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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>As
filed with the Securities and Exchange Commission on September 15, 2020.</B></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>FORM&nbsp;S-1</B></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Distoken
Acquisition Corporation</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
(Exact name of registrant as specified in its charter)</FONT></P>

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    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cayman
    Islands</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6770</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">N/A</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State
    or other jurisdiction of<BR>
    incorporation or organization)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Primary
    Standard Industrial <BR>
    Classification Code Number)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(I.R.S.
    Employer<BR> Identification Number)</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Unit
1006, Block C, Jinshangjun Park</B></FONT></P>

<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"><B>No.&nbsp;2
Xiaoba Road, Panlong District</B></FONT></P>

<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"><B>Kunming,
Yunnan, China<BR>
Telephone: +86 871 63624579 </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
(Address, including zip code, and telephone number, including<BR>
area code, of registrant&rsquo;s principal executive offices)</FONT></P>

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

<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"><B>850
Library Avenue, Suite&nbsp;204</B></FONT></P>

<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"><B>Newark,
DE 19711<BR>
Telephone: (302) 738-6680</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></P>

<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">&nbsp;</FONT></P>

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

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    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Richard
                                         I. Anslow,&nbsp;Esq.</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>Joshua
        N. Englard,&nbsp;Esq.</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>Ellenoff
        Grossman&nbsp;&amp; Schole LLP<BR>
        1345 Avenue of the Americas<BR>
        New York, New York 10105<BR>
        Telephone: (212) 370-1300</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>David
    Alan Miller,&nbsp;Esq.<BR>
    Jeffrey M. Gallant,&nbsp;Esq.<BR>
    </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">Graubard Miller<BR>
    405 Lexington Avenue, 11th Floor<BR>
    New York, New York 10174<BR>
    Telephone: (212) 818-8800</FONT></B></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Approximate
date of commencement of proposed sale to the public:<BR>
As soon as practicable after the effective date of this registration statement.</B></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
 &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
reporting company </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; font-size: 10pt">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 to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CALCULATION
OF REGISTRATION FEE</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">&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="border-top: black 2.25pt double; font-family: Times New Roman, Times, Serif; width: 41%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of Each Class&nbsp;of Security<BR>
    Being Registered</B></FONT></TD>
    <TD STYLE="border-top: black 2.25pt double; font-family: Times New Roman, Times, Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    Being<BR>
    Registered</B></FONT></TD>
    <TD STYLE="border-top: black 2.25pt double; font-family: Times New Roman, Times, Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
    Maximum<BR>
    Offering Price<BR>
    per Security<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 2.25pt double; font-family: Times New Roman, Times, Serif; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
    Maximum<BR>
    Aggregate Offering<BR>
    Price<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 2.25pt double; font-family: Times New Roman, Times, Serif; width: 14%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
    of<BR>
    Registration Fee</B></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units,
    each consisting of one Class&nbsp;A ordinary share, $0.0001 par value, one right entitling the holder to receive one-tenth
    (1/10) of one Class A ordinary share, and one-half of one redeemable warrant<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,600,000
    Units</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10.00</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$46,000,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; font-family: Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5,971</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A
    ordinary shares included as part of the units<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,600,000
    Shares</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights
    included as part of the units<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,600,000
    Rights</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable
    warrants included as part of the units<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,300,000
    Warrants</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;<SUP>(4)</SUP></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    underlying rights included as part of the units<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">460,000
    Shares</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10.00</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,600,000</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$597</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,600,000</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$6,568</FONT></TD></TR>
</TABLE>

<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"></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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
    solely for the purpose of calculating the registration fee.</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; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    600,000 units, consisting of 600,000 Class&nbsp;A ordinary shares, 600,000 rights and 300,000 warrants, which may be issued
    upon exercise of a 45-day option granted to the underwriters to cover over-allotments, if any.</FONT></TD></TR>
<TR 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; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
    to Rule&nbsp;416, there are also being registered an indeterminable number of additional securities as may be issued to prevent
    dilution resulting from share sub-divisions, share dividends or similar transactions.</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; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    fee pursuant to Rule&nbsp;457(g).</FONT></TD></TR>
</TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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></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>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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; color: #fc0014"><FONT STYLE="font-family: Times New Roman, Times, Serif">SUBJECT
TO COMPLETION, DATED SEPTEMBER 15, 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PRELIMINARY
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-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$40,000,000</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"><B>Distoken
Acquisition Corporation</B></FONT></P>

<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">4,000,000
Units</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">Distoken
Acquisition Corporation is a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose
of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities, which we refer to as a target business. Our efforts to identify
a prospective target business will not be limited to a particular industry or geographic region although we intend to focus our
search on businesses in the technology industry that have their primary operations located in Asia. We do not have any specific
business combination under consideration and we have not (nor has anyone on our behalf), directly or indirectly, contacted any
prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction. If we
are unable to consummate an initial business combination within 15 months from the closing of this offering (or up to 21 months
from the closing of this offering if we extend the period of time to consummate a business combination, as described in more detail
in this prospectus), we will redeem 100% of the public shares for a pro rata portion of the trust account, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes (less up to $50,000 of interest to pay dissolution expenses) divided by the number of then outstanding
public shares, subject to applicable law and as further described herein.</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">This
is an initial public offering of our securities. Each unit that we are offering has a price of $10.00 and consists of one Class&nbsp;A
ordinary share, one right and one-half of one warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one
Class&nbsp;A ordinary share upon the consummation of an initial business combination, as described in more detail in this prospectus.
Each whole warrant entitles the holder to purchase one Class&nbsp;A ordinary share at a price of $11.50 per share. Each whole
warrant will become exercisable on the later of 30 days after the completion of an initial business combination or 12 months from
the closing of this offering and will expire on the fifth anniversary of our completion of an initial business combination, or
earlier upon redemption or liquidation. We have granted the underwriters a 45-day option to purchase up to an additional 600,000
units to cover over-allotments, if any.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Xiaosen
Sponsor LLC, a Cayman Islands limited liability company, which we refer to throughout this prospectus as our
 &ldquo;sponsor,&rdquo; has committed that it will purchase from us an aggregate of 250,000 units, or private units, at $10.00
per unit for a total purchase price of $2,500,000 in a private placement that will occur simultaneously with the consummation
of this offering. Our sponsor has also agreed that if the over-allotment option is exercised by the underwriters in full or
in part, it will purchase from us additional private units on a pro rata basis (up to a maximum of 18,000 additional private
units at a price of $10.00 per unit) in an amount that is necessary to maintain in the trust account $10.00 per unit sold to
the public in this offering. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The private units are
identical to the units sold in this offering, subject to certain limited exceptions as described in this
prospectus.</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">Our
sponsor currently holds 1,150,000 Class&nbsp;B ordinary shares, up to 150,000 of which are subject to forfeiture by our sponsor
depending on the extent to which the underwriters&rsquo; over-allotment option is exercised. Holders of Class&nbsp;A ordinary
shares and Class&nbsp;B ordinary shares are entitled to one vote for each share held on all matters to be voted on by our shareholders,
except as required by law; provided that, prior to our initial business combination, only holders of our Class&nbsp;B ordinary
shares will have the right to vote on the appointment of directors, and holders of a majority of our Class&nbsp;B ordinary shares
may remove a member of the board of directors for any reason. With respect to any other matter submitted to a vote of our shareholders,
including any vote in connection with our initial business combination, except as required by law, holders of Class&nbsp;A ordinary
shares and holders of Class&nbsp;B ordinary shares will vote together as a single class. The Class&nbsp;B ordinary shares held
by our initial shareholders will automatically convert into Class&nbsp;A ordinary shares upon the completion of our initial business
combination on a one-for-one basis, subject to adjustment as provided herein.</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">There
is presently no public market for our units, ordinary shares, rights or warrants. We have applied to have our units listed on
the Nasdaq Capital Market, or Nasdaq, under the symbol &ldquo;DISTU&rdquo; on or promptly after the date of this prospectus. The
Class&nbsp;A ordinary shares, rights and warrants comprising the units will begin separate trading on the 90<SUP>th</SUP> day
following the date of this prospectus unless EarlyBirdCapital,&nbsp;Inc, the representative of the underwriters, informs us of
its decision to allow earlier separate trading, subject to our filing a Current Report on Form&nbsp;8-K with the SEC containing
an audited balance sheet reflecting our receipt of the gross proceeds of this offering and issuing a press release announcing
when such separate trading will begin; provided that no fractional warrants will be issued upon separation of the units and only
whole warrants will trade. We cannot guarantee that our securities will be approved for listing. Once the securities comprising
the units begin separate trading, the Class&nbsp;A ordinary shares, rights and warrants will be traded on Nasdaq under the symbols
 &ldquo;DIST,&rdquo; &ldquo;DISTR&rdquo; and &ldquo;DISTW,&rdquo; respectively.</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>

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<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">We
are an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Startups Act and will therefore be subject
to reduced public company reporting requirements.</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>Investing
in our securities involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page 19 of this prospectus for a
discussion of information that should be considered in connection with an investment in our securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></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>No
offer or invitation to subscribe for our securities may be made to the public in the Cayman Islands.</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: 10pt Times New Roman, Times, Serif"><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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per
    Unit</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</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></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: 72%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Public
    offering price</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.000</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40,000,000</FONT></TD><TD STYLE="font: bold 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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
    discounts and commissions<SUP>(1)</SUP></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.30</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,200,000</FONT></TD><TD STYLE="font: bold 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds,
    before expenses, to us</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.70</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38,800,000</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; 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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0%"><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; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 97%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    underwriters have received and will receive compensation in addition to the underwriting discount, including 100,000 Class&nbsp;B
    ordinary shares, which we refer to herein as the representative shares. See &ldquo;Underwriting&rdquo; for further information
    relating to the underwriting compensation we will pay in this offering.</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">Upon
consummation of the offering, an aggregate of $40,000,000 (or $46,000,000 if the over-allotment option is exercised in full) or
$10.00 per unit sold to the public in this offering will be deposited into a United States-based trust account maintained by Continental
Stock Transfer&nbsp;&amp; Trust Company, acting as trustee, with Morgan Stanley acting as investment manager.
Except as described in this prospectus, these funds will not be released to us until the earlier of the completion of a business
combination and our redemption of our public shares.</FONT></P>

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

<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>Sole
Book-Running Manager</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>

<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>EarlyBirdCapital,&nbsp;Inc.</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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
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>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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>TABLE
OF CONTENTS</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">&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 STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Page</U></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; text-align: right"><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-family: Times New Roman, Times, Serif; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#SUMMARY"><FONT STYLE="font-size: 10pt">Summary</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#SUMMARY"><FONT STYLE="font-size: 10pt">1</FONT></A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#THEOFFERING"><FONT STYLE="font-size: 10pt">The
    Offering</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#THEOFFERING">7</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#RISKFACTORS"><FONT STYLE="font-size: 10pt">Risk
    Factors</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#RISKFACTORS">19</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#CAUTIONARYNOTEREGARDINGFORWARDLOOKING"><FONT STYLE="font-size: 10pt">Cautionary
    Note Regarding Forward-Looking Statements</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#CAUTIONARYNOTEREGARDINGFORWARDLOOKING">48</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#USEOFPROCEEDS"><FONT STYLE="font-size: 10pt">Use
    of Proceeds</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#USEOFPROCEEDS">49</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DIVIDENDPOLICY"><FONT STYLE="font-size: 10pt">Dividend
    Policy</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DIVIDENDPOLICY">52</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DILUTION"><FONT STYLE="font-size: 10pt">Dilution</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DILUTION">53</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#CAPITALIZATION"><FONT STYLE="font-size: 10pt">Capitalization</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#CAPITALIZATION">55</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#MANAGEMENTSDISCUSSIONANDANALYSISOFFINANCIAL"><FONT STYLE="font-size: 10pt">Management&rsquo;s
    Discussion and Analysis of Financial Condition and Results of Operations</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#MANAGEMENTSDISCUSSIONANDANALYSISOFFINANCIAL">56</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#PROPOSEDBUSINESS"><FONT STYLE="font-size: 10pt">Proposed
    Business</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#PROPOSEDBUSINESS">61</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#MANAGEMENT"><FONT STYLE="font-size: 10pt">Management</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#MANAGEMENT">81</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#PRINCIPALSHAREHOLDERS"><FONT STYLE="font-size: 10pt">Principal
    Shareholders</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#PRINCIPALSHAREHOLDERS">89</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#CERTAINRELATIONSHIPSANDRELATED"><FONT STYLE="font-size: 10pt">Certain
    Relationships and Related Party Transactions</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#CERTAINRELATIONSHIPSANDRELATED">92</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DESCRIPTIONOFSECURITIES"><FONT STYLE="font-size: 10pt">Description
    of Securities</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#DESCRIPTIONOFSECURITIES">94</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#INCOMETAXCONSIDERATIONS"><FONT STYLE="font-size: 10pt">Income
    Tax Considerations</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#INCOMETAXCONSIDERATIONS">108</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#UNDERWRITING"><FONT STYLE="font-size: 10pt">Underwriting</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#UNDERWRITING">117</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#LEGALMATTERS"><FONT STYLE="font-size: 10pt">Legal
    Matters</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#LEGALMATTERS">125</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#EXPERTS"><FONT STYLE="font-size: 10pt">Experts</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#EXPERTS">125</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#WHEREYOUCANFINDADDITIONAL"><FONT STYLE="font-size: 10pt">Where
    You Can Find Additional Information</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#WHEREYOUCANFINDADDITIONAL">125</A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#INDEXTOFINANCIAL"><FONT STYLE="font-size: 10pt">Index
    to Financial Statements</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#INDEXTOFINANCIAL"><FONT STYLE="font-size: 10pt">F-1</FONT></A></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">We
are responsible for the information contained in this prospectus. We have not authorized anyone to provide any information or
to make any representations other than those contained in this prospectus. We and the underwriters take no responsibility for,
and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer
to sell only the units offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information
contained in this prospectus is current only as of its date.</FONT></P>

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

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

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

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

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

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;we,&rdquo;
 &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;company&rdquo; or &ldquo;our company&rdquo; are to Distoken Acquisition Corporation,
a Cayman Islands exempted company;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;amended
and restated memorandum and articles of association&rdquo; are to our memorandum and articles of association to be in effect upon
completion of this offering;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Class&nbsp;A
ordinary shares&rdquo; are to our Class&nbsp;A ordinary shares, par value $0.0001 per share;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Class&nbsp;B
ordinary shares&rdquo; are to our Class&nbsp;B ordinary shares, par value $0.0001 per share;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Companies
Law&rdquo; are to the Companies Law (2020 Revision) of the Cayman Islands as the same may be amended from time to time;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;directors&rdquo;
are to our current directors and director nominees;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;founder
shares&rdquo; are to our Class&nbsp;B ordinary shares initially purchased by our sponsor in a private placement prior to this
offering and the Class&nbsp;A ordinary shares that will be issued upon the automatic conversion of the Class&nbsp;B ordinary shares
at the time of our initial business combination (for the avoidance of doubt, such Class&nbsp;A ordinary shares will not be &ldquo;public
shares&rdquo;);</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;initial
shareholders&rdquo; are to our sponsor and other holders of our founder shares prior to this offering, but excludes EarlyBirdCapital,&nbsp;Inc.
in respect of the representative shares held by it or its designees;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;letter
agreement&rdquo; refers to the letter agreement entered into between us and our initial shareholders, directors and officers on
or prior to the date of this prospectus, the form of which is filed as an exhibit to the registration statement of which this
prospectus forms a part;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;management&rdquo;
or our &ldquo;management team&rdquo; are to our officers and directors and any other advisors described in the &ldquo;Management&rdquo;
section of this prospectus;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;ordinary
shares&rdquo; are to our Class&nbsp;A ordinary shares and our Class&nbsp;B ordinary shares;</I></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"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;private
rights&rdquo; are to the rights underlying the private units;</I></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"><I>&nbsp;</I></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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;private
shares&rdquo; are to the Class&nbsp;A ordinary shares underlying the private units;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;private
units&rdquo; are to the units issued to our sponsor in a private placement simultaneously with the closing of this offering;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;private
warrants&rdquo; are to the warrants underlying the private units;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;public
rights&rdquo; or &ldquo;rights&rdquo; are to our rights sold as part of the units in this offering (whether they are purchased
in this offering or thereafter in the open market);</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;public
shares&rdquo; are to our Class&nbsp;A ordinary shares sold as part of the units in this offering (whether they are purchased in
this offering or thereafter in the open market);</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;public
shareholders&rdquo; are to the holders of our public shares, including our sponsor, officers and directors to the extent our sponsor,
officers or directors purchase public shares, provided their status as a &ldquo;public shareholder&rdquo; shall only exist with
respect to such public shares;</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;representative
shares&rdquo; are to the 100,000 Class&nbsp;B ordinary shares that we have issued to EarlyBirdCapital,&nbsp;Inc. and its designees,
which representative shares will automatically convert into Class&nbsp;A ordinary shares at the time of our initial business combination;</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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;sponsor&rdquo;
are to Xiaosen Sponsor LLC, a Cayman Islands limited liability company;</I></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">&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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;warrants&rdquo;
are to our redeemable warrants, which include the warrants sold as part of the units in this offering (whether they are purchased
in this offering or thereafter in the open market), the private warrants and any warrants issued upon conversion of working capital
loans; and</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>

<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"><I>&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;$,&rdquo;
 &ldquo;US$&rdquo; and &ldquo;U.S. dollar&rdquo; each refer to the United States dollar.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Any
conversion of the Class&nbsp;B ordinary shares described in this prospectus will take effect as a redemption of Class&nbsp;B ordinary
shares and an issuance of Class&nbsp;A ordinary shares as a matter of Cayman Islands law. All references in this prospectus to
shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman
Islands law. Any share dividends described in this prospectus will take effect as a share capitalization as a matter of Cayman
Islands law. Unless we tell you otherwise, the information in this prospectus assumes that the underwriters will not exercise
the over-allotment option and the resulting forfeiture by our sponsor of 150,000 founder shares.</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>

<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>General</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">We
are a newly formed blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited
to organizational activities and activities related to this offering. We have not selected any business combination target and
we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target business
regarding entering into a business combination with us.</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">&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">While
we may pursue a business combination target in any business, industry or geographical location, we intend to focus our search
on businesses in the technology industry that have their primary operations located in Asia. We believe that we will add value
to these businesses primarily by providing them with access to the U.S. capital markets.</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">We
will seek to capitalize on the strength of our management team. Our team consists of experienced professionals and operating executives.
Collectively, our officers and directors have significant experience in mergers and acquisitions, and operating companies, in
the Asian markets. We believe we will benefit from their accomplishments, and specifically their current and recent activities
in the Asian markets, in identifying attractive acquisition opportunities. However, there is no assurance that we will complete
a business combination. Our officers and directors have no prior experience consummating a business combination for a &ldquo;blank
check&rdquo; company.</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"><B>Investment
Criteria</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
management team intends to focus on creating shareholder value by leveraging its experience in the management, operation and financing
of businesses to improve the efficiency of operations while implementing strategies to scale revenue organically and/or through
acquisitions. We have identified the following general criteria and guidelines, which we believe are important in evaluating prospective
target businesses. While we intend to use these criteria and guidelines in evaluating prospective businesses, we may deviate from
these criteria and guidelines should we see justification to do so.</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">&bull;
<B><I>Middle-Market Growth Business.</I></B>&nbsp;&nbsp;&nbsp;We will primarily seek to acquire one or more growth businesses
with a total enterprise value of between $100 million and $200 million. We believe that there are a substantial number of potential
target businesses within this valuation range that can benefit from new capital for scalable operations to yield significant revenue
and earnings growth. We currently do not intend to acquire either a start-up company (a company that has not yet established commercial
operations) or a company with negative cash flow.</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">&#8203;&bull;
<B><I>Companies in Business Segments that Are Strategically Significant to the Asian Markets.</I></B>&nbsp;&nbsp;&nbsp;We will
seek to acquire businesses in sectors that are currently strategically significant to the Asian markets. Such sectors include
innovative and cross-border e-commerce and online agricultural trading.</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">&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">&#8203;&bull;
<B><I>Business with Revenue and Earnings Growth Potential.</I></B>&nbsp;&nbsp;&nbsp;We will seek to acquire one or more businesses
that have the potential for significant revenue and earnings growth through a combination of both existing and new product development,
increased production capacity, expense reduction and synergistic follow-on acquisitions resulting in increased operating leverage.</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>

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<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">&#8203;&bull;
<B><I>Companies with Potential for Strong Free Cash Flow Generation.</I></B>&nbsp;&nbsp;&nbsp;We will seek to acquire one or more
businesses that have the potential to generate strong, stable and increasing free cash flow. We intend to focus on one or more
businesses that have predictable revenue streams and definable low working capital and capital expenditure requirements. We may
also seek to prudently leverage this cash flow in order to enhance shareholder value.</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">&bull;
<B><I>Benefit from Being a Public Company.</I></B>&nbsp;&nbsp;&nbsp;We intend to acquire a business or businesses that will benefit
from being publicly traded and which can effectively utilize access to broader sources of capital and a public profile that are
associated with being a publicly traded company.</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">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 criteria and guidelines as well as other considerations, factors and criteria
that our management team may deem relevant. We believe our management team&rsquo;s extensive contacts, broad industry knowledge
and highly regarded experience will yield a robust deal flow from which we may select a target. We will seek to acquire the target
on terms and in a manner that leverages our management team&rsquo;s experience. The potential upside from growth in the target
business and an improved capital structure will be weighed against any identified downside risks designed to balance value creation
with capital preservation. In the event that we decide to enter into an initial business combination with a target business that
does not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria and
guidelines in our shareholder communications related to our initial business combination, which, as discussed in this prospectus,
would be in the form of proxy solicitation or tender offer materials, as applicable, that we would file with the United States
Securities and Exchange Commission, or the SEC. In evaluating a prospective target business, we expect to conduct a due diligence
review which may encompass, among other things, meetings with incumbent ownership, management and employees, document reviews,
interviews of customers and suppliers, inspections of facilities, as well as reviewing financial and other information which will
be made available to us.</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"><B>Competitive
Strengths</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>Management
Team</I></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">We
believe that our management team&rsquo;s extensive relationships throughout Asia will enable us to identify business combination
opportunities with significant potential upside. We expect that our management team&rsquo;s combined experience in a wide variety
of industries, when paired with our management team&rsquo;s ability to perform under varying economic environments in emerging
markets, will be a differentiating factor that is highly attractive to potential target companies.</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>Status
as a Public Company</I></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">We
believe that our structure will make us an attractive business combination partner to target businesses. As an existing public
company, we offer a target business an alternative to a traditional initial public offering through a merger or other business
combination. In this situation, the owners of the target business would exchange their stock, shares or other equity interests
in the target business for our ordinary shares or for a combination of our ordinary shares and cash, allowing us to tailor the
consideration used in the transaction to the specific needs of the sellers. We believe that target businesses might find this
avenue a more certain and cost-effective method to becoming a public company than a typical initial public offering. In a typical
initial public offering, there are additional expenses incurred in marketing, roadshow and public reporting efforts that will
likely not be present to the same extent in connection with a business combination with us. Furthermore, once the business combination
is consummated, the target business will have effectively become a public company, whereas an initial public offering is always
subject to the underwriters&rsquo; ability to complete the offering, as well as general market conditions that could prevent the
offering from occurring. Once public, we believe the target business would then have greater access to capital and an additional
means of providing management incentives consistent with shareholders&rsquo; interests than it would have as a privately-held
company. Public company status can offer further benefits by enhancing a company&rsquo;s profile among potential new customers
and vendors and attracting talented employees. While we believe that our status as a public company will make us an attractive
business partner, some potential target businesses may view the inherent limitations in our status as a blank check company as
a deterrent and may prefer to effect a business combination with a more established entity or with a private company. These limitations
include constraints on our available financial resources, which may be inferior to those of other entities pursuing the acquisition
of similar target businesses; the requirement that we seek shareholder approval of a business combination or conduct a tender
offer in relation thereto, which may delay the consummation of a transaction; and the existence of our outstanding warrants, which
may represent a source of future dilution.</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>

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<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>Financial
Position</I></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">With
funds in the trust account of $40 million (or $46 million if the over-allotment option is exercised in full) available to use
for a business combination (assuming no shareholder seeks redemption of their shares or seeks to sell their shares to us in any
tender offer in relation to such business combination), we offer a target business a variety of options such as providing the
owners of a target business with shares in a public company and a public means to sell such shares, providing capital for the
potential growth and expansion of its operations and strengthening its balance sheet by reducing its debt ratio. Because we are
able to consummate our initial business combination using our cash, debt or equity securities, or a combination of the foregoing,
we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the
target business to fit its needs and desires. However, since we have no specific business combination under consideration, we
have not taken any steps to secure third party financing, and there can be no assurance that it will be available to us. Furthermore,
redemptions in connection with our initial business combination could reduce the amount of funds available to be used in connection
with such 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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Effecting
a Business Combination</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">We
will either (1)&nbsp;seek shareholder approval of our initial business combination at a meeting called for such purpose at which
shareholders may seek to convert their shares, regardless of whether they vote for or against the proposed business combination
or don&rsquo;t vote at all, into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes
payable), or (2)&nbsp;provide our shareholders with the opportunity to sell their shares to us by means of a tender offer (and
thereby avoid the need for a shareholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit
in the trust account (net of taxes payable), in each case subject to the limitations described herein. The decision as to whether
we will seek shareholder approval of our proposed business combination or allow shareholders to sell their shares to us in a tender
offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction
and whether the terms of the transaction would otherwise require us to seek shareholder approval. If we decide to allow shareholders
to sell their shares to us in a tender offer, we will file tender offer documents with the SEC which will contain substantially
the same financial and other information about the initial business combination as is required under the SEC&rsquo;s proxy rules.
We will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately
prior to or upon such consummation and, if we seek shareholder approval, we receive an ordinary resolution under Cayman Islands
law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.</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">We
will have up to 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we may, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an additional
three months (for a total of up to 21 months to complete a business combination), subject to the sponsor depositing additional
funds into the trust account as set out below. Pursuant to the terms of our memorandum and articles of association and the trust
agreement to be entered into between us and Continental Stock Transfer &amp; Trust Company on the date of this prospectus, in
order for the time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates
or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $400,000, or
$460,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per unit in either case, up to an aggregate
of $800,000 or $920,000 if the underwriters&rsquo; over-allotment option is exercised in full) on or prior to the date of the
applicable deadline, for each three month extension. In the event that we receive notice from our sponsor five days prior to the
applicable deadline of its wish for us to effect an extension, we intend to issue a press release announcing such intention at
least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable
deadline announcing whether or not the funds had been timely deposited. Our sponsor and its affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. If we are unable to consummate
an initial business combination within such time period, we will redeem 100% of our issued and outstanding public shares for a
pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $50,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, subject to applicable law and
as further described herein, and then seek to dissolve and liquidate. We expect the pro rata redemption price to be approximately
$10.00 per Class&nbsp;A ordinary share (regardless of whether or not the underwriters exercise their over-allotment option), without
taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able to distribute
such amounts as a result of claims of creditors which may take priority over the claims of our public shareholders.</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">Nasdaq
listing rules&nbsp;require that the target business or businesses that we acquire must collectively have a fair market value equal
to at least 80% of the balance of the funds in the trust account (excluding taxes payable on the income earned on the trust account)
at the time of the execution of a definitive agreement for our initial business combination. Notwithstanding the foregoing, if
we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value
test. The fair market value of the target will be determined by our board of directors based upon one or more standards generally
accepted by the financial community (such as actual and potential sales, earnings, cash flow and/or book value). The proxy solicitation
materials or tender offer documents used by us in connection with any proposed transaction will provide public shareholders with
our analysis of the fair market value of the target business, as well as the basis for our determinations. If our board is not
able to independently determine that the target business has a sufficient fair market value, we will obtain an opinion from an
unaffiliated, independent investment banking firm, or another independent entity that commonly renders valuation opinions, with
respect to the satisfaction of such criteria. Additionally, pursuant to Nasdaq rules, any initial business combination must be
approved by a majority of our independent 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"></P>

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<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">We
currently anticipate structuring a business combination to acquire 100% of the equity interests or assets of the target business
or businesses. We may, however, structure our initial business combination where we merge directly with the target business or
where we acquire less than 100% of such interests or assets of the target business in order to meet certain objectives of the
target management team or shareholders or for other reasons, but we will only complete such business combination if the post-transaction
company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest
in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even
if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to
the business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed
to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock, shares or other equity interests of a target. In this
case, we could acquire a 100% controlling interest in the target; however, as a result of the issuance of a substantial number
of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our issued
and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of
a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses
that is owned or acquired is what will be valued for purposes of the 80% of trust account balance test.</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">Prior
to the effectiveness of the registration statement of which this prospectus forms a part, we will file a Registration Statement
on Form&nbsp;8-A with the SEC to voluntarily register our securities under Section&nbsp;12 of the Exchange Act. As a result, we
will be subject to the rules&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 completion of 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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Potential
Conflicts</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">Members
of our management team will directly or indirectly own ordinary shares, or other instruments, such as warrants, linked to our
ordinary shares, following this offering and, accordingly, may have a conflict of interest in determining whether a particular
target business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers
and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or
resignation of any such officers and directors was included by a target business as a condition to any agreement with respect
to our initial business combination.</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">Our
officers and directors have agreed to present to us all target business opportunities that have a fair market value of at least
80% of the assets held in the trust account (excluding taxes payable on the income accrued in the trust account), subject to any
pre-existing fiduciary or contractual obligations. As more fully discussed in &ldquo;Management &mdash; Conflicts of Interest,&rdquo;
if any of our officers or directors becomes aware of an initial business combination opportunity that may be attractive to any
entity to which he has pre-existing fiduciary or contractual obligations, he will be required to present such initial business
combination opportunity to such entity prior to presenting such initial business combination opportunity to us. Certain of our
officers and directors currently have certain relevant pre-existing fiduciary duties or contractual obligations. Accordingly,
they will be required to present all suitable business combination opportunities to such entities prior to presenting them to
our company for consideration. For more information on the relevant pre-existing fiduciary duties or contractual obligations of
our management team, see the section titled &ldquo;<I>Management &mdash; Conflicts of Interest</I>.&rdquo;</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"><B>JOBS
Act and Other Corporate Information</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">We
are an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (which we refer to herein as the
JOBS Act) and will remain such for up to five years. However, if our annual gross revenue is $1.07 billion or more, if our non-convertible
debt issued within a three year period exceeds $1 billion or the market value of our ordinary shares that are held by non-affiliates
exceeds $700 million on the last day of the second fiscal quarter of any given fiscal year, we would cease to be an emerging growth
company as of the following fiscal year. As an emerging growth company, we have elected, under Section&nbsp;107(b)&nbsp;of the
JOBS Act, to take advantage of the extended transition period provided in Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act of
1933, as amended, or the Securities Act, for complying with new or revised accounting standards.</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">Exempted
companies are Cayman Islands companies wishing to conduct business outside the Cayman Islands and, as such, are exempted from
complying with certain provisions of the Companies Law. As an exempted company, we have applied for and received a tax exemption
undertaking from the Cayman Islands government that, in accordance with Section&nbsp;6 of the Tax Concessions Law (2018 Revision)
of the Cayman Islands, for a period of 20 years from the date of the undertaking, no law which is enacted in the Cayman Islands
imposing any tax to be levied on profits, income, gains or appreciations shall apply to us or our operations and, in addition,
that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax
shall be payable (1)&nbsp;on or in respect of our shares, debentures or other obligations or (2)&nbsp;by way of the withholding
in whole or in part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment
of principal or interest or other sums due under a debenture or other obligation of us.</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>

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<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">We
are a Cayman Islands exempted company incorporated on July&nbsp;1, 2020. Our executive offices are located at Unit 1006, Block
C, Jinshangjun Park, No.&nbsp;2 Xiaoba Road, Panlong District, Kunming, Yunnan, China and our telephone number is +86 871 63624579.</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"><B>Private
Placements</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
July&nbsp;2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 Class&nbsp;B ordinary
shares, which we refer to throughout this prospectus as the &ldquo;founder shares&rdquo;. The founder shares held by our initial
shareholders includes an aggregate of up to 150,000 shares subject to forfeiture to the extent that the underwriters&rsquo; over-allotment
option is not exercised in full or in part, so that our initial shareholders will own 20.0% of our issued and outstanding shares
after this offering (not including the private shares underlying the private units and the representative shares and assuming
the initial shareholders do not purchase units in this 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">We
have also issued to EarlyBirdCapital,&nbsp;Inc. and its designees an aggregate of 100,000 Class&nbsp;B ordinary shares, which
we refer to throughout this prospectus as the &ldquo;representative shares.&rdquo; The representative shares will automatically
convert into Class&nbsp;A ordinary shares upon completion of our initial business combination. The representative shares are deemed
to be underwriters&rsquo; compensation by FINRA pursuant to Rule&nbsp;5110 of the FINRA Manual. See the section titled &ldquo;<I>Underwriting</I>&rdquo;
for further information related to these arrangements.</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, our sponsor has committed that it will purchase from us an aggregate of 250,000 private units at $10.00 per unit
for a total purchase price of $2,500,000 in a private placement that will occur simultaneously with the consummation of this
offering. Our sponsor has also agreed that if the over-allotment option is exercised by the underwriters in full or in part,
it will purchase from us additional private units on a pro rata basis (up to a maximum of 18,000 additional private units at
a price of $10.00 per unit) in an amount that is necessary to maintain in the trust account $10.00 per unit sold to the
public in this offering. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The private units are
identical to the units sold in this offering, subject to certain limited exceptions as described in this prospectus. The
proceeds from the private placement of the private units will be added to the proceeds of this offering and placed in a
United States-based trust account maintained by Continental Stock Transfer&nbsp;&amp; Trust Company, as trustee. If we do not
complete an initial business combination within 15 months from the closing of this offering (or up to 21 months from the
closing of this offering if we extend the period of time to consummate a business combination, as described in more detail in
this prospectus), the proceeds from the sale of the private units will be included in the liquidating distribution to our
public shareholders and the private units will be 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"></P>

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<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"><A NAME="THEOFFERING"></A><B>THE
OFFERING</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">&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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    offered</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,000,000
    units, at $10.00 per unit, each unit consisting of one Class&nbsp;A ordinary share, one right and one-half of one warrant,
    each whole warrant to purchase one Class&nbsp;A ordinary share. Each right entitles the holder thereof to receive one-tenth
    (1/10) of one Class&nbsp;A ordinary share upon the consummation of an initial business combination, as described in more detail
    in this prospectus.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing
    of our securities and symbols</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
    anticipate that the units, and the Class&nbsp;A ordinary shares, rights and warrants once they begin separate trading, will
    be listed on Nasdaq under the symbols &ldquo;DISTU,&rdquo; &ldquo;DIST,&rdquo; &ldquo;DISTR&rdquo; and &ldquo;DISTW,&rdquo;
    respectively.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    commencement and separation of Class&nbsp;A ordinary shares, rights and warrants&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                         units will begin trading on or promptly after the date of this prospectus. The Class&nbsp;A
                                         ordinary shares, rights and warrants comprising the units will begin separate trading
                                         on the 90<SUP>th</SUP> day following the date of this prospectus unless EarlyBirdCapital,&nbsp;Inc.
                                         informs us of its decision to allow earlier separate trading, subject to our having filed
                                         the Current Report on Form&nbsp;8-K described below and having issued a press release
                                         and filed a Current Report on Form&nbsp;8-K announcing when such separate trading will
                                         begin; provided that no fractional warrants will be issued upon separation of the units
                                         and only whole warrants will trade.</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">Once
        the Class&nbsp;A ordinary shares, rights and warrants commence separate trading, holders will have the option to continue
        to hold units or separate their units into the component pieces. Holders will need to have their brokers contact our transfer
        agent in order to separate the units into Class&nbsp;A ordinary shares, rights and 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
        no event will the Class&nbsp;A ordinary shares, rights and warrants be traded separately until we have filed a Current
        Report on Form&nbsp;8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds
        at the closing of this offering. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering,
        which is anticipated to take place on the second business day after the date the units commence trading. If the underwriters&rsquo;
        over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, a second or amended
        Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the
        underwriters&rsquo; over-allotment option. We will also include the Form&nbsp;8-K, or amendment thereto, or in a subsequent
        Form&nbsp;8-K, information indicating if EarlyBirdCapital,&nbsp;Inc. has allowed separate trading of the Class&nbsp;A
        ordinary shares, rights and warrants prior to the 90<SUP>th</SUP> day after the date of this prospectus.</FONT></P></TD></TR>
</TABLE>

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

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<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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Units:</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; vertical-align: top; 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">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    outstanding before this offering and the private placement</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 58%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">0
    units</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    outstanding after this offering and the private placement</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,250,000
    units<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ordinary
    shares:</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; vertical-align: top; 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">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    outstanding before this offering and the private placement</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,250,000
    shares<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    to be outstanding after this offering and the private placement</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; vertical-align: top; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,350,000
                                         shares<SUP>(3)</SUP></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></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Rights:</B></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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    outstanding before this offering and the private placement</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">0
    rights</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    outstanding after this offering and the private placement</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,250,000
    rights (1)</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Warrants:</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; vertical-align: top; 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">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    outstanding before this offering and the private placement</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">0
    warrants</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    to be outstanding after this offering and the private placement</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,125,000
    warrants<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercisability</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
    whole warrant is exercisable for one ordinary share at a price of $11.50 per share. The warrants will become exercisable on
    the later of 30 days after the completion of an initial business combination and 12 months from the date of this prospectus.
    The warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of our completion of an initial business
    combination, or earlier upon redemption.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; 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; vertical-align: top; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise
    price</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; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$11.50
    per share, subject to adjustment as described herein. In addition, if (x)&nbsp;we issue additional ordinary shares or equity-linked
    securities for capital raising purposes in connection with the closing of our initial business combination at an issue price
    or effective issue price of less than $9.20 per Class&nbsp;A ordinary share (with such issue price or effective issue price
    to be determined in good faith by our board of directors, and in the case of any such issuance to our sponsor, initial shareholders
    or their affiliates, without taking into account any founder shares held by them prior to such issuance) (the &ldquo;Newly
    Issued Price&rdquo;), (y)&nbsp;the aggregate gross proceeds from such issuances represent more than 60% of the total equity
    proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation
    of our initial business combination (net of redemptions), and (z)&nbsp;the volume weighted average trading price of our Class&nbsp;A
    ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial
    business combination (such price, the &ldquo;Market Value&rdquo;) is below $9.20 per share, then the exercise price of the
    warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i)&nbsp;the Market Value or (ii)&nbsp;the
    Newly Issued Price and the $18.00 per share redemption trigger price described below under &ldquo;Redemption&rdquo; will be
    adjusted (to the nearest cent) to be equal to 180% of the greater of (i)&nbsp;the Market Value or (ii)&nbsp;the Newly Issued
    Price.</FONT></TD></TR>
</TABLE>


<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">&nbsp;</FONT></P>

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



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

<!-- Field: Rule-Page --><DIV STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font: 1pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></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"><SUP>1
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Our sponsor has agreed to purchase an aggregate of 250,000
private units (or 268,000 private units if the over-allotment option is exercised in full) at a price of $10.00 per unit, for
a purchase price of $2,500,000 (or $2,680,000 if the over-allotment option is exercised in full). Each private unit will be identical
to the units sold in this offering, except as described in this prospectus.</FONT></P>

<P STYLE="font: 2pt 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; font-size: 10pt"><SUP>2
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Represents 1,150,000 founders&rsquo; shares and 100,000
representative shares. The founders&rsquo; shares includes an aggregate of up to 150,000 founders&rsquo; shares that are subject
to forfeiture if the over-allotment option is not exercised by the underwriters in full.</FONT></P>

<P STYLE="font: 2pt 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;</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"><SUP>3
</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Assumes the over-allotment option has not been exercised
and an aggregate of 150,000 founders&rsquo; shares have been forfeited.</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>

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    <!-- 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 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 58%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
        warrants will be exercisable for cash unless we have an effective and current registration statement covering the Class&nbsp;A
        ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class&nbsp;A ordinary
        shares.</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">Notwithstanding
        the foregoing, if a registration statement covering the Class&nbsp;A ordinary shares issuable upon exercise of the warrants
        is not effective within 60 business days following the consummation of our initial business combination, warrant holders
        may, until such time as there is an effective registration statement and during any period when we shall have failed to
        maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided
        by Section&nbsp;3(a)(9)&nbsp;of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption
        is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants
        on a cashless basis.</FONT></P></TD>
    </TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><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: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption</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-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">We
                                         may redeem the outstanding warrants (excluding the private warrants, and any warrants
                                         underlying additional units issued to our sponsor, officers, directors, initial shareholders
                                         or their affiliates in payment of working capital loans made to us) in whole and not
                                         in part, at a price of $0.01 per warrant at any time after the warrants become exercisable,
                                         upon a minimum of 30 days&rsquo; prior written notice of redemption, if, and only if,
                                         (i)&nbsp;the last sales price of our Class&nbsp;A ordinary shares equals or exceeds $18.00
                                         per share (as adjusted for share sub-divisions, share dividends, reorganizations and
                                         recapitalizations or as described above under &ldquo;Exercise price&rdquo;) for any 20
                                         trading days within a 30 trading day period commencing after the warrants become exercisable
                                         and ending three business days before we send the notice of redemption; and (ii)&nbsp;there
                                         is a current registration statement in effect with respect to the Class&nbsp;A ordinary
                                         shares underlying such 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
        the foregoing conditions are satisfied and we issue a notice of redemption, each warrant holder can exercise his, her
        or its warrant prior to the scheduled redemption date. However, the price of the Class&nbsp;A ordinary shares may fall
        below the $18.00 trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
        we call the warrants for redemption as described above, our management will have the option to require all holders that
        wish to exercise warrants to do so on a &ldquo;cashless basis.&rdquo; In such event, each holder would pay the exercise
        price by surrendering the warrants for that number of Class&nbsp;A ordinary shares equal to the quotient obtained by dividing
        (x)&nbsp;the product of the number of Class&nbsp;A ordinary shares underlying the warrants, multiplied by the difference
        between the exercise price of the warrants and the &ldquo;fair market value&rdquo; (defined below) by (y)&nbsp;the fair
        market value. The &ldquo;fair market value&rdquo; shall mean the average reported last sale price of the Class&nbsp;A
        ordinary shares for the five trading days ending on the third trading day prior to the date on which the notice of redemption
        is sent to the holders of warrants.</FONT></P></TD></TR>

<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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-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: 10pt Times New Roman, Times, Serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
    of the Rights</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-family: Times New Roman, Times, Serif; width: 66%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
                                         holder of a right will receive one-tenth (1/10) of one Class A ordinary share upon consummation
                                         of our initial business combination. In the event we will not be the survivor upon completion
                                         of our initial business combination, each holder of a right will be required to affirmatively
                                         convert his, her or its rights in order to receive the 1/10 share underlying each right
                                         (without paying any additional consideration) upon consummation of the business combination.
                                         If we are unable to complete an initial business combination within the required time
                                         period and we liquidate the funds held in the trust account, holders of rights will not
                                         receive any of such funds for their rights and the rights will expire worthless. It is
                                         not our intent to issue fractional shares upon conversion of any rights. Any rounding
                                         down and extinguishment may be done with or without any in lieu cash payment or other
                                         compensation being made to the holder of the relevant rights.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
    purchased, or being purchased, by&nbsp;insiders and others in connection with this offering</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
                                         sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000
                                         founder shares. The 1,150,000 founder shares held by our initial shareholders includes
                                         an aggregate of up to 150,000 founder shares subject to forfeiture to the extent that
                                         the over-allotment option is not exercised by the underwriters in full or in part. Our
                                         initial shareholders will be required to forfeit only a number of Class&nbsp;B ordinary
                                         shares necessary to own 20.0% of our issued and outstanding ordinary shares after giving
                                         effect to the offering and exercise, if any, of the underwriters&rsquo; over-allotment
                                         option (excluding any units they may purchase in this offering, the private shares underlying
                                         the private units and the representative shares). The founder shares are identical to
                                         the Class&nbsp;A ordinary shares included in the units being sold in this offering, subject
                                         to certain limited exceptions as described in this prospectus.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><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">We
        have also issued to EarlyBirdCapital,&nbsp;Inc. and its designees an aggregate of 100,000 Class&nbsp;B representative
        shares. The representative shares will automatically convert into Class&nbsp;A ordinary shares upon completion of our
        initial business combination.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><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">Simultaneously
        with the consummation of this offering, our sponsor has committed that it will purchase an aggregate of 250,000 private units
        at $10.00 per unit for a total purchase price of $2,500,000 pursuant to a subscription agreement with us. Our sponsor has
        also agreed that if the over-allotment option is exercised by the underwriters in full or in part, it will purchase from us
        additional private units on a pro rata basis (up to a maximum of 18,000 additional private units at a price of $10.00 per
        unit) in an amount that is necessary to maintain in the trust account $10.00 per unit sold to the public in this offering.
        These additional private units will be purchased in a private placement that will occur simultaneously with the purchase of
        units resulting from the exercise of the over-allotment option. The amounts to be paid upon consummation of the private
        placement will be placed in an escrow account prior to the consummation of this offering. The private units are identical to
        the units sold in this offering subject to certain limited exceptions as described in this prospectus.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><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">Our
        initial shareholders, officers and directors, and EarlyBirdCapital,&nbsp;Inc. have agreed (A)&nbsp;to vote the founder
        shares and representative shares in favor of any proposed business combination, (B)&nbsp;not to convert any founder shares
        or representative shares in connection with a shareholder vote to approve a proposed initial business combination or sell
        any private shares to us in a tender offer in connection with a proposed initial business combination and (C)&nbsp;that
        the founder shares and representative shares shall not participate in any liquidating distribution from our trust account
        upon winding up if a business combination is not consummated. In the event of a liquidation prior to our initial business
        combination, the private units will likely be worthless.</FONT></P></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictions
    on transfer of founder shares, private units and representative shares</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                         founder shares will be subject to a lock-up agreement. Subject to certain limited exceptions,
                                         these shares will not be transferred, assigned or sold (subject to certain limited exceptions)
                                         for a period ending on the earlier of the one-year anniversary of the date of the consummation
                                         of our initial business combination and, with respect to 50% of the shares, the date
                                         on which the closing price of our Class&nbsp;A ordinary shares equals or exceeds $12.50
                                         per share (as adjusted for share sub-divisions, share dividends, reorganizations and
                                         recapitalizations) for any 20 trading days within a 30-trading day period following 150
                                         days after the consummation of our initial business combination. The limited exceptions
                                         include transfers, assignments or sales (i)&nbsp;to our or our sponsor&rsquo;s officers,
                                         directors, consultants or their affiliates, (ii)&nbsp;to an entity&rsquo;s members upon
                                         its liquidation, (iii)&nbsp;to relatives and trusts for estate planning purposes, (iv)&nbsp;by
                                         virtue of the laws of descent and distribution upon death, (v)&nbsp;pursuant to a qualified
                                         domestic relations order, (vi)&nbsp;to us for no value for cancellation in connection
                                         with the consummation of our initial business combination, or (vii)&nbsp;in connection
                                         with the consummation of a business combination at prices no greater than the price at
                                         which the shares were originally purchased, in each case (except for clause (vi)&nbsp;or
                                         with our prior consent) where the transferee agrees to be bound by these transfer restrictions.</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
        purchasers of the private units have also agreed not to transfer, assign or sell any of the private units (except in connection
        with the same limited exceptions that the founder shares may be transferred as described above), until 30 days after the
        completion of 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">The
        holders of the representative shares have agreed not to transfer, assign or sell any such shares without our prior consent
        until 30 days after the completion of our initial business combination.</FONT></P></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 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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder
    shares conversion and anti-dilution rights</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    founder shares are designated as Class&nbsp;B ordinary shares and will automatically convert into Class&nbsp;A ordinary shares
    on the first business day following the completion of our initial business combination on a one-for-one basis, subject to
    adjustment as provided herein. In the case that additional Class&nbsp;A ordinary shares, or equity-linked securities convertible
    or exercisable for Class&nbsp;A ordinary shares, are issued or deemed issued in excess of the amounts issued in this offering
    and related to the closing of our initial business combination, the ratio at which founder shares will convert into Class&nbsp;A
    ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class&nbsp;B ordinary shares then in issue)
    so that the number of Class&nbsp;A ordinary shares issuable upon conversion of all Class&nbsp;B ordinary shares will equal,
    in the aggregate, on an as-converted basis, 20% of the sum of our ordinary shares issued and outstanding upon the completion
    of this offering plus the number of Class&nbsp;A ordinary shares and equity-linked securities issued or deemed issued in connection
    with our initial business combination (net of redemptions), excluding the private shares underlying the private units, the
    representative shares, any shares underlying units issued upon conversion of working capital loans and any Class&nbsp;A ordinary
    shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination. Any conversion
    of Class&nbsp;B ordinary shares described herein will take effect as a redemption of Class&nbsp;B ordinary shares and an issuance
    of Class&nbsp;A ordinary shares as a matter of Cayman Islands law. The term &ldquo;equity-linked securities&rdquo; refers
    to any debt or equity securities that are convertible, exercisable or exchangeable for our Class&nbsp;A ordinary shares issued
    in a financing transaction in connection with our initial business combination, including but not limited to a private placement
    of equity or debt.</FONT></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment
    of directors; voting rights</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of
    directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In
    addition, prior to our initial business combination, holders of a majority of our founder shares may remove a member of the
    board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may
    only be amended by a special resolution passed by at least 90% of our ordinary shares voting in a general meeting. With respect
    to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination,
    except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class,
    with each share entitling the holder to one vote.</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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    proceeds to be held in trust</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">An
                                         aggregate of $10.00 per unit sold to the public in this offering (regardless of whether
                                         or not the over-allotment option is exercised) will be placed in a United States-based
                                         trust account maintained by Continental Stock Transfer&nbsp;&amp; Trust Company, acting
                                         as trustee pursuant to an agreement to be signed on the date of this prospectus. Except
                                         as set forth below, the proceeds held in the trust account will not be released until
                                         the earlier of the completion of an initial business combination and our redemption of
                                         100% of the outstanding public shares if we have not completed a business combination
                                         in the required time period. Therefore, except as set forth below, unless and until an
                                         initial business combination is consummated, the proceeds held in the trust account will
                                         not be available for our use for any expenses related to this offering or expenses which
                                         we may incur related to the investigation and selection of a target business and the
                                         negotiation of an agreement to acquire a target business.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><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">Notwithstanding
        the foregoing, there can be released to us from the trust account any interest earned on the funds in the trust account
        that we need to pay our income or other tax obligations, and, if applicable, up to $50,000 of interest to pay dissolution
        expenses (which interest shall be net of taxes payable). Aside from these exceptions, expenses incurred by us may be paid
        prior to a business combination only from the net proceeds of this offering not held in the trust account (initially estimated
        to be $750,000). Additionally, in order to meet our working capital needs following the consummation of this offering
        if the funds not held in the trust account are insufficient, our sponsor, officers, directors, initial shareholders or
        their affiliates may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they
        deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would either be
        paid upon consummation of our initial business combination, without interest, or, at the holder&rsquo;s discretion, up
        to $1,500,000 of the notes may be converted into units at a price of $10.00 per unit. These units would be identical to
        the private units. 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.</FONT></P></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>

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<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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
    of the warrants may be exercised until the later of 30 days after the consummation of a business combination or 12 months
    from the closing of this offering and, thus, after the proceeds of the trust account have been disbursed. Accordingly, the
    warrant exercise price will be paid directly to us and not placed in the trust account.</FONT></TD></TR>

<TR STYLE="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"><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: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ability
    to extend time to complete business combination</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; font-size: 10pt">If
    we anticipate that we may not be able to consummate our initial business combination within 15 months, we may, by resolution
    of our board if requested by our sponsor, extend the period of time to consummate a business combination up to two times,
    each by an additional three months (for a total of up to 21 months to complete a business combination), subject to the sponsor
    depositing additional funds into the trust account as set out below. Pursuant to the terms of our memorandum and articles
    of association and the trust agreement to be entered into between us and Continental Stock Transfer &amp; Trust Company on
    the date of this prospectus, in order for the time available for us to consummate our initial business combination to be extended,
    our sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into
    the trust account $400,000, or $460,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per unit
    in either case), on or prior to the date of the applicable deadline, for each of the available three month extensions providing
    a total possible business combination period of 21 months at a total payment value of $800,000, or $920,000 if the underwriters&rsquo;
    over-allotment option is exercised in full ($0.10 per unit in either case). Any such payments would be made in the form of
    a non-interest bearing loan. If we complete our initial business combination, we would repay such loaned amounts out of the
    proceeds of the trust account released to us. If we do not complete a business combination, we will not repay such loans.
    Furthermore, the letter agreement with our initial shareholders contains a provision pursuant to which our sponsor has agreed
    to waive its right to be repaid for such loans in the event that we do not complete a business combination. Our sponsor and
    its affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial
    business combination.</FONT></TD></TR>

<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><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; font-size: 10pt">Limited
    payments to insiders</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">There
                                         will be no fees, reimbursements or other cash payments paid to our sponsor, officers,
                                         directors, initial shareholders or their affiliates for any services they render prior
                                         to, or in order to effectuate the consummation of, an initial business combination (regardless
                                         of the type of transaction that it is) other than the following payments, none of which
                                         will be made from the proceeds of this offering held in the trust account prior to the
                                         completion of our initial business combination:</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; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;repayment
        at the closing of this offering of an aggregate of $150,000 of non-interest bearing loans made by our sponsor;</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; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;payment
        of $10,000 per month to our sponsor for office space and related services;</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; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;payment
        of consulting, success or finder fees to our sponsor, officers, directors, initial shareholders or their affiliates in
        connection with the consummation of 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; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;reimbursement
        of out-of-pocket expenses incurred by them in connection with certain activities on our behalf, such as identifying and
        investigating possible target businesses and business combinations; and</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; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;repayment
        of any future loans as described above which may be made by our sponsor or an affiliate of our sponsor or certain of our
        officers and directors to finance transaction costs in connection with an intended initial business combination. Up to
        $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit, at the option of the lender.</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">There
        is no limit on the amount of out-of-pocket expenses reimbursable by us. Our audit committee will review and approve all
        reimbursements and payments made to our sponsor, officers, directors, initial shareholders or our or their respective
        affiliates, with any interested director abstaining from such review and approval.</FONT></P></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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
    approval of, or tender offer in connection with, initial business combination</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    connection with any proposed initial business combination, we will either (1)&nbsp;seek shareholder approval of such initial
    business combination at a meeting called for such purpose at which shareholders may seek to convert their shares, regardless
    of whether they vote for or against the proposed business combination or don&rsquo;t vote at all, into their pro rata share
    of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2)&nbsp;provide our shareholders
    with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need for a shareholder vote)
    for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable),
    in each case subject to the limitations described herein. If we determine to engage in a tender offer, such tender offer will
    be structured so that each shareholder may tender all of his, her or its shares rather than some pro rata portion of his,
    her or its shares. The decision as to whether we will seek shareholder approval of a proposed business combination or will
    allow shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be
    based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise
    require us to seek shareholder approval. If we determine to allow shareholders to sell their shares to us in a tender offer,
    we will file tender offer documents with the SEC which will contain substantially the same financial and other information
    about the initial business combination as is required under the SEC&rsquo;s proxy rules. We will consummate our initial business
    combination only if we have net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation
    and, if we seek shareholder approval, we receive an ordinary resolution under Cayman Islands law, which requires the affirmative
    vote of a majority of the shareholders who attend and vote at a general meeting of the company.</FONT></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
                                         chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being
                                         subject to Rule&nbsp;419 promulgated under the Securities Act. However, if we seek to
                                         consummate an initial business combination with a target business that imposes any type
                                         of working capital closing condition or requires us to have a minimum amount of funds
                                         available from the trust account upon consummation of such initial business combination,
                                         we may need to have more than $5,000,001 in net tangible assets either immediately prior
                                         to or upon consummation and this may force us to seek third party financing which may
                                         not be available on terms acceptable to us or at all. As a result, we may not be able
                                         to consummate such initial business combination and we may not be able to locate another
                                         suitable target within the applicable time period, if at all.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in"><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">Our
        initial shareholders and officers and directors and their affiliates have agreed (i)&nbsp;to vote any shares owned by
        them in favor of any proposed business combination, (ii)&nbsp;not to convert any shares in connection with a shareholder
        vote to approve a proposed initial business combination and (iii)&nbsp;not to sell any shares to us in a tender offer
        in connection with any proposed business combination.</FONT></P></TD></TR>
</TABLE>

