of the members
of the audit committee present at a meeting at which a quorum is present will be required in order to approve a related party transaction.
A majority of the members of the entire audit committee will constitute a quorum. Without a meeting, the unanimous written consent
of all of the members of the audit committee will be required to approve a related party transaction. A form of the audit committee
charter that we plan to adopt prior to the consummation of this offering is filed as an exhibit to the registration statement of
which this prospectus is a part. We also require each of our directors and executive officers to complete a directors' and
officers' questionnaire that elicits information about related party transactions.
These procedures are intended to determine
whether any such related party transaction impairs the independence of a director or presents a conflict of interest on the part
of a director, employee or officer.
To further minimize conflicts of interest,
we have agreed not to consummate an initial business combination with an entity that is affiliated with any of our sponsor, officers
or directors unless we, or a committee of independent directors, have obtained an opinion from independent investment banking firm
that is a member of FINRA or from an independent accounting firm that our initial business combination is fair to our company from
a financial point of view. Furthermore, no finder's fees, reimbursements, consulting fee, monies in respect of any payment
of a loan or other compensation will be paid by us to our sponsor, officers or directors, or any affiliate of our sponsor or officers,
for services rendered to us prior to, or in connection with any services rendered in order to effectuate, the consummation of our
initial business combination (regardless of the type of transaction that it is). However, the following payments will be made to
our sponsor, officers or directors, or our or their affiliates, none of which will be made from the proceeds of this offering held
in the trust account prior to the completion of our initial business combination:
·
repayment of up to an aggregate of $300,000 in loans made to
us by our sponsor to cover offering-related and organizational expenses;
·
payment to our sponsor of $15,000 per month, for up to 18 months,
for office space, utilities and secretarial and administrative support;
·
reimbursement for any out-of-pocket expenses related to identifying,
investigating and completing an initial business combination;
·
the potential payment of a finder's fee to one or
more independent directors to the extent such director(s) render services in connection with locating the target business with
which a successful business combination transaction is consummated ; and
·
repayment of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction costs in connection with an intended initial business combination, the terms of which have not been determined nor have any written agreements been executed with respect thereto. Up to $1 million of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units.
Our audit committee will review on a quarterly
basis all payments that were made to our sponsor, officers or directors, or our or their affiliates.
119
DESCRIPTION OF SECURITIES
Pursuant to our amended and restated certificate
of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001 par value,
10,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001
par value. The following description summarizes the material terms of our capital stock. Because it is only a summary, it may not
contain all the information that is important to you.
Units
Each unit has an offering price of $10.00
and consists of one whole share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles
the holder thereof to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment
as described in this prospectus. Pursuant to the warrant agreement, no fractional warrants will be issued upon separation of the
units and only whole warrants will trade. Accordingly, unless you purchase a multiple of two units, the number of warrants issuable
to you upon separation of the units will be rounded down to the nearest whole number of warrants. We expect the Class A common
stock and warrants comprising the units will begin separate trading on the 52
nd
day following the date of this prospectus
unless the underwriters inform us of their decision to allow earlier separate trading, subject to our having filed the Current
Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once
the shares of Class A common stock and warrants commence separate trading, holders will have the option to continue to hold
units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent
in order to separate the units into shares of Class A common stock and warrants.
In no event will the Class A common
stock and warrants be traded separately until we have filed with the SEC a Current Report on Form 8-K which includes an audited
balance sheet reflecting our receipt of the net proceeds at the closing of this offering. We will file a Current Report on Form 8-K
which includes this audited balance sheet upon the completion of this offering, which is anticipated to take place three business
days after the date of this prospectus. If the underwriters' over-allotment option is exercised following the initial filing
of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide updated financial
information to reflect the exercise of the underwriters' over-allotment option.
Common Stock
Upon the closing of this offering, 25,650,000
shares of our common stock will be outstanding (assuming no exercise of the underwriters' over-allotment option and the corresponding
forfeiture of 750,000 founder shares by our sponsor), consisting of:
·
20,000,000 shares of our Class A common stock underlying the units being offered in this offering;
·
5,000,000 shares of Class B common stock held by our initial stockholders; and
·
650,000 shares of Class A common stock underlying the private placement units offered in the private placement.
120
If we increase or decrease the size of
the offering we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism, as applicable,
with respect to our Class B common stock immediately prior to the consummation of the offering in such amount as to maintain
the ownership of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon the consummation
of this offering (excluding the private shares).
Nomura intends to enter into a forward
purchase agreement with us, which will provide for the purchase by Nomura of our public shares for an aggregate purchase price
of up to $100.0 million through, other than as described below, open market purchases or privately negotiated transactions with
one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0
million of such aggregate purchase price may instead be in the form of an investment in our equity securities on terms to be mutually
agreed between Nomura and us, to occur concurrently with the closing of our initial business combination. The funds from the sale
of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business combination.
The forward purchase agreement will allow Nomura to be excused from its purchase obligation in connection with a specific business
combination, in whole or in part, unless, within five business days following written notice delivered by us of our intention to
enter into such business combination, Nomura notifies us that it has decided to proceed with the purchase. Nomura may decide not
to proceed with the purchase for any reason, including, without limitation, if it has determined that such purchase would constitute
a conflict of interest. Nomura's forward purchase commitment will be reduced by the aggregate amount of commitments by third
parties to purchase our securities, if any, in private placements to occur concurrently with the closing of our initial business
combination. The obligations under the forward purchase agreement are not affected by any redemptions by our public stockholders
of shares of our Class A common stock.
Nomura has also indicated its intent, if
so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or syndicate up to $400 million of additional
financing for us in the form of equity or debt (or a combination thereof) in connection with our initial business combination,
subject to market conditions and on terms and conditions satisfactory in all respects to Nomura in its sole judgment and determination.
The forward purchase and forward financing arrangements are not anticipated to have any impact on the redemption price of the Class A
common stock, the conversion ratio of Class B common stock to Class A common stock or the exercise of the warrants.
Common stockholders of record are entitled
to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and holders
of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, except
as required by law. Unless specified in our amended and restated certificate of incorporation or bylaws, or as required by applicable
provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock that
are voted is required to approve any such matter voted on by our stockholders. There is no cumulative voting with respect to the
election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors can
elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board of
directors out of funds legally available therefor.
Because our amended and restated certificate
of incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were to enter into an
initial business combination, we may (depending on the terms of such an initial business combination) be required to increase the
number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote on the
initial business combination to the extent we seek stockholder approval in connection with our initial business combination.
In accordance with Nasdaq corporate governance
requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year end following
our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of stockholders
for the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of
such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial
business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual
meeting. Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination,
they may attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of
the DGCL.
121
We will provide our stockholders with the
opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the
consummation of our initial business combination including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes, divided by the number of then outstanding public shares, subject to the limitations described
herein. The amount in the trust account will initially be approximately $10.00 per public share. The per-share amount we will distribute
to investors who properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriters.
Our sponsor, officers, directors and Nomura have entered into a letter agreement with us, pursuant to which they have agreed to
waive their redemption rights with respect to any founder shares, private shares and any public shares held by them in connection
with the completion of our initial business combination. Unlike many blank check companies that hold stockholder votes and conduct
proxy solicitations in conjunction with their initial business combinations and provide for related redemptions of public shares
for cash upon completion of such initial business combinations even when a vote is not required by law, if a stockholder vote is
not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our
amended and restated certificate of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC,
and file tender offer documents with the SEC prior to completing our initial business combination. Our amended and restated certificate
of incorporation will require these tender offer documents to contain substantially the same financial and other information about
the initial business combination and the redemption rights as is required under the SEC's proxy rules. If, however, a stockholder
approval of the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons,
we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy
rules and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business combination
only if a majority of the outstanding shares of common stock voted are voted in favor of the initial business combination. A quorum
for such meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the company
representing a majority of the voting power of all outstanding shares of capital stock of the company entitled to vote at such
meeting.
However, the participation of our sponsor,
officers, directors, advisors or their affiliates in privately-negotiated transactions (as described in this prospectus), if any,
could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate
their intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding
shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is
obtained. These quorum and voting thresholds, and the voting agreements of our sponsor, officers and directors, may make it more
likely that we will consummate our initial business combination.
If we seek stockholder approval in connection
with our initial business combination, our sponsor, officers, directors and Nomura have agreed to vote any founder shares and private
shares held by them and any public shares purchased during or after this offering (including in open market and privately negotiated
transactions) in favor of our initial business combination. As a result, in addition to the founder shares and private shares held
by our sponsor, officers, directors and Nomura, we may need only 762,501, or approximately 3.81%, of the 20,000,000 public shares
sold in this offering to be voted in favor of an initial business combination (assuming only a quorum is present at the shareholders
meeting) in order to have our initial business combination approved (assuming the over-allotment option is not exercised). Any
forward purchase shares issued by us to Nomura will not be entitled to vote on our initial business combination since those shares
will not be issued until the closing of such transaction, although Nomura may elect to purchase (and vote) shares from existing
stockholders. Additionally, each public stockholder may elect to redeem its public shares irrespective of whether they vote for
or against the proposed transaction (subject to the limitation described in the preceding paragraph).
122
Pursuant to our amended and restated
certificate of incorporation, if we are unable to complete our initial business combination within 18 months from the closing
of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as
reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account
including interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up
to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which
redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive
further liquidating distributions, if any), 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 each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our sponsor, officers, directors and Nomura have agreed to waive their rights to liquidating
distributions from the trust account with respect to any founder shares and private shares held by them if we fail to
complete our initial business combination within 18 months from the closing of this offering. However, if our initial
stockholders acquire public shares in or after this offering, they will be entitled to liquidating distributions from the
trust account with respect to such public shares if we fail to complete our initial business combination within the
prescribed time period.
In the event of a liquidation, dissolution
or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all assets
remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no
sinking fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem
their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the
completion of our initial business combination, subject to the limitations described herein.
Founder Shares and Private Shares
The founder shares and private shares
are identical to the shares of Class A common stock included in the units being sold in this offering, and holders of
founder shares and private shares have the same stockholder rights as public stockholders, except that (i) the founder
shares and private shares are subject to certain transfer restrictions, as described in more detail below, (ii) our
sponsor, officers, directors and director nominees have entered into a letter agreement with us, pursuant to which they have
agreed (A) to waive their redemption rights with respect to any founder shares, private shares and any public shares
held by them in connection with the completion of our initial business combination, (B) to waive their redemption rights
with respect to their founder shares, private shares and public shares in connection with a stockholder vote to approve an
amendment to our amended and restated certificate of incorporation (x) to modify the substance or timing of our
obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months from
the closing of this offering or (y) with respect to any other provision relating to stockholders' rights or
pre-initial business combination activity and (C) to waive their rights to liquidating distributions from the trust
account with respect to any founder shares and private shares held by them if we fail to complete our initial business
combination within 18 months from the closing of this offering, although they will be entitled to liquidating distributions
from the trust account with respect to any public shares they hold if we fail to complete our initial business combination
within such time period, (iii) the founder shares are shares of our Class B common stock that will automatically
convert into shares of our Class A common stock at the time of our initial business combination on a one-for-one basis,
subject to adjustment as described herein and (iv) are entitled to registration rights. If we submit our initial
business combination to our public stockholders for a vote, our sponsor, officers, directors and Nomura have agreed pursuant
to the letter agreement to vote any founder shares and private shares held by them and any public shares purchased during or
after this offering (including in open market and privately negotiated transactions) in favor of our initial business
combination. Permitted transferees of the founder shares held by our sponsor, officers, directors and Nomura would be subject
to the same restrictions applicable to our sponsor, officers, directors and Nomura, respectively.
123
The shares of Class B common stock
will automatically convert into shares of Class A common stock at the time of our initial business combination on a one-for-one
basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject to
further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities,
are issued or deemed issued in excess of the amounts offered in this prospectus and related to the closing of the initial business
combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will
be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment
with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion
of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total
number of all shares of common stock outstanding upon completion of this offering plus all shares of Class A common stock
and equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares
or equity-linked securities issued, or to be issued, to any seller in the initial business combination, the private placement units
and any private placement-equivalent units issued to our sponsor or its affiliates upon conversion of loans made to us and any
securities issued pursuant to the forward purchase agreement). We cannot determine at this time whether a majority of the holders
of our Class B common stock at the time of any future issuance would agree to waive such adjustment to the conversion ratio.
They may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement
for our initial business combination; (ii) negotiation with Class A stockholders on structuring an initial business combination;
or (iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B
common stock. If such adjustment is not waived, the issuance would not reduce the percentage ownership of holders of our Class B
common stock, but would reduce the percentage ownership of holders of our Class A common stock. If such adjustment is waived,
the issuance would reduce the percentage ownership of holders of both classes of our common stock. The issuance of the forward
purchase shares will not result in such an adjustment to the conversion of our Class B common stock. Holders of founder shares
may also elect to convert their shares of Class B common stock into an equal number of shares of Class A common stock,
subject to adjustment as provided above, at any time. The term "equity-linked securities" refers to any debt or equity
securities that are convertible, exercisable or exchangeable for shares of Class A common stock issues in a financing transaction
in connection with our initial business combination, including but not limited to a private placement of equity or debt. Securities
could be "deemed issued" for purposes of the conversion rate adjustment if such shares are issuable upon the conversion
or exercise of convertible securities, warrants or similar securities.
With certain limited exceptions, the founder
shares are not transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated
with or related to our sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of  (A six
months after the completion of our initial business combination or (B) subsequent to our initial business combination, (x) if
the last reported sale price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 30 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, capital
stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right to exchange
their shares of common stock for cash, securities or other property.
124
Preferred Stock
Our amended and restated certificate of
incorporation will provide that shares of preferred stock may be issued from time to time in one or more series. Our board of directors
will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or
other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our
board of directors will be able to, without stockholder approval, issue preferred stock with voting and other rights that could
adversely affect the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The
ability of our board of directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring
or preventing a change of control of us or the removal of existing management. We have no preferred stock outstanding at the date
hereof. Although we do not currently intend to issue any shares of preferred stock, we cannot assure you that we will not do so
in the future. No shares of preferred stock are being issued or registered in this offering.
Redeemable Warrants
Public Stockholders' Warrants
Each whole warrant entitles the registered
holder to purchase one share of our Class A common stock at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing on the later of 12 months from the closing of this offering or 30 days after the completion of our
initial business combination. The warrants will expire five years after the completion of our initial business combination, at
5:00 p.m., New York City time, or earlier upon redemption or liquidation. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. Accordingly, unless a holder purchases a multiple of two units, the number of
warrants issuable to such holder upon separation of the units will be rounded down to the nearest whole number of warrants.