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<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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;None
    of our sponsor, initial shareholders, officers, directors or their affiliates has indicated any intention to purchase units
    in this offering or any units or Class&nbsp;A ordinary shares from persons in the open market or in private transactions.
    However, if we hold a meeting to approve a proposed business combination and a significant number of shareholders vote, or
    indicate an intention to vote, against a proposed business combination, our sponsor, initial shareholders, officers, directors
    or their affiliates could make such purchases in the open market or in private transactions in order to influence any vote
    held to approve a proposed initial business combination. Notwithstanding the foregoing, our officers, directors, sponsor and
    their affiliates will not make purchases of Class&nbsp;A ordinary shares if the purchases would violate Section&nbsp;9(a)(2)&nbsp;or
    Rule&nbsp;10b-5 of the Exchange Act, which are rules&nbsp;designed to stop potential manipulation of a company&rsquo;s stock.</FONT></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
    rights</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
                                         connection with any general meeting called to approve a proposed initial business combination,
                                         each public shareholder will have the right, regardless of whether he is voting for or
                                         against such proposed business combination or does not vote at all, to demand that we
                                         convert his, her or its shares into a pro rata share of the trust account.</FONT></P>
        <P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
        may require public shareholders, whether they are a record holder or hold their shares in &ldquo;street name,&rdquo; to
        either (i)&nbsp;physically tender their certificates to our transfer agent or (ii)&nbsp;deliver their shares to the transfer
        agent electronically using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s
        option, in each case prior to a date set forth in the tender offer documents or proxy materials sent in connection with
        the proposal to approve the business combination. There is a nominal cost associated with this tendering process and the
        act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge the
        tendering broker $45 and it would be up to the broker whether or not to pass this cost on to the converting holder.</FONT></P></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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limitation
    on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold shareholder vote</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct
    redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated
    memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder
    or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13
    of the Exchange&nbsp;Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the
    shares sold in this offering, without our prior consent. We believe the restriction described above will discourage shareholders
    from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares
    as a means to force us or our sponsor or its affiliates to purchase their shares at a significant premium to the then-current
    market price or on other undesirable terms. By limiting our shareholders&rsquo; ability to redeem to no more than 15% of the
    shares sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt
    to block our ability to complete our initial business combination, particularly in connection with a business combination
    with a target that requires a certain amount of cash as a closing condition.</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"><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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
    we would not be restricting our shareholders&rsquo; ability to vote all of their shares (including all shares held by those
    shareholders that hold more than 15% of the shares sold in this offering) for or against our initial business combination.</FONT></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidation
    if no business combination</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are unable to complete an initial business combination by 15 months from the closing of this offering (or up to 21 months
    from the closing of this offering if we extend the period of time to consummate a business combination, as described in more
    detail in this prospectus), we will (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly
    as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares, at a
    per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest
    not previously released to us (less up to $50,000 of interest to pay liquidation expenses, and which interest shall be net
    of taxes payable), divided by the number of then outstanding public shares, which redemption will completely extinguish public
    shareholders&rsquo; rights as shareholders (including the right to receive further liquidation distributions, if any), subject
    to applicable law, and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of
    our remaining shareholders and our board of directors, dissolve and liquidate, subject (in the case of (ii)&nbsp;and (iii)&nbsp;above)
    to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
    We cannot assure you that we will have funds sufficient to pay or provide for all creditors&rsquo; claims. Although we are
    required to have all third parties (including any vendors or other entities we engage after this offering) and any prospective
    target businesses enter into agreements with us waiving any right, title, interest or claim of any kind in or to any monies
    held in the trust account, there is no guarantee that they will execute such agreements. There is also no guarantee that the
    third parties would not challenge the enforceability of these waivers and bring claims against the trust account for monies
    owed them. Our sponsor has agreed that it will be liable to ensure that the proceeds in the trust account are not reduced
    below (1)&nbsp;$10.00 per share or (2)&nbsp;such lesser amount per share as of the date of the liquidation of the trust account
    due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes,
    by the claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered
    or contracted for or products sold to us. The agreement entered into by our sponsor specifically provides for two exceptions
    to the indemnity it has given: it will have no liability (1)&nbsp;as to any claimed amounts owed to a target business or vendor
    or other entity who has executed an agreement with us waiving any right, title, interest or claim of any kind they may have
    in or to any monies held in the trust account, or (2)&nbsp;as to any claims for indemnification by the underwriters of this
    offering against certain liabilities, including liabilities under the Securities Act. Marcum LLP, our independent registered
    public accounting firm, and the underwriters of the offering, will not execute agreements with us waiving such claims to the
    monies held in the trust account. We have not asked our sponsor to reserve for such indemnification obligations, nor have
    we independently verified whether our sponsor has sufficient funds to satisfy its indemnity obligations and believe that our
    sponsor&rsquo;s only assets are securities of our company. Therefore, we believe it is unlikely that our sponsor will be able
    to satisfy its indemnification obligations if it is required to do so.</FONT></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 58%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                         holders of the founder shares and representative shares will not participate in any redemption
                                         distribution from our trust account with respect to such shares.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
        we are unable to consummate an initial business combination and we expend all of the net proceeds of this offering not
        deposited in the trust account, we expect that the initial per-share redemption price will be approximately $10.00 (which
        is equal to the anticipated aggregate amount then on deposit in the trust account excluding interest earned on the funds
        held in the trust account). The proceeds deposited in the trust account could, however, become subject to claims of our
        creditors that are in preference to the claims of our shareholders. In addition, if we are forced to file a bankruptcy
        case or an involuntary bankruptcy case is filed against us that is not dismissed, the proceeds held in the trust account
        could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims
        of third parties with priority over the claims of our shareholders. Therefore, we cannot assure you that the actual per-share
        redemption price will not be less than approximately $10.00.</FONT></P></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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-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: 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">&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">We
                                         will pay the costs of any subsequent liquidation from our remaining assets outside of
                                         the trust account, and up to $50,000 of net interest from the trust account that may
                                         be released to us should we have no or insufficient working capital to fund the costs
                                         and expenses of our dissolution and liquidation.</FONT></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">Our
        sponsor, initial shareholders, officers and directors have agreed that they will not propose any amendment to our amended
        and restated memorandum and articles of association that would affect our public shareholders&rsquo; ability to convert
        or sell their shares to us in connection with a business combination as described herein or affect the substance or timing
        of our obligation to redeem 100% of our public shares if we do not complete a business combination within 15 months (or
        within 21 months from the closing of this offering if we extend the period of time to consummate a business combination)
        from the closing of this offering unless we provide our public shareholders with the opportunity to convert their Class
        A ordinary shares upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
        amount then on deposit in the trust account, including interest not previously released to us but net of franchise and
        income taxes payable, divided by the number of then outstanding public shares. This redemption right shall apply in the
        event of the approval of any such amendment, whether proposed by our sponsor, initial shareholders, executive officers,
        directors or any other person.</FONT></P></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>Risks</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
making your decision on whether to invest in our securities, you should take into account the special risks we face as a blank
check company, as well as the fact that this offering is not being conducted in compliance with Rule&nbsp;419 promulgated under
the Securities Act, and, therefore, you will not be entitled to protections normally afforded to investors in Rule&nbsp;419 blank
check offerings. For additional information concerning how Rule&nbsp;419 blank check offerings differ from this offering, please
see &ldquo;<I>Proposed Business &mdash; Comparison of This Offering to Those of Blank Check Companies Subject to Rule&nbsp;419</I>.&rdquo;
You should carefully consider these and the other risks set forth in the section entitled &ldquo;<I>Risk Factors</I>.&rdquo;</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>

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<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>Summary
Financial Data</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">&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
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.</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: 80%; margin-right: 0.5in; margin-left: 0.5in">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance
    Sheet Data:</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
    of<BR> July&nbsp;8,<BR> 2020</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></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: 86%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Working
    capital (deficiency)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">(40,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></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">Total
    assets</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">55,927</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    liabilities</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholders&rsquo;
    equity</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">15,927</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>
</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">If
our initial business combination is not completed within 15 months from the closing of this offering (or up to 21 months from
the closing of this offering if we extend the period of time to consummate a business combination), the proceeds then on deposit
in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which interest shall
be net of taxes payable), will be used to fund the redemption of our public shares. Our initial shareholders have entered into
a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust
account with respect to their founder shares if we fail to complete our initial business combination within such 15-month (or
21-month) time period.</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>

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<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"><A NAME="RISKFACTORS"></A><B>RISK
FACTORS</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><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></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>Risks
Relating to the Offering</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>We
are a newly incorporated company with no operating history and no revenues, and you have no basis on which to evaluate our ability
to achieve our business objective.</I></B></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">We
are a newly incorporated company incorporated under the laws of the Cayman Islands with no operating results, and we will not
commence operations until obtaining funding through this offering. Because we lack an operating history, you have no basis upon
which to evaluate our ability to achieve our business objective of completing our initial business combination with one or more
target businesses. We have no plans, arrangements or understandings with any prospective target business concerning a business
combination and may be unable to complete our initial business combination. If we fail to complete our initial business combination,
we will never generate any operating revenues.</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>Our
independent registered public accounting firm&rsquo;s report contains an explanatory paragraph that expresses substantial doubt
about our ability to continue as a &ldquo;going concern.&rdquo;</I></B></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">As
of July&nbsp;8, 2020, we had no cash and a working capital deficiency of $40,000. Further, we have incurred and expect to continue
to incur significant costs in pursuit of our financing and acquisition plans. Management&rsquo;s plans to address this need for
capital through this offering are discussed in the section of this prospectus titled &ldquo;Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations.&rdquo; We cannot assure you that our plans to raise capital or to consummate
an initial business combination will be successful. These factors, among others, raise substantial doubt about our ability to
continue as a going concern. The financial statements contained elsewhere in this prospectus do not include any adjustments that
might result from our inability to consummate this offering or our inability to continue as a going concern.</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>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) pandemic.</I></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
COVID-19 pandemic has resulted in a widespread health crisis that has adversely affected the economies and financial markets worldwide,
and the business of any potential target business with which we consummate a business combination could be materially and adversely
affected. Furthermore, we may be unable to complete a business combination if continued concerns relating to COVID-19 restrict
travel, limit the ability to have meetings with potential investors or the target company&rsquo;s personnel, vendors and services
providers are unavailable to negotiate and consummate a transaction in a timely manner. The extent to which COVID-19 impacts our
search for a business combination will depend on future developments, which are highly uncertain and cannot be predicted, including
new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact,
among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time,
our ability to consummate a business combination, or the operations of a target business with which we ultimately consummate a
business combination, may be materially adversely affected.</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>Our
public shareholders may not be afforded an opportunity to vote on our proposed business combination, which means we may complete
our initial business combination even though a majority of our public shareholders do not support such a combination.</I></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">We
will either (1)&nbsp;seek shareholder approval of our initial business combination at a meeting called for such purpose at which
public shareholders may elect to redeem their public shares without voting, and if they do vote, irrespective of whether they
vote for or against the proposed business combination, or (2)&nbsp;provide our public shareholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination by means of a tender offer (and
thereby avoid the need for a shareholder vote), in each in cash, for an amount payable in cash equal to the aggregate amount then
on deposit in the trust account as of two business days prior to the completion of our initial business combination, including
interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject
to the limitations described herein. Accordingly, it is possible that we will consummate our initial business combination even
if holders of a majority of our public shares do not approve of the business combination we consummate. The decision as to whether
we will seek shareholder approval of a proposed business combination or will allow shareholders to sell their shares to us in
a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the
transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval. For instance, Nasdaq
rules&nbsp;currently allow us to engage in a tender offer in lieu of a general meeting but would still require us to obtain shareholder
approval if we were seeking to issue more than 20% of our issued and outstanding shares to a target business as consideration
in any business combination. Therefore, if we were structuring a business combination that required us to issue more than 20%
of our issued and outstanding shares, we would seek shareholder approval of such business combination instead of conducting a
tender offer.</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>

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<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>Your
only opportunity to affect the investment decision regarding a potential business combination will be limited to the exercise
of your right to redeem your shares from us for cash, unless we seek shareholder approval of such business combination.</I></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">At
the time of your investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of any
target businesses. Additionally, since our board of directors may complete a business combination without seeking shareholder
approval, public shareholders may not have the right or opportunity to vote on the business combination, unless we seek such shareholder
approval. Accordingly, if we do not seek shareholder 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 shareholders in which we describe 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><I>The
ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential
business combination targets, which may make it difficult for us to enter into a business combination with a target.</I></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">We
may seek to enter into a business combination transaction agreement with a prospective target that requires a certain amount of
cash as a closing condition. If too many public shareholders exercise their redemption rights, we would not be able to meet such
closing condition and, as a result, would not be able to proceed with the business combination. Furthermore, in no event will
we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either immediately
prior to or upon completion of our initial business combination (so that we do not then become subject to the SEC&rsquo;s &ldquo;penny
stock&rdquo; rules), or any greater net tangible asset or cash requirement that may be contained in the agreement relating to
our initial business combination. Consequently, if accepting all properly submitted redemption requests would cause our net tangible
assets to be less than $5,000,001 either immediately prior to or upon completion of our initial business combination or less than
such greater amount necessary to satisfy a closing condition as described above, we would not proceed with such redemption of
our public shares and the related business combination, and we instead may search for an alternate business combination. Prospective
targets will be aware of these risks and, thus, may be reluctant to enter into a business combination transaction with us.</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>The
ability of our public shareholders to exercise redemption rights with respect to a large number of our shares may not allow us
to complete the most desirable business combination or optimize our capital structure.</I></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">At
the time we enter into an agreement for our initial business combination, we will not know how many shareholders may exercise
their redemption rights and, therefore, we 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 is 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.</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">Raising
additional third-party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable
levels. The above considerations may limit our ability to complete the most desirable business combination available to us or
optimize our capital structure.</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
ability of our public shareholders to exercise redemption rights with respect to a large number of our shares could increase the
probability that our initial business combination would be unsuccessful and that you would have to wait for liquidation in order
to redeem your shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
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
increases. 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 shares in the
open market; however, at such time our shares may trade at a discount to the pro rata amount per share in the trust account. In
either situation, you may suffer a material loss on your investment or lose the benefit of funds expected in connection with our
redemption until we liquidate or you are able to sell your shares in the open market.</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>

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<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
requirement that we complete our initial business combination within the prescribed time frame may give potential target businesses
leverage over us in negotiating a business combination and may limit the time we have in which to conduct due diligence on potential
business combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete
our initial business combination on terms that would produce value for our shareholders.</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">Any
potential target business with which we enter into negotiations concerning a business combination will be aware that we must complete
our initial business combination within 15 months (or up to 21 months) from the closing of this offering. Consequently, such target
business may obtain leverage over us in negotiating a business combination, knowing that if we do not complete our initial business
combination with that particular target business, we may be unable to complete our initial business combination with any target
business. This risk will increase as we get closer to the end of the 15-month period (or 21-month period). 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.</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">We
may not be able to complete our initial business combination within the prescribed time frame, in which case we would cease all
operations except for the purpose of winding up and we would redeem our public shares and liquidate, in which case our public
shareholders may receive only $10.00 per share, or less than such amount in certain circumstances, and our rights and warrants
will 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">Our
sponsor, officers and directors have agreed that we must complete our initial business combination within 15 months (or up to
21 months) from the closing of this offering. We may not be able to find a suitable target business and complete our initial business
combination within such time period. Our ability to complete our initial business combination may be negatively impacted by general
market conditions, volatility in the capital and debt markets and the other risks described herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we are unable to complete our initial business combination within such 15-month period (or 21-month period), we will: (1) cease
all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days
thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which interest shall be
net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish
public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating distributions, if any);
and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and
our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide for
claims of creditors and the requirements of other applicable law. In such case, our public shareholders may receive only $10.00
per share, or less than $10.00 per share, on the redemption of their shares, and our rights and warrants will expire worthless.
See &ldquo;&mdash;If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share
redemption amount received by shareholders may be less than $10.00 per share&rdquo; and other risk factors herein.</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>Our
sponsor may decide not to extend the term we have to consummate our initial business combination, in which case we would cease
all operations except for the purpose of winding up and we would redeem our public shares and liquidate, and the rights and warrants
will be worthless.</I></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">We
will have until 15 months from the closing of this offering to consummate our initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we may, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an additional
three months (for a total of up to 21 months to complete a business combination), subject to the sponsor depositing additional
funds into the trust account as set out below. In order for the time available for us to consummate our initial business combination
to be extended, our sponsor or its affiliates or designees must deposit into the trust account $400,000, or $460,000 if the underwriters&rsquo;
over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of $800,000 (or $920,000 if the
underwriters&rsquo; over-allotment option is exercised in full), or $0.20 per unit, on or prior to the date of the applicable
deadline, for each three month extension. Any such payments would be made in the form of a non-interest bearing loan. Our sponsor
and its affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial
business combination. If we are unable to consummate our initial business combination within the applicable time period, we will,
as promptly as reasonably possible but not more than five business days thereafter, redeem the public shares for a pro rata portion
of the funds held in the trust account and as promptly as reasonably possible following such redemption, subject to the approval
of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under
Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such event, the rights
and warrants will be 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"><B><I>If
we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or any of their affiliates
may elect to purchase shares, rights or warrants from public holders, which may influence a vote on a proposed business combination
and reduce the public &ldquo;float&rdquo; of our securities.</I></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">If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our initial shareholders, directors, officers, advisors or any of their
affiliates may purchase public shares, public rights 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 or duty to do so. Please see &ldquo;Proposed Business&mdash;Permitted purchases of our securities&rdquo; for a description
of how such persons will determine from which shareholders to seek to acquire securities. Such a purchase may include a contractual
acknowledgement that such shareholder, although still the record holder of our shares, is no longer the beneficial owner thereof
and therefore agrees not to exercise its redemption rights. In the event that our sponsor, directors, officers, advisors or any
of their affiliates purchase shares in privately negotiated transactions from public shareholders who have already elected to
exercise their redemption rights or submitted a proxy to vote against our initial business combination, such selling shareholders
would be required to revoke their prior elections to redeem their shares and any proxy to vote against our initial business combination.
The price per share paid in any such transaction may be different than the amount per share a public shareholder would receive
if it elected to redeem its shares in connection with our initial business combination. The purpose of such purchases could be
to vote such shares in favor of our initial business combination and thereby increase the likelihood of obtaining shareholder
approval of our 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 rights or public warrants could be to
reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrant holders for
approval in connection with our initial business combination. This may result in the completion of our initial business combination
that may not otherwise have been possible.</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>

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<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 such purchases are made, the public &ldquo;float&rdquo; of our Class A ordinary shares, public rights or public warrants
and the number of beneficial holders of our securities may be reduced, possibly making it difficult to maintain or obtain the
quotation, listing or trading of our securities on a national securities exchange.</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>If
a shareholder fails to receive notice of our offer to redeem our public shares in connection with our initial business combination,
or fails to comply with the procedures for tendering its shares, such shares may not be redeemed.</I></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">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 shareholder fails to receive our tender offer or proxy
materials, as applicable, such shareholder may not become aware of the opportunity to redeem its shares. In addition, the tender
offer documents or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our
initial business combination will describe the various procedures that must be complied with in order to validly tender or redeem
public shares. In the event that a shareholder fails to comply with these procedures, its shares may not be redeemed. See &ldquo;Proposed
Business&mdash;Effecting Our Initial Business Combination&mdash;Tendering share certificates in connection with a tender offer
or redemption rights.&rdquo;</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>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, rights or warrants, potentially at a loss.</I></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">Our
public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) the completion
of our initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly
elected to redeem, subject to the limitations described herein, (2) the redemption of any public shares properly submitted in
connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the
substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination
within 15 months (or up to 21 months) from the closing of this offering or (B) with respect to any other provision relating to
shareholders&rsquo; rights or pre-initial business combination activity and (3) the redemption of our public shares if we are
unable to complete our initial business combination within 15 months (or up to 21 months) from the closing of this offering, subject
to applicable law and as further described herein. In no other circumstances will a shareholder have any right or interest of
any kind in the trust account. Holders of warrants will not have any right to the proceeds held in the trust account with respect
to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your public shares, rights or warrants,
potentially at a loss.</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>Nasdaq
may delist our securities from its exchange, which could limit investors&rsquo; ability to make transactions in our securities
and subject us to additional trading restrictions.</I></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">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 that our Class A ordinary shares, rights and warrants are eligible to trade separately,
we anticipate that our Class A ordinary shares, rights and warrants will be listed separately on Nasdaq. Although, after giving
effect to this offering, we expect to meet on a pro forma basis Nasdaq&rsquo;s minimum initial listing standards, which generally
only require that we meet certain requirements relating to shareholders&rsquo; equity, market capitalization, aggregate market
value of publicly held shares and distribution requirements, we cannot assure you that our securities will be, or will continue
to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing our securities
on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and share price levels.
Additionally, in connection with our initial business combination, it is likely that Nasdaq will require us to file a new initial
listing application and meet its initial listing requirements as well as certain qualitative requirements, as opposed to its more
lenient continued listing requirements. We cannot assure you that we will be able to meet those initial listing requirements at
that time.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
Nasdaq delists any of our securities from trading on its exchange and we are not able to list such securities on another national
securities exchange, we expect such securities could be quoted on an over-the-counter market. If this were to occur, we could
face significant material adverse consequences, including:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
limited availability of market quotations for our securities;</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">&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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduced
liquidity with respect to such securities;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
determination that our Class&nbsp;A ordinary shares are a &ldquo;penny stock&rdquo; which will require brokers trading in our
Class&nbsp;A ordinary shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the
secondary trading market for our securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
limited amount of news and analyst coverage for our company; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
decreased ability to issue additional securities or obtain additional financing in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating
the sale of certain securities, which are referred to as &ldquo;covered securities.&rdquo; Because we expect that our units and
eventually our Class A ordinary shares, rights and warrants will be listed on Nasdaq, our units, Class A ordinary shares, rights
and warrants will qualify as covered securities under such statute. Although the states are preempted from regulating the sale
of covered securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and,
if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular
case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank
check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and
might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states.
Further, if we were no longer listed on Nasdaq, our securities would not qualify as covered securities under such statute and
we would be subject to regulation in each state in which we offer our securities.</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>You
will not be entitled to protections normally afforded to investors of many other blank check companies.</I></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">Since
the net proceeds of this offering and the sale of the private 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 &ldquo;blank check&rdquo; company under the U.S.
securities laws. However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this
offering and the sale of the private units and will file a Current Report on Form&nbsp;8-K, including an audited balance sheet
of the Company 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. 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 &ldquo;Proposed Business&mdash;Comparison of
This Offering to Those of Blank Check Companies Subject to Rule&nbsp;419.&rdquo;</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>If
we seek shareholder approval of our initial business combination and we do not conduct redemptions pursuant to the tender offer
rules, and if you or a &ldquo;group&rdquo; of shareholders are deemed to hold in excess of 15% of our Class&nbsp;A ordinary shares,
you will lose the ability to redeem all such shares in excess of 15% of our Class&nbsp;A ordinary shares.</I></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">If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide
that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting
in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from redeeming
its shares with respect to more than an aggregate of 15% of the shares sold in this offering, which we refer to as the &ldquo;Excess
Shares,&rdquo; without our prior consent. However, we would not be restricting our shareholders&rsquo; ability to vote all of
their shares (including Excess Shares) for or against our initial business combination. Your inability to redeem the Excess Shares
will reduce your influence over our ability to complete our initial business combination and you could suffer a material loss
on your investment in us if you sell Excess Shares in open market transactions. Additionally, you will not receive redemption
distributions with respect to the Excess Shares if we complete our initial business combination. And as a result, you will continue
to hold that number of shares exceeding 15% and, in order to dispose of such shares, would be required to sell your shares in
open market transactions, potentially at a loss.</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>

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<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"><I>Because
of our limited resources and the significant competition for business combination opportunities, it may be more difficult for
us to complete our initial business combination. If we are unable to complete our initial business combination, our public shareholders
may receive only approximately $10.00 per share, or less in certain circumstances, on our redemption of their shares, and our
rights and warrants will expire worthless.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
expect to encounter intense competition from other entities having a business objective similar to ours, including private investors
(which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international,
competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have
extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing
services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry
knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors.
While we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and
the sale of the private 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, in the event we seek shareholder approval of our initial business combination
and we are obligated to pay cash for our Class A ordinary shares, it will potentially reduce the resources available to us for
our initial business combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating
a business combination. If we are unable to complete our initial business combination, our public shareholders may receive only
approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust account and our rights and warrants
will expire worthless. See &ldquo;&mdash;If third parties bring claims against us, the proceeds held in the trust account could
be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share&rdquo; and other risk
factors herein.</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"><I>If
the funds not being held in the trust account are insufficient to allow us to operate for at least the 15 months (or up to 21
months) following the closing of this offering, we may be unable to complete our initial business combination.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Of
the net proceeds of this offering and the sale of the private units, only $750,000 will be available to us initially outside the
trust account to fund our working capital requirements. In the event that our offering expenses exceed our estimate of $550,000,
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 $550,000, the amount of funds we intend to be held outside the trust account would increase by a corresponding
amount. The funds available to us outside of the trust account may not be sufficient to allow us to operate for at least the 15
months (or up to 21 months) following the closing of this offering, assuming that our initial business combination is not completed
during that time. We expect to incur significant costs in pursuit of our acquisition plans. 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. Neither our sponsor, members of our management team nor any of their affiliates is under any obligation to loan funds
to, or invest in, us in such circumstances. Any such loans may be repaid only from funds held outside the trust account or from
funds released to us upon 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 such case, our public shareholders may receive only $10.00 per share, or less in certain circumstances, and our rights and
warrants will expire worthless. See &ldquo;&mdash;If third parties bring claims against us, the proceeds held in the trust account
could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share&rdquo; and other
risk factors herein.</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>Subsequent
to our completion of our initial business combination, we may be required to take write-downs or write-offs, restructuring and
impairment or other charges that could have a significant negative effect on our financial condition, results of operations and
the price of our securities, which could cause you to lose some or all of your investment.</I></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">Even
if we conduct extensive due diligence on a target business with which we combine, we cannot assure you that this diligence will
identify all material issues that may be present with a particular target business, that it would be possible to uncover all material
issues through a customary amount of due diligence, or that factors outside of the target business and outside of our control
will not later arise. As a result of these factors, we may be forced to later write down or write off assets, restructure our
operations, or incur impairment or other charges that could result in our reporting losses. Even if our due diligence successfully
identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with
our preliminary risk analysis. Although these charges may be non-cash items and not have an immediate impact on our liquidity,
the fact that we report charges of this nature could contribute to negative market perceptions about us or our securities. In
addition, charges of this nature may cause us to violate net worth or other covenants to which we may be subject as a result of
assuming pre-existing debt held by a target business or by virtue of our obtaining post-combination debt financing. Accordingly,
any shareholder or warrant holder who chooses to remain a shareholder or warrant holder following our initial business combination
could suffer a reduction in the value of their securities. Such shareholders and warrant holders are unlikely to have a remedy
for such reduction in value.</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>

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<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>If
third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount
received by shareholders may be less than $10.00 per share.</I></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">Our
placing of funds in the trust account may not protect those funds from third-party claims against us. Although we will seek to
have all vendors, service providers (other than our independent auditors), 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 shareholders, such parties may not execute such agreements, or even if they
execute such agreements they may not be prevented from bringing claims against the trust account, including, but not limited to,
fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability
of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including the funds held in
the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account,
our management will perform an analysis of the alternatives available to it and will enter into an agreement with a third party
that has not executed a waiver only if management believes that such third party&rsquo;s engagement would be significantly more
beneficial to us than any alternative.</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">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 we are 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 shareholders could be less than the $10.00 per share
initially held in the trust account, due to claims of such creditors.</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">Our
sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent auditors)
for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction
agreement, reduce the amount of funds in the trust account to below (1)&nbsp;$10.00 per public share or (2)&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 the value
of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third
party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in
the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to
the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient
funds to satisfy its indemnity obligations and believe that our sponsor&rsquo;s only assets are securities of our company. Accordingly,
our sponsor may not have sufficient funds available to satisfy those obligations. We have not asked our sponsor to reserve for
such obligations, and therefore, no funds are currently set aside to cover any such obligations. As a result, if any such claims
were successfully made against the trust account, the funds available for our initial business combination and redemptions could
be reduced to less than $10.00 per public share. In such event, we may not be able to complete our initial business combination,
and you would receive such lesser amount per share in connection with any redemption of your public shares. None of our officers
or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target
businesses.</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>Our
directors may decide not to enforce the indemnification obligations of our sponsor, resulting in a reduction in the amount of
funds in the trust account available for distribution to our public shareholders.</I></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
the event that the proceeds in the trust account are reduced below the lesser of (1)&nbsp;$10.00 per public share or (2)&nbsp;such
lesser amount per share held in the trust account as of the date of the liquidation of the trust account due to reductions in
the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, and our sponsor asserts that
it is unable to satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent
directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While we
currently expect that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification
obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so
in any particular instance. If our independent directors choose not to enforce these indemnification obligations, the amount of
funds in the trust account available for distribution to our public shareholders may be reduced below $10.00 per 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>

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<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>If,
after we distribute the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency
petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, a bankruptcy
court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary
duties to our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.</I></B></FONT></P>

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

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

<I></I>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>The
securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the
value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00
per share.</I></B></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>&nbsp;</I></B></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
proceeds held in the trust account will be held as cash or invested only in U.S. government treasury bills with a maturity of
180 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under
the Investment Company Act. While short-term U.S. government treasury obligations currently yield a positive rate of interest,
they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below
zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the
future adopt similar policies in the United States. In the event that we are unable to complete our initial business combination
or make certain amendments to our amended and restated certificate of incorporation, our public shareholders are entitled to receive
their pro-rata share of the proceeds held in the trust account, plus any interest income, net of taxes paid or payable (less,
in the case we are unable to complete our initial business combination, $50,000 of interest). Negative interest rates could reduce
the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than
$10.00 per share.</FONT></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restrictions
on the nature of our investments; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;restrictions
on the issuance of securities;</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">each
of which may make it difficult for us to complete 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">In
addition, we may have imposed upon us burdensome requirements, including:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;registration
as an investment company with the SEC;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;adoption
of a specific form of corporate structure; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reporting,
record keeping, voting, proxy and disclosure requirements and other rules&nbsp;and regulations that we are currently not subject
to.</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">We
do not believe that our anticipated principal activities will subject us to the Investment Company Act. The proceeds held in the
trust account may be invested by the trustee only in U.S. government treasury bills with a maturity of 180 days or less or in
money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule&nbsp;2a-7 under the Investment
Company Act. Because the investment of the proceeds will be restricted to these instruments, we believe we will meet the requirements
for the exemption provided in Rule&nbsp;3a-1 promulgated under the Investment Company Act. If we were deemed to be subject to
the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we
have not allotted funds and may hinder our ability to complete a business combination. If we are unable to complete our initial
business combination, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances,
on the liquidation of our trust account and our rights and warrants will 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"></P>

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<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>Changes
in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, including our
ability to negotiate and complete our initial business combination, and results of operations.</I></B></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">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.</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>If
we are unable to consummate our initial business combination within 15 months (or up to 21 months) of the closing of this offering,
our public shareholders may be forced to wait beyond such 15 months (or up to 21 months) before redemption from our trust account.</I></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">If
we are unable to consummate our initial business combination within 15 months (or up to 21 months) from the closing of this offering,
we will distribute the aggregate amount then on deposit in the trust account, including interest (less up to $50,000 of interest
to pay dissolution expenses and which interest shall be net of taxes payable), pro rata to our public shareholders by way of redemption
and cease all operations except for the purposes of winding up of our affairs, as further described herein. Any redemption of
public shareholders from the trust account shall be effected automatically by function of our amended and restated memorandum
and articles of association prior to any voluntary winding up. If we are required to windup, liquidate the trust account and distribute
such amount therein, pro rata, to our public shareholders, as part of any liquidation process, such winding up, liquidation and
distribution must comply with the applicable provisions of the Companies Law. In that case, investors may be forced to wait beyond
the initial 15 months (or up to 21 months) before the redemption proceeds of our trust account become available to them and they
receive the return of their pro rata portion of the proceeds from our trust account. We have no obligation to return funds to
investors prior to the date of our redemption or liquidation unless, prior thereto, we consummate our initial business combination
or amend certain provisions of our amended and restated memorandum and articles of association and then only in cases where investors
have properly sought to redeem their Class&nbsp;A ordinary shares. Only upon our redemption or any liquidation will public shareholders
be entitled to distributions if we are unable to complete our initial business combination and do not amend certain provisions
of our amended and restated memorandum and articles of association prior thereto.</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>Our
shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption
of their shares.</I></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">If
we are forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful
payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts
as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received
by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors
and/or may have acted in bad faith, and thereby exposing themselves and our company to claims, by paying public shareholders from
the trust account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us
for these reasons. We and our directors and officers who knowingly and willfully authorized or permitted any distribution to be
paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business
would be guilty of an offence and may be liable to a fine of up to $18,293 and to imprisonment for five years in the Cayman Islands.</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>We
may not hold an annual general meeting until after the completion of our initial business combination. Our public shareholders
will not have the right to appoint directors prior to the consummation of our Business Combination.</I></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
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year
after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Law for us to hold
annual or extraordinary general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may
not be afforded the opportunity to discuss company affairs with management. As holders of our Class&nbsp;A ordinary shares, our
public shareholders also will not have the right to vote on the appointment of directors prior to completion of our initial business
combination. In addition, holders of a majority of our founder shares may remove a member of the board of directors for any reason.</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>

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<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>We
are not registering the Class&nbsp;A ordinary shares issuable upon exercise of the warrants under the Securities Act or any state
securities laws at this time, and such registration may not be in place when an investor desires to exercise warrants, thus precluding
such investor from being able to exercise its warrants except on a cashless basis and potentially causing such warrants to expire
worthless.</I></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">We
are not registering the Class&nbsp;A ordinary shares issuable upon exercise of the warrants under the Securities Act or any state
securities laws at this time. However, under the terms of the warrant agreement, we have agreed, as soon as practicable, but in
no event later than 15 business days after the closing of our initial business combination, to use our reasonable best efforts
to file a registration statement under the Securities Act covering the issuance of such shares, to use our reasonable best efforts
to cause the same to become effective within 60 business days after the closing of our initial business combination and to maintain
the effectiveness of such registration statement and a current prospectus relating to those Class&nbsp;A ordinary shares until
the warrants expire or are redeemed. We cannot assure you that we will be able to do so if, for example, any facts or events arise
which represent a fundamental change in the information set forth in the registration statement or prospectus, the financial statements
contained or incorporated by reference therein are not current, complete or correct or the SEC issues a stop order. 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. In no event will we be required to net cash settle any warrant, or issue securities or other compensation in exchange
for the warrants in the event that we are unable to register or qualify the shares underlying the warrants under applicable state
securities laws and no exemption is available. If the issuance of the shares upon exercise of the warrants is not so registered
or qualified or exempt from registration or qualification, the holder of such warrant shall not be entitled to exercise such warrant
and such warrant may have no value and expire worthless. In such event, holders who acquired their warrants as part of a purchase
of units will have paid the full unit purchase price solely for the Class&nbsp;A ordinary shares included in the units. If and
when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying Class&nbsp;A ordinary shares for sale under all applicable state securities laws.</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>Our
warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern District
of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our
warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.</I></B></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">Our
warrant agreement will provide that, subject to applicable law, (i) any action, proceeding or claim against us arising out of
or relating in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably
submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will
waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.</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">Notwithstanding
the foregoing, these provisions of the warrant agreement will not apply to suits brought to enforce any liability or duty created
by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and
exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to
have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject matter of which
is within the scope the forum provisions of the warrant agreement, is filed in a court other than a court of the State of New
York or the United States District Court for the Southern District of New York (a &ldquo;foreign action&rdquo;) in the name of
any holder of our warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal
courts located in the State of New York in connection with any action brought in any such court to enforce the forum provisions
(an &ldquo;enforcement action&rdquo;), and (y) having service of process made upon such warrant holder in any such enforcement
action by service upon such warrant holder&rsquo;s counsel in the foreign action as agent for such warrant holder.</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">This
choice-of-forum provision may limit a warrant holder&rsquo;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with our company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our
warrant agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings,
we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely
affect our business, financial condition and results of operations and result in a diversion of the time and resources of our
management and board of directors.</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>The
grant of registration rights to our shareholders and their permitted transferees may make it more difficult to complete our initial
business combination, and the future exercise of such rights may adversely affect the market price of our Class&nbsp;A ordinary
shares.</I></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
holders of the founder shares, representative shares, private units and any units that may be issued on conversion of working
capital loans (and any securities underlying the private units or units issued upon conversion of the working capital loans and
Class&nbsp;A ordinary shares that may be issued 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. We will bear the cost of registering these securities. The registration and availability of such a
significant number of securities for trading in the public market may have an adverse effect on the market price of our Class&nbsp;A
ordinary shares. In addition, the existence of the registration rights may make our initial business combination more costly or
difficult to conclude. This is because the shareholders of the target business may increase the equity stake they seek in the
combined entity or ask for more cash consideration to offset the negative impact on the market price of our Class&nbsp;A ordinary
shares that is expected when the Class&nbsp;A ordinary shares owned by our initial shareholders or their permitted transferees,
our private units or units issued in connection with working capital loans are registered for resale.</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>Because
we are not limited to a particular industry or any specific target businesses with which to pursue our initial business combination,
you will be unable to ascertain the merits or risks of any particular target business&rsquo;s operations.</I></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">We
may consummate a business combination with a company in any industry we choose and are not limited to any particular industry
or type of business. Accordingly, there is no current basis for you to evaluate the possible merits or risks of the particular
industry in which we may ultimately operate or the target business which we may ultimately acquire. To the extent we complete
a business combination with a financially unstable company or an entity in its early stages of development or growth, we may be
affected by numerous risks inherent in the business operations of those entities. If we complete a business combination with an
entity in an industry characterized by a high level of risk, we may be affected by the currently unascertainable risks of that
industry. Although our management will endeavor to evaluate the risks inherent in a particular industry or target business, we
cannot assure you that we will properly ascertain or assess all of the significant risk factors. We also cannot assure you that
an investment in our units will not ultimately prove to be less favorable to investors in this offering than a direct investment,
if an opportunity were available, in a target business.</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>

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<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>Although
we have identified general criteria and guidelines that we believe are important in evaluating prospective target businesses,
we may enter into our initial business combination with a target that does not meet such criteria and guidelines, and as a result,
the target business with which we enter into our initial business combination may not have attributes entirely consistent with
our general criteria and guidelines.</I></B></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">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 criteria and guidelines, such combination
may not be as successful as a combination with a business that does meet all of our general criteria and guidelines. In addition,
if we announce a prospective business combination with a target that does not meet our general criteria and guidelines, a greater
number of shareholders may exercise their redemption rights, which may make it difficult for us to meet any closing condition
with a target business that requires us to have a minimum net worth or a certain amount of cash. In addition, if shareholder approval
of the transaction is required by applicable law or stock exchange listing requirement, or we decide to obtain shareholder approval
for business or other reasons, it may be more difficult for us to attain shareholder approval of our initial business combination
if the target business does not meet our general criteria and guidelines. If we are unable to complete our initial business combination,
our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation
of our trust account and our rights and warrants will 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"><B><I>We
may seek acquisition opportunities with an early stage company, a financially unstable business or an entity lacking an established
record of revenue or earnings.</I></B></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">To
the extent we complete our initial business combination with an early stage company, a financially unstable business or an entity
lacking an established record of sales or earnings, we may be affected by numerous risks inherent in the operations of the business
with which we combine. These risks include investing in a business without a proven business model and with limited historical
financial data, volatile revenues or earnings, intense competition and difficulties in obtaining and retaining 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.</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>We
are not required to obtain an opinion from an independent investment banking firm or from another independent entity that commonly
renders valuation opinions, and consequently, you may have no assurance from an independent source that the price we are paying
for the business is fair to our company from a financial point of view.</I></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">Unless
we complete our initial business combination with an affiliated entity, we are not required to obtain an opinion from an independent
investment banking firm, or from another independent entity that commonly renders valuation opinions, that the price we are paying
is fair to our company from a financial point of view. If no opinion is obtained, our shareholders will be relying on the judgment
of our board of directors, who will determine fair market value based on standards generally accepted by the financial community.
Such standards used will be disclosed in our tender offer documents or proxy solicitation materials, as applicable, related to
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><I>We
may issue additional Class&nbsp;A ordinary shares or preference shares to complete our initial business combination or under an
employee incentive plan after completion of our initial business combination. We may also issue Class&nbsp;A ordinary shares upon
the conversion of the founder shares at a ratio greater than one-to-one at the time of our initial business combination as a result
of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. Any such issuances
would substantially dilute the interest of our shareholders and likely present other risks.</I></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">Our
amended and restated memorandum and articles of association authorize the issuance of ordinary shares, including 200,000,000 Class&nbsp;A
ordinary shares, par value $0.0001 per share, and 20,000,000 Class&nbsp;B ordinary shares, par value $0.0001 per share, as well
as 1,000,000 preference shares, par value $0.0001. Immediately after this offering, there will be 193,200,000 and 18,900,000 (assuming
that the underwriters have not exercised their over-allotment option and an aggregate of 150,000 founder shares have been forfeited)
authorized but unissued Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares, respectively, available for issuance, which
amount takes into account shares reserved for issuance upon exercise of outstanding warrants and conversion of rights, and 1,000,000
authorized but unissued preference shares available for issuance.</FONT></P>

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<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">We
may issue a substantial number of additional Class&nbsp;A ordinary shares, and may issue preference shares, in order to complete
our initial business combination or under an employee incentive plan after completion of our initial business combination. We
may also issue Class&nbsp;A ordinary shares upon conversion of the Class&nbsp;B ordinary shares at a ratio greater than one-to-one
at the time of our initial business combination as a result of the anti-dilution provisions as set forth herein. However, our
amended and restated memorandum and articles of association provide, among other things, that prior to our initial business combination,
we may not issue additional shares that would entitle the holders thereof to (1)&nbsp;receive funds from the trust account or
(2)&nbsp;vote as a class with our public shares (a)&nbsp;on any initial business combination or (b)&nbsp;to approve an amendment
to our amended and restated memorandum and articles of association to (x)&nbsp;extend the time we have to consummate a business
combination beyond 15 months (or up to 21 months) from the closing of this offering or (y)&nbsp;amend the foregoing provisions.
The issuance of additional ordinary shares or preference shares:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
significantly dilute the equity interest of investors in this 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
subordinate the rights of holders of Class&nbsp;A ordinary shares if preference shares are issued with rights senior to those
afforded our Class&nbsp;A ordinary shares;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could
cause a change in control if a substantial number of Class&nbsp;A ordinary shares are issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present
officers and directors; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
adversely affect prevailing market prices for our units, Class&nbsp;A ordinary shares and/or 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unlike
certain other blank check companies, our initial shareholder will receive additional Class&nbsp;A ordinary shares if we issue
shares to consummate an 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">The
founder shares will automatically convert into Class&nbsp;A ordinary shares on the first business day following the completion
of our initial business combination on a one-for-one basis, subject to adjustment as provided herein. In the case that additional
Class&nbsp;A ordinary shares, or equity-linked securities convertible or exercisable for Class&nbsp;A ordinary shares, are issued
or deemed issued in excess of the amounts issued in this offering and related to the closing of our initial business combination,
the ratio at which founder shares will convert into Class&nbsp;A ordinary shares will be adjusted (subject to waiver by holders
of a majority of the Class&nbsp;B ordinary shares then in issue) so that the number of Class&nbsp;A ordinary shares issuable upon
conversion of all Class&nbsp;B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of our ordinary
shares issued and outstanding upon the completion of this offering plus the number of Class&nbsp;A ordinary shares and equity-linked
securities issued or deemed issued in connection with our initial business combination (net of redemptions), excluding the private
shares underlying the private units, the representative shares, any shares underlying units issued upon conversion of working
capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial
business combination. This is different than certain other blank check companies in which the initial shareholder will only be
issued an aggregate of 20% of the total number of shares to be outstanding prior to 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><I>We
may be a passive foreign investment company, or &ldquo;PFIC,&rdquo; which could result in adverse United States federal income
tax consequences to U.S. investors.</I></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">If
we are a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in
the section of this prospectus captioned &ldquo;Income Tax Considerations&mdash;United States Federal Income Taxation&mdash;General&rdquo;)
of our Class&nbsp;A ordinary shares, rights or warrants, the U.S. Holder may be subject to adverse U.S. federal income tax consequences
and may be subject to additional reporting requirements. Our PFIC status for our current and subsequent taxable years may depend
on whether we qualify for the PFIC start-up exception (see the section of this prospectus captioned &ldquo;Income Tax Considerations&mdash;United
States Federal Income Taxation&mdash;U.S. Holders&mdash;Passive Foreign Investment Company Rules&rdquo;). Depending on the particular
circumstances, the application of the start-up exception may be subject to uncertainty, and there cannot be any assurance that
we will qualify for the start-up exception. Accordingly, there can be no assurances with respect to our status as a PFIC for our
current taxable year or any subsequent taxable year. Our actual PFIC status for any taxable year, moreover, will not be determinable
until after the end of such taxable year. If we determine we are a PFIC for any taxable year (of which there can be no assurance),
we will endeavor to provide to a U.S. Holder such information as the Internal Revenue Service (&ldquo;IRS&rdquo;) may require,
including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a &ldquo;qualified electing
fund&rdquo; election, but there can be no assurance that we will timely provide such required information, and such election would
be unavailable with respect to our warrants in all cases. We urge U.S. investors to consult their own tax advisors regarding the
possible application of the PFIC rules. For a more detailed discussion of the tax consequences of PFIC classification to U.S.
Holders, see the section of this prospectus captioned &ldquo;Income Tax Considerations &mdash;United States Federal Income Taxation&mdash;U.S.
Holders&mdash;Passive Foreign Investment Company Rules.&rdquo;</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>We
may reincorporate in another jurisdiction in connection with our initial business combination and such reincorporation may result
in taxes imposed on shareholders.</I></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">We
may, in connection with our initial business combination and subject to requisite shareholder approval under the Companies Law,
reincorporate in the jurisdiction in which the target company or business is located or in another jurisdiction. The transaction
may require a shareholder to recognize taxable income in the jurisdiction in which the shareholder is a tax resident or in which
its members are resident if it is a tax transparent entity. We do not intend to make any cash distributions to shareholders to
pay such taxes. Shareholders may be subject to withholding taxes or other taxes with respect to their ownership of us after the
reincorporation.</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>Resources
could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts
to locate and acquire or merge with another business. If we are unable to complete our initial business combination, our public
shareholders 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 rights and warrants will expire worthless.</I></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">We
anticipate that the investigation of each specific target business and the negotiation, drafting and execution of relevant agreements,
disclosure documents and other instruments will require substantial management time and attention and substantial costs for accountants,
attorneys and others. If we decide not to complete a specific initial business combination, the costs incurred up to that point
for the proposed transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target
business, we may fail to complete our initial business combination for any number of reasons including those beyond our control.
Any such event will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts
to locate and acquire or merge with another business. If we are unable to complete our initial business combination, our public
shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust
account and our rights and warrants will 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"><B><I>We
are dependent upon our officers and directors and their departure could adversely affect our ability to operate.</I></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">Our
operations are dependent upon a relatively small group of individuals. We believe that our success depends on the continued service
of our officers and directors, at least until we have completed our initial business combination. In addition, our officers and
directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest
in allocating their time among various business activities, including identifying potential business combinations and monitoring
the related due diligence. Moreover, certain of our officers and directors have time and attention requirements for investment
funds of which affiliates of our sponsor are the investment managers. We do not have an employment agreement with, or key-man
insurance on the life of, any of our directors or officers. The unexpected loss of the services of one or more of our directors
or officers could have a detrimental effect on us.</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>Our
ability to successfully effect our initial business combination and to be successful thereafter will be dependent upon the efforts
of our key personnel, some of whom may join us following our initial business combination. The loss of key personnel could negatively
impact the operations and profitability of our post-combination business.</I></B></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">Our
ability to successfully effect our initial business combination is dependent upon the efforts of our key personnel. The role of
our key personnel in the target business, however, cannot presently be ascertained. Although some of our key personnel may remain
with the target business in senior management or advisory positions following our initial business combination, it is likely that
some or all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals
we engage after our initial business combination, we cannot assure you that our assessment of these individuals will prove to
be correct. These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could
cause us to have to expend time and resources helping them become familiar with such requirements.</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, the officers and directors of an acquisition candidate may resign upon completion of our initial business combination.
The departure of a business combination target&rsquo;s key personnel could negatively impact the operations and profitability
of our post-combination business. The role of an acquisition candidate&rsquo;s key personnel upon the completion of our initial
business combination cannot be ascertained at this time. Although we contemplate that certain members of an acquisition candidate&rsquo;s
management team will remain associated with the acquisition candidate following our initial business combination, it is possible
that members of the management of an acquisition candidate will not wish to remain in place. The loss of key personnel could negatively
impact the operations and profitability of our post-combination business.</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>

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<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>Our
key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business
combination. These agreements may provide for them to receive compensation following our initial business combination and as a
result, may cause them to have conflicts of interest in determining whether a particular business combination is the most advantageous.</I></B></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">Our
key personnel 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 business combination. Such negotiations would take
place simultaneously with the negotiation of the business combination and could provide for such individuals to receive compensation
in the form of cash payments and/or our securities for services they would render to us after the completion of our initial business
combination. The personal and financial interests of such individuals may influence their motivation in identifying and selecting
a target business, subject to their fiduciary duties under Cayman Islands law. However, we believe the ability of such individuals
to remain with us after the completion of our initial business combination will not be the determining factor in our decision
as to whether or not we will proceed with any potential business combination. There is no certainty, however, that any of our
key personnel will remain with us after the completion of our initial business combination. We cannot assure you that any of our
key personnel will remain in senior management or advisory positions with us. The determination as to whether any of our key personnel
will remain with us will be made at the time of our initial business combination.</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>We
may have 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.</I></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">When
evaluating the desirability of effecting our initial business combination with a prospective target business, our ability to assess
the target business&rsquo;s management may be limited due to a lack of time, resources or information. Our assessment of the capabilities
of the target&rsquo;s management, therefore, may prove to be incorrect and such management may lack the skills, qualifications
or abilities we suspected. Should the target&rsquo;s management not possess the skills, qualifications or abilities necessary
to manage a public company, the operations and profitability of the post-combination business may be negatively impacted. Accordingly,
shareholders or warrant holders who choose to remain shareholders or warrant holders following our initial business combination
could suffer a reduction in the value of their securities. Such shareholders or warrant holders are unlikely to have a remedy
for such reduction in value.</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
officers and directors of an acquisition candidate may resign upon completion of our initial business combination. The departure
of a business combination target&rsquo;s key personnel could negatively impact the operations and profitability of our post-combination
business. The role of an acquisition candidate&rsquo;s key personnel upon the completion of our initial business combination cannot
be ascertained at this time. Although we contemplate that certain members of an acquisition candidate&rsquo;s management team
will remain associated with the acquisition candidate following our initial business combination, it is possible that members
of the management of an acquisition candidate will not wish to remain in place.</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>Our
officers and directors will allocate their time to other businesses thereby causing conflicts of interest in their determination
as to how much time to devote to our affairs. This conflict of interest could have a negative impact on our ability to complete
our initial business combination.</I></B></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">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 a business combination and their other businesses.
We do not intend to have any full-time employees prior to the completion of our initial business combination. Each of our officers
is engaged in several 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
and board members for other entities. If our officers&rsquo; and directors&rsquo; other business affairs require them to devote
substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote
time to our affairs, which may have a negative impact on our ability to complete our initial business combination. For a complete
discussion of our officers&rsquo; and directors&rsquo; other business affairs, please see &ldquo;Management&mdash;Directors, Director
Nominees and Executive Officers.&rdquo;</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>

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<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>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 determining to
which entity a particular business opportunity should be presented.</I></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">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, or may in the future become,
affiliated with entities that are engaged in a similar business, and they are not prohibited from sponsoring, or otherwise becoming
involved with, other blank check companies prior to us completing our initial business combination. Moreover, certain of our officers
and directors have time and attention requirements for investment funds of which affiliates of our sponsor are the investment
managers.</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">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 other entities prior to its presentation to us, subject to their fiduciary
duties under Cayman Islands 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">For
a complete discussion of our officers&rsquo; and directors&rsquo; business affiliations and the potential conflicts of interest
that you should be aware of, please see &ldquo;Management&mdash;Directors, Director Nominees and Executive Officers,&rdquo; &ldquo;Management&mdash;Conflicts
of Interest&rdquo; and &ldquo;Certain Relationships and Related Party Transactions.&rdquo;</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>Our
officers, directors, security holders and their respective affiliates may have competitive pecuniary interests that conflict with
our interests.</I></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">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 a business combination with a target business that is affiliated
with our sponsor, directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits
any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons
or entities may have a conflict between their interests and ours.</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
particular, affiliates of our sponsor have invested in industries as diverse as wireless communication, e-commerce, block-chain
technology and social media. As a result, there may be substantial overlap between companies that would be a suitable business
combination for us and companies that would make an attractive target for such other affiliates.</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>Past
performance by our management team and advisors may not be indicative of future performance of an investment in us.</I></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">Past
performance by our management team and advisors 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 our management team&rsquo;s or advisors&rsquo; 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. None of our officers
or directors has any experience with blank check companies or special purpose acquisition companies. Additionally, in the course
of their respective careers, members of our management team have been involved in businesses and deals that were unsuccessful.</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>We
may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated
with our sponsor, officers or directors which may raise potential conflicts of interest.</I></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
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 and directors. Our officers and directors also serve as officers and board members for other
entities, including, without limitation, those described under &ldquo;Management&mdash;Conflicts of Interest.&rdquo; Such entities
may compete with us for business combination opportunities. Our sponsor, officers and directors are not currently aware of any
specific opportunities for us to complete our initial business combination with any entities with which they are affiliated, and
there have been no preliminary discussions concerning a business combination with any such entity or entities. Although we will
not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction
if we determined that such affiliated entity met our criteria for a business combination as set forth in &ldquo;Proposed Business&mdash;Effecting
Our Initial Business Combination&mdash;Selection of a target business and structuring of our initial business combination&rdquo;
and such transaction was approved by a majority of our independent and disinterested 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"></P>