We will not be obligated to deliver any
shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise
unless a registration statement under the Securities Act with respect to the shares of Class A common stock underlying the
warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations described below
with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of Class A common
stock upon exercise of a warrant unless Class A common stock issuable upon such warrant exercise has been registered, qualified
or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the event
that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such
warrant will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will
we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants,
the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A
common stock underlying such unit.
We are not registering the shares of Class A
common stock issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no
event later than 30 days after the closing of our initial business combination, we will use our best efforts to file with the SEC
a registration statement for the registration under the Securities Act of the shares of Class A common stock issuable upon
exercise of the warrants and thereafter will use our best efforts to cause the same to become effective within 60 business days
following our initial business combination and to maintain a current prospectus relating to the Class A common stock issuable
upon exercise of the warrants, until the expiration of the warrants in accordance with the provisions of the warrant agreement.
If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective
by the 60th business day after the closing of our initial business combination, warrantholders may, until such time as there is
an effective registration statement and during any period when we will have failed to maintain an effective registration statement,
exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another
exemption. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a
cashless basis. Once the warrants become exercisable, we may call the warrants for redemption:
·
in whole and not in part;
·
at a price of $0.01 per warrant;
·
upon not less than 30 days' prior written notice of redemption (the "30-day redemption period") to each warrantholder; and
·
if, and only if, the reported last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before we send the notice of redemption to the warrantholders.
125
If and when the warrants become redeemable
by us, we may not exercise our redemption right if the issuance of shares of common stock upon exercise of the warrants is not
exempt from registration or qualification under applicable state blue sky laws or we are unable to effect such registration or
qualification. We will use our best efforts to register or qualify such shares of common stock under the blue sky laws of the state
of residence in those states in which the warrants were offered by us in this offering.
We have established the last of the redemption
criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant
exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder
will be entitled to exercise its warrant prior to the scheduled redemption date. However, the price of the Class A common
stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) as well as the $11.50 warrant exercise price after the redemption notice is issued.
If we call the warrants for redemption
as described above, our management will have the option to require any holder that wishes to exercise its warrant to do so on a
"cashless basis." In determining whether to require all holders to exercise their warrants on a "cashless basis,"
our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive
effect on our stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of our
warrants. If our management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering
their warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product
of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise
price of the warrants and the "fair market value" (defined below) by (y) the fair market value. The "fair
market value" shall mean the average last reported sale price of the Class A common stock for the 10 trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. If our management
takes advantage of this option, the notice of redemption will contain the information necessary to calculate the number of shares
of Class A common stock to be received upon exercise of the warrants, including the "fair market value" in such
case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise
of the warrants after our initial business combination. If we call our warrants for redemption and our management does not take
advantage of this option, our sponsor and its permitted transferees would still be entitled to exercise their private warrants
for cash or on a cashless basis using the same formula described above that other warrantholders would have been required to use
had all warrantholders been required to exercise their warrants on a cashless basis, as described in more detail below.
A holder of a warrant may notify us in
writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant
agent's actual knowledge, would beneficially own in excess of 4.9% or 9.8% (or such other amount as a holder may specify)
of the shares of Class A common stock outstanding immediately after giving effect to such exercise.
If the number of outstanding shares
of Class A common stock is increased by a stock dividend payable in shares of Class A common stock, or by a
split-up of shares of Class A common stock or other similar event, then, on the effective date of such stock dividend,
split-up or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be
increased in proportion to such increase in the outstanding shares of Class A common stock. A rights offering to holders
of Class A common stock entitling holders to purchase shares of Class A common stock at a price less than the fair
market value will be deemed a stock dividend of a number of shares of Class A common stock equal to the product of
(i) the number of shares of Class A common stock actually sold in such rights offering (or issuable under any other
equity securities sold in such rights offering that are convertible into or exercisable for Class A common stock) and
(ii) one (1) minus the quotient of (x) the price per share of Class A common stock paid in such rights
offering divided by (y) the fair market value. For these purposes (i) if the rights offering is for securities
convertible into or exercisable for Class A common stock, in determining the price payable for Class A common
stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable
upon exercise or conversion and (ii) fair market value means the volume weighted average price of Class A common
stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the
shares of Class A common stock trade on the applicable exchange or in the applicable market, regular way, without the
right to receive such rights.
126
In addition, if we, at any time while
the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the
holders of Class A common stock on account of such shares of Class A common stock (or other shares of our capital
stock into which the warrants are convertible), other than (a) as described above, (b) certain ordinary cash
dividends, (c) to satisfy the redemption rights of the holders of Class A common stock in connection with a
proposed initial business combination, (d) to satisfy the redemption rights of the holders of Class A common stock
in connection with a stockholder vote to amend our amended and restated certificate of incorporation (i) to modify the
substance or timing of our obligation to redeem 100% of our Class A common stock if we do not complete our initial
business combination within 18 months from the closing of this offering or (ii) with respect to any other provision
relating to stockholders' rights or pre-initial business combination activity, or (e) in connection with the
redemption of our public shares upon our failure to complete our initial business combination, then the warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair
market value of any securities or other assets paid on each share of Class A common stock in respect of such event.
If the number of outstanding shares of
our Class A common stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of
Class A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Class A common stock issuable on exercise of each warrant
will be decreased in proportion to such decrease in outstanding shares of Class A common stock.
Whenever the number of shares of Class A
common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be
adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of
which will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior
to such adjustment, and (y) the denominator of which will be the number of shares of Class A common stock so purchasable
immediately thereafter.
In case of any reclassification or reorganization
of the outstanding shares of Class A common stock (other than those described above or that solely affects the par value of
such shares of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification
or reorganization of our outstanding shares of Class A common stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which
we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the warrants and in lieu of the shares of our Class A common stock immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the holder of the warrants would have received if such holder had exercised
their warrants immediately prior to such event. If less than 70% of the consideration receivable by the holders of Class A
common stock in such a transaction is payable in the form of Class A common stock in the successor entity that is listed for
trading on a national securities exchange or is quoted in an established over-the-counter market, or is to be so listed for trading
or quoted immediately following such event, and if the registered holder of the warrant properly exercises the warrant within thirty
days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement
based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction
is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of
the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants in
order to determine and realize the option value component of the warrant. This formula is to compensate the warrant holder for
the loss of the option value portion of the warrant due to the requirement that the warrant holder exercise the warrant within
30 days of the event. The Black-Scholes model is an accepted pricing model for estimating fair market value where no quoted market
price for an instrument is available.
127
The warrants will be issued in registered
form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should
review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement of which this prospectus
is a part, for a complete description of the terms and conditions applicable to the warrants. The warrant agreement provides that
the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision,
but requires the approval by the holders of at least 65% of the then outstanding warrants to make any change that adversely affects
the interests of the registered holders of public warrants.
In addition, if we issue additional shares
of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business
combination at a newly issued price of less than $9.20 per share of common stock (with such issue price or effective issue price
to be determined in good faith by our board of directors and, in the case of any such issuance to our initial stockholders or their
affiliates, without taking into account any founder shares held by them, as applicable, prior to such issuance), the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the newly issued price.
The warrants may be exercised upon surrender
of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the
reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised.
The warrantholders do not have the rights or privileges of holders of Class A common stock and any voting rights until they
exercise their warrants and receive shares of Class A common stock. After the issuance of shares of Class A common stock
upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to
be voted on by stockholders.
No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share,
we will, upon exercise, round down to the nearest whole number the number of shares of Class A common stock to be issued to
the warrantholder.
Private Warrants
The private warrants (including the Class A
common stock issuable upon exercise of the private warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except, among other limited exceptions as described under the section of this
prospectus entitled "Principal Stockholders — Restrictions on Transfers of Founder Shares and Private Placement Units,"
to our officers and directors and other persons or entities affiliated with or related to our sponsor or Nomura, as applicable,
each of whom will be subject to the same transfer restrictions) and they will not be redeemable by us so long as they are held
by our sponsor, Nomura or their respective permitted transferees. Our sponsor, Nomura or their respective permitted transferees,
have the option to exercise the private warrants on a cashless basis. Except as described below, the private warrants have terms
and provisions that are identical to those of the warrants being sold as part of the units in this offering, including as to exercise
price, exercisability and exercise period. If the private warrants are held by holders other than the sponsor, Nomura or their
respective permitted transferees, the private warrants will be redeemable by us and exercisable by the holders on the same basis
as the warrants included in the units being sold in this offering.
128
If holders of the private warrants elect
to exercise them on a cashless basis, they would pay the exercise price by surrendering their warrants for that number of shares
of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A
common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the "fair
market value" (defined below) by (y) the fair market value. The "fair market value" shall mean the average
last reported sale price of the Class A common stock for the 10 trading days ending on the third trading day prior to the
date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants will
be exercisable on a cashless basis so long as they are held by the sponsor, Nomura or their respective permitted transferees is
because it is not known at this time whether they will be affiliated with us following an initial business combination. If they
are affiliated with us following an initial business combination, their ability to sell our securities in the open market will
be significantly limited. We expect to have policies in place that prohibit insiders from selling our securities except during
specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider cannot
trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders
who could sell the shares of Class A common stock issuable upon exercise of the warrants freely in the open market, the insiders
could be significantly restricted from doing so. As a result, we believe that allowing the holders to exercise such warrants on
a cashless basis is appropriate.
Our sponsor and Nomura have agreed
not to transfer, assign or sell any of the private warrants (including the Class A common stock issuable upon exercise
of any of these warrants) until the date that is 30 days after the date we complete our initial business combination, except,
among other limited exceptions as described under the section of this prospectus entitled "Principal Stockholders
— Restrictions on Transfers of Founder Shares and Private Placement Units," to our officers and directors and
other persons or entities affiliated with or related to our sponsor or Nomura, as applicable, each of whom will be subject to
the same transfer restrictions.
Dividends
We have not paid any cash dividends on
our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The
payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent
to an initial business combination will be within the discretion of our board of directors at such time. If we increase or decrease
the size of the offering we will effect a stock dividend or a share contribution back to capital or other appropriate mechanism,
as applicable, with respect to our Class B common stock immediately prior to the consummation of the offering in such amount
as to maintain the ownership of our initial stockholders at 20.0% of the issued and outstanding shares of our common stock upon
the consummation of this offering. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive
covenants we may agree to in connection therewith.
Our Transfer Agent and Warrant Agent
The transfer agent for our common stock
and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental
Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders,
directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities
in that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person
or entity.
129
Our Amended and Restated Certificate of Incorporation
Our amended and restated certificate of
incorporation will contain certain requirements and restrictions relating to this offering that will apply to us until the completion
of our initial business combination. These provisions cannot be amended without the approval of the holders of 65% of our common
stock. Our initial stockholders (including Nomura), who will collectively beneficially own 22.03% of our common stock upon the
closing of this offering (including the private shares and assuming they do not purchase any units in this offering), will participate
in any vote to amend our amended and restated certificate of incorporation and will have the discretion to vote in any manner they
choose. Specifically, our amended and restated certificate of incorporation provides, among other things, that:
·
If we are unable to complete our initial business combination within 18 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 subject to lawfully available funds therefor, redeem 100% of the public shares, at a
    per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account including interest
    earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $100,000 of
    interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
    completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidating
    distributions, if any), 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 each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other
    applicable law;
·
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;
·
Although we do not intend to enter into an initial business combination with a target business that is affiliated with our sponsor, our directors or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting firm that such an initial business combination is fair to our company from a financial point of view;
·
If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about our initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act; whether or not we maintain our registration under the our Exchange Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem their public shares by one of the two methods listed above;
·
So long as we obtain and maintain a listing for our securities on Nasdaq, Nasdaq rules require that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account) at the time of our signing a definitive agreement in connection with our initial business combination;
·
If our stockholders approve an amendment to our amended and restated certificate of incorporation (i) to modify the
    substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
    combination within 18 months from the closing of this offering or (ii) with respect to any other provision relating to
    stockholders' rights or pre-business combination activity, we will provide our public stockholders with the opportunity
    to redeem all or a portion of their shares of Class A common stock upon such approval at a per-share price, payable in
    cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
    trust account and not previously released to us to pay our taxes, divided by the number of then outstanding public shares;
    and
·
We will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.
In addition, our amended and restated certificate
of incorporation will provide that under no circumstances will we redeem our public shares in an amount that would cause our net
tangible assets to be less than $5,000,001 upon consummation of our initial business combination and after payment of underwriters'
fees and commissions.
130
Certain Anti-Takeover Provisions of Delaware Law and our
Amended and Restated Certificate of Incorporation and Bylaws
We will be subject to the provisions of
Section 203 of the DGCL regulating corporate takeovers upon completion of this offering. This statute prevents certain Delaware
corporations, under certain circumstances, from engaging in a "business combination" with:
·
a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an "interested stockholder");
·
an affiliate of an interested stockholder; or
·
an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.
A "business combination" includes
a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:
·
our board of directors approves the transaction that made the stockholder an "interested stockholder," prior to the date of the transaction;
·
after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or
·
on or subsequent to the date of the transaction, the initial business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.
Our authorized but unissued common stock
and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate
purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized
but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control
of us by means of a proxy contest, tender offer, merger or otherwise.
Exclusive forum for certain lawsuits
Our amended and restated certificate of
incorporation will require, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
directors, officers and employees for breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery
in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that
there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not
consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is
vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery
does not have subject matter jurisdiction, or (D) any action arising under the Securities Act, as to which the Court of Chancery
and the federal district court for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside
of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder's
counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in
the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is
enforceable, the provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders
will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.
131
Our amended and restated certificate of
incorporation will provide that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply
to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction.
Special meeting of 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 received by the company secretary at our principal executive offices not later than the close of business on the 90
th
day nor earlier than the opening of business on the 120
th
day prior to the anniversary date of the immediately preceding
annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy
statement must comply with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and
content of a stockholders' meeting. These provisions may preclude our stockholders from bringing matters before our annual
meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.
Action by written consent
Subsequent to the consummation of the offering,
any action required or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting
of such stockholders and may not be effected by written consent of the stockholders other than with respect to our Class B
common stock.
Class B Common Stock Consent Right
For so long as any shares of Class B
common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares
of Class B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our
certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter
or change the powers, preferences or relative, participating, optional or other or special rights of the Class B common stock.
Any action required or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a
meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall
be signed by the holders of the outstanding Class B common stock having not less than the minimum number of votes that would
be necessary to authorize or take such action at a meeting at which all shares of Class B common stock were present and voted.