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<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>Since
our initial shareholders will lose their entire investment in us if our initial business combination is not completed (other than
with respect to any public shares they may acquire), a conflict of interest may arise in determining whether a particular business
combination target is appropriate for our initial business combination.</I></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
July&nbsp;2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
As such, our initial shareholders will collectively own 20% of our issued and outstanding shares after this offering (assuming
they do not purchase any units in this offering and excluding the private shares underlying the private units, the representative
shares and any shares underlying units issued upon conversion of working capital loans and any Class&nbsp;A ordinary shares or
equity-linked securities issued, or to be issued, to any seller in our initial business combination). If we increase or decrease
the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as
applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain
the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (excluding
the private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination). The founder shares will be worthless if we do not complete an initial business combination.
In addition, our sponsor has committed to purchase an aggregate of 250,000 private units at $10.00 per unit (or 268,000 if the
underwriters&rsquo; over-allotment option is exercised in full), for a purchase price of $2,500,000 in the aggregate (or $2,680,000
in the aggregate if the underwriters&rsquo; over-allotment option is exercised in full), that will also be worthless if we do
not complete 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">The
founder shares are identical to the ordinary shares included in the units being sold in this offering except that: (1)&nbsp;prior
to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors
and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (2)&nbsp;the founder
shares are subject to certain transfer restrictions; (3)&nbsp;our initial shareholders have entered into a letter agreement with
us, pursuant to which they have agreed to waive: (x)&nbsp;their redemption rights with respect to their founder shares and any
public shares held by them in connection with the completion of our initial business combination (and not seek to sell its shares
to us in any tender offer we undertake in connection with our initial business combination); (y)&nbsp;their redemption rights
with respect to their founder shares and any public shares held by them in connection with a shareholder vote to approve an amendment
to our amended and restated memorandum and articles of association (A)&nbsp;that would affect our public shareholders&rsquo; ability
to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months (or up to 21&nbsp;months) from the closing of this offering or (B)&nbsp;with respect to any other provision relating
to shareholders&rsquo; rights or pre-initial business combination activity; and (z)&nbsp;their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within
15 months (or up to 21&nbsp;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); (4)&nbsp;the founder shares will automatically convert into our Class&nbsp;A ordinary shares on the
first business day following the completion of our initial business combination on a one-for-one basis subject to adjustment pursuant
to certain anti-dilution rights and (5)&nbsp;the founder shares are entitled to registration rights. Our directors and officers
have also entered into the letter agreement with respect to public shares acquired by them, if any.</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
personal and financial interests of our sponsor, 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. This risk may become more acute as the 15-month (or up to 21-month) deadline following the closing
of this offering nears, which is the deadline for the completion of 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><I>We
may issue notes or other debt securities, or otherwise incur substantial debt, to complete a business combination, which may adversely
affect our leverage and financial condition and thus negatively impact the value of our shareholders&rsquo; investment in us.</I></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">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:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations;</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>

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<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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain
covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;</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">&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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt security is 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
inability to pay dividends on our Class&nbsp;A ordinary shares;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our Class&nbsp;A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.</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>We
may be able to complete only one business combination with the proceeds of this offering and the sale of the private units, which
will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of
diversification may negatively impact our operations and profitability.</I></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">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 risks. Further, we would not
be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities
which may have the resources to complete several business combinations in different industries or different areas of a single
industry. Accordingly, the prospects for our success may be:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;solely
dependent upon the performance of a single business, property or asset; or</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dependent
upon the development or market acceptance of a single or limited number of products, processes or services.</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">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.</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>We
may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to
complete our initial business combination and give rise to increased costs and risks that could negatively impact our operations
and profitability.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we determine to simultaneously acquire several businesses that are owned by different sellers, we will need for each of such sellers
to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations, which
may make it more difficult for us, and delay our ability, to complete our initial business combination. With multiple business
combinations, we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations
and due diligence 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.</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>

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<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>We
may attempt to complete our initial business combination with a private company about which little information is available, which
may result in a business combination with a company that is not as profitable as we suspected, if at all.</I></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
pursuing our acquisition strategy, we may seek to effectuate our initial business combination with a privately held company. Very
little public information generally exists about private companies, and we could be required to make our decision on whether to
pursue a potential initial business combination on the basis of limited information, which may result in a business combination
with a company that is not as profitable as we suspected, if at all.</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>We
expect to need to comply with the rules&nbsp;of Nasdaq that require our initial business combination to occur with one or more
target businesses having an aggregate fair market value equal to at least 80% of the assets held in the trust account at the time
of the agreement to enter into the initial business combination.</I></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
rules&nbsp;of Nasdaq require that our initial business combination occur with one or more target businesses that together have
an aggregate fair market value of at least 80% of the assets held in the trust account (excluding taxes payable on the income
earned on the trust account) at the time of the agreement to enter into the initial business combination. This restriction may
limit the type and number of companies that we may complete a business combination with. If we are unable to locate a target business
or businesses that satisfy this fair market value test, our public shareholders may receive only approximately $10.00 per share,
or less in certain circumstances, on the liquidation of our trust account, and our rights and warrants will expire worthless.
If we are not then listed on Nasdaq for whatever reason, we would not be required to satisfy the foregoing 80% fair market value
test and could complete a business combination with a target business having a fair market value substantially below 80% of the
balance in the trust account. Additionally, pursuant to Nasdaq rules, any initial business combination must be approved by a majority
of our independent 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>EarlyBirdCapital
may have a conflict of interest in rendering services to us in connection with our initial business combination.</I></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">We
have engaged EarlyBirdCapital to assist us in connection with our initial business combination. We will pay EarlyBirdCapital a
cash fee for such services upon the consummation of our initial business combination in an aggregate amount equal to 4.0% of the
total gross proceeds raised in the offering. The representative shares will also be worthless if we do not consummate an initial
business combination. These financial interests may result in EarlyBirdCapital having a conflict of interest when providing the
services to us in connection with an initial business combination.</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>Our
management may not be able to maintain control of a target business after our initial business combination. We cannot provide
assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities
necessary to profitably operate such business.</I></B></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">We
may structure our initial business combination so that the post-transaction company in which our public shareholders own shares
will own less than 100% of the equity interests or assets of a target business, but we will complete such business combination
only if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target
or otherwise acquires a controlling interest in the target business sufficient for 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 shareholders prior to our initial business combination may
collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target
and us in our initial business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new Class&nbsp;A ordinary shares in exchange for all of the issued and outstanding capital stock, shares or other equity
interests of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a
substantial number of new Class&nbsp;A ordinary shares, our shareholders immediately prior to such transaction could own less
than a majority of our issued and outstanding Class&nbsp;A ordinary shares subsequent to such transaction. In addition, other
minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of
the company&rsquo;s shares than we initially acquired. Accordingly, this may make it more likely that our management will not
be able to maintain our control of the target business.</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>

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<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>We
do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to
complete a business combination with which a substantial majority of our shareholders do not agree.</I></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">Our
amended and restated memorandum and articles of association will not provide a specified maximum redemption threshold, except
that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001
either immediately prior to or upon completion of our initial business combination (such that we do not then become subject to
the SEC&rsquo;s &ldquo;penny stock&rdquo; rules), or any greater net tangible asset or cash requirement that may be contained
in the agreement relating to our initial business combination. As a result, we may be able to complete our initial business combination
even though a substantial majority of our public shareholders do not agree with the transaction and have redeemed their shares
or, if we seek shareholder approval of our initial business combination and do not conduct redemptions in connection with our
initial business combination pursuant to the tender offer rules, have entered into privately negotiated agreements to sell their
shares to our sponsor, officers, directors, advisors or any of their affiliates. In the event the aggregate cash consideration
we would be required to pay for all Class&nbsp;A ordinary shares that are validly submitted for redemption plus any amount required
to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available
to us, we will not complete the business combination or redeem any shares, all Class&nbsp;A ordinary shares submitted for redemption
will be returned to the holders thereof, and we instead may search for an alternate business combination.</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>In
order to effectuate an initial business combination, blank check companies have, in the past, amended various provisions of their
charters and modified governing instruments. We cannot assure you that we will not seek to amend our amended and restated memorandum
and articles of association or governing instruments, in a manner that will make it easier for us to complete our initial business
combination that some of our shareholders may not support.</I></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
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. 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. Amending our
amended and restated memorandum and articles of association require at least a special resolution of our shareholders as a matter
of Cayman Islands law. A resolution is deemed to be a special resolution as a matter of Cayman Islands law where it has been approved
by either (1)&nbsp;at least two-thirds (or any higher threshold specified in a company&rsquo;s articles of association) of a company&rsquo;s
shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution
has been given or (2)&nbsp;if so authorized by a company&rsquo;s articles of association, by a unanimous written resolution of
all of the company&rsquo;s shareholders. Our amended and restated memorandum and articles of association provide that special
resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting (i.e.,
the lowest threshold permissible under Cayman Islands law) (other than amendments relating to the appointment or removal of directors
prior to our initial business combination, which require the approval of at least 90% of our ordinary shares voting in a general
meeting), or by a unanimous written resolution of all of our shareholders. We cannot assure you that we will not seek to amend
our amended and restated memorandum and articles of association or governing instruments or extend the time to consummate an initial
business combination in order to effectuate 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><I>The
provisions of our amended and restated memorandum and articles of association that relate to our pre-business combination activity
(and corresponding provisions of the agreement governing the release of funds from our trust account) may be amended with the
approval of holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting, which is a lower amendment
threshold than that of some other blank check companies. It may be easier for us, therefore, to amend our amended and restated
memorandum and articles of association and the trust agreement to facilitate the completion of an initial business combination
that some of our shareholders may not support.</I></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">Some
other blank check companies have a provision in their charter which prohibits the amendment of certain of its provisions, including
those which relate to a company&rsquo;s pre-business combination activity, without approval by holders of a certain percentage
of the company&rsquo;s shares. In those companies, amendment of these provisions typically requires approval by holders holding
between 90% and 100% of the company&rsquo;s public shares. Our amended and restated memorandum and articles of association provide
that any of its provisions, including those 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), may be amended if approved by holders of at least two-thirds of our ordinary shares who attend and vote
in a general meeting, 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 ordinary shares (other than amendments relating to the appointment or removal
of directors prior to our initial business combination, which require the approval of at least 90% of our ordinary shares voting
in a general meeting). Our initial shareholders, who will collectively beneficially own 20% of our ordinary shares upon the closing
of this offering (excluding the private shares underlying the private units, the representative shares and any shares underlying
units issued upon conversion of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued,
or to be issued, to any seller in our initial business combination, and assuming they do not purchase any units in this offering),
may participate in any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and
will have the discretion to vote in any manner they choose. As a result, we may be able to amend the provisions of our amended
and restated memorandum and articles of association which govern our pre-business combination behavior more easily than some other
blank check companies, and this may increase our ability to complete our initial business combination with which you do not agree.
However, our amended and restated memorandum and articles of association prohibits any amendment of its provisions (A)&nbsp;that
would affect our public shareholders&rsquo; ability to convert or sell their shares to us in connection with a business combination
as described herein or 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 15 months (or up to 21&nbsp;months) from the closing of this offering or (B)&nbsp;with
respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity, unless we
provide public shareholders with the opportunity to redeem their public shares. Furthermore, our sponsor, officers and directors
have agreed, pursuant to a written agreement with us, that they will not propose such an amendment unless we provide our public
shareholders with the opportunity to redeem their public shares. In certain circumstances, our shareholders may pursue remedies
against us for any breach of our amended and restated memorandum and articles of association.</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>

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<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>We
may amend the terms of the warrants in a manner that may be adverse to holders of public warrants with the approval by the holders
of at least a majority of the then outstanding public warrants.</I></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">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 a majority
of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public
warrants. Accordingly, we may amend the terms of the public warrants in a manner adverse to a holder if holders of at least a
majority of the then outstanding public warrants approve of such amendment. Although our ability to amend the terms of the public
warrants with the consent of at least a majority of the then outstanding public warrants is unlimited, examples of such amendments
could be amendments to, among other things, increase the exercise price of the warrants, shorten the exercise period or decrease
the number of Class&nbsp;A ordinary shares purchasable upon exercise of a warrant.</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>We
may amend the terms of the rights in a way that may be adverse to holders with the approval by the holders of a majority of the
then outstanding rights.</I></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">Our
rights will be issued in registered form under a rights agreement between Continental Stock Transfer &amp; Trust Company, as rights
agent, and us. The rights agreement provides that the terms of the rights may be amended without the consent of any holder to
cure any ambiguity or correct any defective provision. The rights agreement requires the approval by the holders of a majority
of the then outstanding rights (including the private rights) in order to make any change that adversely affects the interests
of the registered holders. Accordingly, we may amend the terms of the rights in a manner adverse to a holder if holders of at
least a majority of the then outstanding public rights approve of such 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Certain
agreements related to this offering may be amended without shareholder approval.</I></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">Each
of the agreements related to this offering to which we are a party, other than the warrant agreement and the investment management
trust agreement, may be amended without shareholder approval. These agreements contain various provisions that our public shareholders
might deem to be material. For example, our letter agreement and the underwriting agreement contain certain lock-up provisions
with respect to the founder shares, private units and other securities held by our initial shareholders, officers and 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">Amendments
to such agreements would require the consent of the applicable parties thereto and would need to be approved by our board of directors,
which may do so for a variety of reasons, including to facilitate our initial business combination. While we do not expect our
board of directors to approve any amendment to any of these agreements prior to our initial business combination, it may be possible
that our board of directors, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or
more amendments to any such agreement. Any material amendment entered into in connection with the completion of our initial business
combination will be disclosed in our proxy solicitation or tender offer materials, as applicable, related to such initial business
combination, and any other material amendment to any of our material agreements will be disclosed in a filing with the SEC. Any
such amendments would not require approval from our shareholders, may result in the completion of our initial business combination
that may not otherwise have been possible, and may have an adverse effect on the value of an investment in our securities. For
example, amendments to the lock-up provision discussed above may result in our initial shareholders selling their securities earlier
than they would otherwise be permitted, which may have an adverse effect on the price of our securities.</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>We
may be unable to obtain additional financing to complete our initial business combination or to fund the operations and growth
of a target business, which could compel us to restructure or abandon a particular business combination.</I></B></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">Although
we believe that the net proceeds of this offering and the sale of the private units will be sufficient to allow us to complete
our initial business combination, because we have not yet selected any target business we cannot ascertain the capital requirements
for any particular transaction. If the net proceeds of this offering and the sale of the private units prove to be insufficient,
either because of the size of our initial business combination, the depletion of the available net proceeds in search of a target
business, the obligation to redeem for cash a significant number of shares from shareholders who elect redemption in connection
with our initial business combination or the terms of negotiated transactions to purchase shares in connection with our initial
business combination, we may be required to seek additional financing or to abandon the proposed business combination. We cannot
assure you that such financing will be available on acceptable terms, if at all. 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. In addition, even if we do
not need additional financing to complete our initial business combination, we may require such financing to fund the operations
or growth of the target business. The failure to secure additional financing could have a material adverse effect on the continued
development or growth of the target business. None of our officers, directors or shareholders is required to provide any financing
to us in connection with or after our initial business combination. If we are unable to complete our initial business combination,
our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation
of our trust account, and our rights and warrants will 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"></P>

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<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>Our
initial shareholders will control the election of our board of directors until completion of our initial business combination
and will hold a substantial interest in us. As a result, they will appoint all of our directors prior to our initial business
combination and may exert a substantial influence on actions requiring shareholder vote, potentially in a manner that you do not
support.</I></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">Upon
the closing of this offering, our initial shareholders will own 20% of our issued and outstanding ordinary shares (excluding the
private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination and assuming they do not purchase any units in this offering). In addition, prior to our initial
business combination, only the founder shares, all of which are held by our initial shareholders, will have the right to vote
on the appointment of directors, and holders of a majority of our founder shares may remove a member of the board of directors
for any reason.</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">Neither
our initial shareholders nor, to our knowledge, any of our officers or directors, have any current intention to purchase additional
securities, other than as disclosed in this prospectus. Factors that would be considered in making such additional purchases would
include consideration of the current trading price of our Class&nbsp;A ordinary shares. In addition, as a result of their substantial
ownership in our company, our initial shareholders may exert a substantial influence on other actions requiring a shareholder
vote, potentially in a manner that you do not support, including amendments to our amended and restated memorandum and articles
of association and approval of major corporate transactions. If our initial shareholders purchase any Class&nbsp;A ordinary shares
in this offering or in the aftermarket or in privately negotiated transactions, this would increase their influence over these
actions. Accordingly, our initial shareholders will exert significant influence over actions requiring a shareholder vote at least
until the completion of 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><I>Our
sponsor paid an aggregate of $25,000, or $0.022 per founders&rsquo; share (assuming the over-allotment option is exercised in
full and thus no forfeiture by our sponsor of any founder shares), and, accordingly, you will experience immediate and substantial
dilution upon the purchase of our Class&nbsp;A ordinary shares.</I></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
difference between the public offering price per share (allocating all of the unit purchase price to the Class A ordinary shares
and none to the right or warrant included in the unit) and the pro forma net tangible book value per Class A ordinary share 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 rights or warrants included in the units, you and the other public shareholders will incur an immediate and substantial
dilution of approximately 75.03% (or $6.82 per share, assuming no exercise of the underwriters&rsquo; over-allotment option),
the difference between the pro forma net tangible book value per share of $2.27 and the initial offering price of $9.09 per unit
(including the ordinary shares issuable upon conversion of the rights). This dilution would increase to the extent that the anti-dilution
provisions of the founder shares result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion
of the founder shares at the time of our initial business combination. In addition, because of the anti-dilution protection in
the founder shares, any equity or equity-linked securities issued in connection with our initial business combination would be
disproportionately dilutive to our Class A ordinary shares.</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>Our
unit structure may cause our units to be worth less than units of other blank check companies.</I></B></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>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
unit contains one-half of one redeemable warrant and one right to receive one-tenth of a share. No fractional warrants will be
issued upon separation of the units and only whole warrants will trade. The foregoing is different from other offerings similar
to ours whose units include shares and whole warrants. This unit structure may cause our units to be worth less than if they included
a warrant to purchase one whole share but did not include a right.</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">A
provision of our warrant agreement may make it more difficult for us to consummate an 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">If:</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">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
issue additional Class&nbsp;A ordinary shares or equity-linked securities for capital raising purposes in connection with the
closing of our initial business combination at a Newly Issued Price of less than $9.20 per Class&nbsp;A ordinary share;</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">&nbsp;</FONT></P>

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

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<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">&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">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the completion of our initial business combination (net of
redemptions), and</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">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Market Value is below $9.20 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">then
the exercise price of the warrants will be adjusted to be equal to 115% of the higher of the Market Value and the Newly Issued
Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher
of the Market Value and the Newly Issued Price. This may make it more difficult for us to consummate an initial business combination
with a target business.</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>We
may redeem your unexpired warrants prior to their exercise at a time that is disadvantageous to you, thereby making your warrants
worthless.</I></B></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">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 ordinary shares equals or exceeds
$18.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and
the like or as indicated above) for any 20 trading days within a 30 trading-day period commencing on the date they become exercisable
and ending on the third trading day prior to the date we send the notice of redemption to the warrant holders. If and when the
warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying
securities for sale under all applicable state securities laws. Redemption of the outstanding warrants could force you to: (1)&nbsp;exercise
your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so; (2)&nbsp;sell your
warrants at the then-current market price when you might otherwise wish to hold your warrants; or (3)&nbsp;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 our sponsor
or its permitted transferees.</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>

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<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>Our
rights, warrants and founder shares may have an adverse effect on the market price of our Class&nbsp;A ordinary shares and make
it more difficult to effectuate our initial business combination.</I></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">We
will be issuing rights to receive 400,000 Class&nbsp;A ordinary shares (or up to 460,000 Class&nbsp;A ordinary shares if the underwriters&rsquo;
over-allotment option is exercised in full) and warrants to purchase 2,000,000 Class&nbsp;A ordinary shares (or up to 2,300,000
Class&nbsp;A ordinary shares if the underwriters&rsquo; over-allotment option is exercised in full) at a price of $11.50 per share
(subject to adjustment as provided herein), as part of the units offered by this prospectus. Simultaneously with the closing of
this offering, we will be issuing in a private placement an aggregate of 250,000 (or 268,000 if the underwriters&rsquo; over-allotment
option is exercised in full) private units, each unit consisting of one private share, one private right and one-half of one private
warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one Class&nbsp;A ordinary share upon the consummation
of an initial business combination. Each private warrant is exercisable to purchase one Class&nbsp;A ordinary share at a price
of $11.50 per share, subject to adjustment as provided herein. Our initial shareholders currently hold 1,150,000 founder shares
(up to 150,000 of which are subject to forfeiture by our sponsor depending on the extent to which the underwriters&rsquo; over-allotment
option is exercised). In addition, if our sponsor, an affiliate of our sponsor or certain of our officers and directors make any
working capital loans, up to $1,500,000 of such loans may be converted into units, at the price of $10.00 per unit, at the option
of the lender. Such units would be identical to the private units. To the extent we issue ordinary shares to effectuate a business
transaction, the potential for the issuance of a substantial number of additional Class&nbsp;A ordinary shares upon exercise of
these warrants could make us a less attractive acquisition vehicle to a target business. Any such issuance will increase the number
of issued and outstanding Class&nbsp;A ordinary shares and reduce the value of the Class&nbsp;A ordinary shares issued to complete
the business transaction. Therefore, our rights, warrants and founder shares may make it more difficult to effectuate a business
combination or increase the cost of acquiring the target business.</FONT></P>

<p></p>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
warrants underlying the private units are identical to the units sold as part of the units in this offering except that, so long
as the warrants underlying such units are held by our sponsor or its permitted transferees: (1)&nbsp;they will not be redeemable
by us; (2)&nbsp;they (including the ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited
exceptions, be transferred, assigned or sold by our sponsor until 30 days after the completion of our initial business combination;
(3)&nbsp;they may be exercised by the holders on a cashless basis; and (4)&nbsp;they (including the ordinary shares issuable upon
exercise of these warrants) are entitled to registration rights.</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>The
determination of the offering price of our units and the size of this offering is more arbitrary than the pricing of securities
and size of an offering of an operating company in a particular industry. You may have less assurance, therefore, that the offering
price of our units properly reflects the value of such units than you would have in a typical offering of an operating company.</I></B></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">Prior
to this offering there has been no public market for any of our securities. The public offering price of the units and the terms
of the rights and warrants were negotiated between us and the representative of 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 ordinary shares, rights and warrants underlying the units, include:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
history and prospects of companies whose principal business is the acquisition of other companies;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
offerings of those companies;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
prospects for acquiring an operating business at attractive values;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
review of debt to equity ratios in leveraged transactions;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
capital structure;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
assessment of our management and their experience in identifying operating companies;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;general
conditions of the securities markets at the time of this offering; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
factors as were deemed relevant.</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">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.</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>

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<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>There
is currently no market for our securities and a market for our securities may not develop, which would adversely affect the liquidity
and price of our securities.</I></B></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">There
is currently no market for our securities. Shareholders therefore have no access to information about prior market history on
which to base their investment decision. Following this offering, the price of our securities may vary significantly due to one
or more potential business combinations and general market or economic conditions. 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.</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>Because
we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous
initial business combination with some prospective target businesses.</I></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
federal proxy rules&nbsp;require that a proxy statement with respect to a vote on a business combination meeting certain financial
significance tests include historical and/or pro forma financial statement disclosure in periodic reports. We will include the
same financial statement disclosure in connection with our tender offer documents, whether or not they are required under the
tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled to, accounting
principles generally accepted in the United States of America, or U.S. GAAP, or international financing 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 financial statements in accordance
with federal proxy rules&nbsp;and complete our initial business combination within the prescribed time frame.</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>U.S.
laws in the future may restrict or eliminate our ability to complete a business combination with certain companies.</I></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">Future
developments in U.S. laws may restrict our ability or willingness to complete certain business combinations with companies. For
instance, the federal government has recently proposed legislation that would restrict our ability to consummate a business combination
with a target business unless that business met certain standards of the PCAOB and would require delisting of a company from national
securities exchanges if it failed to retain an accounting firm that the PCAOB has inspected to the satisfaction of the SEC. Such
proposed legislation would also would require public companies to disclose whether they are owned or controlled by a foreign government,
specifically, those based in the People's Republic of China, or the PRC. We may not be able to consummate a business combination
with a favored target business due to these laws. Furthermore, the documentation we may be required to submit to the SEC proving
certain beneficial ownership requirements and establishing that we are not owned or controlled by a foreign government in the
event that we use a foreign public accounting firm not subject to inspection by the PCAOB or where the PCAOB is unable to completely
inspect or investigate our accounting practices or financial statements because of a position taken by an authority in the foreign
jurisdiction could be onerous and time consuming to prepare.</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><I>Enhanced
scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may
pursue in the future.</I></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">The
PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of certain taxable assets, including, in
particular, equity interests in a PRC resident enterprise, by a non-resident enterprise by promulgating and implementing SAT Circular
59 and Circular 698, which became effective in January&nbsp;2008, and Circular 7 in replacement of some of the existing rules&nbsp;in
Circular 698, which became effective in February&nbsp;2015.</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">Under
Circular 698, where a non-resident enterprise conducts an &ldquo;indirect transfer&rdquo; by transferring the equity interests
of a PRC &ldquo;resident enterprise&rdquo; indirectly by disposing of the equity interests of an overseas holding company, the
non-resident enterprise, being the transferor, may be subject to PRC corporate income tax, if the indirect transfer is considered
to be an abusive use of company structure without reasonable commercial purposes. As a result, gains derived from such indirect
transfer may be subject to PRC tax at a rate of up to 10%. Circular 698 also provides that, where a non-PRC resident enterprise
transfers its equity interests in a PRC resident enterprise to its related parties at a price lower than the fair market value,
the relevant tax authority has the power to make a reasonable adjustment to the taxable income of the transaction.</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>

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<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">In
February&nbsp;2015, the SAT issued Circular 7 to replace the rules&nbsp;relating to indirect transfers in Circular 698. Circular
7 has introduced a new tax regime that is significantly different from that under Circular 698. Circular 7 extends its tax jurisdiction
to not only indirect transfers set forth under Circular 698 but also transactions involving transfer of other taxable assets,
through the offshore transfer of a foreign intermediate holding company. In addition, Circular 7 provides clearer criteria than
Circular 698 on how to assess reasonable commercial purposes and has introduced safe harbors for internal group restructurings
and the purchase and sale of equity through a public securities market. Circular 7 also brings challenges to both the foreign
transferor and transferee (or other person who is obligated to pay for the transfer) of the taxable assets. Where a non-resident
enterprise conducts an &ldquo;indirect transfer&rdquo; by transferring the taxable assets indirectly by disposing of the equity
interests of an overseas holding company, the non-resident enterprise being the transferor, or the transferee, or the PRC entity
which directly owned the taxable assets may report to the relevant tax authority such indirect transfer. Using a &ldquo;substance
over form&rdquo; principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable
commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived
from such indirect transfer may be subject to PRC corporate income tax, and the transferee or other person who is obligated to
pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
face uncertainties on the reporting and consequences on future private equity financing transactions, share exchange or other
transactions involving the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities
may pursue such non-resident enterprises with respect to a filing or the transferees with respect to withholding obligation, and
request our PRC subsidiaries to assist in the filing. As a result, we and non-resident enterprises in such transactions may become
at risk of being subject to filing obligations or being taxed, under Circular 59 or Circular 698 and Circular 7, and may be required
to expend valuable resources to comply with Circular 59, Circular 698 and Circular 7 or to establish that we and our non-resident
enterprises should not be taxed under these circulars, which may have a material adverse effect on our financial condition and
results of operations.</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">The
PRC tax authorities have the discretion under SAT Circular 59, Circular 698 and Circular 7 to make adjustments to the taxable
capital gains based on the difference between the fair value of the taxable assets transferred and the cost of investment. If
we are considered a non-resident enterprise under the PRC corporate income tax law and if the PRC tax authorities make adjustments
to the taxable income of the transactions under SAT Circular 59 or Circular 698 and Circular 7, our income tax costs associated
with potential acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations.</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>We
are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage
of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this
could make our securities less attractive to investors and may make it more difficult to compare our performance with other public
companies.</I></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">We
are an &ldquo;emerging growth company&rdquo; within the meaning of the Securities Act, as modified by the JOBS Act, and we may
take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are
not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and shareholder approval of any golden parachute payments not previously approved. As a result, our shareholders may not have
access to certain information they may deem important. We could be an emerging growth company for up to five years, although circumstances
could cause us to lose that status earlier, including if the market value of our ordinary shares held by non-affiliates exceeds
$700 million as of the end of any second quarter of a fiscal year, in which case we would no longer be an emerging growth company
as of the end of such fiscal year. 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.</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">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.
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.</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>

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<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">Additionally,
we are a &ldquo;smaller reporting company&rdquo; 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 ordinary shares held by non-affiliates exceeds $250 million as of the end of that year&rsquo;s second fiscal quarter,
or (2)&nbsp;our annual revenues exceeded $100 million during such completed fiscal year and the market value of our ordinary shares
held by non-affiliates exceeds $700 million as of the end of that year&rsquo;s second fiscal quarter. 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.</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>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 acquisition.</I></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">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, 2021. Only in the event we are deemed to be a large accelerated filer
or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to comply with the independent
registered public accounting firm attestation requirement on our internal control over financial reporting. The fact that we are
a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome on us as compared
to other public companies because a target business with which we seek to complete our initial business combination may not be
in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development of the
internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary
to complete any such acquisition.</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>Because
we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability
to protect your rights through the U.S. Federal courts may be limited.</I></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">We
are an exempted company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect
service of process within the United States upon our directors or officers, or enforce judgments obtained in the United States
courts against our directors or officers.</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">Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Law and the
common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders
and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common
law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent
in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not
binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under
Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United
States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and certain
states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman
Islands companies may not have standing to initiate a shareholders derivative action in a Federal court of the United States.</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">We
have been advised by Maples and Calder, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (1)&nbsp;to
recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the
federal securities laws of the United States or any state; and (2)&nbsp;in original actions brought in the Cayman Islands, to
impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States
or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands
will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits
based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the
sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or
penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained
in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands
(awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement
proceedings if concurrent proceedings are being brought elsewhere.</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>

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<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">As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions
taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a
United States company.</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>Provisions
in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors
might be willing to pay in the future for our Class&nbsp;A ordinary shares and could entrench management.</I></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">Our
amended and restated memorandum and articles of association will contain provisions that may discourage unsolicited takeover proposals
that shareholders may consider to be in their best interests. These provisions include two-year director terms and the ability
of the board of directors to designate the terms of and issue new series of preference shares, which may make more difficult the
removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing market
prices for our securities.</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>After
our initial business combination, it is possible that a majority of our directors and officers will live outside the United States
and all or substantially all of our assets will be located outside the United States; therefore investors may not be able to enforce
federal securities laws or their other legal rights.</I></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">It
is possible that after our initial business combination, a majority of our directors and officers will reside outside of the United
States and all or substantially all of our assets will be located outside of the United States. As a result, it may be difficult,
or in some cases not possible, for investors in the United States to enforce their legal rights, to effect service of process
upon all of our directors or officers or to enforce judgments of United States courts predicated upon civil liabilities and criminal
penalties on our directors and officers under United States laws.</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>If
we effect a business combination with a company located in Asia or outside of the United States, we would be subject to a variety
of additional risks that may negatively impact our operations.</I></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">If
we effect a business combination with a company located in Asia or outside of the United States, the laws of the country in which
such company operates will likely govern almost all of the material agreements relating to its operations. We cannot assure you
that the target business will be able to enforce any of its material agreements or that remedies will be available in this new
jurisdiction. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in implementation
and interpretation as in the United States. The inability to enforce or obtain a remedy under any of our future agreements could
result in a significant loss of business, business opportunities or capital.</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>If
our management following our initial business combination is unfamiliar with U.S. securities laws, they may have to expend time
and resources becoming familiar with such laws, which could lead to various regulatory issues.</I></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">Following
our initial business combination, any or all of our management could resign from their positions as officers of the Company, and
the management of the target business at the time of the business combination could remain in place. Management of the target
business may not be familiar with U.S. securities laws. If new management is unfamiliar with U.S. securities laws, they may have
to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could lead to various
regulatory issues which may adversely affect our operations.</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>After
our initial business combination, substantially all of our assets may be located in a foreign country and substantially all of
our revenue may be derived from our operations in such country. Accordingly, our results of operations and prospects will be subject,
to a significant extent, to the economic, political, social and government policies, developments and conditions in the country
in which we operate.</I></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
economic, political and social conditions, as well as government policies, of the country in which our operations are located
could affect our business. Economic growth could be uneven, both geographically and among various sectors of the economy and such
growth may not be sustained in the future. If in the future such country&rsquo;s economy experiences a downturn or grows at a
slower rate than expected, there may be less demand for spending in certain industries. A decrease in demand for spending in certain
industries could materially and adversely affect our ability to find an attractive target business with which to consummate our
initial business combination and if we effect our initial business combination, the ability of that target business to become
profitable.</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>

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<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>We
will be subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that
have increased both our costs and the risk of non-compliance.</I></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">We
will be subject to rules&nbsp;and regulations of various governing bodies, including, for example, the SEC, which are charged
with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving
regulatory measures under applicable law. Our efforts to comply with new and changing laws and regulations are likely to continue
to result in increased general and administrative expenses and a diversion of management time and attention from our search for
a business combination target to compliance activities.</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">Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve
over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters
and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply
with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.</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>Risks
Associated with Acquiring and Operating a Business Outside the United States</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>If
we effect a business combination with a company located in Asia or outside the United States, we would be subject to a variety
of additional risks that may negatively impact our operations.</I></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">If
we are successful in consummating a business combination with a target business in Asia, or if we effect a business combination
with a company located in another foreign country, we would be subject to any special considerations or risks associated with
companies operating in the target business&rsquo; home jurisdiction, including any of the following:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;rules&nbsp;and
regulations or currency conversion or corporate withholding taxes on individuals;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tariffs
and trade barriers;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;regulations
related to customs and import/export matters;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;longer
payment cycles;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax
issues, such as tax law changes and variations in tax laws as compared to the United States;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;currency
fluctuations and exchange controls;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;challenges
in collecting accounts receivable;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cultural
and language differences;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employment
regulations;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;crime,
strikes, riots, civil disturbances, terrorist attacks and wars; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deterioration
of political relations with the United States, which could result in uncertainty and/or changes in or to existing trade treaties.</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
particular, if we acquire a target business in Asia, we would be subject to the risk of changes in economic conditions, social
conditions and political conditions inherent in Asia, including changes in laws and policies that govern foreign investment, as
well as changes in United States laws and regulations relating to foreign trade and investment.</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">We
cannot assure you that we would be able to adequately address these additional risks. If we were unable to do so, our operations
might suffer.</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">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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>Because
of the costs and difficulties inherent in managing cross-border business operations, our results of operations may be negatively
impacted.</I></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">Managing
a business, operations, personnel or assets in another country is challenging and costly. Any management that we may have (whether
based abroad or in the U.S.) may be inexperienced in cross-border business practices and unaware of significant differences in
accounting rules, legal regimes and labor practices. Even with a seasoned and experienced management team, the costs and difficulties
inherent in managing cross-border business operations, personnel and assets can be significant (and much higher than in a purely
domestic business) and may negatively impact our financial and operational performance.</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>We
may re-incorporate in another jurisdiction in connection with our initial business combination, and the laws of such jurisdiction
will likely govern all of our material agreements and we may not be able to enforce our legal rights.</I></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 our initial business combination, we may relocate the home jurisdiction of our business from the Cayman Islands
to a country located in Asia or another jurisdiction. If we determine to do this, the laws of such jurisdiction would likely govern
all of our material agreements. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain
in implementation and interpretation as in the United States or the Cayman Islands. The inability to enforce or obtain a remedy
under any of our future agreements could result in a significant loss of business, business opportunities or capital. Any such
reincorporation may subject us to foreign regulations that could materially and adversely affect our business.</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>There
may be tax consequences to our business combinations that may adversely affect us.</I></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">While
we expect to undertake any merger or acquisition so as to minimize taxes both to the acquired business and/or asset and us, such
business combination might not meet the statutory requirements of a tax-free reorganization, or the parties might not obtain the
intended tax-free treatment upon a transfer of shares or assets. A non-qualifying reorganization could result in the imposition
of substantial taxes.</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>

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<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><A NAME="CAUTIONARYNOTEREGARDINGFORWARDLOOKING"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Some
statements contained in this prospectus are forward-looking in nature. Our forward-looking statements include, but are not limited
to, statements regarding our or our management team&rsquo;s expectations, hopes, beliefs, intentions or strategies regarding the
future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo;
 &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo;
 &ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements, but the absence of
these words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include,
for example, statements about:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
ability to select an appropriate target business or businesses;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
ability to complete 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
expectations around the performance of a prospective target business or businesses;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
combination;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business
or in approving our initial business combination;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
potential ability to obtain additional financing to complete 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
pool of prospective target businesses;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
ability of our officers and directors to generate a number of potential business combination opportunities;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
public securities&rsquo; potential liquidity and trading;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
lack of a market for our securities;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
use of proceeds not held in the trust account or available to us from interest income on the trust account balance;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
trust account not being subject to claims of third parties; or</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
financial performance following this offering or following 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">The
forward-looking statements contained in this prospectus are based on our current expectations and beliefs concerning future developments
and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have
anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control)
or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by
these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under
the heading &ldquo;Risk Factors.&rdquo; Should one or more of these risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake
no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.</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>

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<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"><A NAME="USEOFPROCEEDS"></A><B>USE
OF PROCEEDS</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are offering 4,000,000 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 units will be used as set forth in the following table.</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: 10pt Times New Roman, Times, Serif; text-align: center"><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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without
    Over-<BR>
    Allotment Option</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Over-Allotment
    <BR>
    Option Exercised</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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    proceeds</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">&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"><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">&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></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; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    proceeds from units offered to public</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross
    proceeds from private units offered in the private placement</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,500,000</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><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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,680,000</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; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    gross proceeds</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">42,500,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">48,680,000</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: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Estimated
    offering expenses<SUP>(1)</SUP></I></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">&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"><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">&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></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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underwriting
    commissions (3.0% of gross proceeds from units offered to public)</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,200,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,380,000</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: 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">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">250,000</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><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">250,000</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"><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">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><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"><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">30,000</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><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">30,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC
    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">6,568</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,568</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"><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">7,400</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,400</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq
    listing and filing fees (including deferred amount)</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><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: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous
    expenses<SUP>(2)</SUP></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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">146,032</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><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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">146,032</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; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    estimated offering expenses (other than underwriting commissions)</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">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">550,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">550,000</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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds
    after estimated offering expenses</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40,750,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,750,000</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; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Held
    in trust account<SUP>(3)(4)</SUP></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">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,000,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
    of public offering size</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">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</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">100</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</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; font-size: 10pt">Not
    held in trust account<SUP>(1)</SUP></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">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">750,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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; 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;&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">The
following table shows the use of the $750,000 of net proceeds not held in the trust account<SUP>(4)</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">.</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: 10pt Times New Roman, Times, Serif; text-align: center"><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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">%
    of Total</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></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: 72%; text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal,
    accounting, due diligence, travel and other expenses in connection with any business combination</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">300,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></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">Legal
    and accounting fees related to regulatory reporting obligations</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">150,000</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><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">20.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></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: -9pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq
    continued listing 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><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">10.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></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; font-size: 10pt">Administrative
    and support services<SUP>(5)</SUP></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">150,000</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><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">20.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></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: -9pt; padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">General
    working capital</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><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">10.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">750,000</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100.00</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</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>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;A
portion of the offering expenses have been paid from the proceeds of loans from our sponsor of up to $150,000 as described in
this prospectus. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion
of the expenses of this offering. These loans will be repaid upon completion of this offering out of the $550,000 of offering
proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust
account. These expenses are estimates only. In the event that offering expenses are less than as set forth in this table, any
such amounts will be used for post-closing working capital expenses. In the event that the offering expenses are more than as
set forth in this table, we may fund such excess with funds not held in the trust account.</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">(2)&nbsp;Includes
organizational and administrative expenses as well as initial premiums for directors and officers insurance, and may include amounts
related to above-listed expenses in the event actual amounts exceed estimates.</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">(3)&nbsp;We
are obligated to pay to EarlyBirdCapital a fee in an amount equal to 4.0% of the gross proceeds of this offering for serving as
an advisor in connection with our business combination. Accordingly, upon completion of our initial business combination, $1,600,000
(or up to $1,840,000 if the underwriters&rsquo; over-allotment option is exercised in full) will be paid to EarlyBirdCapital from
the funds held in the trust account.</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">(4)&nbsp;These
expenses are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein.
For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and
structuring a business combination based upon the level of complexity of such business combination. In the event we identify an
acquisition 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.</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: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5)&nbsp;On
or prior to the date of this prospectus, we will enter into an administrative services agreement pursuant to which we will pay
our sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of our initial business
combination or our liquidation, we will cease paying these monthly fees.</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>

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<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">Of
the net proceeds of this offering and the sale of the private units, $40,000,000 (or $46,000,000 if the underwriters&rsquo; over-allotment
option is exercised in full) will, upon the consummation of this offering, be placed in a United States-based trust account with
Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee. The funds in the trust account will be held as cash or
invested only in U.S. government treasury bills with a maturity of 180 days or less or in money market funds investing solely
in U.S. Treasuries and meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act. Based on current interest
rates, we estimate that the interest earned on the trust account will be approximately $80,000 per year, assuming an interest
rate of 0.2% per year. We will not be permitted to withdraw any of the principal or interest held in the trust account except
for the withdrawal of interest to pay taxes, if any, and up to $50,000 of interest to pay dissolution expenses and which interest
shall be net of taxes payable. The funds held in the trust account will not be released from the trust account until the earliest
to occur of: (1)&nbsp;the completion of our initial business combination; (2)&nbsp;the redemption of any public shares properly
submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A)&nbsp;that
would affect our public shareholders&rsquo; ability to convert or sell their shares to us in connection with a business combination
as described herein or 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 15 months (or up to 21 months) from the closing of this offering or (B)&nbsp;with respect
to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity; and (3)&nbsp;the redemption
of our public shares if we are unable to complete our initial business combination within 15 months (or up to 21 months) from
the closing of this offering, subject to applicable law. Based on current interest rates, we expect that interest earned on the
trust account will be sufficient to pay taxes.</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
net proceeds held in the trust account may be used as consideration to pay the sellers of a target business with which we ultimately
complete our initial business combination. If our initial business combination is paid for using equity or debt, or not all of
the funds released from the trust account are used for payment of the consideration in connection with our initial business combination
or the redemption of our public shares, we may apply the balance of the cash released to us from the trust account 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.</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">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
acquisition, only after we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms
of a business combination. However, if our estimate of the costs of undertaking in-depth due diligence and negotiating a business
combination is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability
and cost of which is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital
through loans or additional investments from our sponsor, members of our management team or any of their affiliates, but such
persons are not under any obligation to loan funds to, or invest in, us.</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">We
may use substantially all of the net proceeds of this offering, including the funds held in the trust account, to acquire a target
business and to pay our expenses relating thereto, including a fee payable to EarlyBirdCapital equal to 4.0% of the gross proceeds
raised in this offering (exclusive of any applicable finders&rsquo; fees which might become payable) upon consummation of our
initial business combination for assisting us in connection with our initial business combination, as described under the section
titled &ldquo;Underwriting&thinsp;&mdash;&thinsp;Business Combination Marketing Agreement.&rdquo; To the extent that our share
capital is used in whole or in part as consideration to effect a business combination, the proceeds held in the trust account
which are not used to consummate a business combination will be disbursed to the combined company and will, along with any other
net proceeds not expended, be used as working capital to finance the operations of the target business. Such working capital funds
could be used in a variety of ways including continuing or expanding the target business&rsquo; operations, for strategic acquisitions
and for marketing, research and development of existing or new products.</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>

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<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">Prior
to the closing of this offering, our sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used
for a portion of the expenses of this offering. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our
sponsor to be used for a portion of the expenses of this offering. These loans are non-interest bearing, unsecured and are due
at the earlier of December&nbsp;31, 2020 or the closing of this offering. These loans will be repaid upon completion of this offering
out of the $550,000 of offering proceeds that has been allocated for the payment of offering expenses (other than underwriting
commissions) not held in the trust account.</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, 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.
Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds
released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible into units
at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private units issued to our sponsor.
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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our sponsor, directors, officers, advisors or any of their affiliates
may also purchase shares in privately negotiated transactions or in the open market either prior to or following the completion
of our initial business combination. Please see &ldquo;Proposed Business&mdash;Permitted purchases of our securities&rdquo; for
a description of how such persons will determine from which shareholders to seek to acquire shares. The price per share paid in
any such transaction may be different than the amount per share a public shareholder would receive if it elected to redeem its
shares in connection with our initial business combination. However, such persons 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 be restricted from making any such purchases when they are in possession of any material non-public information
not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. 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.</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">We
may not redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either immediately
prior to or upon completion of our initial business combination (so that we do not then become subject to the SEC&rsquo;s &ldquo;penny
stock&rdquo; rules) and the agreement for our initial business combination may require as a closing condition that we have a minimum
net worth or a certain amount of cash. If too many public shareholders 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 such redemption of our public
shares and the related business combination, and we instead may search for an alternate 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">A
public shareholder will be entitled to receive funds from the trust account only upon the earliest to occur of: (1)&nbsp;the completion
of our initial business combination; (2)&nbsp;the redemption of any public shares properly submitted in connection with a shareholder
vote to amend our amended and restated memorandum and articles of association (A)&nbsp;that would affect our public shareholders&rsquo;
ability to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months (or within 21 months) from the closing of this offering or (B)&nbsp;with respect to any other provision relating to
shareholders&rsquo; rights or pre-initial business combination activity; and (3)&nbsp;the redemption of our public shares if we
are unable to complete our initial business combination within 15 months (or within 21 months) from the closing of this offering,
subject to applicable law. In no other circumstances will a shareholder have any right or interest of any kind to or in the trust
account.</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">Our
initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to their founder shares and any public shares held by them in connection with the completion of our initial
business combination. Our directors and officers have also entered into the letter agreement, imposing similar obligations on
them with respect to public shares acquired by them, if any. In addition, our initial shareholders have agreed to waive their
rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial
business combination within the prescribed time frame. However, if our sponsor or any of our officers, directors or affiliates
acquires public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with
respect to such public shares if we fail to complete our initial business combination within the prescribed time frame.</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>

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<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"><A NAME="DIVIDENDPOLICY"></A><B>DIVIDEND
POLICY</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">We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion
of our initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings,
if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The
payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors
at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends
in the foreseeable future, except if we increase the size of this offering, in which case we will effect a capitalization or other
appropriate mechanism immediately prior to the consummation of this offering in such amount as to maintain the number of founder
shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (assuming they do not purchase
any units in this offering and excluding the private shares underlying the private units, the representative shares and any shares
underlying units issued upon conversion of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities
issued, or to be issued, to any seller in our initial business combination). 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.</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>

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<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"><A NAME="DILUTION"></A><B>DILUTION</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">&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">&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">The
difference between the public offering price per Class&nbsp;A ordinary share, assuming no value is attributed to the rights or
warrants included in the units we are offering pursuant to this prospectus or the private warrants, and the pro forma net tangible
book value per ordinary share after this offering constitutes the dilution to investors in this offering. Such calculation does
not reflect any dilution associated with the sale and exercise of warrants, including the private warrants, which would cause
the actual dilution to the public shareholders to be higher, particularly where a cashless exercise is utilized. Net tangible
book value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities
(including the value of Class&nbsp;A ordinary shares which may be redeemed for cash), by the number of issued and outstanding
ordinary shares.</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">At July 8, 2020, our net tangible book value was a deficiency
of $(40,000), or approximately $(0.03) per ordinary share. For purposes of the dilution calculation, in order to present the maximum
estimated dilution as a result of this offering, we have assumed (i) the issuance of 0.10 of a share for each right outstanding,
as such issuance will occur upon a business combination without the payment of additional consideration and (ii) the number of
shares included in the units offered hereby will be deemed to be 4,400,000 (consisting of 4,000,000 shares included in the units
we are offering by this prospectus and 400,000 shares for the outstanding rights), and the price per share in this offering will
be deemed to be $9.09. After giving effect to the sale of 4,000,000 Class A ordinary shares included in the units we are offering
by this prospectus, the sale of the private units and the deduction of underwriting commissions and estimated expenses of this
offering, our pro forma net tangible book value at July 8, 2020 would have been $5,000,007, or $2.27 per share, representing an
immediate increase in net tangible book value (as decreased by the value of 3,576,592 Class A ordinary shares that may be redeemed
for cash and assuming no exercise of the underwriters&rsquo; over-allotment option) of $2.30 per share to our initial shareholders
as of the date of this prospectus and an immediate dilution of $6.82 per share or 75.0% to our public shareholders not exercising
their redemption rights. The dilution to new investors if the underwriters exercise the over-allotment option in full would be
an immediate dilution of $7.03 per share or 77.3%.</P>

<P STYLE="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">The
following table illustrates the dilution to the public shareholders on a per-share basis, assuming no value is attributed to the rights or warrants included in the units or the private
units:</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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Without<BR>
    Over-allotment</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>With<BR>
    Over-allotment</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><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: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 74%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.09</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.09</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><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-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    tangible book deficit before this offering</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.03</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.03</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    attributable to public shareholders</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.30</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.09</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><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-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pro
    forma net tangible book value after this offering and the sale of the private units</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.27</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.06</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><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: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dilution
    to public shareholders</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.82</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.03</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><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-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage
    of dilution to new investors</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.0</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77.3</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">For
purposes of presentation, we have reduced our pro forma net tangible book value after this offering (assuming no exercise of the
underwriters&rsquo; over-allotment option) by $35,765,920 because holders of up to approximately 89.4% 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 shareholders meeting, including interest
(which interest shall be net of taxes payable), divided by the number of Class&nbsp;A ordinary shares sold in this offering).
The actual number of shares that may be redeemed could be higher than the above amount provided that we meet the requirement to
have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of 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"></P>

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<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
following table sets forth information with respect to our initial shareholders and the public shareholders:</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 STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares
    Purchased</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Consideration</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Average
    <BR>
    Price <BR>
    per <BR>
    Share</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><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">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><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: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    Shareholders<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000,000</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.32</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.06</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.025</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><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-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    Shares <SUP>(2)</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">275,000</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"><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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.76</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,500,000</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"><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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.88</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.09</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; background-color: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative
    Shares</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100,000</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"><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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.73</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</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"><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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.0001</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; background-color: white">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    Shareholders <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,400,000</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76.19</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,000,000</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.06</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.09</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><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: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,775,000</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.00</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,525,010</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100.00</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><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: Rule-Page --><DIV STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font: 1pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></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">Assumes
                                         no exercise of the over-allotment option and forfeiture by our sponsor of 150,000 founder
                                         shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></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">Includes
                                         the issuance of an additional 25,000 shares underlying the rights contained in the private
                                         shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></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">Includes
                                         the issuance of an additional 400,000 shares underlying the rights contained in the public
                                         shareholders.</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">The
pro forma net tangible book value per share after this offering is calculated 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Without<BR>
    Over-allotment</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">With<BR>
    Over-allotment</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></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Numerator:</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">&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"><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">&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></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; width: 68%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    tangible book deficit before this offering</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(40,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; 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; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</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">Net
    proceeds from this offering and sale of the private units</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">40,750,000</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><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">46,750,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Plus:
    Offering costs paid in advance, excluded from tangible book value</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">55,927</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,927</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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less:
    Proceeds held in trust subject to redemption</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(35,765,920</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">)</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(41,765,920</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">)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,000,007</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,000,007</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>
<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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Denominator:</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">&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"><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">&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></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">Class&nbsp;B
    ordinary shares outstanding prior to this offering</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">1,150,000</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><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">1,150,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class&nbsp;B
    ordinary shares forfeited if over-allotment is not exercised</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">(150,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></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">&mdash;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class&nbsp;A
    ordinary shares included in the private units</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">250,000</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><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">268,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class
    A ordinary shares underlying the rights included in the private units</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">25,000</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><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">26,800</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class&nbsp;A
    ordinary shares included in the units offered</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">4,000,000</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><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">4,600,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class
    A ordinary shares underlying the rights included in the units offered</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">400,000</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><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">460,000</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Representative
    shares</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">100,000</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><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">100,000</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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less:
    Ordinary shares subject to redemption/tender</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3,576,592</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">)</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,176,592</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">)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,198,408</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><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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,428,208</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>