132
Securities Eligible for Future Sale
Immediately after the consummation of this
offering (assuming no exercise of the underwriters' over-allotment option) we will have 25,650,000 (or 29,400,000 if the
underwriters' over-allotment option is exercised in full) shares of common stock outstanding. Of these shares, the 20,000,000
shares (or 23,000,000 if the underwriters' over-allotment option is exercised in full) sold in this offering will be freely
tradable without restriction or further registration under the Securities Act, except for any shares purchased by one of our affiliates
within the meaning of Rule 144 under the Securities Act. All of the remaining 5,650,000 (or 6,400,000 if the underwriters'
over-allotment option is exercised in full) shares, including all 650,000 private placement units are restricted securities, in
that they were issued in private transactions not involving a public offering, and the shares of Class B common stock and
private placement units are subject to transfer restrictions as set forth elsewhere in this prospectus. These restricted securities
will be entitled to registration rights as more fully described below under "— Registration Rights."
Rule 144
Pursuant to Rule 144, a person who
has beneficially owned restricted shares of our common stock or warrants for at least six months would be entitled to sell their
securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during
the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least
three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during
the 12 months (or such shorter period as we were required to file reports) preceding the sale.
Persons who have beneficially owned restricted
shares of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any time during
the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell
within any three-month period only a number of securities that does not exceed the greater of:
·
1% of the total number of shares of Class A common stock then outstanding, which will equal 206,500 shares immediately after this offering (or 236,500 if the underwriters exercise their over-allotment option in full);
·
the average weekly reported trading volume of the Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.
Sales by our affiliates under Rule 144
are also limited by manner of sale provisions and notice requirements and to the availability of current public information about
us.
Restrictions on the Use of Rule 144 by Shell Companies
or Former Shell Companies
Rule 144 is not available for the
resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that
have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition
if the following conditions are met:
·
the issuer of the securities that was formerly a shell company has ceased to be a shell company;
·
the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
·
the issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and
·
at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.
As a result, our initial stockholders will
be able to sell their founder shares, private shares and private warrants, as applicable, pursuant to Rule 144 without registration
one year after we have completed our initial business combination.
133
Registration Rights
The holders of the founder shares,
private placement units, securities issuable pursuant to the forward purchase agreement and warrants that may be issued upon
conversion of working capital loans (and any shares of Class A common stock issuable upon the exercise of the warrants
that may be issued upon conversion of working capital loans and upon conversion of the founder shares) will be entitled to
registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of this
offering, requiring us to register such securities for resale (in the case of the founder shares, only after conversion to
our Class A common stock). The holders of the majority of these securities are entitled to make up to three demands,
excluding short form demands, that we register such securities. In addition, the holders have certain
"piggy-back" registration rights with respect to registration statements filed subsequent to our completion of
our initial business combination and rights to require us to register for resale such securities pursuant to Rule 415
under the Securities Act. The registration rights agreement does not contain liquidating damages or other cash settlement
provisions resulting from delays in registering our securities. We will bear the expenses incurred in connection with the
filing of any such registration statements.
Listing of Securities
We have applied to list our units, Class A
common stock and warrants on Nasdaq under the symbols "LCAPU," "LCAP" and "LCAPW," respectively.
We expect that our units will be listed on Nasdaq on or promptly after the effective date of the registration statement. Following
the date the shares of our Class A common stock and warrants are eligible to trade separately, we anticipate that the shares
of our Class A common stock and warrants will be listed separately and as a unit on Nasdaq. We cannot guarantee that our securities
will be approved for listing on Nasdaq.
U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a summary of
certain U.S. federal income tax consequences generally applicable to the acquisition, ownership and disposition of our units, shares
of Class A common stock and warrants, which we refer to collectively as our securities. Because the components of a unit are
separable at the option of the holder, the holder of a unit generally should be treated, for U.S. federal income tax purposes,
as the owner of the underlying Class A common stock and one-half of one redeemable warrant components of the unit, as the
case may be. As a result, the discussion below with respect to actual holders of Class A common stock and warrants should
also apply to holders of units (as the deemed owners of the underlying Class A common stock and warrants that comprise the
units). This discussion applies only to securities that are held as capital assets for U.S. federal income tax purposes and is
applicable only to holders who purchased units for cash in this offering.
This discussion is a summary only and does not describe all
of the tax consequences that may be relevant to you in light of your particular circumstances, including but not limited to the
alternative minimum tax, the Medicare tax on certain investment income and the different consequences that may apply if you are
subject to special rules that apply to certain types of investors, including but not limited to:
·
financial institutions or financial services entities;
·
broker-dealers;
·
governments or agencies or instrumentalities thereof;
·
regulated investment companies;
·
real estate investment trusts;
·
expatriates or former long-term residents of the United States;
·
persons that actually or constructively own five percent or more of our voting shares;
134
·
insurance companies;
·
dealers or traders subject to a mark-to-market method of accounting with respect to the securities;
·
persons holding the securities as part of a "straddle," hedge, integrated transaction or similar transaction;
·
U.S. holders (as defined below) whose functional currency is not the U.S. dollar;
·
partnerships or other pass-through entities for U.S. federal income tax purposes and any beneficial owners of such entities; and
·
tax-exempt entities.
If a partnership (including an entity or
arrangement treated as a partnership for U.S. federal income tax purposes) holds our securities, the tax treatment of a partner,
member or other beneficial owner in such partnership will generally depend upon the status of the partner, member or other beneficial
owner, the activities of the partnership and certain determinations made at the partner, member or other beneficial owner level.
If you are a partner, member or other beneficial owner of a partnership holding our securities, you are urged to consult your tax
advisor regarding the tax consequences of the ownership and disposition of our securities.
This discussion is based on the Internal
Revenue Code of 1986, as amended (the "Code"), and administrative pronouncements, judicial decisions and final, temporary
and proposed Treasury regulations as of the date hereof, which are subject to change, possibly on a retroactive basis, and changes
to any of which subsequent to the date of this prospectus may affect the tax consequences described herein. No ruling from the
Internal Revenue Service, or IRS, has been or will be sought regarding any tax matter discussed herein. This discussion does not
address any aspect of state, local or non-U.S. taxation, or any U.S. federal taxes other than income taxes (such as gift and estate
taxes).
You should consult your tax advisor with
respect to the application of U.S. federal tax laws to your particular situation, as well as any tax consequences arising under
the laws of any state, local or foreign jurisdiction.
Personal Holding Company Status
We could be subject to a second level of
U.S. federal income tax on a portion of our income if we are determined to be a personal holding company, or PHC, for U.S. federal
income tax purposes. A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given taxable
year if  (i) at any time during the last half of such taxable year, five or fewer individuals (without regard to their
citizenship or residency and including as individuals for this purpose certain entities such as certain tax-exempt organizations,
pension funds and charitable trusts) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50%
of the stock of the corporation by value and (ii) at least 60% of the corporation's adjusted ordinary gross income,
as determined for U.S. federal income tax purposes, for such taxable year consists of PHC income (which includes, among other things,
dividends, interest, certain royalties, annuities and, under certain circumstances, rents).
Depending on the date and size of our initial
business combination, it is possible that at least 60% of our adjusted ordinary gross income may consist of PHC income. In addition,
depending on the concentration of our stock in the hands of individuals, including the members of our sponsor and certain tax-exempt
organizations, pension funds and charitable trusts, it is possible that more than 50% of our stock may be owned or deemed owned
(pursuant to the constructive ownership rules) by such persons during the last half of a taxable year. Thus, no assurance can be
given that we will not be a PHC following this offering or in the future. If we are or were to become a PHC in a given taxable
year, we would be subject to an additional PHC tax, currently 20%, on our undistributed PHC income, which generally includes our
taxable income, subject to certain adjustments.
Allocation of Purchase Price and Characterization of a Unit
No statutory, administrative or judicial
authority directly addresses the treatment of a unit or instruments similar to a unit for U.S. federal income tax purposes and,
therefore, that treatment is not entirely clear. The acquisition of a unit should be treated for U.S. federal income tax purposes
as the acquisition of one share of our Class A common stock and one-half of one warrant to acquire one share of our Class A
common stock. For U.S. federal income tax purposes, each holder of a unit must allocate the purchase price paid by such holder
for such unit between the one share of Class A common stock and the one warrant based on the relative fair market value of
each at the time of issuance. The price allocated to each share of Class A common stock and the one warrant should be the
stockholder's tax basis in such share or one warrant, as the case may be. Any disposition of a unit should be treated for
U.S. federal income tax purposes as a disposition of the share of Class A common stock and one warrant comprising the unit,
and the amount realized on the disposition should be allocated between the Class A common stock and the one warrant based
on their respective relative fair market values at the time of disposition. The separation of shares of Class A common stock
and warrants comprising units should not be a taxable event for U.S. federal income tax purposes.
135
The foregoing treatment of the shares of
Class A common stock and warrants and a holder's purchase price allocation are not binding on the IRS or the courts.
Because there are no authorities that directly address instruments that are similar to the units, no assurance can be given that
the IRS or the courts will agree with the characterization described above or the discussion below.
Accordingly, each prospective investor is urged to consult its
own tax advisors regarding the tax consequences of an investment in a unit (including alternative characterizations of a unit).
The balance of this discussion assumes that the characterization of the units described above is respected for U.S. federal income
tax purposes.
U.S. Holders
This section applies to you if you are
a "U.S. holder." A U.S. holder is a beneficial owner of our units, shares of Class A common stock or warrants
who or that is, for U.S. federal income tax purposes:
·
an individual who is a citizen or resident of the United States;
·
a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or under the laws of the United States, any state thereof or the District of Columbia;
·
an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or
·
a trust, if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons (as defined in the Code) have authority to control all substantial decisions of the trust or (ii) it has a valid election in effect under Treasury Regulations to be treated as a United States person.
Taxation of Distributions.
If we
pay distributions in cash or other property to U.S. holders of shares of our Class A common stock, such distributions generally
will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and
profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and
profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder's
adjusted tax basis in our Class A common stock. Any remaining excess will be treated as gain realized on the sale or other
disposition of the Class A common stock and will be treated as described under "U.S. Holders — Gain or Loss on
Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants" below.
Dividends we pay to a U.S. holder that
is a taxable corporation generally will qualify for the dividends received deduction if the requisite holding period is satisfied.
With certain exceptions (including, but not limited to, dividends treated as investment income for purposes of investment interest
deduction limitations), and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder
generally will constitute "qualified dividends" that will be subject to tax at preferential long-term capital gains
rates. It is unclear whether the redemption rights with respect to the Class A common stock described in this prospectus may
prevent a U.S. holder from satisfying the applicable holding period requirements with respect to the dividends received deduction
or the preferential tax rate on qualified dividend income, as the case may be.
136
Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock and Warrants.
Upon a sale or other taxable disposition of our Class A
common stock or warrants which, in general, would include a redemption of Class A common stock or warrants that is treated
as a sale of such securities as described below, and including as a result of a dissolution and liquidation in the event we do
not consummate an initial business combination within the required time period, a U.S. holder generally will recognize capital
gain or loss in an amount equal to the difference between the amount realized and the U.S. holder's adjusted tax basis in
the Class A common stock or warrants. Any such capital gain or loss generally will be long-term capital gain or loss if the
U.S. holder's holding period for the Class A common stock or warrants so disposed of exceeds one year. It is unclear,
however, whether the redemption rights with respect to the Class A common stock described in this prospectus may suspend the
running of the applicable holding period for this purpose. Long-term capital gains recognized by non-corporate U.S. holders will
be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.
Generally, the amount of gain or loss recognized
by a U.S. holder is an amount equal to the difference between (i) the sum of the amount of cash and the fair market value
of any property received in such disposition (or, if the Class A common stock or warrants are held as part of units at the
time of the disposition, the portion of the amount realized on such disposition that is allocated to the Class A common stock
or the warrants based upon the then fair market values of the Class A common stock and the warrants included in the units)
and (ii) the U.S. holder's adjusted tax basis in its Class A common stock or warrants so disposed of. A U.S. holder's
adjusted tax basis in its Class A common stock or warrants generally will equal the U.S. holder's acquisition cost (that
is, as discussed above, the portion of the purchase price of a unit allocated to a share of Class A common stock or one warrant
or, as discussed below, the U.S. holder's initial basis for Class A common stock received upon exercise of warrants)
less, in the case of a share of Class A common stock, any prior distributions treated as a return of capital.
Redemption of Class A Common Stock.
In the event that a U.S. holder's Class A common stock is redeemed pursuant to the redemption provisions described
in this prospectus under the section of this prospectus entitled "Description of Securities — Common Stock" or
if we purchase a U.S. holder's Class A common stock in an open market transaction, the treatment of the transaction
for U.S. federal income tax purposes will depend on whether the redemption qualifies as a sale of the Class A common stock
under Section 302 of the Code. If the redemption qualifies as a sale of the Class A common stock, the U.S. holder will
be treated as described under "U.S. Holders — Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of
Class A Common Stock and Warrants" above. If the redemption does not qualify as a sale of the Class A common stock,
the U.S. holder will be treated as receiving a corporate distribution with the tax consequences described above under "U.S.
Holders — Taxation of Distributions." Whether a redemption qualifies for sale treatment will depend largely on the
total number of shares of our stock treated as held by the U.S. holder (including any stock constructively owned by the U.S. holder
as a result of owning warrants) relative to all of our shares outstanding both before and after the redemption. The redemption
of Class A common stock generally will be treated as a sale of the Class A common stock (rather than as a corporate distribution)
if the redemption (i) is "substantially disproportionate" with respect to the U.S. holder, (ii) results in
a "complete termination" of the U.S. holder's interest in us or (iii) is "not essentially equivalent
to a dividend" with respect to the U.S. holder. These tests are explained more fully below.
In determining whether any of the foregoing
tests are satisfied, a U.S. holder takes into account not only stock actually owned by the U.S. holder, but also shares of our
stock that are constructively owned by it. A U.S. holder may constructively own, in addition to stock owned directly, stock owned
by certain related individuals and entities in which the U.S. holder has an interest or that have an interest in such U.S. holder,
as well as any stock the U.S. holder has a right to acquire by exercise of an option, which would generally include Class A
common stock which could be acquired pursuant to the exercise of the warrants. In order to meet the substantially disproportionate
test, the percentage of our outstanding voting stock actually and constructively owned by the U.S. holder immediately following
the redemption of Class A common stock must, among other requirements, be less than 80% of the percentage of our outstanding
voting stock actually and constructively owned by the U.S. holder immediately before the redemption. There will be a complete termination
of a U.S. holder's interest if either (i) all of the shares of our stock actually and constructively owned by the U.S.
holder are redeemed or (ii) all of the shares of our stock actually owned by the U.S. holder are redeemed and the U.S. holder
is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family
members and the U.S. holder does not constructively own any other shares of our stock. The redemption of the Class A common
stock will not be essentially equivalent to a dividend if the redemption results in a "meaningful reduction" of the
U.S. holder's proportionate interest in us. Whether the redemption will result in a meaningful reduction in a U.S. holder's
proportionate interest in us will depend on the particular facts and circumstances. However, the IRS has indicated in a published
ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation
who exercises no control over corporate affairs may constitute such a "meaningful reduction." A U.S. holder should
consult with its own tax advisors as to the tax consequences of a redemption.
137
If none of the foregoing tests is satisfied,
then the redemption will be treated as a corporate distribution and the tax effects will be as described under "U.S. Holders
— Taxation of Distributions," above. After the application of those rules, any remaining tax basis of the U.S. holder
in the redeemed Class A common stock will be added to the U.S. holder's adjusted tax basis in its remaining stock, or,
if it has none, to the U.S. holder's adjusted tax basis in its warrants or possibly in other stock constructively owned by
it.
Exercise or Lapse of a Warrant.
Except
as discussed below with respect to the cashless exercise of a warrant, a U.S. holder generally will not recognize taxable gain
or loss on the acquisition of common stock upon exercise of a warrant for cash. The U.S. holder's tax basis in the share
of our Class A common stock received upon exercise of the warrant generally will be an amount equal to the sum of the U.S.
holder's initial investment in the warrant (i.e., the portion of the U.S. holder's purchase price for a unit that is
allocated to the warrant, as described above under "—Allocation of Purchase Price and Characterization of a Unit")
and the exercise price. It is unclear whether the U.S. holder's holding period for the Class A common stock received
upon exercise of the warrants will begin on the date following the date of exercise or on the date of exercise of the warrants;
in either case, the holding period will not include the period during which the U.S. holder held the warrants. If a warrant is
allowed to lapse unexercised, a U.S. holder generally will recognize a capital loss equal to such holder's tax basis in the
warrant.
The tax consequences of a cashless exercise
of a warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization
event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation,
a U.S. holder's basis in the Class A common stock received would equal the holder's basis in the warrants exercised
therefor. If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. holder's holding
period in the Class A common stock would be treated as commencing on the date following the date of exercise or on the date
of exercise of the warrant. If the cashless exercise were treated as a recapitalization, the holding period of the Class A
common stock would include the holding period of the warrants exercised therefor.
It is also possible that a cashless exercise
could be treated in whole or in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder
could be deemed to have surrendered a number of warrants having an aggregate fair market value equal to the exercise price for
the total number of warrants to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference
between the fair market value of the Class A common stock received in respect of the warrants deemed surrendered and the U.S.
holder's tax basis in the warrants deemed surrendered. In this case, a U.S. holder's tax basis in the Class A
common stock received would equal the sum of the U.S. holder's initial investment in the warrants exercised (i.e., the portion
of the U.S. holder's purchase price for a unit that is allocated to the warrant, as described above under "—
Allocation of Purchase Price and Characterization of a Unit") and the exercise price of such warrants. It is unclear whether
a U.S. holder's holding period for the Class A common stock would commence on the date following the date of exercise
or on the date of exercise of the warrant; in either case, the holding period would not include the period during which the U.S.
holder held the warrant.
Due to the absence of authority on the
U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder's holding period would commence with
respect to the Class A common stock received, there can be no assurance which, if any, of the alternative tax consequences
and holding periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their
tax advisors regarding the tax consequences of a cashless exercise.
138
Possible Constructive Distributions
.
The terms of each warrant provide for an adjustment to the number of shares of Class A common stock for which the warrant
may be exercised or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled
"Description of Securities — Redeemable Warrants — Public Stockholders' Warrants." An adjustment
which has the effect of preventing dilution generally is not taxable. U.S. holders of the warrants would, however, be treated as
receiving a constructive distribution from us if, for example, the adjustment to the number of such shares or to such exercise
price increases the warrantholders' proportionate interest in our assets or earnings and profits (e.g., through an increase
in the number of shares of Class A common stock that would be obtained upon exercise or through a decrease in the exercise
price of the warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares
of our Class A common stock, or as a result of the issuance of a stock dividend to holders of shares of our Class A common
stock, in each case which is taxable to the holders of such shares as a distribution. Such constructive distribution would be subject
to tax in the same manner as if the U.S. holders of the warrants received a cash distribution from us equal to the fair market
value of such increased interest resulting from the adjustment.
Non-U.S. Holders
This section applies to you if you are
a "Non-U.S. holder." As used herein, the term "Non-U.S. holder" means a beneficial owner of our units,
Class A common stock or warrants who or that is for U.S. federal income tax purposes:
·
a non-resident alien individual (other than certain former citizens and residents of the United States subject to U.S. tax as expatriates);
·
a foreign corporation or
·
an estate or trust that is not a U.S. holder;
but generally does not include an individual who is present
in the United States for 183 days or more in the taxable year of disposition. If you are such an individual, you should consult
your tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership or sale or other disposition
of our securities.
Taxation of
Distributions.
In general, any distributions (including constructive distributions) we make to a
Non-U.S. holder of shares of our Class A common stock, to the extent paid out of our current or accumulated earnings and
profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax
purposes and, provided such dividends are not effectively connected with the Non-U.S. holder's conduct of a trade or
business within the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of
30%, unless such Non-U.S. holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and
provides proper certification of its eligibility for such reduced rate (usually on an IRS Form W-8BEN or W-8BEN-E). In
the case of any constructive dividend, it is possible that this tax would be withheld from any amount owed to a Non-U.S.
holder by the applicable withholding agent, including cash distributions on other property or sales proceeds from warrants or
other property subsequently paid or credited to such holder. Any distribution not constituting a dividend will be treated
first as reducing (but not below zero) the Non-U.S. holder's adjusted tax basis in its shares of our Class A
common stock and, to the extent such distribution exceeds the Non-U.S. holder's adjusted tax basis, as gain realized
from the sale or other disposition of the Class A common stock, which will be treated as described under "Non-U.S.
Holders — Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants"
below. In addition, if we determine that we are classified as a "United States real property holding corporation"
(see "Non-U.S. Holders — Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock
and Warrants" below), we will withhold 15% of any distribution that exceeds our current and accumulated earnings and
profits.
Dividends we pay to a Non-U.S. holder
that are effectively connected with the Non-U.S. holder's conduct of a trade or business within the United States (or
if a tax treaty applies are attributable to a United States permanent establishment or fixed base maintained by the Non-U.S.
holder) will generally not be subject to U.S. withholding tax, provided such Non-U.S. holder complies with certain
certification and disclosure requirements (usually by providing an applicable IRS Form W-8). Instead, such dividends
will generally be subject to U.S. federal income tax as if the Non-U.S. holder were a United States resident, subject to an
applicable tax treaty providing otherwise. A Non-U.S. corporation receiving effectively connected dividends may also be
subject to an additional "branch profits tax" imposed at a rate of 30% (or a lower treaty rate).
Gain on Sale,
Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants.
A Non-U.S. holder generally will
not be subject to U.S. federal income or withholding tax in respect of gain realized on a sale, taxable exchange or other
taxable disposition of our Class A common stock, which would include a dissolution and liquidation in the event we do
not complete an initial business combination within 18 months from the closing of this offering, or warrants (including an
expiration or redemption of our warrants), in each case without regard to whether those securities were held as part of a
unit, unless:
·
the gain is effectively connected with the conduct of a trade or business by the Non-U.S. holder within the United States (and, under certain tax treaties, is attributable to a United States permanent establishment or fixed base maintained by the Non-U.S. holder); or
139
·
we are or have been a "United States real property holding corporation" for U.S. federal income tax purposes at any time during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. holder held our Class A common stock, and, in the case where shares of our Class A common stock are regularly traded on an established securities market, the Non-U.S. holder has owned, directly or constructively, more than 5% of our Class A common stock at any time within the shorter of the five-year period preceding the disposition or such Non-U.S. holder's holding period for the shares of our Class A common stock. There can be no assurance that our Class A common stock will be treated as regularly traded on an established securities market for this purpose. Unless an applicable treaty provides otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S. holder were a United States resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign corporation may also be subject to an additional "branch profits tax" at a 30% rate (or lower treaty rate).
If the second bullet point above applies
to a Non-U.S. holder, gain recognized by such holder on the sale, exchange or other disposition of our Class A common stock
or warrants will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Class A
common stock or warrants from such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized
upon such disposition. We cannot determine whether we will be a United States real property holding corporation in the future until
we complete an initial business combination. We will be classified as a United States real property holding corporation if the
fair market value of our "United States real property interests" equals or exceeds 50 percent of the sum of the fair
market value of our worldwide real property interests plus our other assets used or held for use in a trade or business, as determined
for U.S. federal income tax purposes.
Redemption of Class A Common Stock.
The
characterization for U.S. federal income tax purposes of the redemption of a Non-U.S. holder's Class A common stock
generally will correspond to the U.S. federal income tax characterization of such a redemption of a U.S. holder's Class A
common stock, as described under "U.S. Holders — Redemption of Class A Common Stock" above, and the consequences
of the redemption to the Non-U.S. holder will be as described above under "Non-U.S. Holders — Taxation of Distributions"
and "Non-U.S. Holders — Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and
Warrants," as applicable.
Exercise of a Warrant.
The
U.S. federal income tax treatment of a Non-U.S. holder's exercise of a warrant, or the lapse of a warrant held by a Non-U.S.
holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder,
as described under "U.S. holders — Exercise or Lapse of a Warrant" above, although to the extent a cashless exercise
results in a taxable exchange, the consequences would be similar to those described below in "Non-U.S. Holders — Gain
on Sale, Taxable Exchange or Other Taxable Disposition of Class A Common Stock and Warrants."
Possible Constructive Distributions
.    The
terms of each warrant provide for an adjustment to the number of shares of Class A common stock for which the warrant may
be exercised or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus entitled
"Description of Securities — Redeemable Warrants — Public Stockholders' Warrants." An adjustment
which has the effect of preventing dilution generally is not taxable. Non-U.S. holders of the warrants would, however, be treated
as receiving a constructive distribution from us if, for example, the adjustment to the number of such shares or to such exercise
price increases the warrantholders' proportionate interest in our assets or earnings and profits (e.g., through an increase
in the number of shares of Class A common stock that would be obtained upon exercise or through a decrease in the exercise
price of the warrant) as a result of a distribution of cash or other property, such as other securities, to the holders of shares
of our Class A common stock, or as a result of the issuance of a stock dividend to holders of shares of our Class A common
stock, in each case which is taxable to the holders of such shares as a distribution. Such constructive distribution would be subject
to tax in the same manner as if the Non-U.S. holders of the warrants received a cash distribution from us equal to the fair market
value of such increased interest resulting from the adjustment.
140
Information Reporting and Backup Withholding.
Information
returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of
our units, shares of Class A common stock and warrants. A Non-U.S. holder may have to comply with certification procedures
to establish that it is not a United States person in order to avoid information reporting and backup withholding requirements.
The certification procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification
requirements necessary to avoid the backup withholding as well.
Backup withholding is not an additional
tax. The amount of any backup withholding from a payment to a Non-U.S. holder will be allowed as a credit against such holder's
U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished
to the IRS.
All Non-U.S. holders should consult their
tax advisors regarding the application of information reporting and backup withholding to them.
FATCA Withholding Taxes.
Sections
1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred
as the "Foreign Account Tax Compliance Act" or "FATCA") generally impose withholding at a rate of 30% in
certain circumstances on dividends in respect of our securities which are held by or through certain foreign financial institutions
(including investment funds), unless any such institution (1) enters into, and complies with, an agreement with the IRS to
report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned
by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on
certain payments, or (2) if required under an intergovernmental agreement between the United States and an applicable foreign
country, reports such information to its local tax authority, which will exchange such information with the U.S. authorities. An
intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly,
the entity through which our securities are held will affect the determination of whether such withholding is required. Similarly,
dividends in respect of our securities held by an investor that is a non-financial non-U.S. entity that does not qualify under
certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (1) certifies to us
or the applicable withholding agent that such entity does not have any "substantial United States owners" or (2) provides
certain information regarding the entity's "substantial United States owners," which will in turn be provided
to the U.S. Department of Treasury. All prospective investors should consult their tax advisors regarding the possible implications
of FATCA on their investment in our securities.
UNDERWRITING (CONFLICTS OF INTEREST)
Subject to the terms and conditions of
the underwriting agreement, the underwriters 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. The underwriters may offer and sell units to the public through one or more of their respective affiliates or
other registered broker-dealers or selling agents.
Underwriter
Number of
Units
Nomura Securities International, Inc.
Cantor Fitzgerald & Co.
Total
20,000,000
141
The underwriting agreement provides that
the obligations of the underwriters to purchase the units included in this offering are subject to approval of legal matters by
counsel and to other conditions. The underwriters are obligated to purchase all of the units (other than those covered by the over-allotment
option described below) if they purchase any of the units.
Units sold by the underwriters to the public
will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any units sold by the
underwriters to securities dealers may be sold at a discount from the initial public offering price not to exceed $[__] per unit.
After the initial offering of the units, the offering price and other selling terms may from time to time be varied by the underwriters.
If the underwriters sell more units than
the total number set forth on the cover page of this prospectus, we have granted to the underwriters an option, exercisable
for 45 days from the date of this prospectus, to purchase up to 3,000,000 additional units at the public offering price. The underwriters
may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent
the option is exercised, each underwriter must purchase a number of additional units approximately proportionate to that underwriter's
initial purchase commitment. Any units issued or sold under the option will be issued and sold on the same terms and conditions
as the other units that are the subject of this offering.
We and our sponsor, officers and directors
have agreed that, for a period of 180 days from the date of this prospectus, we and they will not, without the prior written consent
of the underwriters, offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any units, warrants,
shares of common stock or any other securities convertible into, or exercisable, or exchangeable for, shares of common stock subject
to certain exceptions. The underwriters, in their sole discretion may release any of the securities subject to these lock-up agreements
at any time without notice.
Our initial stockholders have agreed not
to transfer, assign or sell any of their founder shares until the earlier to occur of: (A) six months after the completion
of our initial business combination or (B) subsequent to our initial business combination, (x) if the last reported sale
price of our Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 30 days after our
initial business combination, or (y) the date on which we complete a liquidation, merger, capital stock exchange or other
similar transaction that results in all of our stockholders having the right to exchange their shares of common stock for cash,
securities or other property (except as described herein under the section of this prospectus entitled "Principal Stockholders
— Restrictions on Transfers of Founder Shares and Private Placement Units"). Any permitted transferees will be subject
to the same restrictions of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions
throughout this prospectus as the lock-up.
The private placement units and their component
securities will not be transferable, assignable or salable until 30 days after the completion of our initial business combination
(except with respect to permitted transferees as described herein under "Principal Stockholders — Restrictions on Transfers
of Founder Shares and Private Placement Units").