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<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"><A NAME="CAPITALIZATION"></A><B>CAPITALIZATION</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">&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
following table sets forth our capitalization at July&nbsp;8, 2020, and as adjusted to give effect to the sale of our 4,000,000
units in this offering for $40,000,000 (or $10.00 per unit) and the sale of 250,000 private units for $2,500,000 (or $10.00 per
unit) and the application of the estimated net proceeds derived from the sale of such securities:</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: 10pt Times New Roman, Times, Serif; text-align: center"><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 COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">July&nbsp;8,
    2020</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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Actual</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
    Adjusted<SUP>(2)</SUP></B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></B></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></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: 72%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    payable to related party<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;A
    ordinary shares, subject to redemption; no shares actual and 3,576,592 shares as adjusted<SUP>(3)</SUP></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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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><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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35,765,920</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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholders&rsquo;
    equity:</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">&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"><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">&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></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">Preference
    shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted</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">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class&nbsp;A
    ordinary shares, $0.0001 par value, 200,000,000 shares authorized; no shares issued and outstanding, actual; 673,408 shares
    issued and outstanding (excluding 3,576,592 shares subject to possible redemption), as adjusted</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">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">67</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;B
    ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 1,150,000 and 1,000,000 shares issued and outstanding, actual
    and as adjusted, respectively<SUP>(4)</SUP></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">115</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">110</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital<SUP>(5)</SUP></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">24,885</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,008,903</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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,073</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">)</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,073</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">)</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; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    shareholders&rsquo; equity</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,927</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><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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,000,007</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    capitalization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30,927</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><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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">40,765,927</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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used for a portion of the expenses of this
offering. As of July&nbsp;8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion
of the expenses of this 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">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumes
the full forfeiture of 150,000 shares that are subject to forfeiture by our sponsor depending on the extent to which the underwriters&rsquo;
over-allotment option is exercised. The proceeds of the sale of such shares will not be deposited into the trust account, the
shares will not be eligible for redemption from the trust account nor will they be eligible to vote upon the 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">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the completion of our initial business combination, we will provide our public shareholders 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 (which interest shall be net of taxes payable),
subject to the limitations described herein whereby our net tangible assets will be maintained at a minimum of $5,000,001 upon
our initial business combination and any limitations (including, but not limited to, cash requirements) created by the terms of
the proposed business combination. The &ldquo;as adjusted&rdquo; amount of Class&nbsp;A ordinary shares, subject to redemption
equals the &ldquo;as adjusted&rdquo; total assets of $40,765,927, less the &ldquo;as adjusted&rdquo; total shareholders&rsquo;
equity. The value of Class&nbsp;A ordinary shares that may be redeemed is equal to $10.00 per share (which is the assumed redemption
price) multiplied by 3,576,592 Class&nbsp;A ordinary shares, which is the estimated maximum number of Class&nbsp;A ordinary shares
that may be redeemed for a $10.00 purchase price per share and still maintain at least $5,000,001 of net tangible assets. The
actual number of Class&nbsp;A ordinary shares that may be redeemed may be above the foregoing figure provided we maintain at least
$5,000,001 of net tangible assets.</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">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual
share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted share amount assumes full forfeiture
of 150,000 shares and no exercise of the underwriters&rsquo; over-allotment option.</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">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 &ldquo;as adjusted&rdquo; additional paid-in capital calculation is equal to the &ldquo;as adjusted&rdquo; total shareholders&rsquo;
equity of $5,000,007, minus Class&nbsp;A and Class&nbsp;B ordinary shares (par value) of $177 minus the accumulated deficit of
$(9,073).</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>

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<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"><A NAME="MANAGEMENTSDISCUSSIONANDANALYSISOFFINANCIAL"></A><B>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION<BR>
AND RESULTS OF OPERATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any
substantive discussions, directly or indirectly, with any business combination target. We intend to effectuate our initial business
combination using cash from the proceeds of this offering and the sale of the private units, our shares, debt or a combination
of cash, shares and debt.</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
issuance of additional shares 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions
of the Class&nbsp;B ordinary shares resulted in the issuance of Class&nbsp;A ordinary shares on a greater than one-to-one basis
upon conversion of the Class&nbsp;B ordinary shares;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
subordinate the rights of holders of Class&nbsp;A ordinary shares if preference shares are issued with rights senior to those
afforded our Class&nbsp;A ordinary shares;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;could
cause a change of control if a substantial number of our ordinary shares are issued, which may affect, among other things, our
ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers
and directors;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person
seeking to obtain control of us; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;may
adversely affect prevailing market prices for our Class&nbsp;A ordinary shares and/or 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Similarly,
if we issue debt securities or otherwise incur significant indebtedness, it could result in:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain
covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt is 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
inability to pay dividends on our Class&nbsp;A ordinary shares;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our Class&nbsp;A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.</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">&nbsp;</FONT></P>

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<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">&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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain
covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt is 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
inability to pay dividends on our Class&nbsp;A ordinary shares;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our Class&nbsp;A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.</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">As
indicated in the accompanying financial statements, at July&nbsp;8, 2020, we had deferred offering costs of $55,927. Further,
we expect to continue to incur significant costs in the pursuit of our acquisition plans.</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">We
cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.</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>Results
of Operations and Known Trends or Future Events</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">We
have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational
activities and those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues
until after completion of our initial business combination. We will generate non-operating income in the form of interest income
on cash and cash equivalents after this offering. There has been no significant change in our financial or trading position and
no material adverse change has occurred since the date of our audited financial statements. After this offering, we expect to
incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses. We expect our expenses to increase substantially after the closing of this offering.</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>Liquidity
and Capital Resources</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">Our
liquidity needs have been satisfied prior to the completion of this offering from the receipt of&thinsp;$25,000 from our sponsor
to cover certain of our offering costs in consideration for 1,150,000 Class&nbsp;B ordinary shares and from the availability of
up to $150,000 in loans from our sponsor under an unsecured promissory note. As of July 8, 2020, we had borrowed $15,000 under
the promissory note. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and
acquisition plans. Management&rsquo;s plans to address this uncertainty through this offering are discussed above. We cannot assure
you that our plans to raise capital or to consummate an initial business combination will be successful. These factors, among
others, raise substantial doubt about our ability to continue as a going concern.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">We
estimate that the net proceeds from (1)&nbsp;the sale of the units in this offering, after deducting offering expenses of $550,000
and underwriting commissions of $1,200,000 ($1,380,000 if the underwriters&rsquo; over-allotment option is exercised in full),
and (2)&nbsp;the sale of the private units for a purchase price of $2,500,000 (or $2,680,000 if the underwriters&rsquo; over-allotment
option is exercised in full), will be $40,750,000 (or $46,750,000 if the underwriters&rsquo; over-allotment option is exercised
in full). Of this amount, $40,000,000 or $46,000,000 if the underwriters&rsquo; over-allotment option is exercised in full will
be deposited into the trust account. The funds in the trust account will be held as cash or invested only in U.S. government treasury
bills with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries. The remaining $750,000
will not be held in the trust account. In the event that our offering expenses exceed our estimate of $550,000 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 $550,000, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount.</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>

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<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">We
intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on
the trust account (which interest shall be net of taxes payable) to complete our initial business combination. We may withdraw
interest to pay taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned
on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient
to pay our taxes. We expect the only taxes payable by us out of the funds in the trust account will be income taxes. To the extent
that our ordinary shares 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.</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">Prior
to the completion of our initial business combination, we will have available to us $750,000 of proceeds held outside the trust
account. We will use these funds primarily 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, structure, negotiate and complete
a business combination, and to pay taxes to the extent the interest earned on the trust account is not sufficient to pay our taxes.</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
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. Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust
account or from funds released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be
convertible into units at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private
units issued to our sponsor. 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.</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">We
expect our primary liquidity requirements during that period to include $300,000 for legal, accounting, due diligence, travel
and other expenses in connection with any business combinations; $150,000 for legal and accounting fees related to regulatory
reporting requirements; $75,000 for Nasdaq continued listing fees; $150,000 as administrative fees that shall be provided for
in the administrative services agreement that we will enter into with our sponsor; and $75,000 for general working capital that
will be used for miscellaneous expenses, including overhead, and reserves.</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">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.</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>Controls
and Procedures</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">We
are not currently required to maintain an effective system of internal controls as defined by Section&nbsp;404 of the Sarbanes-Oxley
Act. We will be required to comply with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending
December&nbsp;31, 2021. Only in the event that we are deemed to be a large accelerated filer or an accelerated filer, and no longer
qualify as an emerging growth company, would we be required to comply with the independent registered public accounting firm attestation
requirement. 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.</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>

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<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">Prior
to the closing of this offering, we have not completed an assessment, nor have our auditors tested our systems, of internal controls.
We expect to assess the internal controls of our target business or businesses prior to the completion of our initial business
combination and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that
we maintain an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. 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:</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;staffing
for financial, accounting and external reporting areas, including segregation of duties;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reconciliation
of accounts;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;proper
recording of expenses and liabilities in the period to which they relate;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence
of internal review and approval of accounting transactions;</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;documentation
of processes, assumptions and conclusions underlying significant estimates; and</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">&bull;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;documentation
of accounting policies and procedures.</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">Because
it will take time, management involvement and perhaps outside resources to determine what internal control improvements are necessary
for us to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant
expenses in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal
and disclosure controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud
or erroneous financing reporting.</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">Once
our management&rsquo;s report on internal controls is complete, we will retain our independent auditors to audit and render an
opinion on such report when required by Section&nbsp;404 of the Sarbanes-Oxley Act. The independent auditors may identify additional
issues concerning a target business&rsquo;s internal controls while performing their audit of internal control over financial
reporting.</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>Quantitative
and Qualitative Disclosures about Market Risk</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
net proceeds of this offering and the sale of the private units held in the trust account will be invested in U.S. government
treasury bills with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain
conditions under Rule&nbsp;2a-7 under the Investment Company Act. Due to the short-term nature of these investments, we believe
there will be no associated material exposure to interest rate risk.</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>Related
Party Transactions</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
July&nbsp;2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
Our initial shareholders will collectively own 20% of our issued and outstanding shares after this offering (excluding the private
shares underlying the private units, the representative shares and any shares underlying units issued upon conversion of working
capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial
business combination, and assuming our initial shareholders do not purchase any units in this offering). If we increase or decrease
the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as
applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain
the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (excluding
the private shares underlying the private units , the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in 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">On
or prior to the date of this prospectus, we will enter into an administrative services agreement pursuant to which we will pay
our sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of our initial business
combination or our liquidation, we will cease paying any of these monthly fees.</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">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 any of their affiliates and will determine which expenses and the amount of expenses that will be reimbursed.
There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities
on our behalf.</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>

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<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">Our
sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used for a portion of the expenses of this
offering. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion of the
expenses of this offering. These loans are non-interest bearing, unsecured and are due at the earlier of December&nbsp;31, 2020
or the closing of this offering. These loans will be repaid upon completion of this offering out of the $550,000 of offering proceeds
that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust account.</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, 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.
Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds
released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible into units
at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private units issued to our sponsor.
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.</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">Our
sponsor has committed to purchase an aggregate of 250,000 (or 268,000 if the underwriters&rsquo; over-allotment option is exercised
in full) private units at a price of $10.00 per unit ($2,500,000 in the aggregate or $2,680,000 in the aggregate if the underwriters&rsquo;
over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of this offering.
Our sponsor will be permitted to transfer the private units held by it to certain permitted transferees, including our officers
and directors and other persons or entities affiliated with or related to them, but the transferees receiving such securities
will be subject to the same agreements with respect to such securities as our sponsor. Otherwise, these warrants will not, subject
to certain limited exceptions, be transferable or salable until 30 days after the completion of our initial business combination.
The private warrants underlying the private units will be non-redeemable so long as they are held by our sponsor or its permitted
transferees. The private warrants may also be exercised by our sponsor or its permitted transferees for cash or on a cashless
basis and our sponsor and its permitted transferees will also have certain registration rights related to the private units, as
described below. Otherwise, the private units have terms and provisions that are identical to those of the units being sold in
this 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">Pursuant
to a registration rights agreement that we will enter into with our initial shareholders on or prior to the closing of this offering,
we may be required to register certain securities for sale under the Securities Act. These holders, and holders of the representative
shares and the units 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. However, the registration rights agreement
provides that we will not permit any registration statement filed under the Securities Act to become effective until the securities
covered thereby are released from their lock-up restrictions, as described herein. We will bear the costs and expenses of filing
any such registration statements. See &ldquo;Principal Shareholders&mdash;Registration Rights.&rdquo;</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>Off-Balance
Sheet Arrangements; Commitments and Contractual Obligations</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">As
of July&nbsp;8, 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.</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>JOBS
Act</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">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 &ldquo;emerging growth company&rdquo; and under
the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not
publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we
may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required
for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new
or revised accounting pronouncements as of public company effective dates.</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">Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.
Subject to certain conditions set forth in the JOBS Act, if, as an &ldquo;emerging growth company,&rdquo; we choose to rely on
such exemptions we may not be required to, among other things: (1)&nbsp;provide an auditor&rsquo;s attestation report on our system
of internal controls over financial reporting pursuant to Section&nbsp;404 of the Sarbanes-Oxley Act; (2)&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; (3)&nbsp;comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm
rotation or a supplement to the auditor&rsquo;s report providing additional information about the audit and the financial statements
(auditor discussion and analysis); and (4)&nbsp;disclose certain executive compensation-related items such as the correlation
between executive compensation and performance and comparisons of the CEO&rsquo;s compensation to median employee compensation.
These exemptions will apply for a period of five years following the completion of our initial public offering or until we are
no longer an &ldquo;emerging growth company,&rdquo; whichever is earlier.</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>

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<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"><A NAME="PROPOSEDBUSINESS"></A><B>PROPOSED
BUSINESS</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">&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>General</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">We
are a newly formed blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited
to organizational activities and activities related to this offering. We have not selected any business combination target and
we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target business
regarding entering into a business combination with us.</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">While
we may pursue a business combination target in any business, industry or geographical location, we intend to focus our search
on businesses in the technology industry that have their primary operations located in Asia. We believe that we will add value
to these businesses primarily by providing them with access to the U.S. capital markets.</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">We
will seek to capitalize on the strength of our management team. Our team consists of experienced professionals and operating executives.
Collectively, our officers and directors have significant experience in mergers and acquisitions, and operating companies, in
the Asian markets. We believe we will benefit from their accomplishments, and specifically their current and recent activities
in the Asian markets, in identifying attractive acquisition opportunities. However, there is no assurance that we will complete
a business combination. Our officers and directors have no prior experience consummating a business combination for a &ldquo;blank
check&rdquo; company.</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>Investment
Criteria</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
management team intends to focus on creating shareholder value by leveraging its experience in the management, operation and financing
of businesses to improve the efficiency of operations while implementing strategies to scale revenue organically and/or through
acquisitions. We have identified the following general criteria and guidelines, which we believe are important in evaluating prospective
target businesses. While we intend to use these criteria and guidelines in evaluating prospective businesses, we may deviate from
these criteria and guidelines should we see justification to do so.</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">&bull;
<B><I>Middle-Market Growth Business.</I></B>&nbsp;&nbsp;&nbsp;We will primarily seek to acquire one or more growth businesses
with a total enterprise value of between $100 million and $200 million. We believe that there are a substantial number of potential
target businesses within this valuation range that can benefit from new capital for scalable operations to yield significant revenue
and earnings growth. We currently do not intend to acquire either a start-up company (a company that has not yet established commercial
operations) or a company with negative cash flow.</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">&#8203;&bull;
<B><I>Companies in Business Segments that Are Strategically Significant to the Asian Markets.</I></B>&nbsp;&nbsp;&nbsp;We will
seek to acquire businesses in sectors that are currently strategically significant to the Asian markets. Such sectors include
innovative and cross-border e-commerce and online agricultural trading.</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">&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">&bull;
<B><I>Business with Revenue and Earnings Growth Potential.</I></B>&nbsp;&nbsp;&nbsp;We will seek to acquire one or more businesses
that have the potential for significant revenue and earnings growth through a combination of both existing and new product development,
increased production capacity, expense reduction and synergistic follow-on acquisitions resulting in increased operating leverage.</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">&bull;
<B><I>Companies with Potential for Strong Free Cash Flow Generation.</I></B>&nbsp;&nbsp;&nbsp;We will seek to acquire one or more
businesses that have the potential to generate strong, stable and increasing free cash flow. We intend to focus on one or more
businesses that have predictable revenue streams and definable low working capital and capital expenditure requirements. We may
also seek to prudently leverage this cash flow in order to enhance shareholder value.</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">&bull;
<B><I>Benefit from Being a Public Company.</I></B>&nbsp;&nbsp;&nbsp;We intend to acquire a business or businesses that will benefit
from being publicly traded and which can effectively utilize access to broader sources of capital and a public profile that are
associated with being a publicly traded company.</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">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 criteria and guidelines as well as other considerations, factors and criteria
that our management team may deem relevant. We believe our management team&rsquo;s extensive contacts, broad industry knowledge
and highly regarded experience will yield a robust deal flow from which we may select a target. We will seek to acquire the target
on terms and in a manner that leverages our management team&rsquo;s experience. The potential upside from growth in the target
business and an improved capital structure will be weighed against any identified downside risks designed to balance value creation
with capital preservation. In the event that we decide to enter into an initial business combination with a target business that
does not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria and
guidelines in our shareholder communications related to our initial business combination, which, as discussed in this prospectus,
would be in the form of proxy solicitation or tender offer materials, as applicable, that we would file with the United States
Securities and Exchange Commission, or the SEC. In evaluating a prospective target business, we expect to conduct a due diligence
review which may encompass, among other things, meetings with incumbent ownership, management and employees, document reviews,
interviews of customers and suppliers, inspections of facilities, as well as reviewing financial and other information which will
be made available to us.</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">&nbsp;</FONT></P>

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

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<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"><B>Competitive
Strengths</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>Management
Team</I></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">We
believe that our management team&rsquo;s extensive relationships throughout Asia will enable us to identify business combination
opportunities with significant potential upside. We expect that our management team&rsquo;s combined experience in a wide variety
of industries, when paired with our management team&rsquo;s ability to perform under varying economic environments in emerging
markets, will be a differentiating factor that is highly attractive to potential target companies.</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>Status
as a Public Company</I></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">We
believe that our structure will make us an attractive business combination partner to target businesses. As an existing public
company, we offer a target business an alternative to a traditional initial public offering through a merger or other business
combination. In this situation, the owners of the target business would exchange their stock, shares or other equity interests
in the target business for our ordinary shares or for a combination of our ordinary shares and cash, allowing us to tailor the
consideration used in the transaction to the specific needs of the sellers. We believe that target businesses might find this
avenue a more certain and cost-effective method to becoming a public company than a typical initial public offering. In a typical
initial public offering, there are additional expenses incurred in marketing, roadshow and public reporting efforts that will
likely not be present to the same extent in connection with a business combination with us. Furthermore, once the business combination
is consummated, the target business will have effectively become a public company, whereas an initial public offering is always
subject to the underwriters&rsquo; ability to complete the offering, as well as general market conditions that could prevent the
offering from occurring. Once public, we believe the target business would then have greater access to capital and an additional
means of providing management incentives consistent with shareholders&rsquo; interests than it would have as a privately-held
company. Public company status can offer further benefits by enhancing a company&rsquo;s profile among potential new customers
and vendors and attracting talented employees. While we believe that our status as a public company will make us an attractive
business partner, some potential target businesses may view the inherent limitations in our status as a blank check company as
a deterrent and may prefer to effect a business combination with a more established entity or with a private company. These limitations
include constraints on our available financial resources, which may be inferior to those of other entities pursuing the acquisition
of similar target businesses; the requirement that we seek shareholder approval of a business combination or conduct a tender
offer in relation thereto, which may delay the consummation of a transaction; and the existence of our outstanding warrants, which
may represent a source of future dilution.</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>Financial
Position</I></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">With
funds in the trust account of $40 million (or $46 million if the over-allotment option is exercised in full) available to use
for a business combination (assuming no shareholder seeks redemption of their shares or seeks to sell their shares to us in any
tender offer in relation to such business combination), we offer a target business a variety of options such as providing the
owners of a target business with shares in a public company and a public means to sell such shares, providing capital for the
potential growth and expansion of its operations and strengthening its balance sheet by reducing its debt ratio. Because we are
able to consummate our initial business combination using our cash, debt or equity securities, or a combination of the foregoing,
we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the
target business to fit its needs and desires. However, since we have no specific business combination under consideration, we
have not taken any steps to secure third party financing, and there can be no assurance that it will be available to us. Furthermore,
redemptions in connection with our initial business combination could reduce the amount of funds available to be used in connection
with such 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"></P>

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<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">&nbsp;</FONT></P>

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<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>Effecting
a Business Combination</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>General</I></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">We
are not presently engaged in, and we will not engage in, any substantive commercial business for an indefinite period of time
following this offering. We intend to utilize cash derived from the proceeds of this offering and the private placement of private
units, our equity, debt or a combination of these in effecting a business combination which has not yet been identified. Accordingly,
investors in this offering are investing without first having an opportunity to evaluate the specific merits or risks of any one
or more business combinations. A business combination may involve the acquisition of, or merger with, a company which does not
need substantial additional capital but which desires to establish a public trading market for its shares, while avoiding what
it may deem to be adverse consequences of undertaking a public offering itself. These include time delays, significant expense,
loss of voting control and compliance with various federal and state securities laws. In the alternative, we may seek to consummate
a business combination with a company that may be financially unstable or in its early stages of development or growth. While
we may seek to effect simultaneous business combinations with more than one target business, we will probably have the ability,
as a result of our limited resources, to effect only a single business combination.</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">We
will have up to 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we may, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an additional
three months (for a total of up to 21 months to complete a business combination), subject to the sponsor depositing additional
funds into the trust account as set out below. Pursuant to the terms of our memorandum and articles of association and the trust
agreement to be entered into between us and Continental Stock Transfer &amp; Trust Company on the date of this prospectus, in
order for the time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates
or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $400,000, or
$460,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per unit in either case, up to an aggregate
of $800,000 or $920,000 if the underwriters&rsquo; over-allotment option is exercised in full) on or prior to the date of the
applicable deadline, for each three month extension. In the event that we receive notice from our sponsor five days prior to the
applicable deadline of its wish for us to effect an extension, we intend to issue a press release announcing such intention at
least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable
deadline announcing whether or not the funds had been timely deposited. Our sponsor and its affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. If we are unable to consummate
an initial business combination within such time period, we will redeem 100% of our issued and outstanding public shares for a
pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $50,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, subject to applicable law and
as further described herein, and then seek to dissolve and liquidate. We expect the pro rata redemption price to be approximately
$10.00 per Class A ordinary share (regardless of whether or not the underwriters exercise their over-allotment option), without
taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able to distribute
such amounts as a result of claims of creditors which may take priority over the claims of our public shareholders.</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>We
Have Not Identified a Target Business</I></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">To
date, we have not selected any target business on which to concentrate our search for a business combination. None of our sponsor,
officers, directors, promoters and other affiliates has engaged in any substantive discussions on our behalf with representatives
of other companies regarding the possibility of a potential merger, share exchange, asset acquisition or other similar business
combination with us. Additionally, we have not engaged or retained any agent or other representative to identify or locate such
companies. As a result, we cannot assure you that we will be able to locate a target business or that we will be able to engage
in a business combination with a target business on favorable terms or at all.</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">Subject
to our management team&rsquo;s pre-existing fiduciary obligations and the fair market value requirement described below, we will
have virtually unrestricted flexibility in identifying and selecting a prospective acquisition candidate. We have not established
any specific attributes or criteria (financial or otherwise) for prospective target businesses other than as described above.
Accordingly, there is no basis for investors in this offering to evaluate the possible merits or risks of the target business
with which we may ultimately complete a business combination. Although our management will endeavor to evaluate the risks inherent
in a particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.</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>Sources
of Target Businesses</I></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">While
we have not yet selected a target business with which to consummate our initial business combination, we believe based on our
management&rsquo;s business knowledge and past experience that there are numerous potential candidates. We expect that our principal
means of identifying potential target businesses will be through the extensive contacts and relationships of our sponsor, initial
shareholders, officers and directors. While our officers and directors are not required to commit any specific amount of time
in identifying or performing due diligence on potential target businesses, our officers and directors believe that the relationships
they have developed over their careers and their access to our sponsor&rsquo;s contacts and resources will generate a number of
potential business combination opportunities that will warrant further investigation. We also anticipate that target business
candidates will be brought to our attention from various unaffiliated sources, including investment bankers, venture capital funds,
private equity funds, leveraged buyout funds, management buyout funds and other members of the financial community. Target businesses
may be brought to our attention by such unaffiliated sources as a result of being solicited by us through calls or mailings. These
sources may also introduce us to target businesses they think we may be interested in on an unsolicited basis, since many of these
sources will have read this prospectus and know what types of businesses we are targeting.</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">Our
officers and directors must present to us all target business opportunities that have a fair market value of at least 80% of the
assets held in the trust account (excluding taxes payable on the income accrued in the trust account) at the time of the agreement
to enter into the initial business combination, subject to any pre-existing fiduciary or contractual obligations. While we do
not presently anticipate engaging the services of professional firms or other individuals that specialize in business acquisitions
on any formal basis (other than EarlyBirdCapital,&nbsp;Inc. as described elsewhere in this prospectus), we may engage these firms
or other individuals in the future, in which event we may pay a finder&rsquo;s fee, consulting fee or other compensation to be
determined in an arm&rsquo;s length negotiation based on the terms of the transaction. In no event, however, will our sponsor,
initial shareholders, officers, directors or their respective affiliates be paid any finder&rsquo;s fee, consulting fee or other
compensation prior to, or for any services they render in order to effectuate, the consummation of an initial business combination
(regardless of the type of transaction that it is) other than the $10,000 administrative services fee, the payment of consulting,
success or finder fees to our sponsor, officers, directors, initial shareholders or their affiliates in connection with the consummation
of our initial business combination, the repayment of the $150,000 loan and reimbursement of any out-of-pocket expenses. Our audit
committee will review and approve all reimbursements and payments made to our sponsor, officers, directors or our or their respective
affiliates, with any interested director abstaining from such review and approval. We have no present intention to enter into
a business combination with a target business that is affiliated with any of our officers, directors or sponsor. However, we are
not restricted from entering into any such transactions and may do so if (i)&nbsp;such transaction is approved by a majority of
our disinterested independent directors and (ii)&nbsp;we obtain an opinion from an independent investment banking firm, or another
independent entity that commonly renders valuation opinions, that the business combination is fair to our unaffiliated shareholders
from a financial point of view.</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>

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<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>Selection
of a Target Business and Structuring of a Business Combination</I></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">Subject
to our management team&rsquo;s pre-existing fiduciary obligations and the limitations that a target business have a fair market
value of at least 80% of the balance in the trust account (excluding taxes payable on the income earned on the trust account)
at the time of the execution of a definitive agreement for our initial business combination, as described below in more detail,
and that we must acquire a controlling interest in the target business, our management will have virtually unrestricted flexibility
in identifying and selecting a prospective target business. We have not established any specific attributes or criteria (financial
or otherwise) for prospective target businesses. In evaluating a prospective target business, our management may consider a variety
of factors, including one or more of the following:</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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">financial
                                         condition and results of operation;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">growth
                                         potential;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">brand
                                         recognition and potential;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">experience
                                         and skill of management and availability of additional personnel;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">capital
                                         requirements;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">competitive
                                         position;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">barriers
                                         to entry;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">stage
                                         of development of the products, processes or services;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">existing
                                         distribution and potential for expansion;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">degree
                                         of current or potential market acceptance of the products, processes or services;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">proprietary
                                         aspects of products and the extent of intellectual property or other protection for products
                                         or formulas;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">impact
                                         of regulation on the business;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory
                                         environment of the industry;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         target business&rsquo;s compliance with U.S. federal law;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">costs
                                         associated with effecting the business combination;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">industry
                                         leadership, sustainability of market share and attractiveness of market industries in
                                         which a target business participates; 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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">macro
                                         competitive dynamics in the industry within which the company competes.</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">These
criteria are not intended to be exhaustive. Any evaluation relating to the merits of a particular business combination will be
based, to the extent relevant, on the above factors as well as other considerations deemed relevant by our management in effecting
a business combination consistent with our business objective. In evaluating a prospective target business, we will conduct an
extensive due diligence review which will encompass, among other things, meetings with incumbent management and inspection of
facilities, as well as review of financial and other information which is made available to us. This due diligence review will
be conducted either by our management or by unaffiliated third parties we may engage, although we have no current intention to
engage any such third parties.</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>

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<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
time and costs required to select and evaluate a target business and to structure and complete the business combination cannot
presently be ascertained with any degree of certainty. Any costs incurred with respect to the identification and evaluation of
a prospective target business with which a business combination is not ultimately completed will result in a loss to us and reduce
the amount of capital available to otherwise complete a business combination.</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>Fair
Market Value of Target Business</I></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">Nasdaq
listing rules&nbsp;require that the target business or businesses that we acquire must collectively have a fair market value equal
to at least 80% of the balance of the funds in the trust account (excluding taxes payable on the income earned on the trust account)
at the time of the execution of a definitive agreement for our initial business combination. Notwithstanding the foregoing, if
we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value
test.</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">We
currently anticipate structuring a business combination to acquire 100% of the equity interests or assets of the target business
or businesses. We may, however, structure our initial business combination where we merge directly with the target business or
where we acquire less than 100% of such interests or assets of the target business in order to meet certain objectives of the
target management team or shareholders or for other reasons, but we will only complete such business combination if the post-transaction
company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest
in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even
if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to
the business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed
to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock, shares or other equity interests of a target. In this
case, we could acquire a 100% controlling interest in the target; however, as a result of the issuance of a substantial number
of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our issued
and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of
a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses
that is owned or acquired is what will be valued for purposes of the 80% of trust account balance test.</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
fair market value of the target will be determined by our board of directors based upon one or more standards generally accepted
by the financial community (such as actual and potential sales, earnings, cash flow and/or book value). The proxy solicitation
materials or tender offer documents used by us in connection with any proposed transaction will provide public shareholders with
our analysis of the fair market value of the target business, as well as the basis for our determinations. If our board is not
able to independently determine that the target business has a sufficient fair market value, we will obtain an opinion from an
unaffiliated, independent investment banking firm, or another independent entity that commonly renders valuation opinions, with
respect to the satisfaction of such criteria.</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">We
will not be required to obtain an opinion from an investment banking firm as to the fair market value if our board of directors
independently determines that the target business complies with the 80% threshold. Additionally, pursuant to Nasdaq rules, any
initial business combination must be approved by a majority of our independent 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>Lack
of Business Diversification</I></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">We
may seek to effect a business combination with more than one target business, although we expect to complete our business combination
with just one business. Therefore, at least initially, the prospects for our success may be entirely dependent upon the future
performance of a single business operation. Unlike other entities which may have the resources to complete several business combinations
of entities operating in multiple industries or multiple areas of a single industry, it is probable that we will not have the
resources to diversify our operations or benefit from the possible spreading of risks or offsetting of losses. By consummating
a business combination with only a single entity, our lack of diversification may:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
                                         us to numerous economic, competitive and regulatory developments, any or all of which
                                         may have a substantial adverse impact upon the particular industry in which we may operate
                                         subsequent to a business combination, and</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result
                                         in our dependency upon the performance of a single operating business or the development
                                         or market acceptance of a single or limited number of products, processes or services.</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">If
we determine to simultaneously acquire several businesses and such businesses are owned by different sellers, we will need for
each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other acquisitions,
which may make it more difficult for us, and delay our ability, to complete the business combination. With multiple acquisitions,
we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and
due diligence investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation
of the operations and services or products of the acquired companies in a single operating business.</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>

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<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>Limited
Ability to Evaluate the Target Business&rsquo; Management</I></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">Although
we intend to scrutinize the management of a prospective target business when evaluating the desirability of effecting a business
combination, we cannot assure you that our assessment of the target business&rsquo; management will prove to be correct. In addition,
we cannot assure you that the future management will have the necessary skills, qualifications or abilities to manage a public
company. Furthermore, the future role of our officers and directors, if any, in the target business following a business combination
cannot presently be stated with any certainty. While it is possible that some of our key personnel will remain associated in senior
management or advisory positions with us following a business combination, it is unlikely that they will devote their full time
efforts to our affairs subsequent to a business combination. Moreover, they would only be able to remain with the company after
the consummation of a business combination if they are able to negotiate employment or consulting agreements in connection with
the business combination. Such negotiations would take place simultaneously with the negotiation of the business combination and
could provide for them to receive compensation in the form of cash payments and/or our securities for services they would render
to the company after the consummation of the business combination. While the personal and financial interests of our key personnel
may influence their motivation in identifying and selecting a target business, their ability to remain with the company after
the consummation of a business combination will not be the determining factor in our decision as to whether or not we will proceed
with any potential business combination. Additionally, we cannot assure you that our officers and directors will have significant
experience or knowledge relating to the operations of the particular target business.</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">Following
a business combination, we may seek to recruit additional managers to supplement the incumbent management of the target business.
We cannot assure you that we will have the ability to recruit additional managers, or that any such additional managers we do
recruit will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.</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>Shareholders
May&nbsp;Not Have the Ability to Approve an Initial Business Combination</I></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 any proposed business combination, we will either (1)&nbsp;seek shareholder approval of our initial business combination
at a meeting called for such purpose at which shareholders may seek to convert their shares, regardless of whether they vote for
or against the proposed business combination or don&rsquo;t vote at all, into their pro rata share of the aggregate amount then
on deposit in the trust account (net of taxes payable), or (2)&nbsp;provide our shareholders with the opportunity to sell their
shares to us by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount equal to their pro rata
share of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations
described herein. The decision as to whether we will seek shareholder approval of a proposed business combination or will allow
shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a
variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require us to
seek shareholder approval. If we determine to engage in a tender offer, such tender offer will be structured so that each shareholder
may tender all of his, her or its shares rather than some pro rata portion of his, her or its shares. In that case, we will file
tender offer documents with the SEC which will contain substantially the same financial and other information about the initial
business combination as is required under the SEC&rsquo;s proxy rules. Whether we seek shareholder approval or engage in a tender
offer, we will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately
prior to or upon such consummation and, if we seek shareholder approval, we receive an ordinary resolution under Cayman Islands
law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.</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">We
chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under
the Securities Act of 1933, as amended. However, if we seek to consummate an initial business combination with a target business
that imposes any type of working capital closing condition or requires us to have a minimum amount of funds available from the
trust account upon consummation of such initial business combination, we may need to have more than $5,000,001 in net tangible
assets either immediately prior to or upon consummation and this may force us to seek third party financing which may not be available
on terms acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we may
not be able to locate another suitable target within the applicable time period, if at all. Public shareholders may therefore
have to wait 15 months (or up to 21 months) from the closing of this offering in order to be able to receive a pro rata share
of the trust account. Our sponsor, initial shareholders, officers and directors have agreed (1) to vote any ordinary shares owned
by them in favor of any proposed business combination, (2) not to convert any ordinary shares in connection with a shareholder
vote to approve a proposed initial business combination and (3) not sell any ordinary shares in any tender in connection with
a proposed 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"></P>

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<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">None
of our officers, directors, sponsor, initial shareholders or their affiliates has indicated any intention to purchase units or
Class&nbsp;A ordinary shares in this offering or from persons in the open market or in private transactions. However, if we hold
a meeting to approve a proposed business combination and a significant number of shareholders vote, or indicate an intention to
vote, against such proposed business combination or that they wish to have their shares redeemed, our officers, directors, sponsor,
initial shareholders or their affiliates could make such purchases in the open market or in private transactions in order to influence
the vote and reduce the number of redemptions. Notwithstanding the foregoing, our officers, directors, sponsor, initial shareholders
and their affiliates will not make purchases of Class&nbsp;A ordinary shares if the purchases would violate Section&nbsp;9(a)(2)&nbsp;or
Rule&nbsp;10b-5 of the Exchange Act, which are rules&nbsp;designed to stop potential manipulation of a company&rsquo;s stock.</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>Conversion
Rights</I></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">At
any meeting called to approve an initial business combination, public shareholders may seek to convert their shares, regardless
of whether they vote for or against the proposed business combination or do not vote at all, into their pro rata share of the
aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business
combination, less any taxes then due but not yet paid. Alternatively, we may provide our public shareholders with the opportunity
to sell their Class&nbsp;A ordinary shares to us through a tender offer (and thereby avoid the need for a shareholder vote) for
an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account, less any taxes then due
but not yet paid.</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">Our
sponsor, initial shareholders and our officers and directors will not have conversion rights with respect to any ordinary shares
owned by them, directly or indirectly, whether acquired prior to this offering or purchased by them in this offering or in the
aftermarket. Additionally, the holders of the representative shares will not have conversion rights with respect to the representative
shares.</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">We
may require public shareholders, whether they are a record holder or hold their shares in &ldquo;street name,&rdquo; to either
(i)&nbsp;tender their certificates to our transfer agent or (ii)&nbsp;deliver their shares to the transfer agent electronically
using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s option, in each case
prior to a date set forth in the proxy materials sent in connection with the proposal to approve the business combination.</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">There
is a nominal cost associated with the above-referenced delivery process and the act of certificating the shares or delivering
them through the DWAC System. The transfer agent will typically charge the tendering broker $45.00 and it would be up to the broker
whether or not to pass this cost on to the holder. However, this fee would be incurred regardless of whether or not we require
holders seeking to exercise conversion rights. The need to deliver shares is a requirement of exercising conversion rights regardless
of the timing of when such delivery must be effectuated. However, in the event we require shareholders seeking to exercise conversion
rights prior to the consummation of the proposed business combination and the proposed business combination is not consummated
this may result in an increased cost to shareholders.</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">Any
proxy solicitation materials we furnish to shareholders in connection with a vote for any proposed business combination will indicate
whether we are requiring shareholders to satisfy such certification and delivery requirements. Accordingly, a shareholder would
have from the time the shareholder received our proxy statement up until two business days prior to the scheduled vote on the
proposal to approve the business combination to deliver his, her or its shares if he, she or it wishes to seek to exercise his
conversion rights. This time period varies depending on the specific facts of each transaction. However, as the delivery process
can be accomplished by the shareholder, whether or not he, she or it is a record holder or his, her or its shares are held in
 &ldquo;street name,&rdquo; in a matter of hours by simply contacting the transfer agent or his broker and requesting delivery
of his, her or its shares through the DWAC System, we believe this time period is sufficient for an average investor. However,
we cannot assure you of this fact. Please see the risk factor titled &ldquo;<I>In connection with any general meeting called to
approve a proposed initial business combination, we may require shareholders who wish to convert their shares in connection with
a proposed business combination to comply with specific requirements for conversion that may make it more difficult for them to
exercise their conversion rights prior to the deadline for exercising their rights</I>&rdquo; for further information on the risks
of failing to comply with these requirements.</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">Any
request to convert such shares once made, may be withdrawn at any time up to the vote on the proposed business combination or
the expiration of the tender offer. Furthermore, if a holder of Class&nbsp;A ordinary shares delivered his certificate in connection
with an election of their conversion and subsequently decides prior to the applicable date not to elect to exercise such rights,
he or she may simply request that the transfer agent return the certificate (physically or electronically).</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the initial business combination is not approved or completed for any reason, then our public shareholders who elected to exercise
their conversion rights would not be entitled to convert their shares for the applicable pro rata share of the trust account.
In such case, we will promptly return any shares delivered by public holders.</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>Redemption
of Public Shares and Liquidation if No Initial Business Combination</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">Our
sponsor, officers and directors have agreed that we will have only 15 months from the closing of this offering (or up to 21 months
from the closing of this offering if we extend the period of time to consummate a business combination) to complete our initial
business combination. If we are unable to complete our initial business combination within such 15-month period (or 21-month period),
we will: (1)&nbsp;cease all operations except for the purpose of winding up; (2)&nbsp;as promptly as reasonably possible but not
more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and
which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption
will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating
distributions, if any); and (3)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of
our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights
or liquidating distributions with respect to our rights or warrants, which will expire worthless if we fail to complete our initial
business combination within the 15-month time period (or 21-month time period).</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">Our
initial shareholders have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating
distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination
within 15 months (or within 21 months) from the closing of this offering. However, if our initial shareholders acquire public
shares, 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 15-month time frame (or 21-month time frame).</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">Our
sponsor, officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment
to our amended and restated memorandum and articles of association (A)&nbsp;that would affect our public shareholders&rsquo; ability
to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months (or up to 21 months) from the closing of this offering or (B)&nbsp;with respect to any other provision relating to shareholders&rsquo;
rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem
their public shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then
issued and outstanding public shares. However, we may not redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001 either immediately prior to or upon completion of our initial business combination (so that
we do not then become subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules).</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">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 $750,000 of proceeds held outside the trust account, although we cannot assure
you that there will be sufficient funds for such purpose. 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, we may request the trustee to release to us an additional amount of up to $50,000 of such accrued interest
to pay those costs and expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we were to expend all of the net proceeds of this offering and the sale of the private units, other than the proceeds deposited
in the trust account, and without taking into account interest, if any, earned on the trust account, the per-share redemption
amount received by shareholders upon our dissolution would be 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 shareholders.
We cannot assure you that the actual per-share redemption amount received by shareholders will not be substantially less than
$10.00. While we intend to pay such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide
for all creditors&rsquo; claims.</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>

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<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">Although
we will seek to have all vendors, service providers (other than our independent auditors), 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 shareholders, there is no guarantee that they will execute
such agreements or even if they execute such agreements that they would be prevented from bringing claims against the trust account
including but not limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims
challenging the enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our assets,
including the funds held in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies
held in the trust account, our management will perform an analysis of the alternatives available to it and will enter into an
agreement with a third party that has not executed a waiver only if management believes that such third party&rsquo;s engagement
would be significantly more beneficial to us than any alternative. Examples of possible instances where we may engage a third
party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills
are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or
in cases where we are 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 time frame, 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. Our sponsor has agreed that it will be
liable to us if and to the extent any claims by a third party (other than our independent auditors) for services rendered or products
sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount
of funds in the trust account to below (1)&nbsp;$10.00 per public share or (2)&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 the value of the trust assets,
in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed
a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters
of this offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver
is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for
such third-party claims. We have not independently verified whether our sponsor has sufficient funds to satisfy its indemnity
obligations and believe that our sponsor&rsquo;s only assets are securities of our company and, therefore, our sponsor may not
be able to satisfy those obligations. We have not asked our sponsor to reserve for such obligations. None of our other officers
will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.</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
the event that the proceeds in the trust account are reduced below (1)&nbsp;$10.00 per public share or (2)&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 the 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 in any particular instance. Accordingly, we cannot assure you that due to claims of creditors the actual
value of the per-share redemption price will not be substantially less than $10.00 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">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 (other than our independent auditors), 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 $750,000 from the proceeds
of this offering and the sale of the private units, with which to pay any such potential claims (including costs and expenses
incurred in connection with our liquidation, currently estimated to be no more than approximately $50,000). In the event that
we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, shareholders who received
funds from our trust account could be liable for claims made by creditors. In the event that our offering expenses exceed our
estimate of $550,000, 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 $550,000, the amount of funds we intend to be held outside the trust
account would increase by a corresponding amount.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is
filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable insolvency law,
and may be included in our insolvency estate and subject to the claims of third parties with priority over the claims of our shareholders.
To the extent any insolvency claims deplete the trust account, we cannot assure you we will be able to return $10.00 per share
to our public shareholders. Additionally, if we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up
or bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions received by shareholders could
be viewed under applicable debtor/creditor and/or insolvency laws as a voidable performance. As a result, a bankruptcy court could
seek to recover some or all amounts received by our shareholders. Furthermore, our board may be viewed as having breached its
fiduciary duty to our creditors and/or may have acted in bad faith, and thereby exposing itself and our company to claims of punitive
damages, by paying public shareholders from the trust account prior to addressing the claims of creditors. We cannot assure you
that claims will not be brought against us for these reasons.</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>

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<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">Our
public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (1)&nbsp;the
completion of our initial business combination, and then only in connection with those Class&nbsp;A ordinary shares that such
shareholder properly elected to redeem, subject to the limitations described herein, (2)&nbsp;the redemption of any public shares
properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A)&nbsp;that would affect our public shareholders&rsquo; ability to convert or sell their shares to us in connection with a business
combination as described herein or 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 15 months (or up to 21 months) from the closing of this offering or
(B)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity
and (3)&nbsp;the redemption of our public shares if we are unable to complete our initial business combination within 15 months
(or up to 21 months) from the closing of this offering, subject to applicable law and as further described herein. In no other
circumstances will a shareholder have any right or interest of any kind to or in the trust account. In the event we seek shareholder
approval in connection with our initial business combination, a shareholder&rsquo;s voting in connection with our initial business
combination alone will not result in a shareholder&rsquo;s redeeming its shares to us for an applicable pro rata share of the
trust account. Such shareholder must have also exercised its redemption rights described above.</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>Amended
and Restated Memorandum and Articles of Association</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">Our
amended and restated memorandum and articles of association will contain certain requirements and restrictions relating to this
offering that will apply to us until the completion of our initial business combination. Our amended and restated memorandum and
articles of association contains a provision which provides that, if we seek to amend our amended and restated memorandum and
articles of association (A)&nbsp;that would affect our public shareholders&rsquo; ability to convert or sell their shares to us
in connection with a business combination as described herein or 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 15 months from the closing of this offering
(or up to 21 months from the closing of this offering if we extend the period of time to consummate a business combination) or
(B)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or pre-initial business combination activity,
we will provide public shareholders with the opportunity to redeem their public shares in connection with any such amendment.
Specifically, our amended and restated memorandum and articles of association provide, among other things, that:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
to the completion of our initial business combination, we shall either (1)&nbsp;seek shareholder approval of our initial business
combination at a meeting called for such purpose at which public shareholders may elect to redeem their public shares without
voting, and if they do vote, irrespective of whether they vote for or against the proposed business combination, or (2)&nbsp;provide
our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial
business combination by means of a tender offer (and thereby avoid the need for a shareholder vote), in each in cash, for an amount
payable in cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the completion
of our initial business combination, including interest (which interest shall be net of taxes payable), divided by the number
of then issued and outstanding public shares, subject to the limitations described herein;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately
prior to or upon completion of our initial business combination and, solely if we seek shareholder approval, we receive an ordinary
resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote
at a general meeting of the company;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
our initial business combination is not consummated within 15 months (or up to 21 months) from the closing of this offering, then
our existence will terminate and we will distribute all amounts in the trust account; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
to our initial business combination, we may not issue additional shares that would entitle the holders thereof to (1)&nbsp;receive
funds from the trust account or (2)&nbsp;vote as a class with our public shares (a)&nbsp;on any initial business combination or
(b)&nbsp;to approve an amendment to our amended and restated memorandum and articles of association to (x)&nbsp;extend the time
we have to consummate a business combination beyond 15 months (or up to 21 months) from the closing of this offering or (y)&nbsp;amend
the foregoing provisions.</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>

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<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">These
provisions cannot be amended without the approval of holders of at least two-thirds of our ordinary shares. In the event we seek
shareholder approval in connection with our initial business combination, our amended and restated memorandum and articles of
association provide that we may consummate our initial business combination only if approved by a majority of the ordinary shares
voted by our shareholders at a duly held general meeting.</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">Additionally,
our amended and restated memorandum and articles of association provides that, prior to our initial business combination, only
holders of our founder shares will have the right to vote on the appointment of directors and that holders of a majority of our
founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum
and articles of association may only be amended by a special resolution passed by at least 90% of our ordinary shares voting in
a general meeting. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection
with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares
will vote together as a single class, with each share entitling the holder to one vote</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>

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<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>Comparison
of redemption or purchase prices in connection with our initial business combination and if we fail to complete our initial business
combination.</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
following table compares the redemptions and other permitted purchases of public shares that may take place in connection with
the completion of our initial business combination and if we are unable to complete our initial business combination within 15
months from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time
to consummate a business combination).</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: top">
    <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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Redemptions
    in Connection<BR> with our Initial Business<BR> Combination</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
    Permitted Purchases of<BR> Public Shares by our Affiliates</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Redemptions
    if we fail to<BR> Complete an Initial Business<BR> Combination</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Calculation
    of redemption price</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Redemptions
    at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder
    vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with
    a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate
    amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination
    (which is initially anticipated to be $10.00 per share), including interest (which interest shall be net of taxes payable),
    divided by the number of then issued and outstanding public shares, subject to the limitation that no redemptions will take
    place if all of the redemptions would cause our net tangible assets to be less than $5,000,001 either immediately prior to
    or upon completion of our initial business combination and any limitations (including, but not limited to, cash requirements)
    agreed to in connection with the negotiation of terms of a proposed business combination.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
    we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or any of their
    affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following the
    completion of our initial business combination. None of the funds in the trust account will be used to purchase shares in
    such transactions.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
                                         we are unable to complete our initial business combination within 15 months from the
                                         closing of this offering (or within 21 months from the closing of this offering if we
                                         extend the period of time to consummate a business combination), we will redeem all public
                                         shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit
                                         in the trust account (which is initially anticipated to be $10.00 per share), including
                                         interest (less up to $50,000 of interest to pay dissolution expenses and which interest
                                         shall be net of taxes payable), divided by the number of then issued and outstanding
                                         public shares.</FONT></P> </TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&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">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impact
    to remaining shareholders</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">The
    redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders,
    who will bear the burden of interest withdrawn in order to pay taxes (to the extent not paid from amounts accrued as interest
    on the funds held in the trust account).</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">If
    the permitted purchases described above are made, there will be no impact to our remaining shareholders because the purchase
    price would not be paid by us.</FONT></TD><TD 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">The
    redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share
    for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions.</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>

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<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>Comparison
of This Offering to Those of Blank Check Companies Subject to Rule&nbsp;419</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
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 the over-allotment option. None of the provisions of Rule&nbsp;419 apply to our 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>

<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: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms
    of Our Offering</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms
    Under a Rule&nbsp;419 Offering</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Escrow
    of offering proceeds</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$40,000,000
    of the proceeds of this offering and the sale of the private units will be deposited into a United States-based trust account
    at with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approximately
    $34,920,000 of the offering proceeds, representing the gross proceeds of this offering less allowable underwriting commissions,
    expenses and company deductions under Rule&nbsp;419, would be required to be deposited into either an escrow account with
    an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer
    acts as trustee for persons having the beneficial interests in the account.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
    of net proceeds</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">$40,000,000
    of the proceeds of this offering and the sale of the private units held in trust will be held as cash or invested only in
    U.S. government treasury bills with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries
    and meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act.</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">Proceeds
    could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act
    or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Receipt
    of interest on escrowed funds</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">Interest
    on proceeds from the trust account to be paid to shareholders is reduced by (1)&nbsp;any taxes paid or payable and (2)&nbsp;in
    the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $50,000
    of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses
    of our dissolution and liquidation.</FONT></TD><TD STYLE="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">Interest
    on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow
    were released to us in connection with our completion of a business combination.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&nbsp;</FONT></TD></TR>

<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitation
    on fair value or net assets of target business</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">Our
    initial business combination must occur with one or more target businesses that together have an aggregate fair market value
    of at least 80% of the assets held in the trust account (excluding taxes payable on the income earned on the trust account)
    at the time of the agreement to enter into the initial business combination. Notwithstanding the foregoing, if we are not
    then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.</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">The
    fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.</FONT></TD></TR>
</TABLE>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trading
    of securities issued</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    units will begin trading on or promptly after the date of this prospectus. The Class&nbsp;A ordinary shares, rights and warrants
    constituting the units will begin separate trading on the 90<SUP>th</SUP>&nbsp;&nbsp;day following the date of this prospectus
    unless EarlyBirdCapital,&nbsp;Inc. informs us of its decision to allow earlier separate trading, subject to our having filed
    the Current Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading
    will begin; provided that no fractional warrants will be issued upon separation of the units and only whole warrants will
    trade. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering. If the underwriters&rsquo;
    over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, a second or amended
    Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the underwriters&rsquo;
    over-allotment option</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
    trading of the units or the underlying Class&nbsp;A ordinary shares, rights and warrants would be permitted until the completion
    of a business combination. During this period, the securities would be held in the escrow or trust account.</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 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">&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">&nbsp;</FONT></TD></TR>

<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise
    of the warrants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection
    with the exercise would be deposited in the escrow or trust account.</FONT></TD></TR>
</TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Election
    to remain an investor</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
    will provide our public shareholders 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 completion of our initial
    business combination, including interest, which interest shall be net of taxes payable, upon the completion of our initial
    business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange
    rules&nbsp;to hold a shareholder vote. If we are not required by applicable law or stock exchange rules&nbsp;and do not otherwise
    decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, conduct
    the redemptions pursuant to the tender offer rules&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&rsquo;s proxy rules. If, however, we hold a shareholder vote, we will, like many blank check
    companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules&nbsp;and not pursuant
    to the tender offer rules. Pursuant to the tender offer rules, the tender offer period will be not less than 20 business days
    and, in the case of a shareholder vote, a final proxy statement would be mailed to public shareholders at least 10&nbsp;days
    prior to the shareholder vote. However, we expect that a draft proxy statement would be made available to such shareholders
    well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy
    solicitation. If we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary
    resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and
    vote at a general meeting of the company. Additionally, each public shareholder may elect to redeem its public shares without
    voting and, if they do vote, irrespective of whether they vote for or against the proposed business combination.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor.
    Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business
    days and no more than 45 business days from the effective date of a post-effective&nbsp;amendment to the company&rsquo;s registration
    statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its
    investment. If the company has not received the notification by the end of the 45<SUP>th</SUP></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;business
    day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder.
    Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned
    to all of the investors and none of the securities are issued.</FONT></TD></TR>
</TABLE>

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

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<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: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms
    of Our Offering</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms
    Under a Rule&nbsp;419 Offering</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Business
    combination deadline</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">If
    we are unable to complete an initial business combination within 15 months from the closing of this offering (or up to 21
    months from the closing of this offering if we extend the period of time to consummate a business combination), we will (1)&nbsp;cease
    all operations except for the purpose of winding up, (2)&nbsp;as promptly as reasonably possible but not more than 10 business
    days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
    on deposit in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which
    interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption
    will completely extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating
    distributions, if any) and (3)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval
    of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations
    under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.</FONT></TD><TD 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">If
    an acquisition has not been completed within 15 months after the effective date of the company&rsquo;s registration statement,
    funds held in the trust or escrow account are returned to investors.</FONT></TD></TR>
</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>

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<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: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
    of Our Offering</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
    Under a Rule&nbsp;419 Offering</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release
    of funds</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
    with respect to interest earned on the funds held in the trust account that may be released to us to pay our taxes, if any,
    and up to $50,000 of interest that may be needed to pay dissolution expenses, the funds held in the trust account will not
    be released from the trust account until the earliest to occur of: (1)&nbsp;the completion of our initial business combination;
    (2)&nbsp;the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended
    and restated memorandum and articles of association (A)&nbsp;that would affect our public shareholders&rsquo; ability to convert
    or sell their shares to us in connection with a business combination as described herein or 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 15 months
    from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time to
    consummate a business combination) or (B)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights
    or pre-initial business combination activity; and (3)&nbsp;the redemption of our public shares if we are unable to complete
    our initial business combination within 15 months (or up to 21 months) from the closing of this offering, subject to applicable
    law.</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the
    failure to effect a business combination within the allotted time.</FONT></TD></TR>