Prior to this offering, there has been
no public market for our securities. Consequently, the initial public offering price for the units was determined by negotiations
between us and the underwriters.
The determination of our per-unit offering
price was more arbitrary than would typically be the case if we were an operating company. Among the factors considered in determining
initial public offering price were the history and prospects of companies whose principal business is the acquisition of other
companies, prior offerings of those companies, our management, our capital structure, and currently prevailing general conditions
in equity securities markets, including current market valuations of publicly traded companies considered comparable to our company.
We cannot assure you, however, that the price at which the units, Class A common stock or warrants will sell in the public
market after this offering will not be lower than the initial public offering price or that an active trading market in our units,
Class A common stock or warrants will develop and continue after this offering.
142
Our units will be listed on NASDAQ under
the symbol "LCAPU" and, once the Class A common stock and warrants begin separate trading, to have our Class A
common stock and warrants listed on NASDAQ under the symbols "LCAP" and "LCAPW", respectively.
The following table shows the underwriting
discounts and commissions that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming
both no exercise and full exercise of the underwriters' over-allotment option.
Paid by Lionheart
Acquisition Corp.
(1)
No Exercise
Full Exercise
Per Unit
(2)
$
0.55
$
0.55
Total
(2)
$
11,000,000
$
12,650,000
(1)
Nomura will be paid a commitment fee of up to $2.0 million with respect to the forward purchase commitment of up to $100.0 million upon the announcement of a definitive agreement for our initial business combination.
(2)
$0.20 per unit, or $4,000,000 in the aggregate (or $4,600,000 in the aggregate if the underwriters' option to
    purchase additional units is exercised in full), is payable upon the closing of this offering. $0.35 per unit, or $7,000,000
    in the aggregate (or $8,050,000 in the aggregate if the underwriters' option to purchase additional units is exercised
    in full) payable to the underwriters for deferred underwriting commissions will be placed in a trust account located in the
    United States as described herein. The deferred commissions will be released to the underwriters only on and concurrently
    with completion of an initial business combination. Does not include the sale of 82,500 founder shares in connection with the
    underwriting of this transaction from our sponsor to Nomura.
In addition, we have agreed to pay for
the FINRA-related fees and expenses of the underwriters' legal counsel (excluding blue sky fees and expenses), in an amount
not to exceed $75,000, and the fees, expenses and disbursement relating to background checks of our directors and management team
not to exceed $25,000.
If we do not complete our initial
business combination within 18 months from the closing of this offering, we and the underwriters have agreed that:
(i) they will forfeit any rights or claims to their deferred underwriting discounts and commissions, including any
accrued interest thereon, then in the trust account; and (ii) the deferred underwriters' discounts and commissions
will be distributed on a pro rata basis, together with any accrued interest thereon (which interest shall be net of taxes
payable) to the public stockholders.
Right of First Refusal
We have agreed that, if Nomura offers to
purchase any securities under the forward purchase agreement, it will have a "right of first refusal" to act as a bookrunner
on any capital markets transaction issued in order to complete our initial business combination. In addition, so long as Nomura
owns 5% or more of the outstanding common stock of the post-business combination company on a fully-diluted basis, our sponsor,
has agreed to use its best efforts and influence on the successor company to offer Nomura a bookrunner role on any capital markets
transaction. Any such bookrunner role will be pursuant to a separate agreement containing terms and conditions customary for Nomura
and mutually agreed upon by us or our successor company, as applicable. Notwithstanding the foregoing, the right of first refusal
will not have a duration of more than three years from the date of commencement of sales of this offering. This "right of
first refusal" is considered to be an item of value in connection with this offering pursuant to FINRA Rule 5110 and
has a deemed compensation value of one percent of the proceeds of this offering.
143
In connection with the offering, the underwriters
may purchase and sell units in the open market. Purchases and sales in the open market may include short sales, purchases to cover
short positions, which may include purchases pursuant to the over-allotment option, and stabilizing purchases.
·
Short sales involve secondary market sales by the underwriters of a greater number of shares than they are required to purchase in the offering.
·
"Covered" short sales are sales of units in an amount up to the number of units represented by the underwriters' over-allotment option.
·
"Naked" short sales are sales of units in an amount in excess of the number of units represented by the underwriters' over-allotment option.
·
Covering transactions involve purchases of units either pursuant to the over-allotment option or in the open market after the distribution has been completed in order to cover short positions.
·
To close a naked short position, the underwriters must purchase shares in the open market after the distribution has been completed. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in the offering.
·
To close a covered short position, the underwriters must purchase units in the open market after the distribution has been completed or must exercise the over-allotment option. In determining the source of shares to close the covered short position, the underwriter will consider, among other things, the price of units available for purchase in the open market as compared to the price at which they may purchase units through the over-allotment option.
·
Stabilizing transactions involve bids to purchase units so long as the stabilizing bids do not exceed a specified maximum.
Purchases to cover short positions and
stabilizing purchases, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing
or retarding a decline in the market price of the units. They may also cause the price of the units to be higher than the price
that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions
in the over-the-counter market or otherwise. If the underwriters commence any of these transactions, they may discontinue them
at any time.
We estimate that our portion of the total
expenses of this offering payable by us will be $750,000, excluding underwriting discounts and commissions.
We have agreed to indemnify the underwriters
against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may
be required to make because of any of those liabilities.
Except as described under "—
Right of First Refusal," we are not under any contractual obligation to engage any of the underwriters to provide any services
for us after this offering, and have no present intent to do so. However, any of the underwriters may introduce us to potential
target businesses or assist us in raising additional capital in the future. If any of the underwriters provide services to us after
this offering, we may pay such underwriter fair and reasonable fees that would be determined at that time in an arm's length
negotiation; provided that no agreement will be entered into with any of the underwriters and no fees for such services will be
paid to any of the underwriters prior to the date that is 90 days from the effective date of the registration statement of which
this prospectus forms a part, unless FINRA determines that such payment would not be deemed underwriters' compensation in
connection with this offering and we may pay the underwriters of this offering or any entity with which they are affiliated a finder's
fee or other compensation for services rendered to us in connection with the completion of a business combination.
As described under "Proposed Business
— Forward Purchase and Forward Financing Arrangements," Nomura intends to enter into a forward purchase agreement with
us which will provide for the purchase by Nomura of our public shares for an aggregate purchase price of up to $100.0 million through,
other than as described below, open market purchases or privately negotiated transactions with one or more third parties. In lieu
of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate purchase
price may instead be in the form of an investment in our equity securities on terms to be mutually agreed between Nomura and us,
to occur concurrently with the closing of our initial business combination (such investment in our equity securities, together
with any open market purchases or privately negotiated transactions pursuant to the forward purchase agreement, the "forward
purchase commitment"). In consideration of the forward purchase commitment, we will pay to Nomura (i) an amount equal
to 2% of the aggregate purchase price of the purchases or investment requested by us pursuant to the forward purchase agreement
(the "commitment fee") plus (ii) an amount equal to the internal charges and carrying costs incurred by Nomura
in connection with the forward purchase commitment (the "commitment carrying costs") on a monthly basis during the
period from and including the date we execute a definitive agreement for our initial business combination through the earlier of
(x) the consummation of our initial business combination and (y) the date we notify Nomura in writing that we do not
require Nomura to provide the forward purchase commitment. Up to $1.0 million of aggregate commitment carrying costs, to the extent
timely paid pursuant to the forward purchase agreement, may be credited against the commitment fee. If we request that Nomura purchase
or invest the full $100.0 million forward purchase commitment pursuant to the forward purchase agreement, a maximum of $1.0 million
of the commitment carrying costs will not be credited toward the commitment fee.
144
In July 2020, our sponsor sold
82,500 founder shares to Nomura for a purchase price of approximately $0.005 per share.
Nomura has committed to purchase from
us 55,000 private placement units for $10.00 per unit. The private placement units have terms and provisions that are
identical to the units sold in this offering except as described under "Description of Securities—Units,"
including that, subject to certain exceptions, the private placement units and their component securities will not be
transferable, assignable or salable until 30 days after the completion of our initial business combination. The purchases of
private placement units will take place on a private placement basis simultaneously with the consummation of this offering.
The private placement units purchased by Nomura, the founder shares purchased by Nomura from the sponsor, any of our public
shares purchased by Nomura in privately negotiated transactions with third parties pursuant to the forward purchase agreement
and any of our equity securities purchased by Nomura in connection with an investment in such equity securities pursuant to
the forward purchase agreement will be considered underwriting compensation in connection with this offering,
will
be subject to lock-up restrictions, as required by FINRA Rule 5110(g)(1), and may not be sold during the
offering, or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative,
put, or call transaction that would result in the effective economic disposition of such securities by any person for a
period of 180 days immediately following the date of effectiveness of the registration statement of which this prospectus
forms a part or commencement of sales of the offering, except as provide in FINRA Rule 5110(g)(2).
The underwriters and their affiliates have
engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business
with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.
In addition, in the ordinary course of
their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade
debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account
and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of
ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express
independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they
acquire, long and/or short positions in such securities and instruments.
Conflicts of Interest
Nomura may acquire more than 10% of our
outstanding shares. This offering is being made in compliance with the applicable provisions of FINRA Rule 5121. Nomura will
not make sales to discretionary accounts without the prior written approval of the account holder. In addition, a "qualified
independent underwriter," as defined in FINRA Rule 5121, will participate in the preparation of the registration statement
and exercise its usual standards of due diligence with respect thereto. Cantor is assuming the responsibilities of acting as the
qualified independent underwriter in this offering and is undertaking the legal responsibilities and liabilities of an underwriter
under the Securities Act, which specifically include those inherent in Section 11 thereunder. Cantor will not receive any
additional fees for serving as qualified independent underwriter in connection with this offering.
Selling Restrictions
Notice to Prospective Investors in Canada
The securities may be sold only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106
Prospectus
Exemptions
or subsection 73.3(1) of the
Securities Act
(Ontario), and are permitted clients, as defined in National
Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations
. Any resale of the securities
must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable
securities laws.
Securities legislation in certain provinces
or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment
thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within
the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer
to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these
rights or consult with a legal advisor.
Pursuant to section 3A.3 of National Instrument
33-105
Underwriting Conflicts
("NI 33-105"), the underwriters are not required to comply with the disclosure
requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.
145
Notice to Prospective Investors in Australia
This prospectus is not a disclosure document
for the purposes of Australia's Corporations Act 2001 (Cth) ("Corporations Act"), has not been lodged with the
Australian Securities & Investments Commission and is only directed to the categories of exempt persons set out below.
Accordingly, if you receive this prospectus in Australia:
You confirm and warrant that you are either:
·
a "sophisticated investor" under section 708(8)(a) or (b) of the Corporations Act;
·
a "sophisticated investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act and related regulations before the offer has been made;
·
a person associated with the Company under Section 708(12) of the Corporations Act; or
·
a "professional investor" within the meaning of section 708(11)(a) or (b) of the Corporations Act,
to whom an offer of securities may be made without
a disclosure document (as defined in the Corporations Act).
You further warrant and agree that you
will not offer any of the securities issued to you pursuant to this prospectus for resale in Australia within 12 months of those
securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section
708 of the Corporations Act.
To the extent that you are unable to confirm
or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act
and/or warrant and agree that you will comply with the 12 month on-sale restrictions, any offer made to you under this prospectus
is void and incapable of acceptance.
The information contained in this prospectus
is not investment or financial product advice (nor tax, accounting or legal advice). The Company makes no recommendations as to
whether you should participate in the offering. In preparing this prospectus, the Company has not taken into account the individual
objectives, financial situation or needs of individual investors. Accordingly, before making an investment decision, you may wish
to consult with your legal, financial, tax or other professional adviser.
Selling Restrictions with Respect to the European Economic
Area and United Kingdom
This prospectus is not a prospectus for
the purposes of the Prospectus Regulation (as defined below). This prospectus and any offer if made subsequently is directed only
at persons in Member States of the European Economic Area (the "EEA") or in the United Kingdom (the "UK")
(each, a "Relevant State") who are "qualified investors" within the meaning of Article 2(e) of
the Prospectus Regulation. This prospectus has been prepared on the basis that any offer of our securities in any Relevant State
will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of
our securities. Accordingly any person making or intending to make an offer in that Relevant State of our securities which are
the subject of the offering contemplated in this prospectus may only do so in circumstances in which no obligation arises for Lionheart
Acquisition Corporation II or any of the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Regulation
in relation to such offer. Neither we nor the underwriters have authorized, nor do we or they authorize, the making of any offer
of our securities in circumstances in which an obligation arises for us or the underwriters to publish a prospectus for such offer.
The expression "Prospectus Regulation" means Regulation (EU) 2017/1129.
This prospectus may not be distributed
or circulated to any person in the UK other than to (i) persons who have professional experience in matters relating to investments
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended
(the "Order"); and (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order
(all such persons together being referred to as "relevant persons"). In the UK, this prospectus is directed only at
relevant persons. Other persons in the UK should not act on this prospectus or any of its contents. In the UK, this prospectus
is being supplied on a confidential basis only to relevant persons for their information and may not be reproduced, redistributed
or passed on to any other person or published, in whole or in part, for any other purpose.
In relation to each Relevant State, no
offer of our securities which are the subject of the offering contemplated by this prospectus to the public may be made in that
Relevant State other than:
(a)
to any legal entity which is a qualified investor as defined in the Prospectus Regulation;
(b)
to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), subject to obtaining the prior consent of the relevant underwriter or underwriters nominated by us for any such offer; or
(c)
in any other circumstances falling within Article 1(4) of the Prospectus Regulation, provided that no such offer of our securities shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation.
146
For the purposes of this provision, the
expression an "offer of our securities to the public" in relation to our securities in any Relevant State means the
communication in any form and by any means of sufficient information on the terms of the offer and our securities to be offered
so as to enable an investor to decide to purchase or subscribe for our securities.
This EEA and UK selling restriction is
in addition to any other selling restrictions set out below.
Notice to Prospective Investors in Hong Kong
No securities have been offered or sold,
and no securities may be offered or sold, in Hong Kong, by means of any document, other than (a) to "professional investors"
as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong ("SFO") and any rules made under the
SFO; or (b) in other circumstances which do not result in the document being a "prospectus" as defined in the
Companies Ordinance (Winding Up and Miscellaneous Provisions Ordinance (Cap. 32) of Hong Kong (the "C(WUMP)O") or which
do not constitute an offer to the public within the meaning of the C(WUMP)O. No document, invitation or advertisement relating
to the securities has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each
case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the
public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are
or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined
in the SFO and any rules made under that Ordinance.
This prospectus has not been registered
with the Registrar of Companies in Hong Kong. Accordingly, this prospectus may not be issued, circulated or distributed in Hong
Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities
will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers
of the securities described in this prospectus and the relevant offering documents and that he is not acquiring, and has not been
offered any securities in circumstances that contravene any such restrictions.