<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"><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"><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: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Limitation
    on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold a shareholder vote</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">If
    we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our
    initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association
    provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder
    is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted
    from redeeming its shares with respect Excess Shares (more than an aggregate of 15% of the shares sold in this offering),
    without our prior consent. Our public shareholders&rsquo; inability to redeem Excess Shares will reduce their influence over
    our ability to complete our initial business combination and they could suffer a material loss on their investment in us if
    they sell Excess Shares in open market transactions.</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">Since
    blank check companies provide no restrictions on the ability of shareholders to redeem shares based on the number of shares
    held by such shareholders in connection with an initial business combination.</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">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms
    of Our Offering</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Terms
    Under a Rule 419 Offering</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tendering
    share certificates in connection with redemption rights</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
    may require our public shareholders seeking to exercise their redemption rights, whether they are record holders or hold their
    shares in &ldquo;street name,&rdquo; 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 scheduled
    vote on the proposal to approve our 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&rsquo;s DWAC (Deposit/Withdrawal At Custodian)
    System, at the holder&rsquo;s option. The 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 shareholders to satisfy
    such delivery requirements. Accordingly, a public shareholder would up to two days prior to the vote on the business combination
    to tender its shares if it wishes to seek to exercise its redemption rights.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
    order to perfect redemption rights in connection with their business combinations, holders could vote against a proposed 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 shareholders to arrange for them to deliver their certificate
    to verify ownership.</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>Competition</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">We
expect to encounter intense competition from other entities having a business objective similar to ours, including private investors
(which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international,
competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have
extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing
services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry
knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors.
While we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and
the sale of the private 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, in the event we seek shareholder approval of our initial business combination
and we are obligated to pay cash for our Class&nbsp;A ordinary shares, it will potentially reduce the resources available to us
for our initial business combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating
a business combination.</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>Conflicts
of Interest</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">All
of our executive officers and certain of our directors have or may have fiduciary and contractual duties to certain companies
in which they have invested. These entities may compete with us for acquisition opportunities. If these entities decide to pursue
any such opportunity, we may be precluded from pursuing it. However, we do not expect these duties to present a significant conflict
of interest with our search for an 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">Our
officers and directors have agreed to present to us all target business opportunities that have a fair market value of at least
80% of the assets held in the trust account (excluding taxes payable on the income accrued in the trust account), subject to any
pre-existing fiduciary or contractual obligations. If any of our officers or directors becomes aware of an initial business combination
opportunity that may be attractive to any entity to which he has pre-existing fiduciary or contractual obligations, he will be
required to present such initial business combination opportunity to such entity prior to presenting such initial business combination
opportunity to us. Certain of our officers and directors presently have, and any of them in the future may have additional, fiduciary
or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business
combination opportunity to such entity. Accordingly, they will be required to present all suitable business combination opportunities
to such entities prior to presenting them to our company for consideration.</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">We
do not believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect
our ability to complete 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"></P>

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<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>Indemnity</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">Our
sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent auditors)
for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction
agreement, reduce the amount of funds in the trust account to below (1)&nbsp;$10.00 per public share or (2)&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 the value
of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third
party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in
the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to
the extent of any liability for such third-party claims. We have not independently verified whether our sponsor has sufficient
funds to satisfy its indemnity obligations and believe that our sponsor&rsquo;s only assets are securities of our company and,
therefore, our sponsor may not be able to satisfy those obligations. We have not asked our sponsor to reserve for such obligations.</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>Facilities</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">We
currently maintain our executive offices at Unit 1006, Block C, Jinshangjun Park, No.&nbsp;2 Xiaoba Road, Panlong District, Kunming,
Yunnan, China. The cost for the space is included in the up to $10,000 monthly fee that we will pay our sponsor for office space,
administrative and support services. We consider our current office space adequate for our current operations.</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>Employees</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">We
currently have three executive officers and do not intend to have any full-time employees prior to the completion of our initial
business combination. Members of our management team are not obligated to devote any specific number of hours to our matters but
they intend to devote as much of their time as they deem necessary to our affairs until we have completed our initial business
combination. The amount of time that any such person will devote in any time period may vary based on whether a target business
has been selected for our initial business combination and the current stage of the business combination process.</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>Periodic
Reporting and Financial Information</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">We
will register our units, Class&nbsp;A ordinary shares, rights 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 auditors.</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">We
will provide shareholders with audited financial statements of the prospective target business as part of the tender offer materials
or proxy solicitation materials sent to shareholders to assist them in assessing the target business. These financial statements
may be required to be prepared in accordance with, or be reconciled to, U.S. GAAP or IFRS, depending on the circumstances and
the historical financial statements may be required to be audited in accordance with PCAOB standards. 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 financial statements in accordance with federal proxy rules&nbsp;and complete
our initial business combination within the prescribed time frame. While this may limit the pool of potential business combination
candidates, we do not believe that this limitation will be material.</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">We
will be required to evaluate our internal control procedures for the fiscal year ending December&nbsp;31, 2021 as required by
the Sarbanes-Oxley Act. Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer
qualify as an emerging growth company, will we be required to have our internal control procedures audited. A target business
may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal controls. The development
of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs
necessary to complete any such acquisition.</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">Prior
to the effectiveness of the registration statement of which this prospectus forms a part, we will file a Registration Statement
on Form&nbsp;8-A with the SEC to voluntarily register our securities under Section&nbsp;12 of the Exchange Act. As a result, we
will be subject to the rules&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 completion of 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"></P>

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<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">We
are an &ldquo;emerging growth company,&rdquo; 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 &ldquo;emerging growth companies&rdquo; including, but not limited to, not being required
to comply with the auditor attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our
securities and the prices of our securities may be more volatile.</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, Section&nbsp;107 of the JOBS Act also provides that an &ldquo;emerging growth company&rdquo; can take advantage of the
extended transition period provided in Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act for complying with new or revised accounting
standards. In other words, an &ldquo;emerging growth company&rdquo; can delay the adoption of certain accounting standards until
those standards would otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition
period.</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">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 market value of our ordinary shares that is
held by non-affiliates exceeds $700 million as of the end of the prior fiscal year&rsquo;s second fiscal quarter, and (2)&nbsp;the
date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References
herein to &ldquo;emerging growth company&rdquo; shall have the meaning associated with it in the JOBS Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">Additionally,
we are a &ldquo;smaller reporting company&rdquo; 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 ordinary shares held by non-affiliates exceeds $250 million as of the end of that year&rsquo;s second fiscal quarter,
or (2)&nbsp;our annual revenues exceeded $100 million during such completed fiscal year and the market value of our ordinary shares
held by non-affiliates exceeds $700 million as of the end of that year&rsquo;s second fiscal quarter.</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>Legal
Proceedings</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">There
is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management
team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding in
the 12 months preceding the date of this prospectus.</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>

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<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"><A NAME="MANAGEMENT"></A><B>MANAGEMENT</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>Directors,
Director Nominees and Executive 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 1in">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Age</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jian
    Zhang</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">38</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 51%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief
    Executive Officer and Chairman</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jirong
    Lyu</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">37</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">Chief
    Financial Officer and Director Nominee</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; 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">Yiwen
    Ma</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">35</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">Chief
    Technology Officer</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">John
    Wallace</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">70</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">Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; 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">Joseph
    Valenza</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">63</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">Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ning
    Wang</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: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">65</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">Director</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">Our
directors, director nominees and executive officers are 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jian
Zhang</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">has served as our Chairman and Chief Executive Officer
since inception. He has significant experience in designing, developing and operating message platforms and investing in the informational,
biological, block-chain and consumer technology industries. He is currently a director of many technology and investment firms,
including Yunnan Jimaoxin Information Technology Co.,&nbsp;Ltd., Chongqing Wangwang Supply Chain Management Co.,&nbsp;Ltd., Shenzhen
Zenyi Tonglian Technology Co.,&nbsp;Ltd. and Zhuhai Meining Technology Co.,&nbsp;Ltd. Since August&nbsp;2015, he has been the
Chief Executive Officer and the Managing Partner of Yunnan Xiaosen Venture Capital Co.,&nbsp;Ltd., a fund active in angel-round
capital raising for the Internet and social media startups. Since August&nbsp;2017, Mr.&nbsp;Zhang has also been the Chief Executive
Officer and Director of Hangzhou Hechuang Investment Management Co.,&nbsp;Ltd., a fund investing in the processing, supply chain
and retail channel related to agricultural products. Since August&nbsp;2018, Mr.&nbsp;Zhang has also been the Chief Executive
Officer of Tongzheng Huilian Technology (Beijing) Co.,&nbsp;Ltd., a high-tech company focusing on the research of blockchain technology
and the development, operation and maintenance of alliance chain. From January&nbsp;2005 to August&nbsp;2018, he served as the
Chief Executive Officer at Kunming Limit Technology Company Limited, a high-tech company mainly engaged in the development of
the mobile communication protocol and the application gateway. Mr.&nbsp;Zhang graduated from Guangdong Ocean University with a
Bachelor&rsquo;s degree in Engineering. We believe he is well qualified to serve on our board of directors due to his extensive
investment and operational experience in the Internet and communication industry.</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; font-size: 10pt"><B>Jirong
Lyu</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">has served as our Chief Financial Officer and will serve
as one of our directors as of the effective date of the registration statement of which this prospectus forms a part. Since March&nbsp;2016,
he has served as a Managing Partner of Dongguan Taihua Tax Accountant Firm, an accounting firm, and Chief Financial Officer at
Shanghai Shengkai Technology Co.,&nbsp;Ltd., a company focusing on providing technical and operational services to Chinese e-commerce
enterprises with cross-border operations. Mr.&nbsp;Lyu served as the Head of the Financial Securities Market at Guangdong Vocational
College of Innovation and Technology, School of Finance and Economics from July&nbsp;2011 to March&nbsp;2016, during which time
he led the editing of three academic textbooks focused on computerized accounting published by major Chinese universities. From
July&nbsp;2006 to June&nbsp;2011, Mr.&nbsp;Lyu served as the Manager of the Tax Department at Dongguan Wabisen Certified Public
Accountants Co.,&nbsp;Ltd., an accounting firm. Mr.&nbsp;Lyu graduated from Zhengzhou University of Aeronautics with a Bachelor&rsquo;s
degree in Management.&nbsp;We believe he is well qualified to serve on our board of directors due to his extensive experience
and academic expertise in financial counseling, international taxation and securities transactions.</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; font-size: 10pt"><B>Yiwen
Ma</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">has served as our Chief Technology Officer since inception.
Mr.&nbsp;Ma has substantial experience researching and developing the systems and programs related to instant messaging and big
data technology. Since September&nbsp;2009, he has been serving as the Software Manager of Kunming Limit Technology Company Limited,
a high-tech company engaged in the development of the mobile communication protocol and the application gateway. Mr.&nbsp;Ma graduated
from Kunming University of Science and Technology with a Bachelor&rsquo;s degree in Engineering.</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; font-size: 10pt"><B>John
Wallace</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">, who will serve as one of our directors as of the
effective date of the registration statement of which this prospectus forms a part, has served as the Chairman and Chief
Executive Officer of the Delaware Board of Trade, a subsidiary of Ideanomics,Inc. (NASDAQ: IDEX) that is a broker-dealer
operating an Alternative Trading System (ATS) for equities not listed on a stock exchange, since December&nbsp;2015. From
July 2019 to June 2020, he served as a director of Ideanomics, Inc. and from January 2015 to May 2020, he served as a
director of Gene Biotherapeutics, Inc. (OTCMKTS: CRMX), a company that manages a portfolio of investments in medical
technologies. Since September&nbsp;2006, Mr.&nbsp;Wallace has also served as the President and Chief Executive Officer of
Philadelphia Financial Services, LLC, a company providing consulting services to firms in the financial services industry.
From August&nbsp;2008 to October&nbsp;2011, he served as the President and Chief Executive Officer of Miami International
Holdings,&nbsp;Inc., a company that builds exchange technology. From January&nbsp;1981 to July&nbsp;2008, Mr.&nbsp;Wallace
served in various managerial positions, including the Chairman and Chief Executive Officer, of the Philadelphia Stock
Exchange before its acquisition by the NASDAQ OMX Group Inc. in July&nbsp;2008. Mr.&nbsp;Wallace graduated from
Franklin&nbsp;&amp; Marshall College in Lancaster, Pennsylvania with a Bachelor&rsquo;s degree in Economics and retired
honorably from the United States Army, holding the rank of Lieutenant Colonel. We believe he is well qualified to serve on
our board of directors due to his extensive managerial and entrepreneurial experience in securities transactions and the U.S.
capital markets.</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>

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<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; font-size: 10pt"><B>Joseph
Valenza</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">will serve as one of our directors as of the effective
date of the registration statement of which this prospectus forms a part. From June&nbsp;2019 to April&nbsp;2020, he served as
the President and Chief Revenue Officer of the Delaware Board of Trade. From September&nbsp;2015 to May&nbsp;2017, Mr.&nbsp;Valenza
worked as a NASDAQ Equity Market Maker at Canacord Genuity Group Inc. (TSX: CF), a financial services firm. From June&nbsp;2017
to May&nbsp;2019, Mr.&nbsp;Valenza worked primarily on his real estate business. From May&nbsp;2011 to August&nbsp;2015, he served
as the Vice President of Sales Retail Liquidity at The Goldman Sachs Group,&nbsp;Inc. (NYSE: GS). From October&nbsp;2009 to April&nbsp;2011,
Mr.&nbsp;Valenza served as the Head of Sales at Surge Trading, a company that was a market maker in NYSE and NASDAQ securities.
From May&nbsp;2008 to September&nbsp;2009, he was the President of Drexel Hamilton, LLC, an institutional broker-dealer. Mr.&nbsp;Valenza
served as Senior Vice President of the Sales and Development at Lehman Brothers,&nbsp;Inc. from February&nbsp;2006 to April&nbsp;2008.
He is a former member of the American Stock Exchange Retail Advisory Committee and the Chicago Board of Options Managing Directors
Committee. Mr.&nbsp;Valenza attended St. Francis College with a Bachelor&rsquo;s degree in History and was honorably discharged
from the United States Coast Guard Reserve. We believe he is well qualified to serve on our board of directors due to his extensive
managerial and entrepreneurial experience in securities transactions and the U.S. capital markets.</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; font-size: 10pt"><B>Ning
Wang</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">will serve as one of our directors as of the effective
date of the registration statement of which this prospectus forms a part. Since December&nbsp;2014, he has served as the President
of China Electronics Chamber of Commerce, or the CECC, an organization comprised of companies, groups and industry organizations
engaged in the production, distribution, research of electronic products, and has also served in various managerial positions
including the Secretary General and Vice Executive President at the CECC since 1993. He is an independent director at both Jiu
Rong Holdings Ltd. (2358.HK), an investment holding company principally engaged in the manufacture and sale of digital televisions,
and Fibocom Wireless Inc. (SHE: 300638), a Shenzhen-based wireless communication module and Internet-of-Things solution provider.
From January1990 to March&nbsp;1992, he served as the director of the Management Division of the National Household Appliances
Management Center. Mr.&nbsp;Wang graduated from Remin University of China with a Bachelor&rsquo;s degree in political economics.
We believe he is well qualified to serve on our board of directors due to his substantial experience in the marketing and distribution
of electronic products and public company management.</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>Number,
Terms of Office and Election of Officers and Directors</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">Upon
the effectiveness of the registration statement of which this prospectus forms a part, we expect that our board of directors will
consist of five members. Our board of directors is divided into two classes with only one class of directors being elected in
each year and each (except for those directors appointed prior to our first annual general meeting) serving a two-year term. The
term of office of the first class of directors will expire at our first annual general meeting and the term of office of the second
class of directors will expire at our second annual general meeting. We may not hold an annual general meeting until after we
consummate our initial business combination (unless required by Nasdaq). Subject to any other special rights applicable to the
shareholders, any vacancies on our board of directors may be filled by the affirmative vote of a majority of the directors present
and voting at the meeting of our board or by a majority of the holders of our ordinary shares (or, prior to our initial business
combination, holders of our founder shares).</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">Our
officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific
terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our amended and restated
memorandum and articles of association as it deems appropriate. Our amended and restated memorandum and articles of association
provide that our officers may consist of a Chairman, a Chief Executive Officer, a President, a Chief Operating Officer, a Chief
Financial Officer, Vice Presidents, a Secretary, Assistant Secretaries, a Treasurer and such other offices as may be determined
by the 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>Director
Independence</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">Nasdaq
listing standards require that a majority of our board of directors be independent within one year of our initial public offering.
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. We expect
that our board of directors will determine that each of John Wallace, Joseph Valenza and Ning Wang is an &ldquo;independent director&rdquo;
as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings
at which only independent directors are present.</FONT></P>

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

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<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>Officer
and Director Compensation</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">None
of our officers or directors have received or, prior to our initial business combination, will receive any cash compensation for
services rendered to us. We will pay our sponsor up to $10,000 per month for office space, administrative and support services.
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 any of their affiliates.</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">After
the completion of our initial business combination, directors or members of our management team who remain with us may be paid
consulting, management or other compensation from the combined company. All compensation will be fully disclosed to shareholders,
to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our shareholders in connection
with a proposed business combination. It is unlikely the amount of such compensation will be known at the time, because the directors
of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation
to be paid to our officers after the completion of our initial business combination will be determined by a compensation committee
constituted solely by independent 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">We
are not party to any agreements with our executive officers and directors that provide for benefits upon termination of employment.
The existence or terms of any such employment or consulting arrangements may influence our management&rsquo;s motivation in identifying
or selecting a target business, and we do not believe that the ability of our management to remain with us after the completion
of our initial business combination should be a determining factor in our decision to proceed with any potential 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>Committees
of the Board of Directors</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">Pursuant
to Nasdaq listing rules&nbsp;we will establish two standing committees - an audit committee in compliance with Section&nbsp;3(a)(58)(A)&nbsp;of
the Exchange Act 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.</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>Audit
Committee</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">Upon
the effectiveness of the registration statement of which this prospectus forms a part, we will establish an audit committee of
the board of directors. John Wallace, Joseph Valenza and Ning Wang will serve as members of our audit committee, and John Wallace
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. We believe that each of John Wallace, Joseph Valenza and
Ning Wang will meet the independent director standard under Nasdaq listing standards and under Rule&nbsp;10-A-3(b)(1)&nbsp;of
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">Each
member of the audit committee is or will be financially literate and our board of directors has determined that Mr.&nbsp;Wallace
qualifies as an &ldquo;audit committee financial expert&rdquo; as defined in applicable SEC rules&nbsp;and has accounting or related
financial management expertise.</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">We
will adopt an audit committee charter, which will detail the purpose and principal functions of the audit committee, including:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assisting
board oversight of (1)&nbsp;the integrity of our financial statements, (2)&nbsp;our compliance with legal and regulatory requirements,
(3)&nbsp;our independent auditor&rsquo;s qualifications and independence and (4)&nbsp;the performance of our internal audit function
and independent auditors;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
appointment, compensation, retention, replacement and oversight of the work of the independent auditors and any other independent
registered public accounting firm engaged by us;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approving
all audit and non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged
by us and establishing pre-approval policies and procedures;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
and discussing with the independent auditors all relationships the auditors have with us in order to evaluate their continued
independence;</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>

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<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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;setting
clear hiring policies for employees or former employees of the independent auditors;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;setting
clear policies for audit partner rotation in compliance with applicable laws and regulations;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;obtaining
and reviewing a report, at least annually, from the independent auditors describing (1)&nbsp;the independent auditor&rsquo;s internal
quality-control procedures and (2)&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;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;meeting
to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent
auditor, including reviewing our specific disclosures under &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations&rdquo;;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the
SEC prior to us entering into such transaction; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
with management, the independent auditors, 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.</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>Compensation
Committee</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">Upon
the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee
of the board of directors. John Wallace, Joseph Valenza and Ning Wang 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. John Wallace, Joseph Valenza and Ning Wang are independent and Mr.&nbsp;Valenza chairs the compensation
committee.</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">We
will adopt a compensation committee charter, which will detail the purpose and responsibility of the compensation committee, including:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&rsquo;s compensation,
evaluating our Chief Executive Officer&rsquo;s performance in light of such goals and objectives and determining and approving
the remuneration (if any) of our Chief Executive Officer based on such evaluation;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
and making recommendations to our board of directors with respect to the compensation and any incentive-compensation and equity-based
plans that are subject to board approval of all of our other officers;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing
our executive compensation policies and plans;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;implementing
and administering our incentive compensation equity-based remuneration plans;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;assisting
management in complying with our proxy statement and annual report disclosure requirements;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;approving
all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;producing
a report on executive compensation to be included in our annual proxy statement; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing,
evaluating and recommending changes, if appropriate, to the remuneration for 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">The
charter will also provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation
consultant, independent 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.</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>

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<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>Director
Nominations</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">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 John Wallace, Joseph Valenza and Ning Wang. 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.</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
board of directors will also consider director candidates recommended for nomination by our shareholders during such times as
they are seeking proposed nominees to stand for election at the next annual general meeting (or, if applicable, an extraordinary
general meeting). Our shareholders that wish to nominate a director for election to our board of directors should follow the procedures
set forth in our memorandum and articles of association.</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">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 shareholders.</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>Compensation
Committee Interlocks and Insider Participation</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">None
of our officers currently serves, and in the past year has not served, as a member of the board of directors or compensation committee
of any entity that has one or more officers serving on our 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>Code
of Ethics</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">Prior
to the effectiveness of the registration statement of which this prospectus is a part, we will have adopted a Code of Ethics applicable
to our directors, officers and employees. Our Code of Ethics will be available on our website upon the completion of this offering.
Our Code of Ethics is a &ldquo;code of ethics,&rdquo; as defined in Item 406(b)&nbsp;of Regulation S-K. We will make any legally
required disclosures regarding amendments to, or waivers of, provisions of our Code of Ethics on our website.</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>Conflicts
of Interest</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">All
of our executive officers and certain of our directors have or may have fiduciary and contractual duties to certain companies
in which they have invested. These entities may compete with us for acquisition opportunities. If these entities decide to pursue
any such opportunity, we may be precluded from pursuing it. However, we do not expect these duties to present a significant conflict
of interest with our search for an 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">Under
Cayman Islands law, directors and officers owe the following fiduciary duties:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;duty
to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;duty
to exercise authority for the purpose for which it is conferred;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;duty
to not improperly fetter the exercise of future discretion;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;duty
not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests;
and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;duty
to exercise independent judgment.</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 to the above, directors also owe a duty of care, which is not fiduciary in nature. This duty has been defined as a requirement
to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected
of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge,
skill and experience which that director has.</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>

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<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">Our
officers and directors have agreed to present to us all target business opportunities that have a fair market value of at least
80% of the assets held in the trust account (excluding taxes payable on the income accrued in the trust account), subject to any
pre-existing fiduciary or contractual obligations. If any of our officers or directors becomes aware of an initial business combination
opportunity that may be attractive to any entity to which he has pre-existing fiduciary or contractual obligations, he will be
required to present such initial business combination opportunity to such entity prior to presenting such initial business combination
opportunity to us. Certain of our officers and directors presently have, and any of them in the future may have additional, fiduciary
or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business
combination opportunity to such entity. Accordingly, they will be required to present all suitable business combination opportunities
to such entities prior to presenting them to our company for consideration.</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">We
do not believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect
our ability to complete 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">Potential
investors should also be aware of the following potential conflicts of interest:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of our officers or directors is required to commit his or her full time to our affairs and, accordingly, may have conflicts of
interest in allocating his or her time among various business activities.</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the course of their other business activities, our officers and directors may become aware of investment and business opportunities
that 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. For a complete
description of our management&rsquo;s other affiliations, see &ldquo;&mdash;Directors, Director Nominees and Executive Officers.&rdquo;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
initial shareholders have agreed to waive their redemption rights with respect to their founder shares and any public shares held
by them in connection with the completion of our initial business combination. Our directors and officers have also entered into
the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any. Additionally,
our initial shareholders have agreed to waive their redemption rights with respect to their founder shares if we fail to consummate
our initial business combination within 15 months after the closing of this offering (or up to 21 months from the closing of this
offering if we extend the period of time to consummate a business combination). However, if our initial shareholders or any of
our officers, directors or affiliates 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 consummate our initial business combination within the
prescribed time frame. If we do not complete our initial business combination within such applicable time period, the proceeds
of the sale of the private units held in the trust account will be used to fund the redemption of our public shares, and the private
units will expire worthless. With certain limited exceptions, the founder shares will not be transferable, assignable or salable
by our initial shareholders until the earlier of (1)&nbsp;one year after the completion of our initial business combination and
(2)&nbsp;the date on which we consummate a liquidation, merger, amalgamation, share exchange, reorganization, or other similar
transaction after our initial business combination that results in all of our public shareholders having the right to exchange
their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of
our Class&nbsp;A ordinary shares equals or exceeds $12.50 per share (as adjusted for share sub-divisions, share dividends, rights
issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, 50% of the founder shares will be released from the lock-up. With certain
limited exceptions, the private units and the Class&nbsp;A ordinary shares, rights and warrants underlying such units, will not
be transferable, assignable or salable by our sponsor until 30 days after the completion of our initial business combination.
Since our sponsor and officers and directors may directly or indirectly own ordinary shares, rights 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.</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
officers have agreed not to become an officer or director of any other special purpose acquisition company with a class of securities
registered under the Exchange Act, until we have entered into a definitive agreement regarding our initial business combination
or we have failed to complete our initial business combination within 15 months after the closing of this offering (or up to 21
months from the closing of this offering if we extend the period of time to consummate a business combination).</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 to proceed with a particular 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"></P>

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<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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
officers and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention
or resignation of any such officers and directors was included by a target business as a condition to any agreement with respect
to our initial business combination.</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
conflicts described above may not be resolved in our favor.</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">Accordingly,
as a result of multiple business affiliations, our officers and directors have similar legal obligations relating to presenting
business opportunities meeting the above-listed criteria to multiple entities.</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">Below
is a table summarizing the entities to which our executive officers and directors currently have fiduciary duties or contractual
obligations:</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: 90%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Individual</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Entity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Entity&rsquo;s
    Business</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Affiliation</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jian
    Zhang</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">Yunnan
    Jimaoxin information Technology Co.,&nbsp;Ltd.</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">Recruitment
    Information Services</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">Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <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-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chongqing
    Wangwang Supply Chain Management Co.,&nbsp;Ltd.</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">Agricultural
    products</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">Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Shenzhen
    Zenyi Tonglian Technology Co.,&nbsp;Ltd.</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">Payment
    technology</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">Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Zhuhai
    Meining Technology Co., Ltd</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">Distributed
    storage technology</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">Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Yunnan
    Xiaosen Venture Capital Co.,&nbsp;Ltd.</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">Internet
    and social media</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">CEO&nbsp;&amp;
    Partner</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Hangzhou
    Hechuang Investment Management Co.,&nbsp;Ltd.</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">Supply
    chain</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">CEO
    and Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Tongzheng
    Huilian Technology (Beijing) Co.,&nbsp;Ltd.</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">Blockchain
    tech</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">CEO</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&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">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jirong
    Lyu</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">Dongguan
    Taihua Tax Accountant Firm</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">Accounting</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">Partner and CFO</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Shanghai
    Shengkai Technology Co.,&nbsp;Ltd.</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">E-commerce</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">CFO&nbsp;&amp;
    Manager</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&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">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yiwen
    Ma</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">Kunming
    Limit Technology Co.,&nbsp;Ltd.</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">Mobile
    communications</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">Software
    Manager</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&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">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">John
    Wallace</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">The
    Delaware Board of Trade</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">Broker-dealer</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">Chairman&nbsp;&amp;
    CEO&nbsp;&amp; President</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Philadelphia
    Financial Services, LLC</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">Financial
    consulting</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">President&nbsp;&amp;
    CEO &amp; Owner</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Wallace
    Securities Corp.</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">Financial
    consulting</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">Owner</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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">&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">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ning
    Wang</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">China
    Electronics Chamber of Commerce</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">Electronic
    information products</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">President</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Jiu
    Rong Holdings Ltd.</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">Investments</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">Director</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">Fibocom
    Wireless Inc.</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">Wireless
    services</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">Director</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">Accordingly,
if any of the above officers or directors become aware of a business combination opportunity which is suitable for any of the
above entities to which he or she has then-current fiduciary or contractual obligations, he or she may need to 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 chooses not to pursue the opportunity, subject to their fiduciary duties under Cayman Islands law. We do not believe,
however, that any of the foregoing fiduciary duties or contractual obligations will materially affect our ability to complete
our initial business combination.</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>

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<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">We
are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, officers
or directors. In the event we seek to complete our initial business combination with such a company, we would obtain an opinion
from an independent investment banking firm or from another independent entity that commonly renders valuation opinions, that
such an initial business combination is fair to our company from a financial point of view.</FONT></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, our sponsor or any of its affiliates may make additional investments in the company in connection with the initial business
combination, although our sponsor and its affiliates have no obligation or current intention to do so. If our sponsor or any of
its affiliates elects to make additional investments, such proposed investments could influence our sponsor&rsquo;s motivation
to complete an 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">In
the event that we submit our initial business combination to our public shareholders for a vote, our initial shareholders have
agreed, pursuant to the terms of a letter agreement entered into with us, to vote their founder shares (and their permitted transferees
will agree) and any public shares held by them in favor of our initial business combination. Our directors and officers have also
entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any.</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>Limitation
on Liability and Indemnification of Officers and Directors</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">Cayman
Islands law does not limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to
public policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. Our
amended and restated memorandum and articles of association provide for indemnification of our officers and directors to the maximum
extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud,
willful default or willful neglect.</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">We
may purchase a policy of directors&rsquo; and officers&rsquo; liability insurance that insures our officers and directors against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
our officers and directors. We also intend to enter into indemnity agreements with them.</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">Our
officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account,
and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising
out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever. Accordingly,
any indemnification provided will only be able to be satisfied by us if we (i)&nbsp;have sufficient funds outside of the trust
account or (ii)&nbsp;consummate an initial business combination. Furthermore, a shareholder&rsquo;s investment may be adversely
affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification
provisions.</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">We
believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced
officers and 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">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors and officers or persons controlling
us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.</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>

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<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"><A NAME="PRINCIPALSHAREHOLDERS"></A><B>PRINCIPAL
SHAREHOLDERS</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
following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of this prospectus,
and as adjusted to reflect the sale of our Class&nbsp;A ordinary shares included in the units offered by this prospectus, and
assuming no purchase of units in this offering, by:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                         person known by us to be the beneficial owner of more than 5% of our issued and outstanding
                                         ordinary shares;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                         of our officers, directors and director nominees; 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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
                                         our officers, directors and director nominees as a group.</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">Unless
otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all
ordinary shares beneficially owned by them. The following table does not reflect record or beneficial ownership of any Class A
ordinary shares issuable upon conversion of rights or exercise of warrants, as the rights are not convertible, and the warrants
are not exercisable, within 60 days of the date of this prospectus.</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
post-offering ownership percentage column below assumes that the underwriters do not exercise the over-allotment option, that
our sponsor forfeits 150,000 founder shares and that there are 5,350,000 ordinary shares issued and outstanding after this 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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prior&nbsp;to&nbsp;Offering</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: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">After&nbsp;Offering</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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name&nbsp;and&nbsp;Address&nbsp;of&nbsp;Beneficial&nbsp;Owner(1)</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount&nbsp;and<BR>
    Nature&nbsp;of<BR> Beneficial<BR> Ownership</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approximate<BR>
    Percentage&nbsp;of<BR> Outstanding<BR> Ordinary<BR> Shares(2)</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount&nbsp;and<BR>
    Nature&nbsp;of<BR> Beneficial<BR> Ownership(3)</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approximate<BR>
    Percentage&nbsp;of<BR> Outstanding<BR> Ordinary<BR> Shares</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></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: 44%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Xiaosen
    Sponsor LLC (4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,150,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,250,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.4</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></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">Jian
    Zhang (4)</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">1,150,000</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><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">100.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></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">1,250,000</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><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">23.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</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">Joseph
    Valenza</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">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">John
    Wallace</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">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ning
    Wang</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">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jirong
    Lyu</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">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yiwen
    Ma</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">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
    directors and officers as a group (5 individuals)</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">1,150,000</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><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">100.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></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">1,250,000</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><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">23.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</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-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Less than one percent.</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">(1)&nbsp;Unless
otherwise indicated, the business address of each of the individuals is </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Unit
1006, Block C, Jinshangjun Park, No.&nbsp;2 Xiaoba Road, Panlong District, Kunming, Yunnan, China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)&nbsp;Based
on 1,150,000 ordinary shares immediately prior to this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)&nbsp;Includes
the 250,000 private units to be purchased by our sponsor simultaneously with the consummation of this offering.</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">(4)&nbsp;Represents
shares held by our sponsor. The shares held by our sponsor are beneficially owned by </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Jian
Zhang, our chief executive officer, who, as the manager of our sponsor, has voting and dispositive power over the shares held
by our sponsor.</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>

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<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">Immediately
after this offering, our initial shareholders will beneficially own 20.0% of the then issued and outstanding ordinary shares (excluding
the private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination, and assuming our initial shareholders do not purchase any other units in this offering).
Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of
directors, and holders of a majority of our founder shares may remove a member of the board of directors for any reason. In addition,
because of their ownership block, our initial shareholders may be able to effectively influence the outcome of all other matters
requiring approval by our shareholders, including amendments to our amended and restated memorandum and articles of association
and approval of significant corporate transactions. If we increase or decrease the size of this offering, we will effect a capitalization
or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately
prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our issued and
outstanding ordinary shares upon the consummation of this offering (excluding the private shares underlying the private units,
the representative shares and any shares underlying units issued upon conversion of working capital loans and any Class&nbsp;A
ordinary shares or equity-linked securities issued, or to be issued, to any seller in 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">Our
sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 250,000 (or 268,000 if the underwriters&rsquo;
over-allotment option is exercised in full) private units at a price of $10.00 per unit ($2,500,000 in the aggregate or $2,680,000
in the aggregate if the underwriters&rsquo; over-allotment option is exercised in full) in a private placement that will occur
simultaneously with the closing of this offering. The purchase price of the private units will be added to the proceeds from this
offering to be held in the trust account. If we do not complete our initial business combination within 15 months from the closing
of this offering (or up to 21 months from the closing of this offering if we extend the period of time to consummate a business
combination), the proceeds of the sale of the private units held in the trust account will be used to fund the redemption of our
public shares, and the private units will expire worthless. The private units are subject to the transfer restrictions described
below. The warrants underlying the private units will not be redeemable by us so long as they are held by our sponsor or its permitted
transferees. If the warrants underlying the private units are held by holders other than our sponsor or its permitted transferees,
such 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. Otherwise, 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.</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">Our
sponsor and our officers and directors are deemed to be our &ldquo;promoters&rdquo; as such term is defined under the federal
securities laws. See &ldquo;Certain Relationships and Related Party Transactions&rdquo; for additional information regarding our
relationships with our promoters.</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>Transfers
of Founder Shares and Private Warrants</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
founder shares, private units and any Class&nbsp;A ordinary shares issued upon conversion or exercise thereof are each subject
to transfer restrictions pursuant to lock-up provisions in the letter agreement with us to be entered into by our initial shareholders.
Those lock-up provisions provide that such securities are not transferable or salable (1)&nbsp;in the case of the founder shares,
until the earlier of (A)&nbsp;one year after the completion of our initial business combination or (B)&nbsp;subsequent to our
initial business combination, (x)&nbsp;for 50% of the founder shares, if the last reported sale price of the Class&nbsp;A ordinary
shares equals or exceeds $12.50 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations,
recapitalizations and the like and as otherwise described in this prospectus) for any 20 trading days within any 30-trading day
period commencing at least 150 days after our initial business combination, or (y)&nbsp;the date following the completion of our
initial business combination on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other
similar transaction that results in all of our public shareholders having the right to exchange their Class&nbsp;A ordinary shares
for cash, securities or other property, and (2)&nbsp;in the case of the private units and the underlying securities, until 30
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 partners of our sponsor, or any affiliates of our sponsor,
(b)&nbsp;in the case of an individual, by gift to a member of the individual&rsquo;s immediate family or to a trust, the beneficiary
of which is a member of the individual&rsquo;s immediate family or 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 the consummation of a business combination at prices no greater than the price at which the securities were originally purchased;
(f)&nbsp;in the event of our liquidation prior to our completion of our initial business combination; (g)&nbsp;by virtue of the
laws of the Cayman Islands or our sponsor&rsquo;s limited liability company agreement, as amended, upon liquidation of our sponsor;
or (h)&nbsp;in the event of our completion of a liquidation, merger, amalgamation, share exchange, reorganization or other similar
transaction which results in all of our public shareholders having the right to exchange their Class&nbsp;A ordinary shares for
cash, securities or other property subsequent to our completion of our initial business combination; provided, however, that in
the case of clauses (a)&nbsp;through (e)&nbsp;and (g)&nbsp;these permitted transferees must enter into a written agreement agreeing
to be bound by these transfer restrictions.</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>

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<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>Registration
Rights</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
holders of the founder shares, representative shares, private units and any warrants that may be issued on conversion of working
capital loans (and any securities underlying the private units or units issued upon conversion of the working capital loans and
Class&nbsp;A ordinary shares that may be issued 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. The holders of these securities will be entitled to make up to three demands, excluding short form
registration demands, that we register such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo; 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. However, the registration
rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective
until termination of the applicable lock-up period, which occurs (1)&nbsp;in the case of the founder shares, until the earlier
of (A)&nbsp;one year after the completion of our initial business combination or (B)&nbsp;subsequent to our initial business combination,
(x)&nbsp;for 50% of the founder shares, if the last reported sale price of the Class&nbsp;A ordinary shares equals or exceeds
$12.50 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and
the like and as otherwise described in this prospectus) for any 20 trading days within any 30-trading day period commencing at
least 150 days after our initial business combination, or (y)&nbsp;the date following the completion of our initial business combination
on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results
in all of our public shareholders having the right to exchange their Class&nbsp;A ordinary shares for cash, securities or other
property, and (2)&nbsp;in the case of the representative shares, private units and the securities underlying such units, 30 days
after the completion of our initial business combination. We will bear the expenses incurred in connection with the filing of
any such registration statements.</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>

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<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"><A NAME="CERTAINRELATIONSHIPSANDRELATED"></A><B>CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</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
July&nbsp;2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
Our initial shareholders will collectively own 20% of our issued and outstanding shares after this offering (assuming our initial
shareholders do not purchase any other units in this offering and excluding the private shares underlying the private units, the
representative shares and any shares underlying units issued upon conversion of working capital loans and any Class&nbsp;A ordinary
shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination). If we increase
or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate
mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount
as to maintain the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this
offering (excluding the private shares underlying the private units, the representative shares and any shares underlying units
issued upon conversion of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to
be issued, to any seller in 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">Our
sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 250,000 (or 268,000 if the underwriters&rsquo;
over-allotment option is exercised in full) private units for a purchase price of $10.00 per unit in a private placement that
will occur simultaneously with the closing of this offering. The private units (including the securities underlying the private
units) may not, subject to certain limited exceptions, be transferred, assigned or sold by it until 30 days after the completion
of 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">On
or prior to the date of this prospectus, we will enter into an administrative services agreement pursuant to which we will pay
our sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of our initial business
combination or our liquidation, we will cease paying any of these monthly fees. Accordingly, in the event the consummation of
our initial business combination takes the maximum 15 months, our sponsor will be paid up to $10,000 per month ($150,000 in the
aggregate) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket expenses.</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">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 any of their affiliates and will determine which expenses and the amount of expenses that will be reimbursed.
There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities
on our behalf.</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">Our
sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used for a portion of the expenses of this
offering. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion of the
expenses of this offering. These loans are non-interest bearing, unsecured and are due at the earlier of December&nbsp;31, 2020
or the closing of this offering. These loans will be repaid upon completion of this offering out of the $550,000 of offering proceeds
that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust account.
The value of our sponsor&rsquo;s interest in this loan transaction corresponds to the principal amount outstanding under any such
loan.</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, 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.
Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds
released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible into units
at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private units issued to our sponsor.
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.</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">After
our initial business combination, members of our management team who remain with us may be paid consulting, management or other
fees from the combined company with any and all amounts being fully disclosed to our shareholders, to the extent then known, in
the tender offer or proxy solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such
compensation will be known at the time of distribution of such tender offer materials or at the time of a general meeting held
to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business
to determine executive and director compensation.</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>

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<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">We
have entered into a registration rights agreement with respect to the founder shares, representative shares, private units and
units issued upon conversion of working capital loans (if any), which is described under the heading &ldquo;Principal Shareholders&mdash;Registration
Rights.&rdquo;</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>Related
Party Policy</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">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.</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">Prior
to the consummation of this offering, we will adopt our 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.</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, 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. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or
directors, or our or any of their affiliates.</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">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.</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">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 and disinterested directors,
have obtained an opinion from an independent investment banking firm or another independent entity that commonly renders valuation
opinions that our initial business combination is fair to our company from a financial point of view.</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">Furthermore,
no finder&rsquo;s fees, reimbursements or cash payments will be made by us to our sponsor, officers or directors, or our or any
of their affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination,
other than the following payments, none of which will be made from the proceeds of this offering and the sale of the private units
held in the trust account prior to the completion of 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment
of an aggregate of up to $150,000 in loans that may be made to us by our sponsor to cover offering-related and organizational
expenses;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
to our sponsor of up to $10,000 per month for office space, administrative and support services;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of consulting, success or finder fees to our sponsor, officers, directors, initial shareholders or their affiliates in connection
with the consummation of 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement
for any out-of-pocket expenses related to identifying, investigating and completing an initial business combination; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment
of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction
costs in connection with an intended initial business combination. Up to $1,500,000 of such loans may be convertible into units,
at a price of $10.00 per unit, at the option of the lender.</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
above payments may be funded using the net proceeds of this offering and the sale of the private units not held in the trust account
or, upon completion of the initial business combination, from any amounts remaining from the proceeds of the trust account released
to us in connection therewith.</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>

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<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"><A NAME="DESCRIPTIONOFSECURITIES"></A><B>DESCRIPTION
OF 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a Cayman Islands exempted company (company number 363925) and our affairs will be governed by our amended and restated memorandum
and articles of association, the Companies Law and common law of the Cayman Islands. Pursuant to our amended and restated memorandum
and articles of association which will be adopted upon the consummation of this offering, we will be authorized to issue ordinary
shares, including 200,000,000 Class&nbsp;A ordinary shares, $0.0001 par value each, and 20,000,000 Class&nbsp;B ordinary shares,
par value $0.0001 per share, as well as 1,000,000 undesignated preference shares, $0.0001 par value each. The following description
summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of
association. Because it is only a summary, it may not contain all the information that is important to you.</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>Units</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">Each
unit consists of one Class&nbsp;A ordinary share, one right and one-half of one warrant. Each right entitles the holder thereof
to receive one-tenth (1/10) of one Class&nbsp;A ordinary share upon the consummation of an initial business combination. Each
whole warrant entitles the holder to purchase one Class&nbsp;A ordinary share. Pursuant to the warrant agreement, a warrant holder
may exercise its warrants only for a whole number of Class&nbsp;A ordinary shares. This means that only a warrant may be exercised
at any given time by a warrant holder.</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
Class&nbsp;A ordinary shares, rights and warrants will begin to trade separately on the 90<SUP>th</SUP> day after the date of
this prospectus unless EarlyBirdCapital,&nbsp;Inc. informs us of its decision to allow earlier separate trading, provided that
in no event may the Class&nbsp;A ordinary shares, rights and warrants be traded separately until we have filed with the SEC a
Current Report on Form&nbsp;8-K which includes an audited balance sheet reflecting our receipt of the gross proceeds of this offering.
Once the Class&nbsp;A ordinary shares, rights and warrants commence separate trading, holders will have the option to continue
to hold units or separate their units into the component pieces.</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">We
will file a Current Report on Form&nbsp;8-K which includes an audited balance sheet promptly upon the consummation of this offering.
The audited balance sheet will reflect proceeds we receive from the exercise of the over-allotment option, if the over-allotment
option is exercised on the date of this prospectus. If the over-allotment option is exercised after the date of this prospectus,
we will file an amendment to the Form&nbsp;8-K to provide updated financial information to reflect the exercise of the over-allotment
option. We will also include in this Form&nbsp;8-K, an amendment thereto, or in a subsequent Form&nbsp;8-K information indicating
if EarlyBirdCapital,&nbsp;Inc. has allowed separate trading of the Class&nbsp;A ordinary shares, rights and warrants prior to
the 90<SUP>th</SUP> day after the date of this prospectus.</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>Ordinary
Shares</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">Prior
to the date of this prospectus, there were 1,250,000 Class&nbsp;B ordinary shares issued and outstanding, 1,150,000 of which were
held of record by our sponsor. Our sponsor will forfeit up to 150,000 Class&nbsp;B ordinary shares depending on the extent to
which the underwriters&rsquo; over-allotment is not exercised so that our sponsor will own 20% of our issued and outstanding shares
after this offering (excluding the private shares underlying the private units, the representative shares and any shares underlying
units issued upon conversion of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued,
or to be issued, to any seller in our initial business combination, and assuming our initial shareholder does not purchase any
units in this offering). Upon the closing of this offering, 5,350,000 ordinary shares will be issued and outstanding (assuming
no exercise of the underwriters&rsquo; over-allotment option and forfeiture of 150,000 Class&nbsp;B ordinary shares by our sponsor)
including:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,250,000
Class&nbsp;A ordinary shares underlying the units being offered in this offering and the private placement;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000
Class&nbsp;B ordinary shares held by our initial shareholders; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000
Class&nbsp;B ordinary shares held by EarlyBirdCapital,&nbsp;Inc. and its designees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other
appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering
in such amount as to maintain the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation
of this offering (excluding the private shares underlying the private units, the representative shares and any shares underlying
units issued upon conversion of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued,
or to be issued, to any seller in 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"></P>

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<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">Class&nbsp;A
ordinary shareholders and Class&nbsp;B ordinary shareholders of record are entitled to one vote for each share held on all matters
to be voted on by shareholders, except as required by law; provided that, prior to our initial business combination, only holders
of our Class&nbsp;B ordinary shares will have the right to vote on the appointment of directors, and holders of a majority of
our Class&nbsp;B ordinary shares may remove a member of the board of directors for any reason. With respect to any other matter
submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required
by law, holders of Class&nbsp;A ordinary shares and holders of Class&nbsp;B ordinary shares will vote together as a single class.
Unless specified in the Companies Law, our amended and restated memorandum and articles of association or applicable stock exchange
rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on
by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our
amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum
and articles of association and approving a statutory merger or consolidation with another company. Directors are appointed for
a term of two years. There is no cumulative voting with respect to the appointment of directors, with the result that the holders
of more than 50% of the founder shares voted for the appointment of directors can elect all of the directors prior to our initial
business combination. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors
out of funds legally available therefor.</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">Because
our amended and restated memorandum and articles of association authorize the issuance of up to 200,000,000 Class&nbsp;A ordinary
shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required
to increase the number of Class&nbsp;A ordinary shares which we are authorized to issue at the same time as our shareholders vote
on the business combination to the extent we seek shareholder approval in connection with our initial business combination.</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
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year
after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Law for us to hold
annual or extraordinary general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may
not be afforded the opportunity to discuss company affairs with management.</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">We
will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account as of two business days prior to the consummation of our initial business combination, including interest (which
interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations
described herein. At the completion of our initial business combination, we will be required to purchase any Class&nbsp;A ordinary
shares properly delivered for redemption and not withdrawn. The amount in the trust account is initially anticipated to be $10.00
per public share. Additionally, each public shareholder may elect to redeem its public shares without voting and, if they do vote,
irrespective of whether they vote for or against the proposed business combination. Our initial shareholders have entered into
a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder
shares and any public shares held by them in connection with the completion of our initial business combination. Our directors
and officers have also entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired
by them, if any. Permitted transferees of our initial shareholders, officers or directors will be subject to the same obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide
that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting
in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from redeeming
its shares with respect to more than an aggregate of 15% of the ordinary shares sold in this offering, which we refer to as the
 &ldquo;Excess Shares,&rdquo; without our prior consent. However, we would not be restricting our shareholders&rsquo; ability to
vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders&rsquo; inability
to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such
shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination.
As a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares
would be required to sell their shares in open market transactions, potentially at a loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we seek shareholder approval in connection with our initial business combination, our initial shareholders have agreed (and their
permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares
and any public shares held by them in favor of our initial business combination. As a result, in addition to our initial shareholders&rsquo;
founder shares and private shares and the representative shares, we would need 1,325,001, or 33.1%, of the 4,000,000 public shares
sold in this offering to be voted in favor of a transaction (assuming all issued and outstanding shares are voted and the over-allotment
option is not exercised), subject to any higher threshold as is required by Cayman Islands or other applicable law, in order to
have such initial business combination approved. Our directors and officers have also entered into the letter agreement, imposing
similar obligations on them with respect to public shares acquired by them, if any.</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>

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<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">Pursuant
to our amended and restated memorandum and articles of association, if we are unable to complete our initial business combination
within 15 months from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period
of time to consummate a business combination), we will (1)&nbsp;cease all operations except for the purpose of winding up, (2)&nbsp;as
promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $50,000
of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued
and outstanding public shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including
the right to receive further liquidating distributions, if any) and (3)&nbsp;as promptly as reasonably possible following such
redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable
law. Our initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed to waive their
rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial
business combination within 15 months (or up to 21 months) from the closing of this offering. However, if our initial shareholders
acquire public shares 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.</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
the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders at such time
will be entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and
after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no
preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we
will provide our shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the
aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), upon
the completion of our initial business combination, subject to the limitations described herein.</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>Founder
Shares and Private Shares</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
founder shares are designated as Class&nbsp;B ordinary shares and are identical to the Class&nbsp;A ordinary shares included in
the units being sold in this offering, and holders of founder shares and private shares have the same shareholder rights as public
shareholders, except that: (1)&nbsp;prior to our initial business combination, only holders of the founder shares have the right
to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors
for any reason; (2)&nbsp;the founder shares and private shares are subject to certain transfer restrictions, as described in more
detail below; (3)&nbsp;our initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed
to waive: (x)&nbsp;their redemption rights with respect to their founder shares, private shares and any public shares held by
them in connection with the completion of our initial business combination (and not seek to sell its shares to us in any tender
offer we undertake in connection with our initial business combination); (y)&nbsp;their redemption rights with respect to their
founder shares, private shares and any public shares held by them in connection with a shareholder vote to approve an amendment
to our amended and restated memorandum and articles of association (A)&nbsp;that would affect our public shareholders&rsquo; ability
to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time
to consummate a business combination) or (B)&nbsp;with respect to any other provision relating to shareholders&rsquo; rights or
pre-initial business combination activity; and (z)&nbsp;their rights to liquidating distributions from the trust account with
respect to any founder shares or private shares they hold if we fail to complete our initial business combination within 15 months
(or up to 21 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); (4)&nbsp;the founder shares will automatically convert into our Class&nbsp;A ordinary shares as described below and
(5)&nbsp;the founder shares and private shares are entitled to registration rights. In addition, our directors and officers have
also entered into the letter agreement with respect to public shares acquired by them, if any.</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
founder shares will automatically convert into Class&nbsp;A ordinary shares on the first business day following the completion
of our initial business combination on a one-for-one basis, subject to adjustment as provided herein. In the case that additional
Class&nbsp;A ordinary shares, or equity-linked securities convertible or exercisable for Class&nbsp;A ordinary shares, are issued
or deemed issued in excess of the amounts issued in this offering and related to the closing of our initial business combination,
the ratio at which founder shares will convert into Class&nbsp;A ordinary shares will be adjusted (subject to waiver by holders
of a majority of the Class&nbsp;B ordinary shares then in issue) so that the number of Class&nbsp;A ordinary shares issuable upon
conversion of all Class&nbsp;B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of our ordinary
shares issued and outstanding upon the completion of this offering plus the number of Class&nbsp;A ordinary shares and equity-linked
securities issued or deemed issued in connection with our initial business combination (net of redemptions), excluding the private
shares underlying the private units, the representative shares, any shares underlying units issued upon conversion of working
capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller in 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"></P>

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<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">With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors
and other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until
the earlier of (A)&nbsp;one year after the completion of our initial business combination or (B)&nbsp;subsequent to our initial
business combination, (x)&nbsp;for 50% of the founder shares, if the last reported sale price of the Class&nbsp;A ordinary shares
equals or exceeds $12.50 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations
and the like and as otherwise described in this prospectus) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, or (y)&nbsp;the date following the completion of our initial business
combination on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction
that results in all of our public shareholders having the right to exchange their Class&nbsp;A ordinary shares for cash, securities
or other property.</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>Register
of Members</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">Under
Cayman Islands law, we must keep a register of members and there will be entered therein:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered
as paid, on the shares of each member and the voting rights of shares of each member;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;whether
voting rights are attached to the share in 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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date on which the name of any person was entered on the register as a member; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
date on which any person ceased to be a member.</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">Under
Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register
of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register
of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register
of members. Upon the closing of this public offering, the register of members will be immediately updated to reflect the issue
of shares by us. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed
to have legal title to the shares set against their name. However, there are certain limited circumstances where an application
may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position.
Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified
where it considers that the register of members does not reflect the correct legal position. If an application for an order for
rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be
subject to re-examination by a Cayman Islands court.</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>Preference
Shares</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">Our
amended and restated memorandum and articles of association authorize 1,000,000 preference shares and will provide that preference
shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights,
if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without
shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other
rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue
preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control
of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although
we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference
shares are being issued or registered in this offering.</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>Rights</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">Each
holder of a right will receive one-tenth (1/10) of one Class&nbsp;A ordinary share upon consummation of our initial business combination,
even if the holder of such right redeemed all Class A ordinary shares held by him, her or it in connection with the initial business
combination or an amendment to our Memorandum and Articles of Association with respect to our pre-business combination activities.
No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional Class&nbsp;A
ordinary shares upon consummation of an initial business combination as the consideration related thereto has been included in
the unit purchase price paid for by investors in this offering. The shares issuable upon exchange of the rights will be freely
tradable (except to the extent held by affiliates of ours).</FONT></P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we enter into a definitive agreement for a business combination in which we will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the Class&nbsp;A ordinary share
will receive in the transaction on an as-converted into ordinary share basis, and each holder of a right will be required to affirmatively
convert his, her or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration)
upon consummation of the business combination. More specifically, the right holder will be required to indicate his, her or its
election to convert the rights into underlying shares as well as to return the original rights certificates to us. If we are unable
to complete an initial business combination within the required time period and we liquidate the funds held in the trust account,
holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from
our assets held outside of the trust account with respect to such rights, and the rights will expire worthless.</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>