Notice to Prospective Investors in Israel
This document does not constitute a prospectus
under the Israeli Securities Law, 5728-1968, or the Israeli Securities Law, and has not been filed with or approved by the Israel
Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the units
is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors
listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust
funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange,
underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals,"
each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each
case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors
listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the
Addendum, are aware of the meaning of same and agree to it.
147
Notice to Prospective Investors in Japan
The offering has not been and will not
be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended), or FIEL,
and accordingly the Initial Purchaser has not offered or sold and will not offer or sell any securities, directly or indirectly,
in Japan or to, or for the account or benefit of, any resident of Japan (which term as used herein means any person resident in
Japan, including any corporation or other entity organized under the laws of Japan), or to, or for the account or benefit of, others
for re-offering or resale, directly or indirectly, in Japan or to, or for the account or benefit of, any resident of Japan, except
pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable
laws, regulations and ministerial guidelines of Japan.
Notice to Prospective Investors in Singapore
This prospectus has not been and will
not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any
other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the
securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an
invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an
institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the
"
SFA
"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to
Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or
(iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where the securities are subscribed or
purchased under Section 275 of the SFA by a relevant person which is:
·
a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
·
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 239(1) of the SFA)
of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred
within six months after that corporation or that trust has acquired the securities pursuant to an offer made under Section 275
of the SFA except:
·
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
·
where no consideration is or will be given for the transfer;
·
where the transfer is by operation of law;
·
as specified in Section 276(7) of the SFA; or
·
as specified in Regulation 32 of the Securities and Futures
(Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.
Notice to Prospective Investors in Switzerland
This prospectus is not intended to constitute
an offer or solicitation to purchase or invest in the units in Switzerland. The units offered hereby may not be publicly offered,
directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ("FinSA") and no application
has or will be made to admit the units to trading on any trading venue (exchange or multilateral trading facility) in Switzerland.
Neither this prospectus nor any other offering or marketing material relating to the units constitutes a prospectus pursuant to
the FinSA, and neither this prospectus nor any other offering or marketing material relating to the units may be publicly distributed
or otherwise made publicly available in Switzerland.
148
Selling Restrictions with Respect to the United Kingdom
Any invitation or inducement to engage
in investment activity (within the meaning of Section 21 of the United Kingdom's Financial Services and Markets Act
2000, as amended (the "FSMA")) in connection with the issue or sale of our securities may only be communicated or caused
to be communicated in circumstances in which Section 21(1) of the FSMA does not apply to us.
All applicable provisions of the FSMA must
be complied with in respect to anything done by any person in relation to our securities in, from or otherwise involving the UK.
149
LEGAL MATTERS
Loeb & Loeb LLP, New York, New
York, has passed upon the validity of the securities offered hereby on behalf of us. Certain legal matters will be passed upon
on behalf of the underwriters by Sidley Austin LLP, New York, New York.
EXPERTS
The financial statements of Lionheart Acquisition
Corporation II at December 31, 2019 and for the period from December 23, 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 Lionheart Acquisition
Corporation II 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 securities we are offering by this prospectus. This prospectus
does not contain all of the information included in the registration statement. For further information about us and our securities,
you should refer to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we
make reference in this prospectus to any of our contracts, agreements or other documents, the references are materially complete
but may not include a description of all aspects of such contracts, agreements or other documents, and you should refer to the
exhibits attached to the registration statement for copies of the actual contract, agreement or other document.
Upon completion of this offering, we will
be subject to the information requirements of the Exchange Act and will file annual, quarterly and current event reports, proxy
statements and other information with the SEC. You can read our SEC filings, including the registration statement, over the Internet
at the SEC's website at
www.sec.gov
.
150
INDEX TO FINANCIAL STATEMENTS
Page
Report
    of Independent Registered Public Accounting Firm
F-2
Balance
    Sheets as of March 31, 2020 and December 31, 2019
F-3
Statements
    of Operations for the three months ended March 31, 2020 and for the period from December 23, 2019 (inception) through
    December 31, 2019
F-4
Statements
    of Changes in Stockholder's (Deficit) Equity for the three months ended March 31, 2020 and for the period from
    December 23, 2019 (inception) through December 31, 2019
F-5
Statements
    of Cash Flows for the three months ended March 31, 2020 and for the period from December 23, 2019 (inception) through
    December 31, 2019
F-6
Notes
    to Financial Statements
F-7
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
To the Shareholder and Board of Directors of
Lionheart Acquisition Corporation II
Opinion on the Financial Statements
We have audited the accompanying balance sheet of
Lionheart Acquisition Corporation II (formerly known as Lionheart 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 December 23, 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 December 23, 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 the Company's cash and working
capital as of December 31, 2019 are not sufficient to complete its planned activities. These conditions raise
substantial doubt about Company's ability to continue as a going concern. Management's plans in regard to these
matters are also described in Notes 1 and 3. The financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are
a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement,
whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control
over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting
but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting.
Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks
of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as
well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis
for our opinion.
/s/ Marcum LLP
Marcum LLP
We have served as the Company's auditor
since 2020.
New York, NY
February 13, 2020
F-
2
LIONHEART ACQUISITION
CORPORATION II
BALANCE SHEETS
March 31,
2020
December 31,
2019
(Unaudited)
ASSETS
Current asset - Cash
$
28,378
$
—
Deferred offering costs
110,243
26,171
Total Assets
$
138,621
$
26,171
LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)
Current liabilities
Accrued expenses
$
1,000
$
1,000
Accrued offering costs
40,450
26,171
Promissory note – related party
73,171
—
Total Current Liabilities
114,621
27,171
Commitments
Stockholder's Equity (Deficit)
Common stock, $0.0001 par value; 10,000,000 shares authorized; 5,750,000 issued and outstanding
(1)
575
—
Additional paid-in capital
24,425
—
Accumulated deficit
(1,000
)
(1,000
)
Total Stockholder's Equity (Deficit)
24,000
(1,000
)
Total Liabilities and Stockholder's Equity (Deficit)
$
138,621
$
26,171
(1)
Includes an aggregate of up to 750,000 shares subject to forfeiture to the extent that the underwriters' over-allotment option is not exercised in full or in part (see Note 5).
The accompanying notes are
an integral part of these financial statements.
F-
3
LIONHEART ACQUISITION
CORPORATION II
STATEMENTS OF OPERATIONS
Three
Months
Ended
March 31,
2020
For the
Period from
December 23,
2019
(Inception)
Through
December 31,
2019
(Unaudited)
Formation costs
$
—
$
1,000
Net loss
—
$
(1,000
)
Weighted average shares outstanding, basic and diluted
(1)
4,450,549
—
Basic and diluted net loss per common share
$
(0.00
)
$
(0.00
)
(1)
Share count as of March 31, 2020, excludes an aggregate of up to 750,000 shares subject to forfeiture to the extent that the underwriters' over-allotment option is not exercised in full or in part (see Note 5).
The accompanying notes are
an integral part of these financial statements.
F-
4
LIONHEART
ACQUISITION CORPORATION II
STATEMENTS OF CHANGES IN STOCKHOLDER'S (DEFICIT) EQUITY
Common
Stock
Additional
Paid-in
Capital
Accumulated
Deficit
Stockholder's
(Deficit)/
Equity
Shares
Amount
Balance, December 23, 2019 (inception)
—
$
—
$
—
$
—
$
—
Net loss
—
—
—
(1,000
)
(1,000
)
Balance, December 31, 2019 (audited)
—
$
—
$
—
$
(1,000
)
$
(1,000
)
Common stock issued to
Sponsor
(1)
5,750,000
575
24,425
—
25,000
Net loss
—
—
—
—
—
Balance, March 31,
2020 (unaudited)
5,750,000
$
575
$
24,425
$
(1,000
)
$
24,000
(1)
Includes an aggregate of up to 750,000 shares subject to forfeiture
    to the extent that the underwriters' over-allotment option is not exercised in full or in part (see Note 5).
The
accompanying notes are an integral part of these financial statements.
F-
5
LIONHEART
ACQUISITION CORPORATION II
STATEMENTS OF CASH FLOWS
Three
Months
Ended
March 31,
2020
For
the
Period from
December 23,
2019
(Inception)
Through
December 31,
2019
(Unaudited)
Cash flows from Operating
Activities:
Net loss
$
—
$
(1,000
)
Changes in operating assets and liabilities:
Accrued
expenses
—
1,000
Net
cash used in operating activities
—
—
Cash flows from Financing
Activities:
Proceeds from issuance of common stock to Sponsor
25,000
—
Proceeds from promissory note – related party
73,171
—
Payment of offering costs
(69,793
)
—
Net
cash provided by financing activities
28,378
—
Net Change in Cash
28,378
—
Cash – Beginning
—
—
Cash –
Ending
$
28,378
$
—
Supplemental disclosure
of non-cash investing and financing activities:
Deferred offering
costs included in accrued offering costs
$
40,450
$
26,171
The
accompanying notes are an integral part of these financial statements.
F-
6
LIONHEART
ACQUISITION CORPORATION II
NOTES TO
FINANCIAL STATEMENTS
Note
1. Description of organization and business operations
Lionheart
Acquisition Corporation II (formerly known as Lionheart Acquisition Corp.) (the "Company") was incorporated in
Delaware on December 23, 2019. The Company was formed for the purpose of effecting a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the
"Business Combination").
Although the Company
is not limited to a particular industry or sector for purposes of consummating a Business Combination, the Company intends to
focus its search on businesses that apply innovative digital technologies and technology-enhanced services and solutions to the
identification, design, development, construction, operation, financing, management and disposition of real estate properties,
commonly referred to as "PropTech." 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 for the period from December 23, 2019 (inception) 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
its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income
from the proceeds derived from the Proposed Public Offering. The Company has selected December 31 as its fiscal year end.
The Company's ability to commence
operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 20,000,000 units (the
"Units" and, with respect to the shares of Class A common stock included in the Units being offered, the "Public
Shares") at $10.00 per Unit (or 23,000,000 Units if the underwriters' over-allotment option is exercised in full),
which is discussed in Note 3, and the sale of 650,000 units (the "Private Placement Units") at a price of $10.00 per
Private Placement Unit in a private placement to Lionheart Equities, LLC, a Delaware Limited Liability Company (the "Sponsor"),
and Nomura Securities International, Inc. ("Nomura"), an underwriter in the Proposed Public Offering, that will
close simultaneously with the Proposed Public Offering.
The Company's
management has broad discretion with respect to the specific application of the net proceeds of the Proposed Public Offering and
the sale of Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully.
The Company must complete a Business Combination with one or more target businesses that together have an aggregate fair market
value of at least 80% of the assets held in the Trust Account (as defined below) (excluding the deferred underwriting commissions
and taxes payable on interest earned on the Trust Account) at the time of the agreement to enter into a Business Combination.
The Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding
voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required
to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act").
Upon the closing of the Proposed Public Offering, management has agreed that an amount equal to at least $10.00 per Unit sold
in the Proposed Public Offering, including the proceeds from the sale of the Private Placement Units, will be held in a trust
account ("Trust Account"), located in the United States and invested only in U.S. government securities, within the
meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less or in any open-ended
investment company that holds itself out as a money market fund selected by the Company meeting the conditions of Rule 2a-7
of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination
and (ii) the distribution of the 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 public stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in
the Trust Account (initially anticipated to be $10.00 per Public Share, plus any pro rata interest earned on the funds held in
the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed
to public stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company
will pay to the underwriters (as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination
with respect to the Company's warrants. The Public Shares subject to redemption will be recorded at redemption value and
classified as temporary equity upon the completion of the Proposed Public Offering in accordance with the Accounting Standards
Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity."
F-
7
LIONHEART
ACQUISITION CORPORATION II
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 shares voted are
voted in favor of the Business Combination. If a stockholder vote is not required by law and the Company does not decide to hold
a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of
Incorporation (the "Amended and Restated Certificate of Incorporation"), conduct the redemptions pursuant to the tender
offer rules of the U.S. Securities and Exchange Commission ("SEC") and file tender offer documents with the SEC
prior to completing a Business Combination. If, however, stockholder approval of the transactions is required by law, or the Company
decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with
a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks stockholder
approval in connection with a Business Combination, the Company's Sponsor, officers and directors and Nomura have agreed
to vote their Founder Shares (as defined in Note 5), Private Placement Shares (as defined in Note 4) and any Public Shares
purchased during or after the Proposed Public Offering in favor of approving a Business Combination. Additionally, each public
stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.
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 15% or more of the Public Shares, without the prior consent of the Company.
The Sponsor has
agreed (a) to waive its redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares
held by it in connection with the completion of a Business Combination and (b) not to propose an amendment to the 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
with the opportunity to redeem their Public Shares in conjunction with any such amendment.
The Company will
have 18 months from the closing of the Proposed Public Offering to complete a Business Combination (the "Combination
Period"). If the Company is unable to complete a Business Combination within the Combination Period, the Company will (i) cease
all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business
days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay its tax obligations (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public stockholders' rights as stockholders (including the right
to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company's remaining stockholders and the Company's board
of directors, dissolve and liquidate, subject in each case to the Company's obligations under Delaware law to provide for
claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions
with respect to the Company's warrants, which will expire worthless if the Company fails to complete a Business Combination
within the Combination Period.
The Sponsor and Nomura have agreed
to waive their liquidation rights with respect to the Private Placement Shares if the Company fails to complete a Business Combination
within the Combination Period. However, if the initial stockholders or any of their 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
LIONHEART
ACQUISITION CORPORATION II
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 third party
for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering
into a transaction agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public
Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust
Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such
liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights
to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under 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 cash of $28,378 and
a working capital deficiency of $86,243. 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 a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company's plans to raise
capital or to consummate a Business Combination will be successful or successful within the Combination Period. Lionheart Equities,
LLC, the Sponsor has agreed to loan the Company up to an aggregate amount of $300,000 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 in conformity with accounting principles generally accepted in the United States of America
("GAAP") and pursuant to the rules and regulations of the SEC.
The accompanying unaudited condensed
financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions
to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Certain
information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed
or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include
all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash
flows. In the opinion of management, the accompanying unaudited condensed 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 periods presented.
Emerging growth
company
The Company is an
"emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities
Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (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
LIONHEART
ACQUISITION CORPORATION II
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 revenues and 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 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 three months ended March 31, 2020 and for the period from December 23, 2019 (inception) through
December 31, 2019.
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. At March 31, 2020, weighted average shares were reduced for the effect of an
aggregate of up to 750,000 shares of common stock that are subject to forfeiture if the over-allotment option is not exercised
by the underwriters (see Note 5). At March 31, 2020 and December 31, 2019, the Company did not have any dilutive securities
and other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings
of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented.
F-
10
LIONHEART
ACQUISITION CORPORATION II
NOTES
TO FINANCIAL STATEMENTS
Concentration
of credit risk
Financial instruments
that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which,
at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on this account
and management believes the Company is not exposed to significant risks on such account.
Fair value of
financial instruments
The fair value of
the Company's assets and liabilities, which qualify as financial instruments under ASC 820, "Fair Value Measurements
and Disclosures," approximates the carrying amounts represented in the balance sheets, primarily due to their short-term
nature.
Recent issued
accounting standards
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. Proposed
offering
Pursuant to the
Proposed Public Offering, the Company intends to offer for sale 20,000,000 Units (or 23,000,000 Units if the underwriters'
over-allotment option is exercised in full) at a price of $10.00 per Unit. Each Unit will consist of one share of Class A
common stock and one-half of one redeemable warrant ("Public Warrant"). Each whole Public Warrant will entitle the
holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment (see Note 7).
Note 4. Private
placement
The Sponsor and
Nomura have agreed to purchase an aggregate of 650,000 Private Placement Units at a price of $10.00 per Private Placement Unit,
for an aggregate purchase price of $6,500,000, in a private placement that will occur simultaneously with the closing of the Proposed
Public Offering. Each Private Placement Unit will consist of one share of Class A common stock ("Private Placement
Share") and one-half of one redeemable warrant ("Private Placement Warrant"). Each whole Private Placement Warrant
will entitle the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment
(see note 7). A portion of the proceeds from the Private Placement Units will be added to the proceeds from the Proposed Public
Offering to be held in the Trust Account. The Private Placement Units are identical to the Public Units to be sold in the Proposed
Public Offering, except as described in Note 7. If the Company does not complete a Business Combination within the Combination
Period, the proceeds of the sale of the Private Placement Units will be used to fund the redemption of the Public Shares (subject
to the requirements of applicable law) and underlying securities will be worthless.
Note 5. Related
party transactions
Founder shares
On January 10, 2020, the Sponsor
purchased 5,000,000 shares (the "Founder Shares") of the Company's common stock for an aggregate price of $25,000.
Subsequently, on February 6, 2020, the Company effected a stock dividend of 0.15 share for each Founder Share outstanding,
resulting in the Sponsor holding an aggregate of 5,750,000 Founder Shares. 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 be authorized
to issue shares of Class B common stock. Pursuant to the amendment, the Founder Shares will be converted into shares of Class B
common stock. The Founder Shares will automatically convert into Class A common stock upon the consummation of a Business
Combination on a one-for-one basis, subject to certain adjustments, as described in Note 7.
F-
11
LIONHEART
ACQUISITION CORPORATION II
NOTES TO
FINANCIAL STATEMENTS
The Founder Shares
include an aggregate of up 750,000 shares subject to forfeiture to the extent that the underwriters' over-allotment option
is not exercised in full or in part, so that the initial stockholders (including Nomura) will own, on an as-converted basis, 22.03%
of the Company's issued and outstanding shares after the Proposed Public Offering (including the Private Placement Shares
and assuming the initial stockholders do not purchase any Public Shares in the Proposed Public Offering).
The initial stockholders
have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier to occur
of: (A) six months after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) if
the last sale price of the Company's Class A common stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period
commencing at least 30 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger,
capital stock exchange, reorganization or other similar transaction that results in all of the Company's stockholders having
the right to exchange their shares of common stock for cash, securities or other property.
Promissory note
— related party
On January 10, 2020, the Company issued the Promissory
Note to Lionheart Equities, LLC, the Sponsor, pursuant to which the Company may borrow up to an aggregate amount of $300,000 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, there was $73,171 and $0, respectively, outstanding
under the Promissory Note.
Administrative
services agreement
Commencing on the effective date of the Proposed Public Offering,
the Company will agree to pay the Sponsor a total of $15,000 per month for office space, utilities and secretarial and administrative
support. Upon completion of the Business Combination or the Company's liquidation, the Company will cease paying these monthly
fees.
Related party
loans
In addition, in
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain
of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required ("Working
Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out
of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of
funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of
proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be
used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been
determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender's discretion, up to $1 million of such Working Capital Loans
may be convertible into units identical to the Private Placement Units at a price of $10.00 per unit.
Note 6. Commitments
and contingencies
Registration
rights
The holders of the Founder Shares,
Private Placement Units, securities issuable pursuant to the forward purchase agreement (discussed below) and warrants that may
be issued upon conversion of Working Capital Loans (and any shares of Class A common stock issuable upon the exercise of
the Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the
Founder Shares) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on
the effective date of Proposed Public Offering, requiring the Company to register such securities for resale (in the case of the
Founder Shares, only after conversion to the Company's Class A common stock). The holders of the majority of these
securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities.
In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed
subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities
pursuant to Rule 415 under the Securities Act. 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.
F-
12
LIONHEART
ACQUISITION CORPORATION II
NOTES
TO FINANCIAL STATEMENTS
Underwriting
Agreement
The
Company will grant the underwriters a 45-day option from the date of Proposed Public Offering to purchase up to 3,000,000 additional
Units to cover over-allotments, if any, at the Proposed Public Offering price less the underwriting discounts and commissions.
The
underwriters will be entitled to a cash underwriting discount of $0.20 per Unit, or $4,000,000 in the aggregate (or $4,600,000
in the aggregate if the underwriters' over-allotment option is exercised in full), payable upon the closing of the Proposed
Public Offering. In addition, the underwriters will be entitled to a deferred fee of $0.35 per Unit, or $7,000,000 in the aggregate
(or $8,050,000 in the aggregate if the underwriters' over-allotment option is exercised in full). The deferred fee will
become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a
Business Combination, subject to the terms of the underwriting agreement.
Forward
Purchase Agreement
In
connection with Proposed Public Offering, Nomura intends to enter into a forward purchase agreement with the Company, which will
provide for the purchase by Nomura of the Company's Public Shares for an aggregate purchase price of up to $100.0 million
through, other than as described below, open market purchases or privately negotiated transactions with one or more third parties.
In lieu of purchasing public shares in the open market or privately negotiated transactions, up to $85.0 million of such aggregate
purchase price may instead be in the form of an investment in the Company's equity securities on terms to be mutually agreed
between Nomura and the Company, to occur concurrently with the closing of a Business Combination. In consideration of the forward
purchase commitment, the Company will pay to Nomura (i) an amount equal to 2% of the aggregate purchase price of the purchases
or investment requested by the Company pursuant to the forward purchase agreement (the "commitment fee") plus (ii) an
amount equal to the internal charges and carrying costs incurred by Nomura in connection with the forward purchase commitment
(the "commitment carrying costs") on a monthly basis during the period from and including the date the Company executes
a definitive agreement for a Business Combination through the earlier of (x) the consummation of a Business Combination and
(y) the date the Company notifies Nomura in writing that the Company does not require Nomura to provide the forward purchase
commitment. Up to $1.0 million of aggregate commitment carrying costs, to the extent timely paid pursuant to the forward purchase
agreement, may be credited against the commitment fee. If the Company requests that Nomura purchase or invest the full $100.0
million forward purchase commitment pursuant to the forward purchase agreement, a maximum of $1.0 million of the commitment carrying
costs will not be credited toward the commitment fee. The decision to make such an investment in other equity securities will
not reduce the aggregate purchase price. However, Nomura will be excused from its purchase obligation in connection with a specific
business combination unless, within five business days following written notice delivered by the Company of its intention to enter
into such Business Combination, Nomura notifies the Company that it has decided to proceed with the purchase in whole or in part.
Nomura may decide not to proceed with the purchase for any reason, including, without limitation, if it has determined that such
purchase would constitute a conflict of interest. Nomura will also be restricted from making purchases if they are in possession
of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the
Exchange Act.
Nomura
has also indicated its intent, if so requested by the Company, to use its commercially reasonable efforts to underwrite, arrange
and/or syndicate up to $400 million of additional financing for the Company in the form of equity or debt (or a combination thereof)
in connection with a Business Combination, subject to market conditions and on terms and conditions satisfactory in all respects
to Nomura in its sole judgment and determination.
Right
of First Refusal
The
Company has agreed that, if the investor offers to purchase any securities under the forward purchase agreement, it will have
a "right of first refusal" to act as a bookrunner on any capital markets transaction issued in order to complete
a Business Combination. In addition, so long as the investor owns 5% or more of the outstanding common stock of the
post-business combination company on a fully-diluted basis, Lionheart Equities LLC, an affiliate of the Sponsor, has agreed
to use its best efforts and influence on the successor company to offer the investor a bookrunner role on any capital markets
transaction. Any such bookrunner role will be pursuant to a separate agreement containing terms and conditions customary for
the investor and mutually agreed upon by the Company or its successor company, as applicable. Notwithstanding the foregoing,
the right of first refusal will not have a duration of more than three years from the date of commencement of sales of the
Proposed Public Offering.
F-
13
LIONHEART
ACQUISITION CORPORATION II
NOTES
TO FINANCIAL STATEMENTS
Note
7. Stockholder's equity
Preferred
Stock
— At March 31, 2020 and December 31, 2019, the Company has no authorized, issued or outstanding
shares of preferred stock. The Company intends to file an Amended and Restated Certificate of Incorporation prior to the closing
date of the Proposed Public Offering such that the Company will be authorized to issue 1,000,000 shares of preferred stock with
a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company's
Board of Directors.
Common
Stock
— On January 30, 2020, the Company amended its Certificate of Incorporation such that the Company is
authorized to issue 10,000,000 shares of common stock with a par value of $0.0001 per share. At December 31, 2019, there
were no shares of common stock issued or outstanding.
At
March 31, 2020, there were 5,750,000 shares of common stock issued and outstanding, of which an aggregate of up to 750,000
shares are subject to forfeiture to the extent that the underwriters' over-allotment option is not exercised in full or
in part, so that the initial stockholders (including Nomura) will collectively own 22.03% of the Company's issued and outstanding
common stock after the Proposed Public Offering (including the Private Placement Shares and assuming the Sponsor does not purchase
any Public Shares in the Proposed Public Offering).
The
Company intends to file an Amended and Restated Certificate of Incorporation prior to the closing date of the Proposed Public
Offering such that the Company will be authorized to issue 100,000,000 shares of Class A common stock with a par value of
$0.0001 per share and 10,000,000 shares of Class B common stock, par value $0.0001 per share.
Holders
of Class A common stock and Class B common stock will be entitled to one vote for each share. Holders of Class A
common stock and Class B common stock will vote together as a single class on all matters submitted to a vote of stockholders,
except as required by law.
The
shares of Class B common stock will automatically convert into shares of Class A common stock at the time of a Business
Combination on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or
equity-linked securities, are issued or deemed issued in excess of the amounts offered in the Proposed Public Offering and related
to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of
Class A common stock will be adjusted (unless the holders of a majority of the outstanding shares of Class B common
stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A
common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted
basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of the Proposed Public
Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with
a Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in a Business
Combination).
Warrants
— Public Warrants may only be exercised for a whole number of shares. No fractional warrants will be issued upon
separation of the Units and only whole warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days
after the completion of a Business Combination or (b) 12 months from the closing of the Proposed Public Offering. The
Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will
have no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to the
shares of Class A common stock underlying the warrants is then effective and a prospectus relating thereto is current, subject
to the Company satisfying its obligations with respect to registration. No warrant will be exercisable and the Company will not
be obligated to issue any shares of Class A common stock upon exercise of a warrant unless Class A common stock issuable
upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence
of the registered holder of the warrants.
F-
14
LIONHEART
ACQUISITION CORPORATION II
NOTES
TO FINANCIAL STATEMENTS
The
Company has agreed that as soon as practicable, but in no event later than 30 days, after the closing of a Business Combination,
it will use its best efforts to file with the SEC a registration statement for the registration under the Securities Act of the
shares of Class A common stock issuable upon exercise of the warrants and thereafter will use its reasonable best efforts
to cause the same to become effective with 60 business days following the Business Combination and to maintain a current prospectus
relating to the Class A common stock issuable upon exercise of the warrants, until the expiration of the warrants in accordance
with the provisions of the warrant agreement. If a registration statement covering the shares of Class A common stock issuable
upon exercise of the warrants is not effective by the 60th business day after the closing of a Business Combination, warrant holders
may, until such time as there is an effective registration statement and during any period when the Company will have failed to
maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of
the Securities Act or another exemption. If that exemption, or another exemption, is not available, holders will not be able to
exercise their warrants on a cashless basis.
Once
the warrants become exercisable, the Company may redeem the Public Warrants:
·
in
    whole and not in part;
·
at
    a price of $0.01 per warrant;
·
upon
    not less than 30 days' prior written notice of redemption to each warrant holder; and
·
if, and only
    if, the reported last reported sale price of the Company's Class A common stock equals or exceeds $18.00 per share
    for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption
    to each warrant holder.
If
the Company calls the Public Warrants for redemption for cash, management will have the option to require all holders that wish
to exercise the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise
price and number of shares of Class A common stock issuable upon exercise of the warrants may be adjusted in certain circumstances
including in the event of a stock dividend, or recapitalization, reorganization, merger or consolidation. However, the warrants
will not be adjusted for issuance of Class A common stock at a price below its exercise price. Additionally, in no event
will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within
the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any
of such funds with respect to their warrants, nor will they receive any distribution from the Company's assets held outside
of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.
In
addition, if the Company issues additional shares of common stock or equity-linked securities for capital raising purposes in
connection with the closing of an initial Business Combination at an issue price or effective issue price of less than $9.20 per
share of common stock (with such issue price or effective issue price to be determined in good faith by the Company's board
of directors, and in the case of any such issuance to the initial stockholders or their affiliates, without taking into account
any Founder Shares held by them, as applicable, prior to such issuance) (the "Newly Issued Price"), the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the Newly Issued Price.
The
Private Placement Warrants will be identical to the Public Warrants underlying the Units to be sold in the Proposed Public Offering,
except that the Private Placement Warrants and the Class A common stock issuable upon the exercise of the Private Placement
Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject
to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable
so long as they are held by the initial purchasers of the Private Placement Units or their permitted transferees. If the Private
Placement Warrants are held by someone other than the initial purchasers of the Private Placement Units or their permitted transferees,
the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public
Warrants.
Note
8. Subsequent events
On July 24, 2020, the Company changed its name to Lionheart
Acquisition Corporation II.
Other than as described above, the Company did not identify any other subsequent events that would
have required adjustment or disclosure in the financial statements.
F-
15
20,000,000
Units
Lionheart
Acquisition Corporation II
PRELIMINARY
PROSPECTUS
, 2020
Joint
Book-Running Managers
Nomura
Cantor
Until
              , 2020 (25 days after the date of this prospectus),
all dealers that buy, sell or trade our Class A 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.