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<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">As
soon as practicable upon the consummation of our initial business combination, we will direct registered holders of the rights
to return their rights to our rights agent. Upon receipt of the rights, the rights agent will issue to the registered holder of
such right(s) the number of full Class&nbsp;A ordinary shares to which he, she or it is entitled. We will notify registered holders
of the rights to deliver their rights to the rights agent promptly upon consummation of such business combination and have been
informed by the rights agent that the process of exchanging their rights for ordinary shares should take no more than a matter
of days. The foregoing exchange of rights is solely ministerial in nature and is not intended to provide us with any means of
avoiding our obligation to issue the shares underlying the rights upon consummation of our initial business combination. Other
than confirming that the rights delivered by a registered holder are valid, we will have no ability to avoid delivery of the shares
underlying the rights. Nevertheless, there are no contractual penalties for failure to deliver securities to the holders of the
rights upon consummation of an initial business combination. Additionally, in no event will we be required to net cash settle
the rights. Accordingly, the rights may expire worthless.</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">Although
a company incorporated in the Cayman Islands may issue fractional shares, it is not our intention to issue any fractional shares
upon conversions of the rights. In the event that any holder would otherwise be entitled to any fractional share upon exchange
of his, her or its rights, we will reserve the option, to the fullest extent permitted by the Memorandum and Articles of Association,
the Act and other applicable law, to deal with any such fractional entitlement at the relevant time as we see fit, which would
include the rounding down of any entitlement to receive ordinary shares to the nearest whole share (and in effect extinguishing
any fractional entitlement), or the holder being entitled to hold any remaining fractional entitlement (without any share being
issued) and to aggregate the same with any future fractional entitlement to receive shares in the Company until the holder is
entitled to receive a whole number. Any rounding down and extinguishment may be done with or without any in lieu cash payment
or other compensation being made to the holder of the relevant rights, such that value received on exchange of the rights may
be considered less than the value that the holder would otherwise expect to receive. All holders of rights shall be treated in
the same manner with respect to the issuance of shares upon conversions of the rights</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>Warrants</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">No
warrants are currently outstanding. Each whole warrant entitles the registered holder to purchase one Class&nbsp;A ordinary share
at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 30 days after
the completion of an initial business combination or 12 months from the closing of this offering. However, no warrants will be
exercisable for cash unless we have an effective and current registration statement covering the Class&nbsp;A ordinary shares
issuable upon exercise of the warrants and a current prospectus relating to such Class&nbsp;A ordinary shares. Notwithstanding
the foregoing, if a registration statement covering the Class&nbsp;A ordinary shares issuable upon exercise of the public warrants
is not effective within 60 business days following the consummation of our initial business combination, warrant holders may,
until such time as there is an effective registration statement and during any period when we shall have failed to maintain an
effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section&nbsp;3(a)(9)&nbsp;of
the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders
will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering
the warrants for that number of Class&nbsp;A ordinary shares equal to the quotient obtained by dividing (x)&nbsp;the product of
the number of Class&nbsp;A ordinary shares underlying the warrants, multiplied by the difference between the exercise price of
the warrants and the &ldquo;fair market value&rdquo; (defined below) by (y)&nbsp;the fair market value. The &ldquo;fair market
value&rdquo; for this purpose will mean the average reported last sale price of the Class&nbsp;A ordinary shares for the 5 trading
days ending on the trading day prior to the date of exercise. The warrants will expire on the fifth anniversary of our completion
of an initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.</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 warrants, as well as any warrants underlying additional units we issue to our sponsor, officers, directors or their affiliates
in payment of working capital loans made to us, will be identical to the warrants underlying the units being offered by this prospectus
except that such private warrants will be exercisable for cash or on a cashless basis, at the holder&rsquo;s option, and will
not be redeemable by us, in each case so long as they are still held by our sponsor or its permitted transferees.</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">We
may call the warrants for redemption (excluding the warrants underlying the private units and any additional units issued to our
sponsor, initial shareholders, officers, directors or their affiliates in payment of working capital loans made to us), in whole
and not in part, at a price of $0.01 per warrant,</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at
any time after the warrants become exercisable,</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon
not less than 30 days&rsquo; prior written notice of redemption to each warrant holder,</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
and only if, the reported last sale price of the Class&nbsp;A ordinary shares equals or exceeds $18.00 per share (as adjusted
for share sub-divisions, share dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading
day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption
to warrant holders; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if,
and only if, there is a current registration statement in effect with respect to the Class&nbsp;A ordinary shares underlying such
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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption.
On and after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price
for such holder&rsquo;s warrant upon surrender of such warrant.</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
redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable
premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant
exercise price so that if the share price declines as a result of our redemption call, the redemption will not cause the share
price to drop below the exercise price of the warrants.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to
exercise warrants to do so on a &ldquo;cashless basis.&rdquo; In such event, each holder would pay the exercise price by surrendering
the warrants for that number of Class&nbsp;A ordinary shares equal to the quotient obtained by dividing (x)&nbsp;the product of
the number of Class&nbsp;A ordinary shares underlying the warrants, multiplied by the difference between the exercise price of
the warrants and the &ldquo;fair market value&rdquo; (defined below) by (y)&nbsp;the fair market value. The &ldquo;fair market
value&rdquo; shall mean the average reported last sale price of the Class&nbsp;A ordinary shares for the 5 trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.</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
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer&nbsp;&amp; Trust Company,
as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of
any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of
the holders of at least 50% of the then outstanding public warrants in order to make any change that adversely affects the interests
of the registered holders.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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
exercise price and number of Class&nbsp;A ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances
including in the event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation.
However, the warrants will not be adjusted for issuances of Class&nbsp;A ordinary shares at a price below their respective exercise
prices.</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 (x)&nbsp;we issue additional Class&nbsp;A ordinary shares or equity-linked securities for capital raising purposes
in connection with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per Class&nbsp;A
ordinary share, (y)&nbsp;the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial
business combination (net of redemptions), and (z)&nbsp;the Market Value is below $9.20 per share, then the exercise price of
the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i)&nbsp;the Market Value or (ii)&nbsp;the
Newly Issued Price and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180%
of the greater of (i)&nbsp;the Market Value or (ii)&nbsp;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
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied
by full payment of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Class&nbsp;A ordinary shares and any voting rights until
they exercise their warrants and receive Class&nbsp;A ordinary shares. After the issuance of Class&nbsp;A ordinary shares upon
exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on
by shareholders.</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">Under
the terms of the warrant agreement, we have agreed to use our best efforts to have declared effective a prospectus relating to
the Class&nbsp;A ordinary shares issuable upon exercise of the warrants and keep such prospectus current until the expiration
of the warrants. However, we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating
to the Class&nbsp;A ordinary shares issuable upon exercise of the warrants, holders will be unable to exercise their warrants
for cash and we will not be required to net cash settle or cash settle the warrant exercise.</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">Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would
not be able to exercise their warrants to the extent that, after giving effect to such exercise, such holder would beneficially
own in excess of 9.8% of the Class&nbsp;A ordinary shares 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">No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of Class&nbsp;A
ordinary shares to be issued to the warrant holder.</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">We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way
to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. See &ldquo;Risk Factors &mdash; Our warrant agreement will designate the courts
of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum
for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of
warrant holders to obtain a favorable judicial forum for disputes with our company.&rdquo; This provision applies to claims under
the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the
United States of America are the sole and exclusive forum.</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>Dividends</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">We
have not paid any cash dividends on our Class&nbsp;A ordinary shares to date and do not intend to pay cash dividends prior to
the completion of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and
earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The
payment of any dividends subsequent to a business combination will be within the discretion of our then board of directors. It
is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly,
our board does not anticipate declaring any dividends in the foreseeable future.</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>

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<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>Our
Transfer Agent, Rights Agent and Warrant Agent</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
transfer agent for our ordinary shares, the rights agent for our rights 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, rights agent and warrant agent, its agents and each of its shareholders, directors, officers and employees
against all liabilities, including judgments, costs and reasonable counsel fees 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.</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>Certain
Differences in Corporate Law</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">Cayman
Islands companies are governed by the Companies Law. The Companies Law is modeled on English Law but does not follow recent English
Law statutory enactments and differs from laws applicable to United States corporations and their shareholders. Set forth below
is a summary of the material differences between the provisions of the Companies Law applicable to us and the laws applicable
to companies incorporated in the United States and their shareholders.</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; font-size: 10pt"><I>Mergers
and Similar Arrangements.</I></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">In certain circumstances, the Companies
Law allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and
a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).</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">Where
the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan
of merger or consolidation containing certain prescribed information. That plan of merger or consolidation must then be authorized
by (a)&nbsp;a special resolution (at least a majority of 66 2/3% in value who attend and vote at a general meeting) of the shareholders
of each company; and (b)&nbsp;such other authorization, if any, as may be specified in such constituent company&rsquo;s articles
of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least
90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed
or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman
Islands Registrar of Companies is satisfied that the requirements of the Companies Law (which includes certain other formalities)
have been complied with, the Registrar of Companies will register the plan of merger or consolidation.</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">Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company,
the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry,
they are of the opinion that the requirements set out below have been met: (1)&nbsp;that the merger or consolidation is permitted
or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign
company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied
with; (2)&nbsp;that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution
adopted to wind up or liquidate the foreign company in any jurisdictions; (3)&nbsp;that no receiver, trustee, administrator or
other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its
property or any part thereof; and (4)&nbsp;that no scheme, order, compromise or other similar arrangement has been entered into
or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted;
and (5)&nbsp;there is no other reason why it would be against the public interest to permit the merger or consolidation.</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">Where
the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further
required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set
out below have been met: (1)&nbsp;that the foreign company is able to pay its debts as they fall due and that the merger or consolidated
is bona fide and not intended to defraud unsecured creditors of the foreign company; (2)&nbsp;that in respect of the transfer
of any security interest granted by the foreign company to the surviving or consolidated company (a)&nbsp;consent or approval
to the transfer has been obtained, released or waived; (b)&nbsp;the transfer is permitted by and has been approved in accordance
with the constitutional documents of the foreign company; and (c)&nbsp;the laws of the jurisdiction of the foreign company with
respect to the transfer have been or will be complied with; and (3)&nbsp;that the foreign company will, upon the merger or consolidation
becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction.</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>

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<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
Companies Law provides for a right of dissenting shareholders to be paid a payment of the fair value of his or her shares upon
their dissenting to the merger or consolidation in certain circumstances if they follow a prescribed procedure. In essence, where
such rights apply, that procedure is as follows: (a)&nbsp;the shareholder must give his or her written objection to the merger
or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder
proposes to demand payment for his or her shares if the merger or consolidation is authorized by the vote; (b)&nbsp;within 20
days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give
written notice to each shareholder who made a written objection; (c)&nbsp;a shareholder must within 20 days following receipt
of such notice from the constituent company, give the constituent company a written notice of his or her intention to dissent
including, among other details, a demand for payment of the fair value of his or her shares; (d)&nbsp;within seven days following
the date of the expiration of the period set out in paragraph (b)&nbsp;above or seven days following the date on which the plan
of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company
must make a written offer to each dissenting shareholder to purchase his or her shares at a price that the company determines
is the fair value and if the company and the shareholder agrees to the price within 30 days following the date on which the offer
was made, the company must pay the shareholder such amount; and (e)&nbsp;if the company and the shareholder fails to agree to
a price within such 30-day period, within 20 days following the date on which such 30-day period expires, the company (and any
dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition
must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value
of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the
fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to
be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all
proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not to be available
in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on
a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the consideration for such
shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated
company, or in the context of a parent and subsidiary merger.</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">Moreover,
Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, such schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely
held companies, commonly referred to in the Cayman Islands as a &ldquo;scheme of arrangement&rdquo; which may be tantamount to
a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures of which are more rigorous
and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement
in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is
to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case
may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening
of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While
a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the
court can be expected to approve the arrangement if it is satisfied that:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
                                         are not proposing to act illegally or beyond the scope of our corporate authority and
                                         we have complied with the statutory provisions as to majority vote;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         shareholders have been fairly represented at the meeting in question;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         arrangement is such as a business-person would reasonably approve; 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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         arrangement is not one that would more properly be sanctioned under some other provision
                                         of the Companies Law or that would amount to a &ldquo;fraud on the minority.&rdquo;</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">If
a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable
to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing
rights to receive payment in cash for the judicially determined value of the shares.</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; font-size: 10pt"><I>Squeeze-out
Provisions</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">. When a takeover offer is made and accepted by
holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require
the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court
of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable
treatment of the shareholders.</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">Further,
transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means
to these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements,
of an operating business.</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>

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<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; font-size: 10pt"><I>Shareholders&rsquo;
Suits</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">. Maples and Calder, our Cayman Islands legal counsel,
is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought
in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability of such actions. In most cases, we
will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers
or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities,
which would in all likelihood be of persuasive authority and applied by a court in the Cayman Islands, exceptions to the foregoing
principle apply in circumstances in which:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         company is acting, or proposing to act, illegally or beyond the scope of its authority;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         act complained of, although not beyond the scope of the authority, could be effected
                                         if duly authorized by more than the number of votes that have actually been obtained;
                                         or</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
                                         who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</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">A
shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or
are about to be infringed.</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; font-size: 10pt"><I>Enforcement
of Civil Liabilitie</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">s. The Cayman Islands has a different body
of securities laws as compared to the United States and provides less protection to investors. Additionally, Cayman Islands companies
may not have standing to sue before the federal courts of the United States.</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">We
have been advised by Maples and Calder, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (1)&nbsp;to
recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the
federal securities laws of the United States or any state and (2)&nbsp;in original actions brought in the Cayman Islands, to impose
liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any
state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no
statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will
recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based
on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for
which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands,
such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty,
inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in
a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands
(awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement
proceedings if concurrent proceedings are being brought elsewhere.</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; font-size: 10pt"><I>Special
Considerations for Exempted Companies</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
We are an exempted company with limited liability under the Companies Law. The Companies Law distinguishes between ordinary resident
companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of
the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially
the same as for an ordinary company except for the exemptions and privileges listed below:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                         exempted company does not have to file an annual return of its shareholders with the
                                         Registrar of Companies;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</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">an
                                         exempted company&rsquo;s register of members is not open to inspection;</FONT></P></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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</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">an
                                         exempted company does not have to hold an annual general meeting;</FONT></P></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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</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">an
                                         exempted company may issue shares with no par value;</FONT></P></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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</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">an
                                         exempted company may obtain an undertaking against the imposition of any future taxation
                                         (such undertakings are usually given for 20 years in the first instance);</FONT></P></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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</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">an
                                         exempted company may register by way of continuation in another jurisdiction and be deregistered
                                         in the Cayman Islands;</FONT></P></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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</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">an
                                         exempted company may register as a limited duration company; and</FONT></P></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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</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">an
                                         exempted company may register as a segregated portfolio company.</FONT></P></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">&ldquo;Limited
liability&rdquo; means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares
of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an
illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).</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>

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<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>Our
Amended and Restated Memorandum and Articles of Association</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">Our
amended and restated memorandum and articles of association 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
a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved
by either (1)&nbsp;at least two-thirds (or any higher threshold specified in a company&rsquo;s articles of association) of a company&rsquo;s
shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution
has been given or (2)&nbsp;if so authorized by a company&rsquo;s articles of association, by a unanimous written resolution of
all of the company&rsquo;s shareholders. Our amended and restated memorandum and articles of association provide that special
resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting (i.e.,
the lowest threshold permissible under Cayman Islands law) (other than amendments relating to the appointment or removal of directors
prior to our initial business combination, which require the approval of at least 90% of our ordinary shares voting in a general
meeting), or by a unanimous written resolution of all of our shareholders.</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">Our
initial shareholders, who collectively will beneficially own 20% of our ordinary shares upon the closing of this offering (excluding
the private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination, and assuming they do not purchase any units in this offering), may participate in any vote
to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they
choose. Specifically, our amended and restated memorandum and articles of association provide, among other things, that:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
we are unable to complete our initial business combination within 15 months from the closing of this offering (or up to 21 months
from the closing of this offering if we extend the period of time to consummate a business combination), we will: (1)&nbsp;cease
all operations except for the purpose of winding up; (2)&nbsp;as promptly as reasonably possible but not more than 10 business
days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which interest
shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely
extinguish public shareholders&rsquo; rights as shareholders (including the right to receive further liquidating distributions,
if any); and (3)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders
and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide
for claims of creditors and the requirements of other applicable 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prior
to our initial business combination, we may not issue additional shares that would entitle the holders thereof to (1)&nbsp;receive
funds from the trust account or (2)&nbsp;vote as a class with our public shares (a)&nbsp;on any initial business combination or
(b)&nbsp;to approve an amendment to our amended and restated memorandum and articles of association to (x)&nbsp;extend the time
we have to consummate a business combination beyond 15 months from the closing of this offering (or up to 21 months from the closing
of this offering if we extend the period of time to consummate a business combination) or (y)&nbsp;amend the foregoing provisions;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the event we enter into a business combination with a target business that is affiliated with our sponsor, our directors or our
officers (which we currently do not intend to do), we, or a committee of independent and disinterested directors, will obtain
an opinion from an independent investment banking firm, or from an independent accounting firm, that such a business combination
is fair to our company from a financial point of view;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote
for business or other reasons, we will offer to redeem our public shares pursuant to Rule&nbsp;13e-4 and Regulation 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;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the event our units are listed on Nasdaq, our initial business combination must be with one or more operating businesses or assets
with a fair market value equal to at least 80% of the assets held in the trust account (excluding taxes payable on the income
earned on the trust account) at the time of the agreement to enter into the 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
our shareholders approve an amendment to our amended and restated memorandum and articles of association (A)&nbsp;that would affect
our public shareholders&rsquo; ability to convert or sell their shares to us in connection with a business combination as described
herein or 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 15 months from the closing of this offering (or up to 21 months from the closing of this offering
if we extend the period of time to consummate a business combination) or (B)&nbsp;with respect to any other provision relating
to shareholders&rsquo; rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity
to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the
number of then issued and outstanding public shares; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;we
will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.</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>

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<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, our amended and restated memorandum and articles of association 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 either immediately prior to or
upon completion of 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">The
Companies Law permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the
approval of the holders of at least two-thirds of such company&rsquo;s issued and outstanding ordinary shares. A company&rsquo;s
articles of association may specify that the approval of a higher majority is required. Accordingly, although we could amend any
of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated
memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither
we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting
public shareholders with the opportunity to redeem their public shares.</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>Anti-Money
Laundering&mdash;Cayman Islands</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">If
any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is
engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information
for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession,
business or employment, the person will be required to report such knowledge or suspicion to (i)&nbsp;the Financial Reporting
Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure
relates to criminal conduct or money laundering, or (ii)&nbsp;a police officer of the rank of constable or higher, or the Financial
Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement
with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction
upon the disclosure of information imposed by any enactment or otherwise.</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>

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<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>Cayman
Islands Data Protection</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">We
have certain duties under the Data Protection Law, 2017 of the Cayman Islands (the &ldquo;DPL&rdquo;) based on internationally
accepted principles of data privacy.</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>Privacy
Notice</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>Introduction</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">This
privacy notice puts our shareholders on notice that through your investment in the company you will provide us with certain personal
information which constitutes personal data within the meaning of the DPL (&ldquo;personal data&rdquo;).</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
the following discussion, the &ldquo;company&rdquo; refers to us and our affiliates and/or delegates, except where the context
requires 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investor
Data</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">We
will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters
that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal
data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory
obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPL, and will
apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful
processing of the personal data and against the accidental loss, destruction or damage to the personal data.</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
our use of this personal data, we will be characterized as a &quot;data controller&quot; for the purposes of the DPL, while our
affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as
our &quot;data processors&quot; for the purposes of the DPL or may process personal information for their own lawful purposes
in connection with services provided to us.</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">We
may also obtain personal data from other public sources. Personal data includes, without limitation, the following information
relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email
address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification,
credit history, correspondence records, passport number, bank account details, source of funds details and details relating to
the shareholder's investment activity.</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>Who
this Affects</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">If
you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal
arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to
you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit
the content of this Privacy Notice to such individuals or otherwise advise them of its content.</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>

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<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>How
the Company May&nbsp;Use Your Personal Data</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, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:</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">(i)&nbsp;where
this is necessary for the performance of our rights and obligations under any purchase agreements;</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">(ii)&nbsp;where
this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money
laundering and FATCA/CRS requirements); and/or</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">(iii)&nbsp;where
this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental
rights or freedoms.</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">Should
we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we
will contact you.</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>Why
We May&nbsp;Transfer Your Personal Data</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
certain circumstances, we may be legally obliged to share personal data and other information with respect to your shareholding
with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They,
in turn, may exchange this information with foreign authorities, including tax authorities.</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">We
anticipates disclosing personal data to persons who provide services to us and their respective affiliates (which may include
certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data
on our behalf.</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>The
Data Protection Measures We Take</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">Any
transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance
with the requirements of the DPL.</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">We
and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security
measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction
of, or damage to, personal data.</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">We
shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights
or freedoms or those data subjects to whom the relevant personal data relates.</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>Certain
Anti-Takeover Provisions of Our Amended and Restated Memorandum and Articles of Association</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">Our
authorized but unissued Class&nbsp;A ordinary shares and preference shares are available for future issuances without shareholder
approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions
and employee benefit plans. The existence of authorized but unissued and unreserved Class&nbsp;A ordinary shares and preference
shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer,
merger or otherwise.</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>Shares
Eligible for Future Sale</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">Immediately
after this offering, we will have 5,350,000 ordinary shares outstanding, or 6,118,000 shares if the over-allotment option is exercised
in full. Of these shares, the 4,000,000 Class&nbsp;A ordinary shares sold in this offering, or 4,600,000 Class&nbsp;A ordinary
shares if the over-allotment option is exercised in full, will be freely tradable without restriction or further registration
under the Securities Act, except for any shares purchased by one of our affiliates within the meaning of Rule&nbsp;144 under the
Securities Act. All of the remaining shares are restricted securities under Rule&nbsp;144, in that they were issued in private
transactions not involving a public offering. All of those shares will not be transferable until they are released except in limited
circumstances described elsewhere in this prospectus.</FONT></P>

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

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

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<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>Rule&nbsp;144</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">A
person who has beneficially owned restricted Class A ordinary shares, rights or warrants for at least six months would be entitled
to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at
any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements
for at least three months before the sale. Persons who have beneficially owned restricted Class A ordinary shares, rights or warrants
for at least six months but who are our affiliates at the time of, or any time during the three months preceding, a sale, would
be subject to additional restrictions, by which such person would be entitled to sell within any three-month period a number of
shares that does not exceed the greater of either of the following:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1%
of the number of the total number of ordinary shares then outstanding, which will equal 53,500 shares immediately after this offering
(or 61,180 if the over-allotment option is exercised in full); and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
average weekly trading volume of the Class&nbsp;A ordinary shares during the four calendar weeks preceding the filing of a notice
on Form&nbsp;144 with respect to the sale.</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">Sales
under Rule&nbsp;144 are also limited by manner of sale provisions and notice requirements and to the availability of current public
information about us.</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>Restrictions
on the Use of Rule&nbsp;144 by Shell Companies or Former Shell Companies</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">Historically,
the SEC staff had taken the position that Rule&nbsp;144 is not available for the resale of securities initially issued by companies
that are, or previously were, blank check companies, like us. The SEC has codified and expanded this position in the amendments
discussed above by prohibiting the use of Rule&nbsp;144 for resale of securities issued by any shell companies (other than business
combination related shell companies) or any issuer that has been at any time previously a shell company. The SEC has provided
an important exception to this prohibition, however, if the following conditions are met:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuer of the securities that was formerly a shell company has ceased to be a shell company;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuer of the securities is subject to the reporting requirements of Section&nbsp;13 or 15(d)&nbsp;of 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form&nbsp;8-K reports;
and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</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">As
a result, it is likely that pursuant to Rule&nbsp;144, our sponsor will be able to sell its founder shares freely without registration
one year after we have completed our initial business combination assuming it is not an affiliate of ours at that time.</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>Registration
Rights</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
holders of the founder shares issued and outstanding on the date of this prospectus, as well as the holders of the representative
shares, private units and any units our sponsor, officers, directors or their affiliates may be issued in payment of working capital
loans made to us (and all underlying securities), will be entitled to registration rights pursuant to an agreement to be signed
prior to or on the effective date of this offering. The holders of a majority of these securities are entitled to make up to three
demands that we register such securities. The holders of the majority of the founder shares can elect to exercise these registration
rights at any time commencing three months prior to the date on which these Class&nbsp;B ordinary shares are to be released from
their transfer restrictions. The holders of a majority of the representative shares, private units and units issued to our sponsor,
officers, directors or their affiliates in payment of working capital loans made to us (or underlying securities) can elect to
exercise these registration rights at any time after we consummate a business combination. Notwithstanding anything to the contrary,
EarlyBirdCapital,&nbsp;Inc. may only make a demand on one occasion and only during the five-year period beginning on the effective
date of the registration statement of which this prospectus forms a part. In addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed subsequent to our consummation of a business combination; provided,
however, that EarlyBirdCapital,&nbsp;Inc. may participate in a &ldquo;piggy-back&rdquo; registration only during the seven-year
period beginning on the effective date of the registration statement of which this prospectus forms a part. We will bear the expenses
incurred in connection with the filing of any such registration statements.</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>Listing
of 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have applied to list our units, Class A ordinary shares, rights and warrants on Nasdaq under the symbols &ldquo;DISTU,&rdquo;
 &ldquo;DIST,&rdquo; &ldquo;DISTR&rdquo; and &ldquo;DISTW,&rdquo; respectively. We expect that our units will be listed on Nasdaq
promptly on or after the effective date of the registration statement. Following the date the Class A ordinary shares, rights
and warrants are eligible to trade separately, we anticipate that the Class A ordinary shares, rights 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.</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>

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<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"><A NAME="INCOMETAXCONSIDERATIONS"></A><B>INCOME
TAX CONSIDERATIONS</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
following summary of certain Cayman Islands and U.S. federal income tax considerations relevant to an investment in our units,
Class A ordinary shares, rights and warrants is based upon laws and relevant interpretations thereof in effect as of the date
of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating
to an investment in our ordinary shares, rights and warrants, such as the tax consequences under state, local and other tax laws.</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">Prospective
investors should consult their professional advisors on the possible tax consequences of buying, holding or selling any securities
under the laws of their country of citizenship, residence or domicile.</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>Cayman
Islands Taxation</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
following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion
is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice,
does not consider any investor&rsquo;s particular circumstances and does not consider tax consequences other than those arising
under Cayman Islands law.</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>Under
Existing Cayman Islands Laws</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">Payments
of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal
of the securities be subject to Cayman Islands income or corporate tax. The Cayman Islands currently has no income, corporation
or capital gains tax and no estate duty, inheritance tax or gift tax.</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">No
stamp duty is payable in respect of the issue of the warrants. An instrument of transfer in respect of a warrant is stampable
if executed in or brought into the Cayman Islands.</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">No
stamp duty is payable in respect of the issue of our securities or on an instrument of transfer in respect of our securities.</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 been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such,
has applied for and received an undertaking from the Financial Secretary of the Cayman Islands in the following form:</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>The
Tax Concessions Law<BR>
(2018 Revision)<BR>
Undertaking as to Tax Concessions</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
accordance with the provision of section 6 of The Tax Concessions Law (2018 Revision), the Financial Secretary undertakes with
Distoken Acquisition Corporation (&ldquo;the Company&rdquo;).</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
                                         no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied
                                         on profits, income, gains or appreciations shall apply to the Company or its operations;
                                         and</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         addition, that no tax to be levied on profits, income, gains or appreciations or which
                                         is in the nature of estate duty or inheritance tax shall be payable:</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
                                         or in respect of the shares, debentures or other obligations of the Company;</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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">OR</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
                                         way of the withholding in whole or part, of any relevant payment as defined in Section&nbsp;6(3)&nbsp;of
                                         the Tax Concessions Law (2018 Revision).</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
                                         concessions shall be for a period of 20 years from the date hereof.</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>

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<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>United
States Federal Income Taxation</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>General</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>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following discussion summarizes certain United States federal income tax considerations generally applicable to the acquisition,
ownership and disposition of our units, each consisting of one Class A ordinary share, one right and one-half of one warrant,
which we refer to collectively as our securities, that are purchased in this offering by U.S. Holders (as defined below) and Non-U.S.
Holders (as defined below)). Because the components of a unit are generally separable at the option of the holder, the holder
of a unit generally should be treated, for United States federal income tax purposes, as the owner of the underlying Class A ordinary
share, right and one-half of one warrant components of the unit. As a result, the discussion below with respect to holders of
Class A ordinary shares, rights and warrants should also apply to holders of units (as the deemed owners of the underlying Class
A ordinary share, rights and warrants that constitute the units).</FONT></P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
discussion is limited to certain United States federal income tax considerations to beneficial owners of our securities who are
initial purchasers of a unit pursuant to this offering and hold the unit and each component of the unit as a capital asset under
the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). This discussion assumes that the Class A ordinary
shares, rights and warrants will trade separately and that any distributions made (or deemed made) by us on our Class A ordinary
shares and any consideration received (or deemed received) by a holder in consideration for the sale or other disposition of our
securities will be in U.S. dollars. This discussion is a summary only and does not consider all aspects of United States federal
income taxation that may be relevant to the acquisition, ownership and disposition of a unit by a prospective investor in light
of its particular circumstances, including:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         sponsor;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
                                         institutions or financial services entities;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
                                         that are subject to the mark-to-market accounting rules;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
                                         entities;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
                                         or agencies or instrumentalities 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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
                                         companies;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
                                         investment companies;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
                                         estate investment trusts;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                         liable for alternative minimum tax;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expatriates
                                         or former long-term residents of the United States;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                         that actually or constructively own five percent or more of our voting shares or the
                                         total value of our shares;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                         that acquired our securities pursuant to an exercise of employee share options, in connection
                                         with employee share incentive plans or otherwise as compensation or in connection with
                                         services;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                         that hold our securities as part of a straddle, constructive sale, hedging, conversion
                                         or other integrated or similar transaction; or</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
                                         Holders (as defined below) whose functional currency is not the U.S. dollar.</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">Moreover,
the discussion below is based upon the provisions of the Code, the Treasury regulations promulgated thereunder and administrative
and judicial interpretations thereof, all as of the date hereof, and such provisions may be repealed, revoked, modified or subject
to differing interpretations, possibly on a retroactive basis, so as to result in United States federal income tax consequences
different from those discussed below. Furthermore, this discussion does not address any aspect of United States federal non-income
tax laws, such as gift, estate or Medicare contribution tax laws, or state, local or non-U.S. tax laws.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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">We
have not sought, and will not seek, a ruling from the IRS as to any United States federal income tax consequence described herein.
The IRS may disagree with the discussion herein, and its determination may be upheld by a court. Moreover, there can be no assurance
that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the
statements in this discussion.</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">As
used herein, the term &ldquo;U.S. Holder&rdquo; means a beneficial owner of units, Class A ordinary shares, rights or warrants
who or that is for United States federal income tax purposes: (i) an individual citizen or resident of the United States, (ii)
a corporation (or other entity treated as a corporation for United States federal income tax purposes) that is created or organized
(or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia,
(iii) an estate the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust
if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or
more U.S. persons have the authority to control all substantial decisions of the trust, or (B) it has in effect a valid election
to be treated as a U.S. person.</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">This
discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our securities
through such entities. If a partnership (or other entity or arrangement classified as a partnership for United States federal
income tax purposes) is the beneficial owner of our securities, the United States federal income tax treatment of a partner in
the partnership generally will depend on the status of the partner and the activities of the partnership. Partnerships holding
our securities and partners in such partnerships are urged to consult their own tax advisors.</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>THIS
DISCUSSION IS ONLY A SUMMARY OF CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP
AND DISPOSITION OF OUR SECURITIES. EACH PROSPECTIVE INVESTOR IN OUR SECURITIES IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT
TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR SECURITIES,&nbsp;INCLUDING
THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL, AND NON-U.S. TAX LAWS.</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>Allocation
of Purchase Price and Characterization of a Unit</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>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
statutory, administrative or judicial authority directly addresses the treatment of a unit or instruments similar to a unit for
United States federal income tax purposes, and therefore, that treatment is not entirely clear. The acquisition of a unit should
be treated for United States federal income tax purposes as the acquisition of one share of our Class A ordinary shares, one right
and one-half of one warrant, with each whole warrant exercisable to acquire one share of our Class A ordinary shares. For United
States federal income tax purposes, each holder of a unit must allocate the purchase price paid by such holder for such unit among
the one Class A ordinary share, one right and one-half of one warrant based on the relative fair market value of each at the time
of issuance. The price allocated to each Class A ordinary share, one right and one-half of one warrant should be the shareholder&rsquo;s
tax basis in such share, right or one-half warrant. Any disposition of a unit should be treated for United States federal income
tax purposes as a disposition of the Class A ordinary share, right and one-half of one warrant comprising the unit, and the amount
realized on the disposition should be allocated among the Class A ordinary share, right and one-half warrant based on their respective
relative fair market values. The separation of the Class A ordinary share, right and the one-half of one warrant constituting
a unit should not be a taxable event for United States federal income tax purposes.</FONT></P>
<p></p>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
foregoing treatment of the Class A ordinary shares, rights and warrants and a holder&rsquo;s purchase price allocation are not
binding on the IRS or the courts. Because there are no authorities that directly address instruments that are similar to the units,
no assurance can be given that the IRS or the courts will agree with the characterization described above or the discussion below.
Accordingly, each prospective investor is urged to consult its tax 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 United States federal income tax purposes.</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>U.S.
Holders</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Taxation
of Distributions</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">Subject
to the passive foreign investment company (&ldquo;PFIC&rdquo;) rules&nbsp;discussed below, a U.S. Holder generally will be required
to include in gross income as dividends the amount of any cash distribution paid on our Class&nbsp;A ordinary shares to the extent
the distribution is paid out of our current or accumulated earnings and profits (as determined under United States federal income
tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder at regular rates and will not be eligible
for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic
corporations. Subject to the PFIC rules&nbsp;discussed below, distributions in excess of such earnings and profits generally will
be applied against and reduce the U.S. Holder&rsquo;s basis in its Class&nbsp;A ordinary shares (but not below zero) and, to the
extent in excess of such basis, will be treated as gain from the sale or exchange of such Class&nbsp;A ordinary shares.</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>

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<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">With
respect to non-corporate U.S. Holders, under tax laws currently in effect, dividends generally will be taxed at the lower applicable
long-term capital gains rate (see &ldquo;Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary
Shares, Rights and Warrants&rdquo; below) only if our Class A ordinary shares are readily tradable on an established securities
market in the United States and certain other requirements are met, including that we are not classified as a PFIC during the
taxable year in which the dividend is paid or the preceding taxable year and, perhaps, until after the close of the first two
taxable years following our start-up year (within the meaning of the start-up exception). U.S. Holders should consult their tax
advisors regarding the availability of such lower rate for any dividends paid with respect to our Class A ordinary shares.</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares, Rights and Warrants</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or loss on the sale or other taxable disposition
of our Class A ordinary shares, rights or warrants (including on our dissolution and liquidation if we do not consummate an initial
business combination within the required time period). Any such capital gain or loss generally will be long-term capital gain
or loss if the U.S. Holder&rsquo;s holding period for such Class A ordinary share, rights or warrants exceeds one year. It is
unclear, however, whether certain redemption rights described in this prospectus may suspend the running of the applicable holding
period of the ordinary shares for this purpose.</FONT></P>
<p></p>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
amount of gain or loss recognized on a sale or other taxable disposition generally will be equal to the difference between (i)
the sum of the amount of cash and the fair market value of any property received in such disposition (or, if the Class A ordinary
shares, rights or warrants are held as part of units at the time of the disposition, the portion of the amount realized on such
disposition that is allocated to the Class A ordinary shares, rights or warrants based upon the then fair market values of the
Class A ordinary shares, rights and the warrants included in the units) and (ii) the U.S. Holder&rsquo;s adjusted tax basis in
its Class A ordinary shares, rights or warrants so disposed of. A U.S. Holder&rsquo;s adjusted tax basis in its Class A ordinary
shares, rights or warrants generally will equal the U.S. Holder&rsquo;s acquisition cost (that is, the portion of the purchase
price of a unit allocated to the ordinary share, one right or one-half of one warrant, as described above under &ldquo;&mdash;
Allocation of Purchase Price and Characterization of a Unit&rdquo;) reduced by any prior distributions treated as a return of
capital. Long-term capital gain realized by a non-corporate U.S. Holder is currently eligible to be taxed at reduced rates. See
 &ldquo;&mdash; Exercise or Lapse of a Warrant&rdquo; and &ldquo;&mdash; Acquisition of Class A Ordinary Shares Pursuant to Rights&rdquo;
below for a discussion regarding a U.S. Holder&rsquo;s basis in a Class A ordinary share acquired pursuant to the exercise of
a warrant or a right, respectively. The deduction of capital losses is subject to certain limitations.</FONT></P>
<p></p>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Redemption
of Class&nbsp;A Ordinary Shares</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>

<P></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the PFIC rules discussed below, in the event that a U.S. Holder&rsquo;s Class A ordinary shares are redeemed pursuant to the
redemption provisions described in this prospectus under &ldquo;Description of Securities &mdash; Ordinary Shares&rdquo; or if
we purchase a U.S. Holder&rsquo;s Class A ordinary shares in an open market transaction (each of which we refer to as a &ldquo;redemption&rdquo;),
the treatment of the transaction for United States federal income tax purposes will depend on whether the redemption qualifies
as a sale of the Class A ordinary shares under Section 302 of the Code. If the redemption qualifies as a sale of Class A ordinary
shares, the U.S. Holder will be treated as described under &ldquo;Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition
of Class A Ordinary Shares, Rights and Warrants&rdquo; above. If the redemption does not qualify as a sale of Class A ordinary
shares, the U.S. Holder will be treated as receiving a corporate distribution with the tax consequences described above under
 &ldquo;Taxation of Distributions.&rdquo; Whether a redemption qualifies for sale treatment will depend largely on the total number
of our shares treated as held by the U.S. Holder (including any Class A ordinary shares constructively owned by the U.S. Holder
as a result of owning warrants and, possibly, rights) relative to all of our shares outstanding both before and after such redemption
or purchase. The redemption of Class A ordinary shares generally will be treated as a sale of the Class A ordinary shares (rather
than as a corporate distribution) if such redemption or purchase (i) is &ldquo;substantially disproportionate&rdquo; with respect
to the U.S. Holder, (ii) results in a &ldquo;complete termination&rdquo; of the U.S. Holder&rsquo;s interest in us or (iii) is
 &ldquo;not essentially equivalent to a dividend&rdquo; with respect to the U.S. Holder. These tests are explained more fully below.</FONT></P>
<p></p>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
determining whether any of the foregoing tests are satisfied, a U.S. Holder takes into account not only our shares actually owned
by the U.S. Holder, but also our shares that are constructively owned by such holder. A U.S. Holder may constructively own, in
addition to shares owned directly, shares owned by certain related individuals and entities in which the U.S. Holder has an interest
or that have an interest in such U.S. Holder, as well as any shares the U.S. Holder has a right to acquire by exercise of an option,
which would generally include Class&nbsp;A ordinary shares which could be acquired pursuant to the exercise of the warrants (and
possibly Class A ordinary shares which could be acquired pursuant to the rights). In order to meet the substantially disproportionate
test, the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately
following the redemption of Class&nbsp;A ordinary shares must, among other requirements, be less than 80 percent of the percentage
of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately before the redemption.
Prior to our initial business combination the Class&nbsp;A ordinary shares may not be treated as voting shares for this purpose
and, consequently, this substantially disproportionate test may not be applicable. There will be a complete termination of a U.S.
Holder&rsquo;s interest if either (i)&nbsp;all of our shares actually and constructively owned by the U.S. Holder are redeemed
or (ii)&nbsp;all of our shares actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively
waives in accordance with specific rules, the attribution of shares owned by certain family members and the U.S. Holder does not
constructively own any other shares of ours. The redemption of the Class&nbsp;A ordinary shares will not be essentially equivalent
to a dividend if such redemption results in a &ldquo;meaningful reduction&rdquo; of the U.S. Holder&rsquo;s proportionate interest
in us. Whether the redemption will result in a meaningful reduction in a U.S. Holder&rsquo;s proportionate interest in us will
depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small reduction
in the proportionate interest of a small minority shareholder in a publicly held corporation who exercises no control over corporate
affairs may constitute such a &ldquo;meaningful reduction.&rdquo; A U.S. Holder should consult its own tax advisors as to the
tax consequences of a redemption.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
none of the foregoing tests are satisfied, then the redemption will be treated as a corporate distribution and the tax effects
will be as described under &ldquo;Taxation of Distribut</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">ions&rdquo;
above. After the application of those rules, any remaining tax basis of the U.S. Holder in the redeemed Class&nbsp;A ordinary
shares will be added to the U.S. Holder&rsquo;s adjusted tax basis in its remaining shares. If there are no remaining shares,
a U.S. Holder is urged to consult its tax advisor as to the allocation of any remaining tax 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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exercise
or Lapse of a Warrant</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the PFIC rules&nbsp;discussed below and except as discussed below with respect to the cashless exercise of a warrant, a U.S.
Holder generally will not recognize gain or loss upon the acquisition of a Class&nbsp;A ordinary share on the exercise of a warrant
for cash. A U.S. Holder&rsquo;s tax basis in a Class&nbsp;A ordinary share received upon exercise of the warrant generally will
equal the sum of the U.S. Holder&rsquo;s initial investment in the warrant (that is, the portion of the U.S. Holder&rsquo;s purchase
price for the units that is allocated to the warrant, as described above under &ldquo;&mdash; Allocation of Purchase Price and
Characterization of a Unit&rdquo;) and the exercise price. It is unclear whether a U.S. Holder&rsquo;s holding period for the
Class&nbsp;A ordinary share will commence on the date of exercise of the warrant or the day following the date of exercise of
the warrant; in either case, the holding period will not include the period during which the U.S. Holder held the warrant. If
a warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such holder&rsquo;s
tax basis in the warrant.</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
tax consequences of a cashless exercise of a warrant are not clear under current law. Subject to the PFIC rules&nbsp;discussed
below, a cashless exercise may not be taxable, either because the exercise is not a realization event or because the exercise
is treated as a recapitalization for United States federal income tax purposes. In either situation, a U.S. Holder&rsquo;s tax
basis in the Class&nbsp;A ordinary shares received generally would equal the U.S. Holder&rsquo;s tax basis in the warrants. If
the cashless exercise was not a realization event, it is unclear whether a U.S. Holder&rsquo;s holding period for the Class&nbsp;A
ordinary share will commence on the date of exercise of the warrant or the day following the date of exercise of the warrant.
If the cashless exercise were treated as a recapitalization, the holding period of the Class&nbsp;A ordinary shares would include
the holding period of the warrants.</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">It
is also possible that a cashless exercise may be treated as a taxable exchange in which gain or loss would be recognized. In such
event, a U.S. Holder may be deemed to have surrendered warrants with an aggregate fair market value equal to the exercise price
for the total number of warrants to be exercised. Subject to the PFIC rules&nbsp;discussed below, the U.S. Holder would recognize
capital gain or loss in an amount equal to the difference between the fair market value of the warrants deemed surrendered and
the U.S. Holder&rsquo;s tax basis in such warrants. In this case, a U.S. Holder&rsquo;s tax basis in the Class&nbsp;A ordinary
shares received would equal the sum of the U.S. Holder&rsquo;s initial investment in the warrants exercised (i.e., the portion
of the U.S. Holder&rsquo;s purchase price for the units that is allocated to the warrant, as described above under &ldquo;&mdash;
Allocation of Purchase Price and Characterization of a Unit&rdquo;) and the exercise price of such warrants. It is unclear whether
a U.S. Holder&rsquo;s holding period for the Class&nbsp;A ordinary shares would commence on the date of exercise of the warrant
or the day following the date of exercise of the warrant.</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">Due
to the absence of authority on the United States federal income tax treatment of a cashless exercise, there can be no assurance
which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court
of law. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences of a cashless exercise.</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>

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Possible
Constructive Distributions</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
terms of each warrant provide for an adjustment to the number of Class&nbsp;A ordinary shares for which the warrant may be exercised
or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus captioned &ldquo;Description
of Securities &mdash; Warrants.&rdquo; An adjustment which has the effect of preventing dilution generally is not taxable. The
U.S. Holders of the warrants would, however, be treated as receiving a constructive distribution from us if, for example, the
adjustment increases the U.S. Holders&rsquo; proportionate interest in our assets or earnings and profits (e.g., through an increase
in the number of Class&nbsp;A ordinary shares that would be obtained upon exercise) as a result of a distribution of cash to the
holders of our Class&nbsp;A ordinary shares which is taxable to the U.S. Holders of such Class&nbsp;A ordinary shares as described
under &ldquo;&mdash; Taxation of Distributions&rdquo; above. Such constructive distribution would be subject to tax as described
under that section 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 the increase in the interest. For certain information reporting purposes, we are required to determine the
date and amount of any such constructive distributions. Proposed Treasury regulations, which we may rely on prior to the issuance
of final regulations, specify how the date and amount of constructive distributions are determined.</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Acquisition
of Class A Ordinary Shares Pursuant to Rights </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
treatment of the rights to acquire Class A ordinary shares is uncertain. The rights may be viewed as a forward contract, derivative
security or similar interest in our company (analogous to a warrant or option with no exercise price), and thus the holder of
the rights would not be viewed as owning the Class A ordinary shares issuable pursuant to the rights until such Class A ordinary
shares are actually issued. There may be other alternative characterizations of the rights that the IRS may successfully assert,
including that the rights are treated as equity in our company at the time the rights are issued.</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
tax consequences of an acquisition of our Class A ordinary shares pursuant to rights are unclear and will depend on the treatment
of any initial business combination. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences
of an acquisition of Class A ordinary shares pursuant to rights and the consequences of any 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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Passive
Foreign Investment Company Rules</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
non-U.S. corporation will be classified as a PFIC for United States federal income tax purposes if either (i)&nbsp;at least 75%
of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered
to own at least 25% of the shares by value, is passive income or (ii)&nbsp;at least 50% of its assets in a taxable year (ordinarily
determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any
corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce,
passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived
from the active conduct of a trade or business) and gains from the disposition of passive assets.</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">Because
we are a blank check company, with no current active business, we believe that it is likely that we will meet the PFIC asset or
income test for our current taxable year. However, pursuant to a startup exception, a corporation will not be a PFIC for the first
taxable year the corporation has gross income (the &ldquo;startup year&rdquo;), if (1)&nbsp;no predecessor of the corporation
was a PFIC; (2)&nbsp;the corporation satisfies the IRS that it will not be a PFIC for either of the first two taxable years following
the startup year; and (3)&nbsp;the corporation is not in fact a PFIC for either of those years. The applicability of the startup
exception to us will not be known until after the close of our current taxable year and, perhaps, until after the close of the
first two taxable years following our current taxable year. Further, after the acquisition of a company or assets in a business
combination, we may still meet one of the PFIC tests depending on the timing of the acquisition and the amount of our passive
income and assets as well as the passive income and assets of the acquired business. If the company that we acquire in a business
combination is a PFIC, then we will likely not qualify for the startup exception and will be a PFIC for our current taxable year.
Our actual PFIC status for our current taxable year or any subsequent taxable year will not be determinable until after the end
of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year
or any future taxable year.</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">Although
our PFIC status is determined annually, an initial determination that our company is a PFIC will generally apply for subsequent
years to a U.S. Holder who held ordinary shares, rights or warrants while we were a PFIC, whether or not we meet the test for
PFIC status in those subsequent years. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included
in the holding period of a U.S. Holder of our Class A ordinary shares, rights or warrants and, in the case of our Class A ordinary
shares, the U.S. Holder did not make either a timely qualified electing fund (&ldquo;QEF&rdquo;) election or a mark-to-market
election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Class A ordinary shares, as
described below, such U.S. Holder generally will be subject to special rules with respect to (i) any gain recognized by the U.S.
Holder on the sale or other disposition of its Class A ordinary shares, rights or warrants and (ii) any &ldquo;excess distribution&rdquo;
made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater
than 125% of the average annual distributions received by such U.S. Holder in respect of the Class A ordinary shares during the
three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&rsquo;s holding period for the Class A ordinary
shares).</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">Under
these rules:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         U.S. Holder&rsquo;s gain or excess distribution will be allocated ratably over the U.S.
                                         Holder&rsquo;s holding period for the Class A ordinary shares, rights or warrants;</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>

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<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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         amount allocated to the U.S. Holder&rsquo;s taxable year in which the U.S. Holder recognized
                                         the gain or received the excess distribution, or to the period in the U.S. Holder&rsquo;s
                                         holding period before the first day of our first taxable year in which we are a PFIC,
                                         will be taxed as ordinary income;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                         amount allocated to other taxable years (or portions thereof) of the U.S. Holder and
                                         included in its holding period will be taxed at the highest tax rate in effect for that
                                         year and applicable to the U.S. Holder; and</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         additional tax equal to the interest charge generally applicable to underpayments of
                                         tax will be imposed on the U.S. Holder with respect to the tax attributable to each such
                                         other taxable year of the U.S. Holder.</FONT></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="font-family: Times New Roman, Times, Serif">In
general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to our
Class&nbsp;A ordinary shares (but not our warrants and possibly not our rights) by making a timely and valid QEF election (if
eligible to do so) to include in income its pro rata share of our net capital gains (as long-term capital gain) and other earnings
and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S.
Holder in which or with which our taxable year ends. A U.S. Holder generally may make a separate election to defer the payment
of taxes on undistributed income inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest
charge. In the alternative, a U.S. Holder may avoid the PFIC tax consequences described above by making a &ldquo;mark-to-markup&rdquo;
election. The QEF election and mark-to-market election are described further 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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
treatment of the rights to acquire our Class A ordinary shares is unclear. For example, the rights may be viewed as a forward
contract, derivative security or similar interest in our company (analogous to a warrant or option with no exercise price), and
thus the holder of the rights would not be viewed as owning the Class A ordinary shares issuable pursuant to the rights until
such Class A ordinary shares are actually issued. There may be other alternative characterizations of the rights that the IRS
may successfully assert, including that the rights are treated as equity in our company at the time the rights are issued, that
would reach different conclusions regarding the tax treatment of the rights under the PFIC rules. In any case, depending on which
characterization is successfully applied to the rights, different PFIC consequences may result for U.S. Holders of the rights.
It is also possible that a U.S. Holder of rights would not be able to make a QEF or mark-to-market election (discussed below)
with respect to such U.S. Holder&rsquo;s rights. Due to the uncertainty of the application of the PFIC rules to the rights, all
potential investors are strongly urged to consult with their own tax advisors regarding an investment in the rights offered hereunder
as part of the units offering and the subsequent consequences to holders of such rights in any initial business combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">It
is not entirely clear how various aspects of the PFIC rules&nbsp;apply to the warrants. However, a U.S. Holder may not make a
QEF election with respect to its warrants to acquire our Class&nbsp;A ordinary shares and possibly not with respect to the rights.
As a result, if a U.S. Holder sells or otherwise disposes of such warrants (other than upon exercise of such warrants) and we
were a PFIC at any time during the U.S. Holder&rsquo;s holding period of such warrants, any gain recognized generally will be
treated as an excess distribution, taxed as described above. If a U.S. Holder that exercises such warrants properly makes a QEF
election with respect to the newly acquired Class&nbsp;A ordinary shares (or has previously made a QEF election with respect to
our Class&nbsp;A ordinary shares), the QEF election will apply to the newly acquired Class&nbsp;A ordinary shares. Notwithstanding
the foregoing, the adverse tax consequences relating to PFIC shares, adjusted to take into account the current income inclusions
resulting from the QEF election, will continue to apply with respect to such newly acquired Class&nbsp;A ordinary shares (which
generally will be deemed to have a holding period for purposes of the PFIC rules&nbsp;that includes the period the U.S. Holder
held the warrants), unless the U.S. Holder makes a purging election under the PFIC rules. Under the purging election, the U.S.
Holder will be deemed to have sold such shares at their fair market value and any gain recognized on such deemed sale will be
treated as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will have a new basis
and holding period in the Class&nbsp;A ordinary shares acquired upon the exercise of the warrants for purposes of the PFIC rules.
U.S. Holders are urged to consult their tax advisors as to the application of the rules&nbsp;governing purging elections to their
particular circumstances.</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
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A
U.S. Holder generally makes a QEF election by attaching a completed IRS Form&nbsp;8621 (Information Return by a Shareholder of
a Passive Foreign Investment Company or Qualified Electing Fund), including the information provided in a PFIC annual information
statement, to a timely filed United States federal income tax return for the tax year to which the election relates. Retroactive
QEF elections generally may be made only by filing a protective statement with such return and if certain other conditions are
met or with the consent of the IRS. U.S. Holders should consult their tax advisors regarding the availability and tax consequences
of a retroactive QEF election under their particular circumstances.</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
order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from us.
If we determine we are a PFIC for any taxable year (of which there can be no assurance), we will endeavor to provide to a U.S.
Holder such information as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder
to make and maintain a QEF election, but there is no assurance that we will timely provide such required information. There is
also no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information to be
provided.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
a U.S. Holder has made a QEF election with respect to our Class&nbsp;A ordinary shares, and the excess distribution rules&nbsp;discussed
above do not apply to such shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder
holds (or is deemed to hold) such shares or a purge of the PFIC taint pursuant to a purging election, as described above), any
gain recognized on the sale of our Class&nbsp;A ordinary shares generally will be taxable as capital gain and no additional tax
charge will be imposed under the PFIC rules. As discussed above, if we are a PFIC for any taxable year, a U.S. Holder of our Class&nbsp;A
ordinary shares that has made a QEF election will be currently taxed on its pro rata share of our earnings and profits, whether
or not distributed for such year. A subsequent distribution of such earnings and profits that were previously included in income
generally should not be taxable when distributed to such U.S. Holder. The tax basis of a U.S. Holder&rsquo;s shares in a QEF will
be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under the
above rules. In addition, if we are not a PFIC for any taxable year, such U.S. Holder will not be subject to the QEF inclusion
regime with respect to our Class&nbsp;A ordinary shares for such a taxable year.</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we are a PFIC and our Class&nbsp;A ordinary shares constitute &ldquo;marketable stock,&rdquo; a U.S. Holder may avoid the adverse
PFIC tax consequences discussed above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed
to hold) our Class&nbsp;A ordinary shares, makes a mark-to-market election with respect to such shares for such taxable year.
Such U.S. Holder generally will include for each of its taxable years as ordinary income the excess, if any, of the fair market
value of its Class&nbsp;A ordinary shares at the end of such year over its adjusted basis in its Class&nbsp;A ordinary shares.
The U.S. Holder also will recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Class&nbsp;A
ordinary shares over the fair market value of its Class&nbsp;A ordinary shares at the end of its taxable year (but only to the
extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder&rsquo;s basis
in its Class&nbsp;A ordinary shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized
on a sale or other taxable disposition of its Class&nbsp;A ordinary shares will be treated as ordinary income. Currently, a mark-to-market
election may not be made with respect to warrants and possibly may not be made with respect to our rights.</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
mark-to-market election is available only for &ldquo;marketable stock,&rdquo; generally, stock that is regularly traded on a national
securities exchange that is registered with the Securities and Exchange Commission, including Nasdaq (on which we intend to list
the Class&nbsp;A ordinary shares), or on a foreign exchange or market that the IRS determines has rules&nbsp;sufficient to ensure
that the market price represents a legitimate and sound fair market value. U.S. Holders should consult their own tax advisors
regarding the availability and tax consequences of a mark-to-market election in respect to our ordinary shares under their particular
circumstances.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders generally would be deemed
to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest
charge described above if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or
the U.S. Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. We will endeavor to cause any lower-tier
PFIC to provide to a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the lower-tier
PFIC. There can be no assurance that we will have timely knowledge of the status of any such lower-tier PFIC. In addition, we
may not hold a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to cause the
lower-tier PFIC to provide such required information. U.S. Holders are urged to consult their tax advisors regarding the tax issues
raised by lower-tier PFICs.</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">A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS
Form&nbsp;8621 (whether or not a QEF or mark-to-market election is made) and such other information as may be required by the
U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations until such required information
is furnished to the IRS.</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
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in
addition to those described above. Accordingly, U.S. Holders of our Class A ordinary shares, rights or warrants should consult
their own tax advisors concerning the application of the PFIC rules to our securities under their particular circumstances.</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Tax
Reporting</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
U.S. Holders may be required to file an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report
a transfer of property (including cash) to us. Substantial penalties may be imposed on a U.S. Holder that fails to comply with
this reporting requirement. Furthermore, certain U.S. Holders who are individuals and certain entities will be required to report
information with respect to such U.S. Holder&rsquo;s investment in &ldquo;specified foreign financial assets&rdquo; on IRS Form
8938 (Statement of Specified Foreign Financial Assets), subject to certain exceptions. Persons who are required to report specified
foreign financial assets and fail to do so may be subject to substantial penalties. Potential investors are urged to consult their
tax advisors regarding the foreign financial asset and other reporting obligations and their application to an investment in our
Class A ordinary shares, rights and 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>