You
should rely only on the information contained in this prospectus. We have not, and the underwriters have not, authorized anyone
to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely
on it. 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.
No
dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this
offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied
upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy
any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any
securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.
PART II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution.
The
estimated expenses payable by us in connection with the offering described in this registration statement (other than the underwriting
discount and commissions) will be as follows:
SEC
    expenses
$
29,854
FINRA
    expenses
35,000
Accounting
    fees and expenses
40,000
Printing
    and engraving expenses
35,000
Nasdaq
    listing and filing fees
75,000
Legal
    fees and expenses
225,000
Miscellaneous
310,146
Total
$
750,000
Item
14. Indemnification of Directors and officers.
Our
amended and restated certificate of incorporation will provide that all of our directors, officers, employees and agents shall
be entitled to be indemnified by us to the fullest extent permitted by Section 145 of the DGCL. Section 145 of the Delaware
General Corporation Law concerning indemnification of officers, directors, employees and agents is set forth below.
Section 145.
Indemnification of officers, directors, employees and agents; insurance.
(a)
A corporation
    shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
    or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by
    or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent
    of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another
    corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments,
    fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or
    proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the
    best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
    the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement,
    conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person
    did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests
    of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's
    conduct was unlawful.
(b)
A corporation
    shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
    or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact
    that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of
    the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
    enterprise against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection
    with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably
    believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made
    in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation
    unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine
    upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person
    is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem
    proper.
(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.
II-
1
(d)
Any indemnification
    under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only
    as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee
    or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections
    (a) and (b) of this section. Such determination shall be made, with respect to a person who is a director or officer
    of the corporation at the time of such determination, (1) by a majority vote of the directors who are not parties to
    such action, suit or proceeding, even though less than a quorum, or (2) by a committee of such directors designated by
    majority vote of such directors, even though less than a quorum, or (3) if there are no such directors, or if such directors
    so direct, by independent legal counsel in a written opinion, or (4) by the stockholders.
(e)
Expenses (including
    attorneys' fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative
    or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
    suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
    ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section.
    Such expenses (including attorneys' fees) incurred by former directors and officers or other employees and agents of
    the corporation or by persons serving at the request of the corporation as directors, officers, employees or agents of another
    corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any,
    as the corporation deems appropriate.
(f)
The indemnification
    and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed
    exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any
    bylaw, agreement, vote of 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 the certificate of incorporation or the bylaws after the occurrence of the act or omission that is the subject of the civil,
    criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses
    is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment
    after such action or omission has occurred.
(g)
A corporation
    shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or
    agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent
    of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such
    person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or
    not the corporation would have the power to indemnify such person against such liability under this section.
(h)
For purposes
    of this section, references to "the corporation" shall include, in addition to the resulting corporation, any
    constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
    existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents,
    so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving
    at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership,
    joint venture, trust or other enterprise, shall stand in the same position under this section with respect to the resulting
    or surviving corporation as such person would have with respect to such constituent corporation if its separate existence
    had continued.
(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.
II-
2
(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.
In
accordance with Section 102(b)(7) of the DGCL, our amended and restated certificate of incorporation, will provide that
no director shall be personally liable to us or any of our stockholders for monetary damages resulting from breaches of their
fiduciary duty as directors, except to the extent such limitation on or exemption from liability is not permitted under the DGCL.
The effect of this provision of our amended and restated certificate of incorporation is to eliminate our rights and those of
our stockholders (through stockholders' derivative suits on our behalf) to recover monetary damages against a director for
breach of the fiduciary duty of care as a director, including breaches resulting from negligent or grossly negligent behavior,
except, as restricted by Section 102(b)(7) of the DGCL. However, this provision does not limit or eliminate our rights
or the rights of any stockholder to seek non-monetary relief, such as an injunction or rescission, in the event of a breach of
a director's duty of care.
If
the DGCL is amended to authorize corporate action further eliminating or limiting the liability of directors, then, in accordance
with our amended and restated certificate of incorporation, the liability of our directors to us or our stockholders will be eliminated
or limited to the fullest extent authorized by the DGCL, as so amended. Any repeal or amendment of provisions of our amended and
restated certificate of incorporation limiting or eliminating the liability of directors, whether by our stockholders or by changes
in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective
only, except to the extent such amendment or change in law permits us to further limit or eliminate the liability of directors
on a retroactive basis.
Our
amended and restated certificate of incorporation 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 amended and restated certificate of incorporation will be
indemnified by us in connection with a proceeding initiated by such person only if such proceeding was authorized by our board
of directors, except for proceedings to enforce rights to indemnification.
II-
3
The
right to indemnification which will be conferred by our amended and restated certificate of incorporation is a contract right
that includes the right to be paid by us the expenses incurred in defending or otherwise participating in any proceeding referenced
above in advance of its final disposition, provided, however, that if the DGCL requires, an advancement of expenses incurred by
our officer or director (solely in the capacity as an officer or director of our corporation) will be made only upon delivery
to us of an undertaking, by or on behalf of such officer or director, to repay all amounts so advanced if it is ultimately determined
that such person is not entitled to be indemnified for such expenses under our amended and restated certificate of incorporation
or otherwise.
The
rights to indemnification and advancement of expenses will not be deemed exclusive of any other rights which any person covered
by our amended and restated certificate of incorporation may have or hereafter acquire under law, our amended and restated certificate
of incorporation, our bylaws, an agreement, vote of stockholders or disinterested directors, or otherwise.
Any
repeal or amendment of provisions of our amended and restated certificate of incorporation affecting indemnification rights, whether
by our stockholders or by changes in law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise
required by law) be prospective only, except to the extent such amendment or change in law permits us to provide broader indemnification
rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing at the time
of such repeal or amendment or adoption of such inconsistent provision with respect to any act or omission occurring prior to
such repeal or amendment or adoption of such inconsistent provision. Our amended and restated certificate of incorporation 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 amended and restated certificate of incorporation.
Our
bylaws, which we intend to adopt immediately prior to the closing of this offering, include the provisions relating to advancement
of expenses and indemnification rights consistent with those which will be set forth in our amended and restated certificate of
incorporation. In addition, our bylaws provide for a right of indemnity to bring a suit in the event a claim for indemnification
or advancement of expenses is not paid in full by us within a specified period of time. Our bylaws also permit us to purchase
and maintain insurance, at our expense, to protect us and/or any director, officer, employee or agent of our corporation or another
entity, trust or other enterprise against any expense, liability or loss, whether or not we would have the power to indemnify
such person against such expense, liability or loss under the DGCL.
Any
repeal or amendment of provisions of our bylaws affecting indemnification rights, whether by our board of directors, stockholders
or by changes in applicable law, or the adoption of any other provisions inconsistent therewith, will (unless otherwise required
by law) be prospective only, except to the extent such amendment or change in law permits us to provide broader indemnification
rights on a retroactive basis, and will not in any way diminish or adversely affect any right or protection existing thereunder
with respect to any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.
We
will enter into indemnification agreements with each of our officers and directors a form of which is to be filed as an exhibit
to this Registration Statement. These agreements will require us to indemnify these individuals to the fullest extent permitted
under Delaware law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a
result of any proceeding against them as to which they could be indemnified.
Pursuant
to the Underwriting Agreement to be filed as Exhibit 1.1 to this Registration Statement, we have agreed to indemnify the
underwriters and the underwriters have agreed to indemnify us against certain civil liabilities that may be incurred in connection
with this offering, including certain liabilities under the Securities Act.
Item
15. Recent Sales of Unregistered Securities.
In
January 2020, Lionheart Equities, LLC, our sponsor, purchased an aggregate 5,000,000 founder shares, for an aggregate
offering price of $25,000 at an average purchase price of approximately $0.005 per share. Subsequently, in
February 2020, we declared a dividend of 0.15 share for each outstanding share, resulting in 5,750,000 shares being
issued and outstanding. In July 2020, our sponsor sold 82,500 founder shares to Nomura for a purchase price of approximately
$0.005 per share.
II-
4
The
number of founder shares issued was determined based on the expectation that the founder shares would represent 20% of the outstanding
shares of common stock upon completion of this offering (excluding the private shares). Such securities were issued in connection
with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.
Our sponsor is an accredited investor for purposes of Rule 501 of Regulation D.
Our
sponsor and Nomura have committed, pursuant to written agreements, to purchase an aggregate of 650,000 private placement units
at $10.00 per unit, among which 595,000 private placement units will be purchased by our sponsor, and 55,000 private placement
units will be purchased by Nomura. A portion of the purchase price of the private placement units will be added to the proceeds
of this offering to be held in the trust account. These issuances will be made pursuant to the exemption from registration contained
in Section 4(a)(2) of the Securities Act.
Nomura
intends to enter into a forward purchase agreement with us, which will provide for the purchase by Nomura of our public shares
for an aggregate purchase price of up to $100.0 million through, other than as described below, open market purchases or privately
negotiated transactions with one or more third parties. In lieu of purchasing public shares in the open market or privately negotiated
transactions, up to $85.0 million of such aggregate purchase price may instead be in the form of an investment in our equity securities
on terms to be mutually agreed between Nomura and us, to occur concurrently with the closing of our initial business combination.
The funds from the sale of the forward purchase shares that we may receive may be used as part of the consideration to the sellers
in the initial business combination. The obligations under the forward purchase agreement are not affected by any redemptions
by our public stockholders of shares of our Class A common stock. All such securities will be issued pursuant to the exemption
from registration contained in Section 4(a)(2) of the Securities Act.
Nomura
has also indicated its intent, if so requested by us, to use its commercially reasonable efforts to underwrite, arrange and/or
syndicate up to $400 million of additional financing for us in the form of equity or debt (or a combination thereof) in connection
with our initial business combination, subject to market conditions and on terms and conditions satisfactory in all respects to
Nomura in its sole judgment and determination. The forward purchase and forward financing arrangements are not anticipated to
have any impact on the redemption price of the Class A common stock, the conversion ratio of Class B common stock to
Class A common stock or the exercise of the warrants.
No
underwriting discounts or commissions were or will be paid with respect to such sales, except that Nomura will be paid a commitment
fee of up to $2.0 million with respect to the forward purchase commitment of up to $100.0 million upon the announcement of a definitive
agreement for our initial business combination.
Item
16. Exhibits and Financial Statement Schedules.
(a)
Exhibits.
The
    list of exhibits preceding the signature page of this registration statement is incorporated herein by reference.
(b)
Financial
    Statements.
See page F-1 for an index to the financial statements and schedules included in
    the registration statement.
Item
17. Undertakings.
(a)
The undersigned
    registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates
    in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.
(b)
Insofar as
    indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
    persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the
    opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and
    is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
    by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
    the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
    public policy as expressed in the Act and will be governed by the final adjudication of such issue.
II-
5
(c)
The undersigned
    registrant hereby undertakes that:
(1)
For purposes
    of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as
    part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant
    pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this
    registration statement as of the time it was declared effective.
(2)
For the purpose
    of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
    shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide offering thereof.
(3)
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.
(4)
For the purpose
    of determining liability of a registrant under the Securities Act of 1933 to any purchaser in the initial distribution of
    the securities, the undersigned registrant undertakes that in a primary offering of securities of an undersigned registrant
    pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
    if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
    will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary
    prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;
(ii)
Any free writing
    prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by an undersigned
    registrant;
(iii)
The portion
    of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
    or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other
    communication that is an offer in the offering made by the undersigned registrant to the purchaser.
II-
6
EXHIBIT INDEX
Exhibit
Description
1.1
Form of
    Underwriting Agreement*
3.1
Certificate
    of Incorporation*
3.2
Form of
    Amended and Restated Certificate of Incorporation*
3.3
By
    Laws*
4.1
Specimen
    Unit Certificate*
4.2
Specimen
    Class A Common Stock Certificate*
4.3
Specimen
    Warrant Certificate*
4.4
Form of
    Warrant Agreement between Continental Stock Transfer & Trust Company, LLC and the Registrant*
5.1
Opinion
    of Loeb & Loeb LLP*
10.1
Form of
    Letter Agreement among the Registrant and its officers, directors, director nominees and Lionheart Equities, LLC*
10.2
Promissory
    Note, dated [__] issued to Lionheart Equities, LLC*
10.3
Form of
    Investment Management Trust Agreement between Continental Stock Transfer & Trust Company, LLC and the Registrant*
10.4
Form of
    Registration Rights Agreement among the Registrant and certain security holders*
10.5
Securities
    Subscription Agreement, dated [__], between the Registrant and Lionheart Equities, LLC*
10.6
Form of
    Private Placement Unit Subscription Agreement between the Registrant and Lionheart Equities, LLC*
10.7
Form of
    Private Placement Unit Subscription Agreement between the Registrant and Nomura Securities International, Inc.*
10.8
Form of
    Indemnity Agreement*
10.9
Form of
    Administrative Support Agreement by and between the Registrant and [__]*
10.10
Form of
    Forward Purchase Agreement by and between the Registrant and Nomura Securities International, Inc.*
14
Form of
    Code of Ethics*
23.1
Consent
    of Marcum LLP
23.2
Consent
    of Loeb & Loeb LLP (included in Exhibit 5.1)*
24
Power
of Attorney (included on signature page to the initial filing of this Registration Statement)
99.1
Form of
    Audit Committee Charter*
99.2
Form of
    Compensation Committee Charter*
99.3
Consent
    of Mark Walsh*
99.4
Consent
    of Steven Berrard*
99.5
Consent
    of Aman Kapadia*
*        To
be filed by amendment.
II-
7
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the City of Miami, State of Florida, on the 27th day of
July, 2020.
LIONHEART
    ACQUISITION CORPORATION II
By:
/s/ Ophir Sternberg
Ophir
                                         Sternberg
Chief
        Executive Officer
POWER
OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Ophir Sternberg his true and
lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead, in any and
all capacities to sign any and all amendments including pre- and post-effective amendments to this registration statement, any
subsequent registration statement for the same offering which may be filed pursuant to Rule 462(b) under the Securities
Act of 1933, as amended, and pre- or post-effective amendments thereto, and to file the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said
attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.
Name
Position
Date
/s/ Ophir Sternberg
Chairman of the Board of Directors, President and
July 27,
    2020
Ophir Sternberg
Chief
                                         Executive Officer
(Principal
        Executive Officer)
/s/ Paul Rapisarda
Chief Financial
    Officer and Secretary
July 27,
    2020
Paul Rapisarda
(Principal
    Accounting and Financial Officer)
/s/ Trevor Barran
Chief Operating
    Officer
July 27,
    2020
Trevor Barran
II-
8