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<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>Non-U.S.
Holders</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">This
section applies to you if you are a &ldquo;Non-U.S. Holder.&rdquo; As used herein, the term &ldquo;Non-U.S. Holder&rdquo; means
a beneficial owner of our units, Class A ordinary shares, rights or warrants that is for U.S. federal income tax purposes:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         non-resident alien individual (other than certain former citizens and residents of the
                                         United States subject to U.S. tax as expatriates);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                         foreign corporation; or</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                         estate or trust that is not a U.S. Holder;</FONT></TD>
</TR></TABLE>
<P STYLE="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">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 sale
or other disposition of our securities.</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">Dividends
(including constructive distributions treated as dividends) paid or deemed paid to a Non-U.S. Holder in respect of our Class A
ordinary shares generally will not be subject to United States federal income tax, unless the dividends are effectively connected
with the Non-U.S. Holder&rsquo;s conduct of a trade or business within the United States (and, if required by an applicable income
tax treaty, are attributable to a permanent establishment or fixed base that such Non-U.S. Holder maintains in the United States).
In addition, a Non-U.S. Holder generally will not be subject to United States federal income tax on any gain attributable to a
sale or other disposition of our Class A ordinary shares, rights or warrants unless such gain is effectively connected with its
conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a
permanent establishment or fixed base that such Non-U.S. Holder maintains in the United States).</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">Dividends
(including constructive distributions treated as dividends) and gains that are effectively connected with the Non-U.S. Holder&rsquo;s
conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to
a permanent establishment or fixed base in the United States) generally will be subject to United States federal income tax at
the same regular United States federal income tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S.
Holder that is a corporation for United States federal income&nbsp;tax purposes, also may be subject to an additional branch profits
tax at a 30% rate or a lower applicable tax treaty rate.</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
United States federal income tax treatment of a Non-U.S. Holder&rsquo;s exercise of a warrant, or the lapse of a warrant held
by a Non-U.S. Holder, generally will correspond to the United States federal income tax treatment of the exercise or lapse of
a warrant by a U.S. Holder, as described under &ldquo;U.S. Holders &mdash; Exercise or Lapse of a Warrant,&rdquo; above, although
to the extent a cashless exercise results in a taxable exchange, the consequences would be similar to those described in the preceding
paragraphs above for a Non-U.S. Holder&rsquo;s gain on the sale or other disposition of our Class A ordinary shares, rights and
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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
treatment of the rights to acquire Class A ordinary shares is uncertain. The rights may be viewed as a forward contract, derivative
security or similar interest in our company (analogous to a warrant or option with no exercise price), and thus the holder of
the rights would not be viewed as owning the Class A ordinary shares issuable pursuant to the rights until such Class A ordinary
shares are actually issued. There may be other alternative characterizations of the rights that the IRS may successfully assert,
including that the rights are treated as equity in our company at the time the rights are issued. The tax consequences of an acquisition
of our Class A ordinary shares pursuant to rights are unclear and will depend on the treatment of any initial business combination.
Accordingly, Non-U.S. Holders should consult their tax advisors regarding the tax consequences of an acquisition of Class A ordinary
shares pursuant to rights and the consequences of any 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>Information
Reporting and Backup Withholding</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend
payments with respect to our Class&nbsp;A ordinary shares and proceeds from the sale, exchange or redemption of our securities
may be subject to information reporting to the IRS and possible United States backup withholding. Backup withholding will not
apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes other required certifications,
or who is otherwise exempt from backup withholding and establishes such exempt status. A Non-U.S. Holder generally will eliminate
the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties
of perjury, on a duly executed applicable IRS Form&nbsp;W-8 or by otherwise establishing an exemption.</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">Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a holder&rsquo;s U.S. federal
income tax liability, and a holder generally may obtain a refund of any excess amounts withheld under the backup withholding rules&nbsp;by
timely filing the appropriate claim for refund with the IRS and furnishing any required information. Holders are urged to consult
their own tax advisors regarding the application of backup withholding and the availability of and procedure for obtaining an
exemption from backup withholding in their particular circumstances.</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>

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<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"><A NAME="UNDERWRITING"></A><B>UNDERWRITING</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">We
are offering the units described in this prospectus through the underwriters named below. EarlyBirdCapital,&nbsp;Inc. is acting
as representative of the underwriters. We have entered into an underwriting agreement with the representative. Subject to the
terms and conditions of the underwriting agreement, the underwriters have agreed to purchase, and we have agreed to sell to the
underwriters, the number of units listed next to each of its name in the following table:</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underwriter</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number
    of Units</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></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: 86%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">EarlyBirdCapital,&nbsp;Inc.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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">&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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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></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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,000,000</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
underwriting agreement provides that the underwriters must buy all of the units if they buy any of them. However, the underwriters
are not required to purchase the units covered by the option to purchase additional units as described below.</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">Our
units are offered subject to a number of conditions, including:</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;receipt
and acceptance of our units by the underwriters; and</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: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
underwriters&rsquo; right to reject orders in whole or in part.</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">In
connection with this offering, the underwriters or securities dealers may distribute prospectuses electronically.</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>Option
to Purchase Additional Units</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">We
have granted the underwriters an option to buy up to an aggregate of 600,000 additional units. The underwriters have 45 days from
the date of this prospectus to exercise this option. If the underwriters exercise this option, they will purchase additional units
approximately in proportion to the amounts specified in the table above.</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>Underwriting
Discount</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">Units
sold by the underwriters to the public will initially be offered at the initial offering price set forth on the cover of this
prospectus. Any units sold by the underwriters to securities dealers may be sold at a discount of up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per unit from the initial public offering price and the dealers may reallow a concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per unit to other dealers. Sales of units made outside of the United States may be made by affiliates of the underwriters. After
completion of this offering, if the underwriters still hold any units sold by us to them in this offering, the representative
may change the offering price and the other selling terms. Upon execution of the underwriting agreement, the underwriters will
be obligated to purchase the units at the prices and upon the terms stated therein.</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">The
following table shows the per unit and total underwriting discount we will pay to the underwriters assuming both no exercise and
full exercise of the underwriters&rsquo; option to purchase up to 600,000 additional units.</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: 10pt Times New Roman, Times, Serif"><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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
    Exercise</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Full
    Exercise</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></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: 73%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Per
    Unit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.30</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0.30</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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"><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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,200,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,380,000</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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have agreed to pay for the FINRA-related fees and expenses of the underwriters&rsquo; legal counsel, not to exceed $15,000, and
the expenses of certain investigations and background checks not to exceed $3,500 per individual. We estimate that the total expenses
of the offering payable by us, including the foregoing but not including the underwriting discount, will be $550,000.</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>

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<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>Business
Combination Marketing 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have engaged EarlyBirdCapital as an advisor in connection with our business combination to assist us in holding meetings with
our shareholders to discuss the potential business combination and the target business&rsquo; attributes, introduce us to potential
investors that are interested in purchasing our securities in connection with our initial business combination, assist us in obtaining
shareholder approval for the business combination and assist us with our press releases and public filings in connection with
the business combination. We will pay EarlyBirdCapital a cash fee for such services upon the consummation of our initial business
combination in an amount equal to 4.0% of the gross proceeds of this offering (exclusive of any applicable finders&rsquo; fees
which might become payable). We will also pay EarlyBirdCapital a cash fee in an amount equal to 1.0% of the total consideration
payable in the initial business combination if it introduces us to the target business with whom we complete 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>Representative
Shares</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">We
have issued to EarlyBirdCapital,&nbsp;Inc. and its designees the 100,000 representative shares for nominal consideration. The
holders of the representative shares have agreed not to transfer, assign or sell any such shares without our prior consent until
30 days after the completion of our initial business combination. In addition, the holders of the representative shares have agreed
(i)&nbsp;to waive their conversion rights (or right to participate in any tender offer) with respect to such shares in connection
with the completion of our initial business combination and (ii)&nbsp;to waive their rights to liquidating distributions from
the trust account with respect to such shares if we fail to complete our initial business combination within 15 months from the
closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time to consummate a
business combination).</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">The
representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately
following the date of the effectiveness of the registration statement of which this prospectus forms a part pursuant to Rule&nbsp;5110(g)(1)&nbsp;of
the FINRA Manual. Pursuant to FINRA Rule&nbsp;5110(g)(1), these securities will not be sold during the offering, or sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective
date of the registration statement of which this prospectus forms a part or commencement of sales of the public offering, except
to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided that all
securities so transferred remain subject to the lockup restriction above for the remainder of the time period.</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">We
have granted the holders of these shares the registration rights as described under the section &ldquo;<I>Shares Eligible for
Future Sale &mdash; Registration Rights</I>.&rdquo;</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>Indemnification</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">We
have agreed to indemnify the underwriters against certain liabilities, including certain liabilities under the Securities Act.
If we are unable to provide this indemnification, we have agreed to contribute to payments the underwriters may be required to
make in respect of those liabilities.</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>Nasdaq
Listing</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">We
have applied to have our units listed on the Nasdaq Capital Market under the symbol &ldquo;DISTU&rdquo; and, once the Class&nbsp;A
ordinary shares, rights and warrants begin separate trading, under the symbols &ldquo;DIST,&rdquo; &ldquo;DISTR&rdquo; and &ldquo;DISTW,&rdquo;
respectively.</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>Price
Stabilization, Short Positions</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">In
connection with this offering, the underwriters may engage in activities that stabilize, maintain or otherwise affect the price
of units during and after this offering, including:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stabilizing
transactions;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;short
sales;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchases
to cover positions created by short sales;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;imposition
of penalty bids; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;syndicate
covering transactions.</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>

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<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">Stabilizing
transactions consist of bids or purchases made for the purpose of preventing or retarding a decline in the market price of our
units while this offering is in progress. Stabilization transactions permit bids to purchase the underlying security so long as
the stabilizing bids do not exceed a specified maximum. These transactions may also include making short sales of our units, which
involve the sale by the underwriters of a greater number of units than they are required to purchase in this offering and purchasing
units on the open market to cover short positions created by short sales. Short sales may be &ldquo;covered short sales,&rdquo;
which are short positions in an amount not greater than the underwriters&rsquo; option to purchase additional units referred to
above, or may be &ldquo;naked short sales,&rdquo; which are short positions in excess of that amount.</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 may close out any covered short position by either exercising their option, in whole or in part, or by purchasing
units in the open market. In making this determination, the underwriters will consider, among other things, the price of units
available for purchase in the open market as compared to the price at which they may purchase units through the over-allotment
option.</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">Naked
short sales are short sales made in excess of the over-allotment option. The underwriters must close out any naked short position
by purchasing units in the open market. A naked short position is more likely to be created if the underwriters are concerned
that there may be downward pressure on the price of the units in the open market that could adversely affect investors who purchased
in this offering.</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 also may impose a penalty bid. This occurs when a particular underwriter repays to the representative of the underwriters
a portion of the underwriting discount received by it because the representative has repurchased units sold by or for the account
of that underwriter in stabilizing or short covering transactions.</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">These
stabilizing transactions, short sales, purchases to cover positions created by short sales, the imposition of penalty bids and
syndicate covering transactions may have the effect of raising or maintaining the market price of our units or preventing or retarding
a decline in the market price of our units. As a result of these activities, the price of our units may be higher than the price
that otherwise might exist in the open market. The underwriters may carry out these transactions on the Nasdaq, in the over-the-counter
market or otherwise. Neither we nor the underwriters make any representation or prediction as to the effect that the transactions
described above may have on the price of the units. Neither we, nor the underwriters, make any representation that the underwriters
will engage in these stabilization transactions or that any transaction, once commenced, will not be discontinued without notice.</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>Determination
of Offering Price</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">Prior
to this offering, there was no public market for our units. The initial public offering price will be determined by negotiation
between us and the representative of the underwriters. The principal factors to be considered in determining the initial public
offering price include:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
information set forth in this prospectus and otherwise available to the representative;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
history and prospects and the history and prospects for the industry in which we compete;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
past and present financial performance;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;our
prospects for future earnings and the present state of our development;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
general condition of the securities market at the time of this 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; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
recent market prices of, and demand for, publicly traded units of generally comparable companies; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other
factors deemed relevant by the underwriters and us.</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">Neither
we nor the underwriters can assure investors that an active trading market will develop for our units, warrants or Class&nbsp;A
ordinary shares or that the units will trade in the public market at or above the initial public offering 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"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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>Affiliations</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">EarlyBirdCapital
is a full service financial institution engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage
activities. EarlyBirdCapital and its affiliates may from time to time in the future engage with us and perform services for us
or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of
their various business activities, the underwriters and their respective affiliates may also make or hold a broad array of investments
and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans)
for their own account and for the accounts of their customers, and such investment and securities activities may involve securities
and/or instruments of us. The underwriters and their affiliates may also make investment recommendations and/or publish or express
independent research views in respect of these securities or instruments and may at any time hold, or recommend to clients that
they acquire, long and/or short positions in these securities and instruments.</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>Additional
Future Arrangements</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">Except
as described above, we are not under any contractual obligation to engage any of the underwriters to provide any services for
us after this offering, and have no present intent to do so. However, the underwriters may introduce us to potential target businesses
or assist us in raising additional capital in the future. If any of the underwriters provide services to us after this offering,
we may pay such underwriter fair and reasonable fees that would be determined at that time in an arm&rsquo;s length negotiation;
provided that no agreement will be entered into with any underwriter and no fees for such services will be paid to any underwriter
prior to the date that is 90 days from the date of this prospectus, unless FINRA determines that such payment would not be deemed
underwriters&rsquo; compensation in connection with this 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"><B>Electronic
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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
prospectus in electronic format may be made available on the Internet sites or through other online services maintained by the
underwriters participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms
online and, depending upon the particular underwriter, prospective investors may be allowed to place orders online. The underwriters
may agree with us to allocate a specific number of units for sale to online brokerage account holders. Any such allocation for
online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic
format, the information on any underwriters&rsquo; website and any information contained in any other website maintained by an
underwriter is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved
and/or endorsed by us or any underwriter in its capacity as underwriter and should not be relied upon by investors.</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>Selling
Restrictions</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>Canada</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Resale
Restrictions</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>

<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
intend to distribute our securities in the Province of Ontario, Canada (the &ldquo;Canadian Offering Jurisdiction&rdquo;) by way
of a private placement and exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities
in such Canadian Offering Jurisdiction. Any resale of our securities in Canada must be made under applicable securities laws that
will vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions
or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Canadian resale restrictions
in some circumstances may apply to resales of interests made outside of Canada. Canadian purchasers are advised to seek legal
advice prior to any resale of our securities. We may never be a &ldquo;reporting issuer&rdquo;, as such term is defined under
applicable Canadian securities legislation, in any province or territory of Canada in which our securities will be offered and
there currently is no public market for any of the securities in Canada, and one may never develop. Canadian investors are advised
that we have no intention to file a prospectus or similar document with any securities regulatory authority in Canada qualifying
the resale of the securities to the public in any province or territory in Canada.</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>

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Representations
of Purchasers</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>

<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">A
Canadian purchaser will be required to represent to us and the dealer from whom the purchase confirmation is received that:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchaser is entitled under applicable provincial securities laws to purchase our securities without the benefit of a prospectus
qualified under those securities laws;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
required by law, that the purchaser is purchasing as principal and not as agent;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchaser has reviewed the text above under Resale Restrictions; and</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
purchaser acknowledges and consents to the provision of specified information concerning its purchase of our securities to the
regulatory authority that by law is entitled to collect the information.</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Rights
of Action &mdash; Ontario Purchasers Only</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>

<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">Under
Ontario securities legislation, certain purchasers who purchase a security offered by this prospectus during the period of distribution
will have a statutory right of action for damages, or while still the owner of our securities, for rescission against us in the
event that this prospectus contains a misrepresentation without regard to whether the purchaser relied on the misrepresentation.
The right of action for damages is exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge
of the facts giving rise to the cause of action and three years from the date on which payment is made for our securities. The
right of action for rescission is exercisable not later than 180 days from the date on which payment is made for our securities.
If a purchaser elects to exercise the right of action for rescission, the purchaser will have no right of action for damages against
us. In no case will the amount recoverable in any action exceed the price at which our securities were offered to the purchaser
and if the purchaser is shown to have purchased the securities with knowledge of the misrepresentation, we will have no liability.
In the case of an action for damages, we will not be liable for all or any portion of the damages that are proven to not represent
the depreciation in value of our securities as a result of the misrepresentation relied upon. These rights are in addition to,
and without derogation from, any other rights or remedies available at law to an Ontario purchaser. The foregoing is a summary
of the rights available to an Ontario purchaser. Ontario purchasers should refer to the complete text of the relevant statutory
provisions.</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Enforcement
of Legal Rights</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>

<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">All
of our directors and officers as well as the experts named herein are located outside of Canada and, as a result, it may not be
possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All of our assets and the
assets of those persons are located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us
or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.</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 0pt 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Collection
of Personal Information</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>

<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">If
a Canadian purchaser is resident in or otherwise subject to the securities laws of the Province of Ontario, the Purchaser authorizes
the indirect collection of personal information pertaining to the Canadian purchaser by the Ontario Securities Commission (the
 &ldquo;OSC&rdquo;) and each Canadian purchaser will be required to acknowledge and agree that the Canadian purchaser has been
notified by us (i)&nbsp;of the delivery to the OSC of personal information pertaining to the Canadian purchaser, including, without
limitation, the full name, residential address and telephone number of the Canadian purchaser, the number and type of securities
purchased and the total purchase price paid in respect of the securities, (ii)&nbsp;that this information is being collected indirectly
by the OSC under the authority granted to it in securities legislation, (iii)&nbsp;that this information is being collected for
the purposes of the administration and enforcement of the securities legislation of Ontario, and (iv)&nbsp;that the title, business
address and business telephone number of the public official in Ontario who can answer questions about the OSC&rsquo;s indirect
collection of the information is the Administrative Assistant to the Director of Corporate Finance, the Ontario Securities Commission,
Suite&nbsp;1903, Box 5520, Queen Street West, Toronto, Ontario, M5H 3S8, Telephone: (416) 593-8086, Facsimile: (416) 593-8252.</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>Notice
to Prospective Investors in Australia</I></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">No
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian
Securities and Investments Commission (&ldquo;ASIC&rdquo;), in relation to the offering. This prospectus does not constitute a
prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the &ldquo;Corporations
Act&rdquo;), and does not purport to include the information required for a prospectus, product disclosure statement or other
disclosure document under the Corporations Act.</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>

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<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">Any
offer in Australia of the shares may only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated
investors&rdquo; (within the meaning of section 708(8)&nbsp;of the Corporations Act), &ldquo;professional investors&rdquo; (within
the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708
of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations
Act.</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 applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after
the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations
Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is
pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe
such Australian on-sale restrictions.</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">This
prospectus contains general information only and does not take account of the investment objectives, financial situation or particular
needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making
an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives
and circumstances, and, if necessary, seek expert advice on those matters.</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>Notice
to Prospective Investors in the Dubai International Financial Centre</I></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">This
prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules&nbsp;of the Dubai Financial Services Authority
(&ldquo;DFSA&rdquo;). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities
Rules&nbsp;of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing
or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify
the information set forth herein and has no responsibility for the prospectus. The shares to which this prospectus relates may
be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their
own due diligence on the shares. If you do not understand the contents of this prospectus you should consult an authorized financial
advisor.</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>Notice
to Prospective Investors in the European Economic Area</I></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
relation to each member state of the European Economic Area that has implemented the Prospectus Directive (each, a &ldquo;relevant
member state&rdquo;), with effect from and including the date on which the Prospectus Directive is implemented in that relevant
member state (the &ldquo;relevant implementation date&rdquo;), an offer of units described in this prospectus may not be made
to the public in that relevant member state prior to the publication of a prospectus in relation to the units that has been approved
by the competent authority in that relevant member state or, where appropriate, approved in another relevant member state and
notified to the competent authority in that relevant member state, all in accordance with the Prospectus Directive, except that,
with effect from and including the relevant implementation date, an offer of our units may be made to the public in that relevant
member state at any time:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
any legal entity which is a qualified investor as defined in the Prospectus Directive;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
fewer than 100, or, if the relevant member state has implemented the relevant provisions of the 2010 PD Amending Directive, 150,
natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus
Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the issuer for any such offer;
or natural or legal persons (other than qualified investors as defined below) subject to obtaining the prior consent of the underwriter
for any such offer; or</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any other circumstances that do not require the publication by us of a prospectus pursuant to Article&nbsp;3 of the Prospectus
Directive.</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">Each
purchaser of units described in this prospectus located within a relevant member state will be deemed to have represented, acknowledged
and agreed that it is a &ldquo;qualified investor&rdquo; within the meaning of Article&nbsp;2(1)(e)&nbsp;of the Prospectus Directive.</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">For
the purpose of this provision, the expression an &ldquo;offer to the public&rdquo; in any relevant member state means the communication
in any form and by any means of sufficient information on the terms of the offer and the units to be offered so as to enable an
investor to decide to purchase or subscribe for the units, as the expression may be varied in that member state by any measure
implementing the Prospectus Directive in that member state, and the expression &ldquo;Prospectus Directive&rdquo; means Directive
2003/71/EC (and amendments thereto, including the PD 2010 Amending Directive to the extent implemented by the relevant member
state) and includes any relevant implementing measure in each relevant member state, and the expression 2010 PD Amending Directive
means Directive 2010/73/EU.</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>

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<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">We
have not authorized and do not authorize the making of any offer of securities through any financial intermediary on their behalf,
other than offers made by the underwriters with a view to the final placement of the units as contemplated in this prospectus.
Accordingly, no purchaser of the units, other than the underwriters, is authorized to make any further offer of the units on behalf
of us or the underwriters.</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>Notice
to Prospective Investors in Switzerland</I></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
shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or on any
other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure
standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards
for listing prospectuses under art. 27 ff. of the SIX Listing Rules&nbsp;or the listing rules&nbsp;of any other stock exchange
or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the
shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.</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">Neither
this document nor any other offering or marketing material relating to the offering, the Company or the shares have been or will
be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer
of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has
not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (&ldquo;CISA&rdquo;). The investor
protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of
shares.</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>Notice
to Prospective Investors in the United Kingdom</I></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">This
prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within
the meaning of Article&nbsp;2(1)(e)&nbsp;of the Prospectus Directive that are also (i)&nbsp;investment professionals falling within
Article&nbsp;19(5)&nbsp;of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &ldquo;Order&rdquo;)
or (ii)&nbsp;high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article&nbsp;49(2)(a)&nbsp;to
(d)&nbsp;of the Order (all such persons together being referred to as a &ldquo;relevant person&rdquo;). The units are only available
to, and any invitation, offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant
persons. This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or
in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a
relevant person should not act or rely on this document or any of its contents.</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>Notice
to Prospective Investors in France</I></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">Neither
this prospectus nor any other offering material relating to the units described in this prospectus has been submitted to the clearance
procedures of the Autorit&eacute; des March&eacute;s Financiers or by the competent authority of another member state of the European
Economic Area and notified to the Autorit&eacute; des March&eacute;s Financiers. The units have not been offered or sold and will
not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material
relating to the units has been or will be:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">released,
                                         issued, distributed or caused to be released, issued or distributed to the public in
                                         France; or</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">used
                                         in connection with any offer for subscription or sale of the units to the public in France.</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">Such
offers, sales and distributions will be made in France only:</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; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         qualified investors (investisseurs qualifi&eacute;s) and/or to a restricted circle of
                                         investors (cercle restreint d&rsquo;investisseurs), in each case investing for their
                                         own account, all as defined in, and in accordance with, Article&nbsp;L.411-2, D.411-1,
                                         D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code mon&eacute;taire et
                                         financier;</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         investment services providers authorized to engage in portfolio management on behalf
                                         of third parties; or</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 CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; 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"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&middot;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                         a transaction that, in accordance with article L.411-2-II-1&deg;-or-2&deg;-or 3&deg;
                                         of the French Code mon&eacute;taire et financier and article 211-2 of the General Regulations
                                         (R&egrave;glement G&eacute;n&eacute;ral) of the Autorit&eacute; des March&eacute;s Financiers,
                                         does not constitute a public offer (appel public &agrave; l&rsquo;&eacute;pargne).</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">The
units may be resold directly or indirectly, only in compliance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3
of the French Code mon&eacute;taire et financier.</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>

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<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>Notice
to Prospective Investors in Hong Kong</I></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
units may not be offered or sold in Hong Kong by means of any document other than (i)&nbsp;in circumstances which do not constitute
an offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), (ii)&nbsp;to &ldquo;professional
investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules&nbsp;made
thereunder, or (iii)&nbsp;in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the
meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the units
may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere),
which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted
to do so under the laws of Hong Kong) other than with respect to units which are or are intended to be disposed of only to persons
outside Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap.
571, Laws of Hong Kong) and any rules&nbsp;made thereunder.</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>Notice
to Prospective Investors in Japan</I></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
units have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No.&nbsp;25 of 1948,
as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese
Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance
with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities
in effect at the relevant time. For the purposes of this paragraph, &ldquo;Japanese Person&rdquo; shall mean any person resident
in Japan, including any corporation or other entity organized under the laws of Japan.</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>Notice
to Prospective Investors in Singapore</I></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">This
prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and
any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the units
may not be circulated or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription
or purchase, whether directly or indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor under Section&nbsp;274
of the Securities and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii)&nbsp;to a relevant person pursuant to
Section&nbsp;275(1), or any person pursuant to Section&nbsp;275(1A), and in accordance with the conditions specified in Section&nbsp;275
of the SFA or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the
SFA, in each case subject to compliance with conditions set forth in the SFA.</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">Where
the units are subscribed or purchased under Section&nbsp;275 of the SFA by a relevant person that is:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
corporation (which is not an accredited investor (as defined in Section&nbsp;14A of the SFA)) the sole business of which is to
hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor,
or</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the
trust is an individual who is an accredited investor, shares, debentures and units of shares and debentures of that corporation
or the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be transferred within six months
after that corporation or that trust has acquired the shares pursuant to an offer made under Section&nbsp;275 of the SFA except:</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
an institutional investor (for corporations, under Section&nbsp;274 of the SFA) or to a relevant person defined in Section&nbsp;275(2)&nbsp;of
the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures
of that corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its
equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities
or other assets, and further for corporations, in accordance with the conditions specified in Section&nbsp;275 of the SFA;</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
no consideration is or will be given for the transfer; or</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">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
the transfer is by operation of 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"></P>

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<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"><A NAME="LEGALMATTERS"></A><B>LEGAL
MATTERS</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">Ellenoff
Grossman&nbsp;&amp; Schole LLP, New York, New York, is acting as counsel in connection with the registration of our securities
under the Securities Act, and as such, will pass upon the validity of the securities offered in this prospectus with respect to
units and warrants. Maples and Calder will pass upon the validity of the securities offered in this prospectus with respect to
the ordinary shares and matters of Cayman Islands law. In connection with this offering, Graubard Miller, New York, New York,
is acting as counsel to the underwriter.</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"><A NAME="EXPERTS"></A><B>EXPERTS</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">The
financial statements of Distoken Acquisition Corporation as of July&nbsp;8, 2020 and for the period from July&nbsp;1, 2020 (inception)
through July&nbsp;8, 2020 appearing 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 Distoken Acquisition Corporation to continue as a going concern as described in Note 1 to the financial statements), appearing
elsewhere in this prospectus, and are included in reliance upon such report given on the authority of such firm as experts in
accounting and auditing.</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"><A NAME="WHEREYOUCANFINDADDITIONAL"></A><B>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</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">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.</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">Upon
completion of this offering, we will be subject to the information requirements of the Exchange Act and will file annual, quarterly
and current event reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration
statement, over the internet at the SEC&rsquo;s website at www.sec.gov.</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>

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<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"><A NAME="INDEXTOFINANCIAL"></A><B>DISTOKEN
ACQUISITION CORPORATION</B></FONT></P>

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

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

<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: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; width: 6%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Report
    of Independent Registered Public Accounting Firm</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">F-2</FONT></A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Balance
    Sheet</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">F-3</FONT></A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Statement
    of Operations</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">F-4</FONT></A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">Statement
    of Changes in Shareholder&rsquo;s Equity</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">F-5</FONT></A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Statement
    of Cash Flows</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">F-6</FONT></A></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Notes
    to Financial Statements</FONT></A></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">F-7</FONT></A></FONT></TD></TR>
</TABLE>
<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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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><A NAME="a_001"></A>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
the Shareholder and the Board of Directors of<BR>
Distoken Acquisition Corporation</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>Opinion
on the Financial Statement</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">We
have audited the accompanying balance sheet of Distoken Acquisition Corporation (the &ldquo;Company&rdquo;) as of July 8, 2020,
the related statements of operations, changes in shareholder&rsquo;s equity and cash flows for the period from July 1, 2020 (inception)
through July 8, 2020, and the related notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of July 8, 2020 and
the results of its operations and its cash flows for the period from July 1, 2020 (inception) through July 8, 2020, in conformity
with accounting principles generally accepted in the United States of America.</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>Explanatory
Paragraph &mdash; Going Concern</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
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully
described in Note 1 to the financial statements, the Company&rsquo;s ability to execute its business plan is dependent upon its
completion of the proposed initial public offering described in Note 3 to the financial statements. The Company has a working
capital deficiency as of July 8, 2020 and lacks the financial resources it needs to sustain operations for a reasonable period
of time, which is considered to be one year from the issuance date of the financial statements. These conditions raise substantial
doubt about the Company&rsquo;s ability to continue as a going concern. Management&rsquo;s plans with regard to these matters
are also described in Notes 1 and 3. The financial statements do not include any adjustments that might become necessary should
the Company be unable to continue as a going concern.</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>Basis
for Opinion</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">These
financial statements are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on
the Company&rsquo;s financial statements based on our audit. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (the &ldquo;PCAOB&rdquo;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error
or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not
for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting.
Accordingly, we express no such opinion.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">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.</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">/s/
Marcum LLP</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">Marcum
LLP<BR>
We have served as the Company&rsquo;s auditor since 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">New
York, NY<BR>
July 31, 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>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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><A NAME="a_002"></A>DISTOKEN
ACQUISITION CORPORATION<BR>
BALANCE SHEET</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>JULY
8, 2020</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">&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: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">ASSETS</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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">&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; width: 87%; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
    offering costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,927</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">TOTAL
    ASSETS</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,927</FONT></TD><TD STYLE="font: bold 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>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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">&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">&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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">LIABILITIES
    AND SHAREHOLDER&rsquo;S EQUITY</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">&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></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">Current
    liabilities:</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">&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></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: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
    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">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,073</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: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
    offering costs</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">15,927</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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Promissory
    note &ndash; related party</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,000</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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Current Liabilities</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; 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; 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: rgb(204,238,255)">
    <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">&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">&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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Commitments</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">&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></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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shareholder&rsquo;s
    Equity</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">&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></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: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preference
    shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding</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">&mdash;</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: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Class
    A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding</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">&mdash;</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: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 1,150,000 shares issued and outstanding <SUP>(1)</SUP></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">115</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: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additional
    paid in capital</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">24,885</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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,073</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">)</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    Shareholder&rsquo;s Equity</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,927</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: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">TOTAL
    LIABILITIES AND SHAREHOLDER&rsquo;S EQUITY</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,927</FONT></TD><TD STYLE="font: bold 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; text-align: justify"><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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></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">Includes
                                         an aggregate of up to 150,000 shares subject to forfeiture if the over-allotment option
                                         is not exercised in full or in part by the underwriter (see Note 5).</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-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
accompanying notes are an integral part of these financial statements.</I></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>&nbsp;</I></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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><A NAME="a_003"></A>DISTOKEN
ACQUISITION CORPORATION<BR>
STATEMENT OF OPERATIONS</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>FOR
THE PERIOD FROM JULY 1, 2020 (INCEPTION) THROUGH JULY 8, 2020</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">&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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Formation
    and operating costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,073</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Loss</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,073</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average shares outstanding, basic and diluted <SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,000,000</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>
<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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic
    and diluted net loss per ordinary share</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.01</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></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">Excludes
                                         an aggregate of up to 150,000 shares subject to forfeiture if the over-allotment option
                                         is not exercised in full or in part by the underwriter (see Note 5).</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-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
accompanying notes are an integral part of these financial statements.</I></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>&nbsp;</I></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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><A NAME="a_004"></A>DISTOKEN
ACQUISITION CORPORATION<BR>
STATEMENTS OF CHANGES IN SHAREHOLDER&rsquo;S EQUITY</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>FOR
THE PERIOD FROM JULY 1, 2020 (INCEPTION) THROUGH JULY 8, 2020</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">&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: 10pt Times New Roman, Times, Serif"><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 COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ordinary
    Shares</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additional<BR>
    Paid in<BR> Capital</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accumulated
    <BR>
    Deficit</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    <BR>
    Shareholder&rsquo;s <BR>
    Equity</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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares</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 COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount</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: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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 COLSPAN="2" 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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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 COLSPAN="2" 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; padding-bottom: 1pt"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance &ndash;
    July 1, 2020 (inception)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: 10pt 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; background-color: White">
    <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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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">&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 COLSPAN="2" 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">&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 COLSPAN="2" 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">&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 COLSPAN="2" 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">&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 COLSPAN="2" 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">&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-left: 0.125in; width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of Class B ordinary shares to Sponsor <SUP>(1)</SUP></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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,150,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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: 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: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">115</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: 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: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24,885</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: 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: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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: 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: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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"><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">&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"><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">&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"><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">&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"><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">&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></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-left: 0.125in; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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><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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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><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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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><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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,073</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">)</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,073</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">)</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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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"><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">&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"><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">&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"><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">&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"><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">&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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Balance
    &ndash; July 8, 2020</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,150,000</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><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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">115</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">24,885</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><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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9,073</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,927</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 0pt 24pt; text-align: justify; text-indent: -24pt"><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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 18pt"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 27pt"><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">Includes
                                         an aggregate of up to 150,000 shares subject to forfeiture if the over-allotment option
                                         is not exercised in full or in part by the underwriter (see Note 5).</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-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
accompanying notes are an integral part of these financial statements.</I></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>&nbsp;</I></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-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><A NAME="a_005"></A>DISTOKEN
ACQUISITION CORPORATION<BR>
STATEMENT OF CASH FLOWS</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>FOR
THE PERIOD FROM JULY 1, 2020 (INCEPTION) THROUGH JULY 8, 2020</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>&nbsp;</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; 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: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash Flows
    from Operating Activities:</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" 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">&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; width: 87%; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss</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">(9,073</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></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">Adjustments
    to reconcile net loss to net cash used in operating activities:</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">&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></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: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes
    in operating assets and liabilities:</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">&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></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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 30pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued
    expenses</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">9,073</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: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash used in operating activities</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: bold 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: rgb(204,238,255)">
    <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">&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">&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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    Flows from Financing Activities:</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">&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></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">Proceeds
    from promissory note &ndash; related party</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">15,000</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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment
    of offering costs</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(15,000</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">)</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash used in financing activities</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: bold 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"><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">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    Change in Cash</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: bold 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; padding-bottom: 1pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    &ndash; Beginning</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</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: rgb(204,238,255)">
    <TD STYLE="font: bold 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">Cash
    &ndash; Ending</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font: bold 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>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <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">&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">&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></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-cash
    investing and financing activities:</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">&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></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; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred
    offering costs paid directly by Sponsor in exchange for the issuance of Class B ordinary shares</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Offering
    costs included in accrued offering costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,927</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 1.75in 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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>The
accompanying notes are an integral part of these financial statements.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75in 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75in 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75in 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></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>DISTOKEN
ACQUISITION CORPORATION</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><A NAME="a_006"></A>NOTES
TO FINANCIAL STATEMENTS</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.75in 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOTE
1 &mdash; ORGANIZATION AND PLAN OF BUSINESS OPERATIONS</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">Distoken
Acquisition Corporation (the &ldquo;Company&rdquo;) is a newly organized blank check company incorporated as a Cayman Islands
exempted company on July 1, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities (&ldquo;Business
Combination&rdquo;).</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">Although
the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination,
the Company intends to focus on businesses in the technology industry that have their primary operations located in Asia. 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="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">As
of July 8, 2020, the Company had not commenced any operations. All activity for the period from July 1, 2020 (inception) through
July 8, 2020 relates to the Company&rsquo;s formation and the proposed initial public offering (&ldquo;Proposed Offering&rdquo;),
which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination,
at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from
the Proposed Offering. The Company has selected December 31 as its fiscal year end.</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&rsquo;s ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Offering
of 4,000,000 units (the &ldquo;Units&rdquo; and, with respect to the Class A ordinary shares included in the Units being offered,
the &ldquo;Public Shares&rdquo;) at $10.00 per Unit (or 4,600,000 Units if the underwriter&rsquo;s over-allotment option is exercised
in full), which is discussed in Note 3 and the sale of 250,000 units (or 268,000 units if the underwriter&rsquo;s over-allotment
option is exercised on full) (the &ldquo;Private Units&rdquo;) at a price of $10.00 per Private Unit in a private placement to
the Company&rsquo;s sponsor, Xiaosen Sponsor LLC (the &ldquo;Sponsor&rdquo;), that will close simultaneously with the Proposed
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&rsquo;s management has broad discretion with respect to the specific application of the net proceeds of the Proposed Offering
and the sale of the Private Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. Nasdaq rules provide that the Business Combination must be 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
taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into a Business Combination. The
Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the
issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient
for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the &ldquo;Investment
Company Act&rdquo;). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the
closing of the Proposed Offering, management has agreed that $10.00 per Unit sold in the Proposed Offering, including proceeds
of the sale of the Private Units, will be held in a trust account (&ldquo;Trust Account&rdquo;) and invested in U.S. government
securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less,
or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the
Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii)
the distribution of the funds in the Trust Account to the Company&rsquo;s shareholders, as described below.</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 provide its shareholders 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 shareholder meeting called to approve the Business Combination or (ii)
by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or
conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem their
shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share) as of two business days prior
to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and
not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a
Business Combination with respect to the Company&rsquo;s warrants. The Class A ordinary shares will be recorded at redemption
value and classified as temporary equity upon the completion of the Proposed Offering, in accordance with Accounting Standards
Codification (&ldquo;ASC&rdquo;) Topic 480 &ldquo;Distinguishing Liabilities from Equity.&rdquo;</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 proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such
completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under
Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who
attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to
hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum
and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission
(&ldquo;SEC&rdquo;), and file tender offer documents containing substantially the same information as would be included in a proxy
statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with
a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), the Class&nbsp;A ordinary shares
included in the Private Units (the &ldquo;Private Shares&rdquo;) and any Public Shares purchased in or after the Proposed Offering
in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection
with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection
with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect
to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed
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"></P>

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<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>DISTOKEN
ACQUISITION CORPORATION</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">Notwithstanding
the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant
to the tender offer rules, the Company&rsquo;s Amended and Restated Memorandum and Articles of Association provides that a public
shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert
or as a &ldquo;group&rdquo; (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;)), will be restricted from redeeming its shares with respect to 15% or more of the Public Shares without the Company&rsquo;s
prior written consent.</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
Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares, Private Shares and Public Shares held
by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender
offer the Company undertakes in connection with a Business Combination) and (b) not to propose an amendment to the Amended and
Restated Memorandum and Articles of Association (i) that would affect the ability of holders of Public Shares to convert or sell
their shares to the Company in connection with a Business Combination or to modify the substance or timing of the Company&rsquo;s
obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within 15 months from the
closing of the Proposed Offering (or up to 21 months from the closing of the Proposed Offering if the Company extends the period
of time to consummate a Business Combination) or (ii) with respect to any other provision relating to shareholders&rsquo; rights
or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem
their Public Shares in conjunction with any such amendment and (c) that the Founder Shares shall not participate in any liquidating
distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating
distributions from the Trust Account with respect to any Public Shares purchased during or after the Proposed Offering if the
Company fails to complete its 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">The
Company will have until 15 months from the closing of the Proposed Offering to consummate a Business Combination. However, if
the Company anticipates that it may not be able to consummate a Business Combination within 15 months, it may, by resolution of
the Company&rsquo;s board of directors if requested by the Sponsor, extend the the period of time to consummate a Business Combination
up to two times, each by an additional three months (for a total of up to 21 months) (the &ldquo;Combination Period&rdquo;), subject
to the Sponsor depositing additional funds into the Trust Account. 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 no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up
to $50,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of
then outstanding Public Shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders
(including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the remaining shareholders and the Company&rsquo;s board of directors, dissolve and
liquidate, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable 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
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company&rsquo;s
independent auditors) 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 (1) $10.00 per Public
Share or (2) 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 the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as
to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to
any claims under the Company&rsquo;s indemnity of the underwriter of the Proposed Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). 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 (other than the Company&rsquo;s independent auditors),
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="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>Going
Concern Consideration</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">At
July 8, 2020, the Company had no cash and a working capital deficit of $40,000. 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 Offering as discussed in Note 3. There is no assurance that the
Company&rsquo;s plans to raise capital or to consummate a Business Combination will be successful or successful within the Combination
Period. The Sponsor has agreed to loan the Company up to an aggregate amount of $150,000 to be used, in part, for transaction
costs incurred in connection with the Proposed Offering (the &ldquo;Promissory Note&rdquo;). The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.</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>

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<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>DISTOKEN
ACQUISITION CORPORATION</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"><B>NOTE
2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</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>Basis
of Presentation</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
accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States
of America (&ldquo;GAAP&rdquo;) and pursuant to the rules and regulations of the SEC.</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>Emerging
Growth Company</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 is an &ldquo;emerging growth company,&rdquo; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to,
not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not
previously approved.</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">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&rsquo;s
financial statements with another public company which is neither an emerging growth company nor an emerging growth company which
has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.</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>Use
of Estimates</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
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period.</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">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="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>Cash
and Cash Equivalents</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 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 July 8, 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Deferred
Offering Costs</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">Deferred
offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related
to the Proposed Offering and that will be charged to shareholder&rsquo;s equity upon the completion of the Proposed Offering.
Should the Proposed Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be
charged to operations.</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>Income
Taxes</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 accounts for income taxes under ASC 740, &ldquo;Income Taxes&rdquo; (&ldquo;ASC 740&rdquo;). ASC 740 requires the recognition
of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis
of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC
740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred
tax assets will not be realized.</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>

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<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>DISTOKEN
ACQUISITION CORPORATION</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">ASC
740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise&rsquo;s financial statements and
prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. 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 July 8, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals
or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</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 is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements
in the Cayman Islands or the United States. As such, the Company&rsquo;s tax provision was zero for the period presented.</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>Net
Loss per Share</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">Net
loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period,
excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 150,000
ordinary shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriter (see Note 5).
At July 8, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or
converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same
as basic loss per share for the period presented.</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>Fair
Value of Financial Instruments</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
fair value of the Company&rsquo;s assets and liabilities, which qualify as financial instruments under ASC Topic 820, &ldquo;Fair
Value Measurement,&rdquo; approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their
short-term nature.</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>Recently
Issued Accounting Standards</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">Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material
effect on the Company&rsquo;s financial statements.</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>NOTE
3 &mdash; PROPOSED OFFERING</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">Pursuant
to the Proposed Offering, the Company will offer for sale up to 4,000,000 Units (or 4,600,000 Units if the underwriter&rsquo;s
over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Public Share,
one right (&ldquo;Public Right&rdquo;) and one-half of one redeemable warrant (&ldquo;Public Warrant&rdquo;). Each Public Right
will entitle the holder thereof to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of a Business
Combination (see Note 7). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise
price of $11.50 per share (see Note 7).</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>NOTE
4 &mdash; PRIVATE PLACEMENT</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
Sponsor has committed to purchase an aggregate of 250,000 Private Units (or 268,000 Private Units if the underwriter&rsquo;s over-allotment
is exercised in full) at a price of $10.00 per Private Unit, for an aggregate purchase price of $2,500,000 (or $2,680,000 if the
underwriter&rsquo;s over-allotment is exercised in full) from the Company in a private placement that will occur simultaneously
with the closing of the Proposed Offering. Each Private Unit will consist of one Private Share, one right (&ldquo;Private Right&rdquo;)
and one-half of one redeemable warrant (&ldquo;Private Warrant&rdquo;). Each Private Right will entitle the holder thereof to
receive one-tenth (1/10) of one Class A ordinary share upon the consummation of a Business Combination (see Note 7). Each whole
Private Warrant will be exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see
Note 7). The proceeds from the sale of the Private Units will be added to the net proceeds from the Proposed Offering held in
the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the
sale of the Private Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements
of applicable law) and the Private Units and all underlying securities will 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"><B>NOTE
5 &mdash; RELATED PARTY TRANSACTIONS</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>Founder
Shares</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">On
July 8, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 1,150,000 Class&nbsp;B
ordinary shares (the &ldquo;Founder Shares&rdquo;). The Founder Shares include an aggregate of up to 150,000 shares subject to
forfeiture by the Sponsor to the extent that the underwriter&rsquo;s over-allotment is not exercised in full or in part, so that
the number of Founder Shares will collectively represent 20% of the Company&rsquo;s issued and outstanding shares (excluding the
Private Shares and the Representative Shares, as defined in Note 6) upon the completion of the Proposed 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>

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<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>DISTOKEN
ACQUISITION CORPORATION</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
Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier
of (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) for 50% of the
Founder Shares, if the last reported sale price of the Class A ordinary shares equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20
trading days within any 30-trading day period commencing at least 150 days after a Business Combination, (y) for 50% of the Founder
Shares, if the last reported sale price of the Class A ordinary shares equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period after a Business Combination, or (z) the date following the completion of a Business Combination
on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction
that results in all of the Company&rsquo;s shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property.</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>Promissory
Note &mdash; Related Party</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">On
July 8, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an
aggregate principal amount of $150,000. The note is non-interest bearing and payable on the earlier of (i) December 31, 2020 and
(ii) the completion of the Proposed Offering. As of July 8, 2020, there was $15,000 outstanding under the Promissory Note.</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>Administrative
Services 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 enter into an agreement pursuant to which it will pay the Sponsor or its affiliate up to $10,000 per month for office
space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease
paying these monthly fees.</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>Related
Party Loans</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
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain
of the Company&rsquo;s officers and directors may, but are not obligated to, loan the Company funds as may be required (&ldquo;Working
Capital Loans&rdquo;). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion
of a Business Combination, without interest, or, at the lender&rsquo;s discretion, up to $1,500,000 of notes may be converted
upon completion of a Business Combination into units at a price of $10.00 per unit. Such units would be identical to the Private
Units. In the event that a Business Combination does not close, the Company may use a portion of 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.</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 49.8pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Related
Party Extension Loans</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">As
discussed in Note 1, the Company may extend the period of time to consummate a Business Combination up to two times, each by an
additional&nbsp;three months (for a total of 21&nbsp;months to complete a Business Combination). In order to extend the time available
for the Company to consummate a Business Combination, the Sponsor or its affiliates or designees must deposit into the Trust Account
$400,000, or $460,000 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per Public Share in either
case), up to an aggregate of $800,000 (or $920,000 if the underwriters&rsquo; over-allotment option is exercised in full), or
$0.20 per Public Share, on or prior to the date of the applicable deadline, for each three month extension. Any such payments
would be made in the form of a non-interest bearing loan. The terms of the promissory note to be issued in connection with any
such loans have not yet been negotiated. If the Company completes a Business Combination, the Company would repay such loaned
amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination,
the Company will not repay such loans. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account
to extend the time for the Company to complete a Business Combination.</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>NOTE
6 &mdash; COMMITMENTS</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>Registration
Rights</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
holders of the Founder Shares, Representative Shares, Private Units and any units that may be issued on conversion of the Working
Capital Loans (and any securities underlying the Private Units or units issued upon conversion of Working Capital Loans and the
Class A ordinary shares that may be issued 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 the Proposed Offering requiring the Company
to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding
short form registration demands, that the Company register such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo;
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. However, the registration
rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become
effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the
filing of any such registration statements.</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>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 underwriter a 45-day option to purchase up to 600,000 additional Units to cover over-allotments at the
Proposed 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
underwriter will be entitled to a cash underwriting discount of $0.30 per Unit, or $1,200,000 in the aggregate (or $1,380,000
in the aggregate if the underwriter&rsquo;s over-allotment option is exercised in full), payable upon the closing of the Proposed
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>

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<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>DISTOKEN
ACQUISITION CORPORATION</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"><B>Business
Combination Marketing 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 engage EarlyBirdCapital, Inc. (&ldquo;EarlyBirdCapital&rdquo;), the underwriter in the Proposed Offering, as an advisor
in connection with its Business Combination to assist in holding meetings with the Company shareholders to discuss the potential
Business Combination and the target business&rsquo; attributes, introduce the Company to potential investors that are interested
in purchasing its securities in connection with its initial Business Combination, assist in obtaining shareholder approval for
the Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company
will pay EarlyBirdCapital a cash fee for such services upon the consummation of its initial business combination in an amount
equal to 4.0% of the gross proceeds of the Proposed Offering (exclusive of any applicable finders&rsquo; fees which might become
payable). The Company will also pay EarlyBirdCapital a cash fee in an amount equal to 1.0% of the gross proceeds of the Initial
Public Offering if it introduces the Company to the target business with whom the Company completes its 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>NOTE
7 &mdash; SHAREHOLDER&rsquo;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>Preference
Shares</I></B> &mdash; The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001. The Company&rsquo;s
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. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights
that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover
effects. At July 8, 2020, there were no preference shares 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"><B><I>Class
A Ordinary Shares</I></B> &mdash; The Company is authorized to issue 200,000,000 Class A ordinary shares, with a par value of
$0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At July 8, 2020, there were no
Class A ordinary shares 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"><B><I>Class
B Ordinary Shares</I></B> &mdash; The Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of $0.0001
per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At July 8, 2020, there were 1,150,000
Class B ordinary shares issued and outstanding, of which an aggregate of up to 150,000 shares are subject to forfeiture to the
extent that the underwriter&rsquo;s over-allotment option is not exercised in full or in part so that the Sponsor will own 20%
of the Company&rsquo;s issued and outstanding ordinary shares after the Proposed Offering (assuming the Sponsor does not purchase
any Public Shares in the Proposed Offering and excluding the Private Shares and the Representative Shares).</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">Only
holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination.
Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters
submitted to a vote of our shareholders except as otherwise 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
Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the
Business Combination, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked
securities, are issued or deemed issued in excess of the amounts issued in the Proposed Offering and related to the closing of
a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject
to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon
conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares
issued and outstanding upon completion of the Proposed Offering plus the number of Class A ordinary shares and equity-linked securities
issued or deemed issued in connection with a Business Combination (net of redemptions), excluding the Private Shares underlying
the Private Units, the Representative Shares and any Class A ordinary shares or equity-linked securities issued, or to be issued,
to any seller in a Business Combination and any Private Units issued to the Sponsor, an affiliate of the Sponsor or any of the
Company&rsquo;s officers or 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>Rights
</I></B>&mdash; Each holder of a right will receive one-tenth (1/10) of one Class&nbsp;A ordinary share upon consummation of a
Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination.
No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a
holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related
thereto has been included in the Unit purchase price paid for by investors in the Proposed Offering. If the Company enters into
a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive
in the transaction on an as-converted into ordinary share basis and each holder of a right will be required to affirmatively convert
its rights in order to receive 1/10 share underlying each right (without paying additional consideration). The shares issuable
upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
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 rights will not receive any of such funds with respect to their rights, nor will they receive
any distribution from the Company&rsquo;s assets held outside of the Trust Account with respect to such rights, and the rights
will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights
upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights.
Accordingly, the rights 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"><B><I>Warrants
</I></B>&mdash;The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination
and (b) 12 months from the closing of the Proposed Offering. The Public Warrants will expire five years from 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">No
warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class
A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding
the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the Public Warrants
is not effective within 60 business days following the consummation of a Business Combination, warrant holders may, until such
time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective
registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities
Act, provided that such exemption is available.</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>

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<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>DISTOKEN
ACQUISITION CORPORATION</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">Once
the Public Warrants become exercisable, the Company may redeem the Public Warrants for redemption:</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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 24pt"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">in
                                         whole and not in part;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 24pt"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">at
                                         a price of $0.01 per Public Warrant;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 24pt"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">upon
                                         not less than 30 days&rsquo; prior written notice of redemption to each warrant holder;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 24pt"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if,
                                         and only if, the reported last sale price of the Class A ordinary shares equals or exceeds
                                         $18.00&nbsp;per share (as adjusted for stock splits, stock dividends, reorganizations
                                         and recapitalizations), for any 20&nbsp;trading days within a 30 trading day period commencing
                                         after the warrants become exercisable and ending on the third business day prior to the
                                         notice of redemption to warrant holders; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 24pt"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">if,
                                         and only if, there is a current registration statement in effect with respect to the
                                         Class A ordinary shares underlying such warrants.</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">If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise
the Public Warrants to do so on a &ldquo;cashless basis,&rdquo; as described in the warrant agreement. The exercise price and
number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in
the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except
as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price.
Additionally, in no event will the Company be required to net cash settle the Public Rights or Public 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 Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive
any distribution from the Company&rsquo;s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly,
the Public Rights and Public 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 (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes
in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class
A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company&rsquo;s board of
directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares
held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the &ldquo;Newly Issued Price&rdquo;), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z)
the volume weighted average trading price of the Company&rsquo;s ordinary shares during the 20 trading day period starting on
the trading day prior to the day on which the Company consummates a Business Combination (such price, the &ldquo;Market Value&rdquo;)
is below $9.20 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115%
of the greater of the Market Value or the Newly Issued Price, and the $18.00 per share redemption trigger price described above
will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value or 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 Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Offering, except that
the Private Warrants and the Class A ordinary shares issuable upon the exercise of the Private 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 Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted
transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public
Warrants.</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>NOTE
8 &mdash; SUBSEQUENT EVENTS</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 evaluated subsequent events and transactions that occurred after the balance sheet date up to July 31, 2020, the date
that the financial statements were available to be issued. Other than as described below, the Company did not identify any subsequent
events that would have required adjustment or disclosure in the financial statements.</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>Representative
Shares</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">On
July 28, 2020 the Company issued to EarlyBirdCapital and its designees an aggregate of 100,000 Class B ordinary shares (the &ldquo;Representative
Shares&rdquo;). The Company will account for the Representative Shares as an offering cost of the Proposed Offering, with a corresponding
credit to shareholder&rsquo;s equity. The Company estimated the fair value of Representative Shares to be $2,200 based upon the
price of the Founder Shares issued to the Sponsor. The holders of the Representative Shares have agreed not to transfer, assign
or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive conversion
rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business
Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if
the Company fails to complete a Business Combination within the Combination Period.</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>

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<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>DISTOKEN
ACQUISITION CORPORATION</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
Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately
following the effective date of the registration statement related to the Proposed Offering pursuant to Rule 5110(g)(1) of the
FINRA Manual. Pursuant to FINRA Rule 5110(g)(1), these securities will not be sold during the Proposed Offering, or sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective
date of the registration statement related to the Proposed Offering or commencement of sales of the Public Offering, except to
any underwriter and selected dealer participating in the Proposed Offering and their bona fide officers or partners.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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>4,000,000
Units</B></FONT></P>

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<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">&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>Distoken
Acquisition Corporation</B></FONT></P>

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<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">&nbsp;</FONT></P>

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

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

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

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

<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">&nbsp;</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"><B>EarlyBirdCapital,&nbsp;Inc.</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">&nbsp;</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Until&nbsp;&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 ordinary shares, whether or
not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers&rsquo; obligation
to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.</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>

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<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
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"><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
discounts 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: 86%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Legal
    fees and expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><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">250,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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"><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">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"><FONT STYLE="font-family: Times New Roman, Times, Serif">SEC
    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">6,568</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"><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">7,400</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nasdaq
    listing and filing fees (including deferred amount)</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"><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">30,000</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; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Miscellaneous
    expenses</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="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">146,032</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; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    offering expenses</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="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">550,000</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"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cayman
Islands law does not limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to
public policy, such as to provide indemnification against willful default, willful neglect, civil fraud or the consequences of
committing a crime. Our amended and restated memorandum and articles of association provide for indemnification of our officers
and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except
through their own actual fraud, willful default or willful neglect.</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">We
may purchase a policy of directors&rsquo; and officers&rsquo; liability insurance that insures our officers and directors against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify
our officers and directors. We also intend to enter into indemnity agreements with them.</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">Our
officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account,
and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising
out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever. Accordingly,
any indemnification provided will only be able to be satisfied by us if we (i)&nbsp;have sufficient funds outside of the trust
account or (ii)&nbsp;consummate an initial business combination. Furthermore, a shareholder&rsquo;s investment may be adversely
affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification
provisions.</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">We
believe that these provisions and the insurance are necessary to attract and retain talented and experienced officers and 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">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling
us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.</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"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
July&nbsp;8, 2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
The number of founder shares issued was determined based on the expectation that the founder shares would represent approximately
20% of the issued and outstanding ordinary shares upon completion of this offering (assuming the sponsor does not purchase any
units in this offering and excluding the private shares underlying the private units, the representative shares and any shares
underlying units issued upon conversion of working capital loans and any Class&nbsp;A ordinary shares or equity-linked securities
issued, or to be issued, to any seller in our initial business combination). Such transactions were exempt from registration as
a result of Section&nbsp;4(a)(2)&nbsp;of the Securities Act. These entities are accredited investors 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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">On
July&nbsp;28, 2020, we also issued to EarlyBirdCapital,&nbsp;Inc. and its designees an aggregate of 100,000 Class&nbsp;B representative
shares at a purchase price of $0.0001 per share. In addition, our sponsor has committed, pursuant to a written agreement, to purchase
from us an aggregate of 250,000 (or 268,000 if the underwriters&rsquo; over-allotment option is exercised in full) private units
at $10.00 per unit (for an aggregate purchase price of $2,500,000 or $2,680,000 if the underwriters&rsquo; over-allotment option
is exercised in full). This purchase will take place on a private placement basis simultaneously with the completion of our initial
public offering. This issuance will be made pursuant to the exemption from registration contained in Section&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"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
underwriting discounts or commissions were paid with respect to such sales.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits</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 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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit&nbsp;No.</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif"><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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; 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: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; 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">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.2</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
    Business Combination Marketing Agreement*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2030764d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.1</FONT></A></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="tm2030764d1_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Memorandum
    and Articles of Association**</FONT></A></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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 Memorandum and Articles of Association*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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">
    <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"><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
    Ordinary Share Certificate*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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">
    <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"><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 and the Registrant*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.5</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
    Rights Agreement between Continental Stock Transfer&nbsp;&amp; Trust Company and the Registrant*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.6</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
    Rights Certificate*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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 Maples and Calder*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.2</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 Ellenoff Grossman&nbsp;&amp; Schole LLP*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2030764d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></A></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="tm2030764d1_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Promissory
    Note, dated July&nbsp;8, 2020, issued to Xiaosen Sponsor LLC**</FONT></A></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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 and Xiaosen Sponsor LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="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"><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 and the Registrant*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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 between the Registrant and certain security holders*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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 July&nbsp;8, 2020, between the Registrant and Xiaosen Sponsor LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <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"><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
    Sponsor Warrants Purchase Agreement between the Registrant and Xiaosen Sponsor LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="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"><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">
    <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"><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 Services Agreement between the Registrant and Xiaosen Sponsor LLC*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2030764d1_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"><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="tm2030764d1_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">
    <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"><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 Maples and Calder (included in Exhibit&nbsp;5.1)*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">23.3</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 Ellenoff Grossman&nbsp;&amp; Schole LLP (included in Exhibit&nbsp;5.2)*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">24</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">Power
    of Attorney (included on signature page&nbsp;to the initial filing of this Registration Statement)*</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2030764d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.1</FONT></A></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="tm2030764d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of John Wallace**</FONT></A></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2030764d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.2</FONT></A></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="tm2030764d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of Joseph Valenza**</FONT></A></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="tm2030764d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">99.3</FONT></A></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="tm2030764d1_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif">Consent
    of Ning Wang**</FONT></A></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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">*
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">**
Filed herewith&nbsp;</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; font-size: 10pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial
Statements</I>. </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">See page&nbsp;F-1 for an index to the financial
statements and schedules included in the registration statement.</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
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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements,
certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each
purchaser.</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></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>

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    <!-- 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">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that:</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">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></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">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></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">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></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">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></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">i.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule&nbsp;424;</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">ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></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">iii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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></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">iv.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</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>

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<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><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, on the 15<SUP>th</SUP> day of September, 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">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Distoken
    Acquisition Corporation</B></FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
    Jian Zhang</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jian
    Zhang</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer and Chairman</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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>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"><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 Jian Zhang and Jirong Lyu 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"><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="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; width: 36%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center; width: 30%"><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: top">
<TD STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
Jian Zhang</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Executive Officer and Chairman (Principal Executive Officer)</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
15, 2020</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jian
Zhang</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; vertical-align: top"><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; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><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; vertical-align: top; text-align: center"><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; vertical-align: top; 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="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
Jirong Lyu</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
Financial Officer (Principal Financial and Accounting Officer)</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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
15, 2020</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jirong
Lyu</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; vertical-align: top"><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; vertical-align: top"><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>

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<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>AUTHORIZED
REPRESENTATIVE</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">Pursuant
to the requirements of Section&nbsp;6(a)&nbsp;of the Securities Act of 1933, as amended, the undersigned has signed this registration
statement, solely in its capacity as the duly authorized representative of Distoken Acquisition Corporation, in Newark, Delaware,
on the 15<SUP>th</SUP> day of September, 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">
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:&nbsp;&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
Donald J. Puglisi</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donald
J. Puglisi, on behalf of Puglisi&nbsp;&amp; Associates</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif">
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
<TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
Director</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>

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{"company-data": {"conformed-name": "Distoken Acquisition Corp", "cik": "0001818605", "assigned-sic": "6770", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-248822", "film-number": "201176634"}, "business-address": {"street1": "UNIT 1006 BLOCK C", "street2": "JINSHANGJUN PARK", "city": "KUNMING YUNNAN", "state": "F4", "zip": "000000", "phone": "8687168227160"}, "mail-address": {"street1": "UNIT 1006 BLOCK C", "street2": "JINSHANGJUN PARK", "city": "KUNMING YUNNAN", "state": "F4", "zip": "000000"}}
As
filed with the Securities and Exchange Commission on September 15, 2020.
Registration
No. 333-
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-1
REGISTRATION
STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Distoken
Acquisition Corporation
(Exact name of registrant as specified in its charter)
Cayman
    Islands
6770
N/A
(State
    or other jurisdiction of
incorporation or organization)
(Primary
    Standard Industrial
Classification Code Number)
(I.R.S.
    Employer
Identification Number)
Unit
1006, Block C, Jinshangjun Park
No. 2
Xiaoba Road, Panlong District
Kunming,
Yunnan, China
Telephone: +86 871 63624579
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
Puglisi &
Associates
850
Library Avenue, Suite 204
Newark,
DE 19711
Telephone: (302) 738-6680
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Richard
                                         I. Anslow, Esq.
Joshua
        N. Englard, Esq.
Ellenoff
        Grossman & Schole LLP
1345 Avenue of the Americas
New York, New York 10105
Telephone: (212) 370-1300
David
    Alan Miller, Esq.
Jeffrey M. Gallant, Esq.
Graubard Miller
405 Lexington Avenue, 11th Floor
New York, New York 10174
Telephone: (212) 818-8800
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 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 Class A ordinary share, $0.0001 par value, one right entitling the holder to receive one-tenth
    (1/10) of one Class A ordinary share, and one-half of one redeemable warrant
(2)
4,600,000
    Units
$10.00
$46,000,000
$5,971
Class A
    ordinary shares included as part of the units
(3)
4,600,000
    Shares
—
—
—
(4)
Rights
    included as part of the units
(3)
4,600,000
    Rights
—
—
—
(4)
Redeemable
    warrants included as part of the units
(3)
2,300,000
    Warrants
—
—
—
(4)
Shares
    underlying rights included as part of the units
(3)
460,000
    Shares
$10.00
$4,600,000
$597
Total
$50,600,000
$6,568
(1)
Estimated
    solely for the purpose of calculating the registration fee.
(2)
Includes
    600,000 units, consisting of 600,000 Class A ordinary shares, 600,000 rights and 300,000 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, there are also being registered an indeterminable number of additional securities as may be issued to prevent
    dilution resulting from share sub-divisions, share dividends or similar transactions.
(4)
No
    fee pursuant to Rule 457(g).
The
Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until
the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of 1933, 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 SEPTEMBER 15, 2020
PRELIMINARY
PROSPECTUS
$40,000,000
Distoken
Acquisition Corporation
4,000,000
Units
Distoken
Acquisition Corporation is a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose
of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar
business combination with one or more businesses or entities, which we refer to as a target business. Our efforts to identify
a prospective target business will not be limited to a particular industry or geographic region although we intend to focus our
search on businesses in the technology industry that have their primary operations located in Asia. We do not have any specific
business combination under consideration and we have not (nor has anyone on our behalf), directly or indirectly, contacted any
prospective target business or had any substantive discussions, formal or otherwise, with respect to such a transaction. If we
are unable to consummate an initial business combination within 15 months from the closing of this offering (or up to 21 months
from the closing of this offering if we extend the period of time to consummate a business combination, as described in more detail
in this prospectus), we will redeem 100% of the public shares for a pro rata portion of the trust account, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously
released to us to pay our taxes (less up to $50,000 of interest to pay dissolution expenses) divided by the number of then outstanding
public shares, subject to applicable law and as further described herein.
This
is an initial public offering of our securities. Each unit that we are offering has a price of $10.00 and consists of one Class A
ordinary share, one right and one-half of one warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one
Class A ordinary share upon the consummation of an initial business combination, as described in more detail in this prospectus.
Each whole warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share. Each whole
warrant will become exercisable on the later of 30 days after the completion of an initial business combination or 12 months from
the closing of this offering and will expire on the fifth anniversary of our completion of an initial business combination, or
earlier upon redemption or liquidation. We have granted the underwriters a 45-day option to purchase up to an additional 600,000
units to cover over-allotments, if any.
Xiaosen
Sponsor LLC, a Cayman Islands limited liability company, which we refer to throughout this prospectus as our
 "sponsor," has committed that it will purchase from us an aggregate of 250,000 units, or private units, at $10.00
per unit for a total purchase price of $2,500,000 in a private placement that will occur simultaneously with the consummation
of this offering. Our sponsor has also agreed that if the over-allotment option is exercised by the underwriters in full or
in part, it will purchase from us additional private units on a pro rata basis (up to a maximum of 18,000 additional private
units at a price of $10.00 per unit) in an amount that is necessary to maintain in the trust account $10.00 per unit sold to
the public in this offering. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The private units are
identical to the units sold in this offering, subject to certain limited exceptions as described in this
prospectus.
Our
sponsor currently holds 1,150,000 Class B ordinary shares, up to 150,000 of which are subject to forfeiture by our sponsor
depending on the extent to which the underwriters' over-allotment option is exercised. Holders of Class A ordinary
shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by our shareholders,
except as required by law; provided that, prior to our initial business combination, only holders of our Class B ordinary
shares will have the right to vote on the appointment of directors, and holders of a majority of our Class B ordinary shares
may remove a member of the board of directors for any reason. With respect to any other matter submitted to a vote of our shareholders,
including any vote in connection with our initial business combination, except as required by law, holders of Class A ordinary
shares and holders of Class B ordinary shares will vote together as a single class. The Class B ordinary shares held
by our initial shareholders will automatically convert into Class A ordinary shares upon the completion of our initial business
combination on a one-for-one basis, subject to adjustment as provided herein.
There
is presently no public market for our units, ordinary shares, rights or warrants. We have applied to have our units listed on
the Nasdaq Capital Market, or Nasdaq, under the symbol "DISTU" on or promptly after the date of this prospectus. The
Class A ordinary shares, rights and warrants comprising the units will begin separate trading on the 90
th
day
following the date of this prospectus unless EarlyBirdCapital, Inc, the representative of the underwriters, informs us of
its decision to allow earlier separate trading, subject to our filing a Current Report on Form 8-K with the SEC containing
an audited balance sheet reflecting our receipt of the gross proceeds of this offering and issuing a press release announcing
when such separate trading will begin; provided that no fractional warrants will be issued upon separation of the units and only
whole warrants will trade. We cannot guarantee that our securities will be approved for listing. Once the securities comprising
the units begin separate trading, the Class A ordinary shares, rights and warrants will be traded on Nasdaq under the symbols
 "DIST," "DISTR" and "DISTW," respectively.
We
are an "emerging growth company" as defined in the Jumpstart Our Business Startups Act and will therefore be subject
to reduced public company reporting requirements.
Investing
in our securities involves a high degree of risk. See "Risk Factors" beginning on page 19 of this prospectus for a
discussion of information that should be considered in connection with an investment in our securities.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
No
offer or invitation to subscribe for our securities may be made to the public in the Cayman Islands.
Per
    Unit
Total
Public
    offering price
$
10.000
$
40,000,000
Underwriting
    discounts and commissions
(1)
$
0.30
$
1,200,000
Proceeds,
    before expenses, to us
$
9.70
$
38,800,000
(1)
The
    underwriters have received and will receive compensation in addition to the underwriting discount, including 100,000 Class B
    ordinary shares, which we refer to herein as the representative shares. See "Underwriting" for further information
    relating to the underwriting compensation we will pay in this offering.
Upon
consummation of the offering, an aggregate of $40,000,000 (or $46,000,000 if the over-allotment option is exercised in full) or
$10.00 per unit sold to the public in this offering will be deposited into a United States-based trust account maintained by Continental
Stock Transfer & Trust Company, acting as trustee, with Morgan Stanley acting as investment manager.
Except as described in this prospectus, these funds will not be released to us until the earlier of the completion of a business
combination and our redemption of our public shares.
The
underwriters are offering the units on a firm commitment basis. The underwriters expect to deliver the units to purchasers on
or about                                           ,
2020.
Sole
Book-Running Manager
EarlyBirdCapital, Inc.
,
2020
TABLE
OF CONTENTS
Page
Summary
1
The
    Offering
7
Risk
    Factors
19
Cautionary
    Note Regarding Forward-Looking Statements
48
Use
    of Proceeds
49
Dividend
    Policy
52
Dilution
53
Capitalization
55
Management's
    Discussion and Analysis of Financial Condition and Results of Operations
56
Proposed
    Business
61
Management
81
Principal
    Shareholders
89
Certain
    Relationships and Related Party Transactions
92
Description
    of Securities
94
Income
    Tax Considerations
108
Underwriting
117
Legal
    Matters
125
Experts
125
Where
    You Can Find Additional Information
125
Index
    to Financial Statements
F-1
We
are responsible for the information contained in this prospectus. We have not authorized anyone to provide any information or
to make any representations other than those contained in this prospectus. We and the underwriters take no responsibility for,
and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer
to sell only the units offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information
contained in this prospectus is current only as of its date.
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 "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:
•	     "we,"
 "us," "our," "company" or "our company" are to Distoken Acquisition Corporation,
a Cayman Islands exempted company;
•	     "amended
and restated memorandum and articles of association" are to our memorandum and articles of association to be in effect upon
completion of this offering;
•	     "Class A
ordinary shares" are to our Class A ordinary shares, par value $0.0001 per share;
•	     "Class B
ordinary shares" are to our Class B ordinary shares, par value $0.0001 per share;
•	     "Companies
Law" are to the Companies Law (2020 Revision) of the Cayman Islands as the same may be amended from time to time;
•	     "directors"
are to our current directors and director nominees;
•	     "founder
shares" are to our Class B ordinary shares initially purchased by our sponsor in a private placement prior to this
offering and the Class A ordinary shares that will be issued upon the automatic conversion of the Class B ordinary shares
at the time of our initial business combination (for the avoidance of doubt, such Class A ordinary shares will not be "public
shares");
•	     "initial
shareholders" are to our sponsor and other holders of our founder shares prior to this offering, but excludes EarlyBirdCapital, Inc.
in respect of the representative shares held by it or its designees;
•	     "letter
agreement" refers to the letter agreement entered into between us and our initial shareholders, directors and officers on
or prior to the date of this prospectus, the form of which is filed as an exhibit to the registration statement of which this
prospectus forms a part;
•	     "management"
or our "management team" are to our officers and directors and any other advisors described in the "Management"
section of this prospectus;
•	     "ordinary
shares" are to our Class A ordinary shares and our Class B ordinary shares;
•	     "private
rights" are to the rights underlying the private units;
•	     "private
shares" are to the Class A ordinary shares underlying the private units;
•	     "private
units" are to the units issued to our sponsor in a private placement simultaneously with the closing of this offering;
•	     "private
warrants" are to the warrants underlying the private units;
•	     "public
rights" or "rights" are to our rights sold as part of the units in this offering (whether they are purchased
in this offering or thereafter in the open market);
•	     "public
shares" are to our Class A ordinary shares sold as part of the units in this offering (whether they are purchased in
this offering or thereafter in the open market);
•	     "public
shareholders" are to the holders of our public shares, including our sponsor, officers and directors to the extent our sponsor,
officers or directors purchase public shares, provided their status as a "public shareholder" shall only exist with
respect to such public shares;
•	     "representative
shares" are to the 100,000 Class B ordinary shares that we have issued to EarlyBirdCapital, Inc. and its designees,
which representative shares will automatically convert into Class A ordinary shares at the time of our initial business combination;
1
•	     "sponsor"
are to Xiaosen Sponsor LLC, a Cayman Islands limited liability company;
•	     "warrants"
are to our redeemable warrants, which include the warrants sold as part of the units in this offering (whether they are purchased
in this offering or thereafter in the open market), the private warrants and any warrants issued upon conversion of working capital
loans; and
•	     "$,"
 "US$" and "U.S. dollar" each refer to the United States dollar.
Any
conversion of the Class B ordinary shares described in this prospectus will take effect as a redemption of Class B ordinary
shares and an issuance of Class A ordinary shares as a matter of Cayman Islands law. All references in this prospectus to
shares of the Company being forfeited shall take effect as surrenders for no consideration of such shares as a matter of Cayman
Islands law. Any share dividends described in this prospectus will take effect as a share capitalization as a matter of Cayman
Islands law. Unless we tell you otherwise, the information in this prospectus assumes that the underwriters will not exercise
the over-allotment option and the resulting forfeiture by our sponsor of 150,000 founder shares.
General
We
are a newly formed blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited
to organizational activities and activities related to this offering. We have not selected any business combination target and
we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target business
regarding entering into a business combination with us.
While
we may pursue a business combination target in any business, industry or geographical location, we intend to focus our search
on businesses in the technology industry that have their primary operations located in Asia. We believe that we will add value
to these businesses primarily by providing them with access to the U.S. capital markets.
We
will seek to capitalize on the strength of our management team. Our team consists of experienced professionals and operating executives.
Collectively, our officers and directors have significant experience in mergers and acquisitions, and operating companies, in
the Asian markets. We believe we will benefit from their accomplishments, and specifically their current and recent activities
in the Asian markets, in identifying attractive acquisition opportunities. However, there is no assurance that we will complete
a business combination. Our officers and directors have no prior experience consummating a business combination for a "blank
check" company.
Investment
Criteria
Our
management team intends to focus on creating shareholder value by leveraging its experience in the management, operation and financing
of businesses to improve the efficiency of operations while implementing strategies to scale revenue organically and/or through
acquisitions. We have identified the following general criteria and guidelines, which we believe are important in evaluating prospective
target businesses. While we intend to use these criteria and guidelines in evaluating prospective businesses, we may deviate from
these criteria and guidelines should we see justification to do so.
•
Middle-Market Growth Business.
We will primarily seek to acquire one or more growth businesses
with a total enterprise value of between $100 million and $200 million. We believe that there are a substantial number of potential
target businesses within this valuation range that can benefit from new capital for scalable operations to yield significant revenue
and earnings growth. We currently do not intend to acquire either a start-up company (a company that has not yet established commercial
operations) or a company with negative cash flow.
​•
Companies in Business Segments that Are Strategically Significant to the Asian Markets.
We will
seek to acquire businesses in sectors that are currently strategically significant to the Asian markets. Such sectors include
innovative and cross-border e-commerce and online agricultural trading.
​•
Business with Revenue and Earnings Growth Potential.
We will seek to acquire one or more businesses
that have the potential for significant revenue and earnings growth through a combination of both existing and new product development,
increased production capacity, expense reduction and synergistic follow-on acquisitions resulting in increased operating leverage.
2
​•
Companies with Potential for Strong Free Cash Flow Generation.
We will seek to acquire one or more
businesses that have the potential to generate strong, stable and increasing free cash flow. We intend to focus on one or more
businesses that have predictable revenue streams and definable low working capital and capital expenditure requirements. We may
also seek to prudently leverage this cash flow in order to enhance shareholder value.
•
Benefit from Being a Public Company.
We intend to acquire a business or businesses that will benefit
from being publicly traded and which can effectively utilize access to broader sources of capital and a public profile that are
associated with being a publicly traded company.
These
criteria are not intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination
may be based, to the extent relevant, on these general criteria and guidelines as well as other considerations, factors and criteria
that our management team may deem relevant. We believe our management team's extensive contacts, broad industry knowledge
and highly regarded experience will yield a robust deal flow from which we may select a target. We will seek to acquire the target
on terms and in a manner that leverages our management team's experience. The potential upside from growth in the target
business and an improved capital structure will be weighed against any identified downside risks designed to balance value creation
with capital preservation. In the event that we decide to enter into an initial business combination with a target business that
does not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria and
guidelines in our shareholder communications related to our initial business combination, which, as discussed in this prospectus,
would be in the form of proxy solicitation or tender offer materials, as applicable, that we would file with the United States
Securities and Exchange Commission, or the SEC. In evaluating a prospective target business, we expect to conduct a due diligence
review which may encompass, among other things, meetings with incumbent ownership, management and employees, document reviews,
interviews of customers and suppliers, inspections of facilities, as well as reviewing financial and other information which will
be made available to us.
Competitive
Strengths
Management
Team
We
believe that our management team's extensive relationships throughout Asia will enable us to identify business combination
opportunities with significant potential upside. We expect that our management team's combined experience in a wide variety
of industries, when paired with our management team's ability to perform under varying economic environments in emerging
markets, will be a differentiating factor that is highly attractive to potential target companies.
Status
as a Public Company
We
believe that our structure will make us an attractive business combination partner to target businesses. As an existing public
company, we offer a target business an alternative to a traditional initial public offering through a merger or other business
combination. In this situation, the owners of the target business would exchange their stock, shares or other equity interests
in the target business for our ordinary shares or for a combination of our ordinary shares and cash, allowing us to tailor the
consideration used in the transaction to the specific needs of the sellers. We believe that target businesses might find this
avenue a more certain and cost-effective method to becoming a public company than a typical initial public offering. In a typical
initial public offering, there are additional expenses incurred in marketing, roadshow and public reporting efforts that will
likely not be present to the same extent in connection with a business combination with us. Furthermore, once the business combination
is consummated, the target business will have effectively become a public company, whereas an initial public offering is always
subject to the underwriters' ability to complete the offering, as well as general market conditions that could prevent the
offering from occurring. Once public, we believe the target business would then have greater access to capital and an additional
means of providing management incentives consistent with shareholders' interests than it would have as a privately-held
company. Public company status can offer further benefits by enhancing a company's profile among potential new customers
and vendors and attracting talented employees. While we believe that our status as a public company will make us an attractive
business partner, some potential target businesses may view the inherent limitations in our status as a blank check company as
a deterrent and may prefer to effect a business combination with a more established entity or with a private company. These limitations
include constraints on our available financial resources, which may be inferior to those of other entities pursuing the acquisition
of similar target businesses; the requirement that we seek shareholder approval of a business combination or conduct a tender
offer in relation thereto, which may delay the consummation of a transaction; and the existence of our outstanding warrants, which
may represent a source of future dilution.
3
Financial
Position
With
funds in the trust account of $40 million (or $46 million if the over-allotment option is exercised in full) available to use
for a business combination (assuming no shareholder seeks redemption of their shares or seeks to sell their shares to us in any
tender offer in relation to such business combination), we offer a target business a variety of options such as providing the
owners of a target business with shares in a public company and a public means to sell such shares, providing capital for the
potential growth and expansion of its operations and strengthening its balance sheet by reducing its debt ratio. Because we are
able to consummate our initial business combination using our cash, debt or equity securities, or a combination of the foregoing,
we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the
target business to fit its needs and desires. However, since we have no specific business combination under consideration, we
have not taken any steps to secure third party financing, and there can be no assurance that it will be available to us. Furthermore,
redemptions in connection with our initial business combination could reduce the amount of funds available to be used in connection
with such business combination.
Effecting
a Business Combination
We
will either (1) seek shareholder approval of our initial business combination at a meeting called for such purpose at which
shareholders may seek to convert their shares, regardless of whether they vote for or against the proposed business combination
or don't vote at all, into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes
payable), or (2) provide our shareholders with the opportunity to sell their shares to us by means of a tender offer (and
thereby avoid the need for a shareholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit
in the trust account (net of taxes payable), in each case subject to the limitations described herein. The decision as to whether
we will seek shareholder approval of our proposed business combination or allow shareholders to sell their shares to us in a tender
offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction
and whether the terms of the transaction would otherwise require us to seek shareholder approval. If we decide to allow shareholders
to sell their shares to us in a tender offer, we will file tender offer documents with the SEC which will contain substantially
the same financial and other information about the initial business combination as is required under the SEC's proxy rules.
We will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately
prior to or upon such consummation and, if we seek shareholder approval, we receive an ordinary resolution under Cayman Islands
law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.
We
will have up to 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we may, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an additional
three months (for a total of up to 21 months to complete a business combination), subject to the sponsor depositing additional
funds into the trust account as set out below. Pursuant to the terms of our memorandum and articles of association and the trust
agreement to be entered into between us and Continental Stock Transfer & Trust Company on the date of this prospectus, in
order for the time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates
or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $400,000, or
$460,000 if the underwriters' over-allotment option is exercised in full ($0.10 per unit in either case, up to an aggregate
of $800,000 or $920,000 if the underwriters' over-allotment option is exercised in full) on or prior to the date of the
applicable deadline, for each three month extension. In the event that we receive notice from our sponsor five days prior to the
applicable deadline of its wish for us to effect an extension, we intend to issue a press release announcing such intention at
least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable
deadline announcing whether or not the funds had been timely deposited. Our sponsor and its affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. If we are unable to consummate
an initial business combination within such time period, we will redeem 100% of our issued and outstanding public shares for a
pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $50,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, subject to applicable law and
as further described herein, and then seek to dissolve and liquidate. We expect the pro rata redemption price to be approximately
$10.00 per Class A ordinary share (regardless of whether or not the underwriters exercise their over-allotment option), without
taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able to distribute
such amounts as a result of claims of creditors which may take priority over the claims of our public shareholders.
Nasdaq
listing rules require that the target business or businesses that we acquire must collectively have a fair market value equal
to at least 80% of the balance of the funds in the trust account (excluding taxes payable on the income earned on the trust account)
at the time of the execution of a definitive agreement for our initial business combination. Notwithstanding the foregoing, if
we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value
test. The fair market value of the target will be determined by our board of directors based upon one or more standards generally
accepted by the financial community (such as actual and potential sales, earnings, cash flow and/or book value). The proxy solicitation
materials or tender offer documents used by us in connection with any proposed transaction will provide public shareholders with
our analysis of the fair market value of the target business, as well as the basis for our determinations. If our board is not
able to independently determine that the target business has a sufficient fair market value, we will obtain an opinion from an
unaffiliated, independent investment banking firm, or another independent entity that commonly renders valuation opinions, with
respect to the satisfaction of such criteria. Additionally, pursuant to Nasdaq rules, any initial business combination must be
approved by a majority of our independent directors.
4
We
currently anticipate structuring a business combination to acquire 100% of the equity interests or assets of the target business
or businesses. We may, however, structure our initial business combination where we merge directly with the target business or
where we acquire less than 100% of such interests or assets of the target business in order to meet certain objectives of the
target management team or shareholders or for other reasons, but we will only complete such business combination if the post-transaction
company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest
in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even
if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to
the business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed
to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock, shares or other equity interests of a target. In this
case, we could acquire a 100% controlling interest in the target; however, as a result of the issuance of a substantial number
of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our issued
and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of
a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses
that is owned or acquired is what will be valued for purposes of the 80% of trust account balance test.
Prior
to the effectiveness of the registration statement of which this prospectus forms a part, we will file a Registration Statement
on Form 8-A with the SEC to voluntarily register our securities under Section 12 of the Exchange Act. As a result, we
will be subject to the rules and regulations promulgated under the Exchange Act. We have no current intention of filing a
Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the completion of our
initial business combination.
Potential
Conflicts
Members
of our management team will directly or indirectly own ordinary shares, or other instruments, such as warrants, linked to our
ordinary shares, following this offering and, accordingly, may have a conflict of interest in determining whether a particular
target business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers
and directors may have a conflict of interest with respect to evaluating a particular business combination if the retention or
resignation of any such officers and directors was included by a target business as a condition to any agreement with respect
to our initial business combination.
Our
officers and directors have agreed to present to us all target business opportunities that have a fair market value of at least
80% of the assets held in the trust account (excluding taxes payable on the income accrued in the trust account), subject to any
pre-existing fiduciary or contractual obligations. As more fully discussed in "Management — Conflicts of Interest,"
if any of our officers or directors becomes aware of an initial business combination opportunity that may be attractive to any
entity to which he has pre-existing fiduciary or contractual obligations, he will be required to present such initial business
combination opportunity to such entity prior to presenting such initial business combination opportunity to us. Certain of our
officers and directors currently have certain relevant pre-existing fiduciary duties or contractual obligations. Accordingly,
they will be required to present all suitable business combination opportunities to such entities prior to presenting them to
our company for consideration. For more information on the relevant pre-existing fiduciary duties or contractual obligations of
our management team, see the section titled "
Management — Conflicts of Interest
."
JOBS
Act and Other Corporate Information
We
are an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (which we refer to herein as the
JOBS Act) and will remain such for up to five years. However, if our annual gross revenue is $1.07 billion or more, if our non-convertible
debt issued within a three year period exceeds $1 billion or the market value of our ordinary shares that are held by non-affiliates
exceeds $700 million on the last day of the second fiscal quarter of any given fiscal year, we would cease to be an emerging growth
company as of the following fiscal year. As an emerging growth company, we have elected, under Section 107(b) of the
JOBS Act, to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of
1933, as amended, or the Securities Act, for complying with new or revised accounting standards.
Exempted
companies are Cayman Islands companies wishing to conduct business outside the Cayman Islands and, as such, are exempted from
complying with certain provisions of the Companies Law. As an exempted company, we have applied for and received a tax exemption
undertaking from the Cayman Islands government that, in accordance with Section 6 of the Tax Concessions Law (2018 Revision)
of the Cayman Islands, for a period of 20 years from the date of the undertaking, no law which is enacted in the Cayman Islands
imposing any tax to be levied on profits, income, gains or appreciations shall apply to us or our operations and, in addition,
that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance tax
shall be payable (1) on or in respect of our shares, debentures or other obligations or (2) by way of the withholding
in whole or in part of a payment of dividend or other distribution of income or capital by us to our shareholders or a payment
of principal or interest or other sums due under a debenture or other obligation of us.
5
We
are a Cayman Islands exempted company incorporated on July 1, 2020. Our executive offices are located at Unit 1006, Block
C, Jinshangjun Park, No. 2 Xiaoba Road, Panlong District, Kunming, Yunnan, China and our telephone number is +86 871 63624579.
Private
Placements
In
July 2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 Class B ordinary
shares, which we refer to throughout this prospectus as the "founder shares". The founder shares held by our initial
shareholders includes an aggregate of up to 150,000 shares subject to forfeiture to the extent that the underwriters' over-allotment
option is not exercised in full or in part, so that our initial shareholders will own 20.0% of our issued and outstanding shares
after this offering (not including the private shares underlying the private units and the representative shares and assuming
the initial shareholders do not purchase units in this offering).
We
have also issued to EarlyBirdCapital, Inc. and its designees an aggregate of 100,000 Class B ordinary shares, which
we refer to throughout this prospectus as the "representative shares." The representative shares will automatically
convert into Class A ordinary shares upon completion of our initial business combination. The representative shares are deemed
to be underwriters' compensation by FINRA pursuant to Rule 5110 of the FINRA Manual. See the section titled "
Underwriting
"
for further information related to these arrangements.
In
addition, our sponsor has committed that it will purchase from us an aggregate of 250,000 private units at $10.00 per unit
for a total purchase price of $2,500,000 in a private placement that will occur simultaneously with the consummation of this
offering. Our sponsor has also agreed that if the over-allotment option is exercised by the underwriters in full or in part,
it will purchase from us additional private units on a pro rata basis (up to a maximum of 18,000 additional private units at
a price of $10.00 per unit) in an amount that is necessary to maintain in the trust account $10.00 per unit sold to the
public in this offering. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The private units are
identical to the units sold in this offering, subject to certain limited exceptions as described in this prospectus. The
proceeds from the private placement of the private units will be added to the proceeds of this offering and placed in a
United States-based trust account maintained by Continental Stock Transfer & Trust Company, as trustee. If we do not
complete an initial business combination within 15 months from the closing of this offering (or up to 21 months from the
closing of this offering if we extend the period of time to consummate a business combination, as described in more detail in
this prospectus), the proceeds from the sale of the private units will be included in the liquidating distribution to our
public shareholders and the private units will be worthless.
6
THE
OFFERING
Securities
    offered
4,000,000
    units, at $10.00 per unit, each unit consisting of one Class A ordinary share, one right and one-half of one warrant,
    each whole warrant to purchase one Class A ordinary share. Each right entitles the holder thereof to receive one-tenth
    (1/10) of one Class A ordinary share upon the consummation of an initial business combination, as described in more detail
    in this prospectus.
Listing
    of our securities and symbols
We
    anticipate that the units, and the Class A ordinary shares, rights and warrants once they begin separate trading, will
    be listed on Nasdaq under the symbols "DISTU," "DIST," "DISTR" and "DISTW,"
    respectively.
Trading
    commencement and separation of Class A ordinary shares, rights and warrants
The
                                         units will begin trading on or promptly after the date of this prospectus. The Class A
                                         ordinary shares, rights and warrants comprising the units will begin separate trading
                                         on the 90
th
day following the date of this prospectus unless EarlyBirdCapital, Inc.
                                         informs us of its decision to allow earlier separate trading, subject to our having filed
                                         the Current Report on Form 8-K described below and having issued a press release
                                         and filed a Current Report on Form 8-K announcing when such separate trading will
                                         begin; provided that no fractional warrants will be issued upon separation of the units
                                         and only whole warrants will trade.
Once
        the Class A ordinary shares, rights and warrants commence separate trading, holders will have the option to continue
        to hold units or separate their units into the component pieces. Holders will need to have their brokers contact our transfer
        agent in order to separate the units into Class A ordinary shares, rights and warrants.
In
        no event will the Class A ordinary shares, rights and warrants be traded separately until we have filed a Current
        Report on Form 8-K with the SEC containing an audited balance sheet reflecting our receipt of the gross proceeds
        at the closing of this offering. We will file the Current Report on Form 8-K promptly after the closing of this offering,
        which is anticipated to take place on the second business day after the date the units commence trading. If the underwriters'
        over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended
        Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the
        underwriters' over-allotment option. We will also include the Form 8-K, or amendment thereto, or in a subsequent
        Form 8-K, information indicating if EarlyBirdCapital, Inc. has allowed separate trading of the Class A
        ordinary shares, rights and warrants prior to the 90
th
day after the date of this prospectus.
7
Units:
Number
    outstanding before this offering and the private placement
0
    units
Number
    outstanding after this offering and the private placement
4,250,000
    units
(1)
Ordinary
    shares:
Number
    outstanding before this offering and the private placement
1,250,000
    shares
(2)
Number
    to be outstanding after this offering and the private placement
5,350,000
                                         shares
(3)
Rights:
Number
    outstanding before this offering and the private placement
0
    rights
Number
    outstanding after this offering and the private placement
4,250,000
    rights (1)
Warrants:
Number
    outstanding before this offering and the private placement
0
    warrants
Number
    to be outstanding after this offering and the private placement
2,125,000
    warrants
(1)
Exercisability
Each
    whole warrant is exercisable for one ordinary share at a price of $11.50 per share. The warrants will become exercisable on
    the later of 30 days after the completion of an initial business combination and 12 months from the date of this prospectus.
    The warrants will expire at 5:00 p.m., New York City time, on the fifth anniversary of our completion of an initial business
    combination, or earlier upon redemption.
Exercise
    price
$11.50
    per share, subject to adjustment as described herein. In addition, if (x) we issue additional ordinary shares or equity-linked
    securities for capital raising purposes in connection with the closing of our initial business combination at an issue price
    or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price
    to be determined in good faith by our board of directors, and in the case of any such issuance to our sponsor, initial shareholders
    or their affiliates, without taking into account any founder shares held by them prior to such issuance) (the "Newly
    Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
    proceeds, and interest thereon, available for the funding of our initial business combination on the date of the consummation
    of our initial business combination (net of redemptions), and (z) the volume weighted average trading price of our Class A
    ordinary shares during the 20 trading day period starting on the trading day prior to the day on which we consummate our initial
    business combination (such price, the "Market Value") is below $9.20 per share, then the exercise price of the
    warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the
    Newly Issued Price and the $18.00 per share redemption trigger price described below under "Redemption" will be
    adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued
    Price.
1
Our sponsor has agreed to purchase an aggregate of 250,000
private units (or 268,000 private units if the over-allotment option is exercised in full) at a price of $10.00 per unit, for
a purchase price of $2,500,000 (or $2,680,000 if the over-allotment option is exercised in full). Each private unit will be identical
to the units sold in this offering, except as described in this prospectus.
2
Represents 1,150,000 founders' shares and 100,000
representative shares. The founders' shares includes an aggregate of up to 150,000 founders' shares that are subject
to forfeiture if the over-allotment option is not exercised by the underwriters in full.
3
Assumes the over-allotment option has not been exercised
and an aggregate of 150,000 founders' shares have been forfeited.
8
No
        warrants will be exercisable for cash unless we have an effective and current registration statement covering the Class A
        ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary
        shares.
Notwithstanding
        the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants
        is not effective within 60 business days following the consummation of our initial business combination, warrant holders
        may, until such time as there is an effective registration statement and during any period when we shall have failed to
        maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided
        by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities Act, provided that such exemption
        is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants
        on a cashless basis.
Redemption
We
                                         may redeem the outstanding warrants (excluding the private warrants, and any warrants
                                         underlying additional units issued to our sponsor, officers, directors, initial shareholders
                                         or their affiliates in payment of working capital loans made to us) in whole and not
                                         in part, at a price of $0.01 per warrant at any time after the warrants become exercisable,
                                         upon a minimum of 30 days' prior written notice of redemption, if, and only if,
                                         (i) the last sales price of our Class A ordinary shares equals or exceeds $18.00
                                         per share (as adjusted for share sub-divisions, share dividends, reorganizations and
                                         recapitalizations or as described above under "Exercise price") for any 20
                                         trading days within a 30 trading day period commencing after the warrants become exercisable
                                         and ending three business days before we send the notice of redemption; and (ii) there
                                         is a current registration statement in effect with respect to the Class A ordinary
                                         shares underlying such warrants.
If
        the foregoing conditions are satisfied and we issue a notice of redemption, each warrant holder can exercise his, her
        or its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall
        below the $18.00 trigger price as well as the $11.50 warrant exercise price after the redemption notice is issued.
If
        we call the warrants for redemption as described above, our management will have the option to require all holders that
        wish to exercise warrants to do so on a "cashless basis." In such event, each holder would pay the exercise
        price by surrendering the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing
        (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the difference
        between the exercise price of the warrants and the "fair market value" (defined below) by (y) the fair
        market value. The "fair market value" shall mean the average reported last sale price of the Class A
        ordinary shares for the five trading days ending on the third trading day prior to the date on which the notice of redemption
        is sent to the holders of warrants.
Terms
    of the Rights
Each
                                         holder of a right will receive one-tenth (1/10) of one Class A ordinary share upon consummation
                                         of our initial business combination. In the event we will not be the survivor upon completion
                                         of our initial business combination, each holder of a right will be required to affirmatively
                                         convert his, her or its rights in order to receive the 1/10 share underlying each right
                                         (without paying any additional consideration) upon consummation of the business combination.
                                         If we are unable to complete an initial business combination within the required time
                                         period and we liquidate the funds held in the trust account, holders of rights will not
                                         receive any of such funds for their rights and the rights will expire worthless. It is
                                         not our intent to issue fractional shares upon conversion of any rights. Any rounding
                                         down and extinguishment may be done with or without any in lieu cash payment or other
                                         compensation being made to the holder of the relevant rights.
9
Securities
    purchased, or being purchased, by insiders and others in connection with this offering
Our
                                         sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000
                                         founder shares. The 1,150,000 founder shares held by our initial shareholders includes
                                         an aggregate of up to 150,000 founder shares subject to forfeiture to the extent that
                                         the over-allotment option is not exercised by the underwriters in full or in part. Our
                                         initial shareholders will be required to forfeit only a number of Class B ordinary
                                         shares necessary to own 20.0% of our issued and outstanding ordinary shares after giving
                                         effect to the offering and exercise, if any, of the underwriters' over-allotment
                                         option (excluding any units they may purchase in this offering, the private shares underlying
                                         the private units and the representative shares). The founder shares are identical to
                                         the Class A ordinary shares included in the units being sold in this offering, subject
                                         to certain limited exceptions as described in this prospectus.
We
        have also issued to EarlyBirdCapital, Inc. and its designees an aggregate of 100,000 Class B representative
        shares. The representative shares will automatically convert into Class A ordinary shares upon completion of our
        initial business combination.
Simultaneously
        with the consummation of this offering, our sponsor has committed that it will purchase an aggregate of 250,000 private units
        at $10.00 per unit for a total purchase price of $2,500,000 pursuant to a subscription agreement with us. Our sponsor has
        also agreed that if the over-allotment option is exercised by the underwriters in full or in part, it will purchase from us
        additional private units on a pro rata basis (up to a maximum of 18,000 additional private units at a price of $10.00 per
        unit) in an amount that is necessary to maintain in the trust account $10.00 per unit sold to the public in this offering.
        These additional private units will be purchased in a private placement that will occur simultaneously with the purchase of
        units resulting from the exercise of the over-allotment option. The amounts to be paid upon consummation of the private
        placement will be placed in an escrow account prior to the consummation of this offering. The private units are identical to
        the units sold in this offering subject to certain limited exceptions as described in this prospectus.
Our
        initial shareholders, officers and directors, and EarlyBirdCapital, Inc. have agreed (A) to vote the founder
        shares and representative shares in favor of any proposed business combination, (B) not to convert any founder shares
        or representative shares in connection with a shareholder vote to approve a proposed initial business combination or sell
        any private shares to us in a tender offer in connection with a proposed initial business combination and (C) that
        the founder shares and representative shares shall not participate in any liquidating distribution from our trust account
        upon winding up if a business combination is not consummated. In the event of a liquidation prior to our initial business
        combination, the private units will likely be worthless.
10
Restrictions
    on transfer of founder shares, private units and representative shares
The
                                         founder shares will be subject to a lock-up agreement. Subject to certain limited exceptions,
                                         these shares will not be transferred, assigned or sold (subject to certain limited exceptions)
                                         for a period ending on the earlier of the one-year anniversary of the date of the consummation
                                         of our initial business combination and, with respect to 50% of the shares, the date
                                         on which the closing price of our Class A ordinary shares equals or exceeds $12.50
                                         per share (as adjusted for share sub-divisions, share dividends, reorganizations and
                                         recapitalizations) for any 20 trading days within a 30-trading day period following 150
                                         days after the consummation of our initial business combination. The limited exceptions
                                         include transfers, assignments or sales (i) to our or our sponsor's officers,
                                         directors, consultants or their affiliates, (ii) to an entity's members upon
                                         its liquidation, (iii) to relatives and trusts for estate planning purposes, (iv) by
                                         virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified
                                         domestic relations order, (vi) to us for no value for cancellation in connection
                                         with the consummation of our initial business combination, or (vii) in connection
                                         with the consummation of a business combination at prices no greater than the price at
                                         which the shares were originally purchased, in each case (except for clause (vi) or
                                         with our prior consent) where the transferee agrees to be bound by these transfer restrictions.
The
        purchasers of the private units have also agreed not to transfer, assign or sell any of the private units (except in connection
        with the same limited exceptions that the founder shares may be transferred as described above), until 30 days after the
        completion of our initial business combination.
The
        holders of the representative shares have agreed not to transfer, assign or sell any such shares without our prior consent
        until 30 days after the completion of our initial business combination.
Founder
    shares conversion and anti-dilution rights
The
    founder shares are designated as Class B ordinary shares and will automatically convert into Class A ordinary shares
    on the first business day following the completion of our initial business combination on a one-for-one basis, subject to
    adjustment as provided herein. In the case that additional Class A ordinary shares, or equity-linked securities convertible
    or exercisable for Class A ordinary shares, are issued or deemed issued in excess of the amounts issued in this offering
    and related to the closing of our initial business combination, the ratio at which founder shares will convert into Class A
    ordinary shares will be adjusted (subject to waiver by holders of a majority of the Class B ordinary shares then in issue)
    so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal,
    in the aggregate, on an as-converted basis, 20% of the sum of our ordinary shares issued and outstanding upon the completion
    of this offering plus the number of Class A ordinary shares and equity-linked securities issued or deemed issued in connection
    with our initial business combination (net of redemptions), excluding the private shares underlying the private units, the
    representative shares, any shares underlying units issued upon conversion of working capital loans and any Class A ordinary
    shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination. Any conversion
    of Class B ordinary shares described herein will take effect as a redemption of Class B ordinary shares and an issuance
    of Class A ordinary shares as a matter of Cayman Islands law. The term "equity-linked securities" refers
    to any debt or equity securities that are convertible, exercisable or exchangeable for our Class A ordinary shares issued
    in a financing transaction in connection with our initial business combination, including but not limited to a private placement
    of equity or debt.
11
Appointment
    of directors; voting rights
Prior
    to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of
    directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In
    addition, prior to our initial business combination, holders of a majority of our founder shares may remove a member of the
    board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may
    only be amended by a special resolution passed by at least 90% of our ordinary shares voting in a general meeting. With respect
    to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial business combination,
    except as required by law, holders of our founder shares and holders of our public shares will vote together as a single class,
    with each share entitling the holder to one vote.
Offering
    proceeds to be held in trust
An
                                         aggregate of $10.00 per unit sold to the public in this offering (regardless of whether
                                         or not the over-allotment option is exercised) will be placed in a United States-based
                                         trust account maintained by Continental Stock Transfer & Trust Company, acting
                                         as trustee pursuant to an agreement to be signed on the date of this prospectus. Except
                                         as set forth below, the proceeds held in the trust account will not be released until
                                         the earlier of the completion of an initial business combination and our redemption of
                                         100% of the outstanding public shares if we have not completed a business combination
                                         in the required time period. Therefore, except as set forth below, unless and until an
                                         initial business combination is consummated, the proceeds held in the trust account will
                                         not be available for our use for any expenses related to this offering or expenses which
                                         we may incur related to the investigation and selection of a target business and the
                                         negotiation of an agreement to acquire a target business.
Notwithstanding
        the foregoing, there can be released to us from the trust account any interest earned on the funds in the trust account
        that we need to pay our income or other tax obligations, and, if applicable, up to $50,000 of interest to pay dissolution
        expenses (which interest shall be net of taxes payable). Aside from these exceptions, expenses incurred by us may be paid
        prior to a business combination only from the net proceeds of this offering not held in the trust account (initially estimated
        to be $750,000). Additionally, in order to meet our working capital needs following the consummation of this offering
        if the funds not held in the trust account are insufficient, our sponsor, officers, directors, initial shareholders or
        their affiliates may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they
        deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would either be
        paid upon consummation of our initial business combination, without interest, or, at the holder's discretion, up
        to $1,500,000 of the notes may be converted into units at a price of $10.00 per unit. These units would be identical to
        the private units. 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.
12
None
    of the warrants may be exercised until the later of 30 days after the consummation of a business combination or 12 months
    from the closing of this offering and, thus, after the proceeds of the trust account have been disbursed. Accordingly, the
    warrant exercise price will be paid directly to us and not placed in the trust account.
Ability
    to extend time to complete business combination
If
    we anticipate that we may not be able to consummate our initial business combination within 15 months, we may, by resolution
    of our board if requested by our sponsor, extend the period of time to consummate a business combination up to two times,
    each by an additional three months (for a total of up to 21 months to complete a business combination), subject to the sponsor
    depositing additional funds into the trust account as set out below. Pursuant to the terms of our memorandum and articles
    of association and the trust agreement to be entered into between us and Continental Stock Transfer & Trust Company on
    the date of this prospectus, in order for the time available for us to consummate our initial business combination to be extended,
    our sponsor or its affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into
    the trust account $400,000, or $460,000 if the underwriters' over-allotment option is exercised in full ($0.10 per unit
    in either case), on or prior to the date of the applicable deadline, for each of the available three month extensions providing
    a total possible business combination period of 21 months at a total payment value of $800,000, or $920,000 if the underwriters'
    over-allotment option is exercised in full ($0.10 per unit in either case). Any such payments would be made in the form of
    a non-interest bearing loan. If we complete our initial business combination, we would repay such loaned amounts out of the
    proceeds of the trust account released to us. If we do not complete a business combination, we will not repay such loans.
    Furthermore, the letter agreement with our initial shareholders contains a provision pursuant to which our sponsor has agreed
    to waive its right to be repaid for such loans in the event that we do not complete a business combination. Our sponsor and
    its affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial
    business combination.
Limited
    payments to insiders
There
                                         will be no fees, reimbursements or other cash payments paid to our sponsor, officers,
                                         directors, initial shareholders or their affiliates for any services they render prior
                                         to, or in order to effectuate the consummation of, an initial business combination (regardless
                                         of the type of transaction that it is) other than the following payments, none of which
                                         will be made from the proceeds of this offering held in the trust account prior to the
                                         completion of our initial business combination:
·
repayment
        at the closing of this offering of an aggregate of $150,000 of non-interest bearing loans made by our sponsor;
·
payment
        of $10,000 per month to our sponsor for office space and related services;
·
payment
        of consulting, success or finder fees to our sponsor, officers, directors, initial shareholders or their affiliates in
        connection with the consummation of our initial business combination;
·
reimbursement
        of out-of-pocket expenses incurred by them in connection with certain activities on our behalf, such as identifying and
        investigating possible target businesses and business combinations; and
·
repayment
        of any future loans as described above which may be made by our sponsor or an affiliate of our sponsor or certain of our
        officers and directors to finance transaction costs in connection with an intended initial business combination. Up to
        $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit, at the option of the lender.
There
        is no limit on the amount of out-of-pocket expenses reimbursable by us. Our audit committee will review and approve all
        reimbursements and payments made to our sponsor, officers, directors, initial shareholders or our or their respective
        affiliates, with any interested director abstaining from such review and approval.
Shareholder
    approval of, or tender offer in connection with, initial business combination
In
    connection with any proposed initial business combination, we will either (1) seek shareholder approval of such initial
    business combination at a meeting called for such purpose at which shareholders may seek to convert their shares, regardless
    of whether they vote for or against the proposed business combination or don't vote at all, into their pro rata share
    of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2) provide our shareholders
    with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need for a shareholder vote)
    for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable),
    in each case subject to the limitations described herein. If we determine to engage in a tender offer, such tender offer will
    be structured so that each shareholder may tender all of his, her or its shares rather than some pro rata portion of his,
    her or its shares. The decision as to whether we will seek shareholder approval of a proposed business combination or will
    allow shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be
    based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise
    require us to seek shareholder approval. If we determine to allow shareholders to sell their shares to us in a tender offer,
    we will file tender offer documents with the SEC which will contain substantially the same financial and other information
    about the initial business combination as is required under the SEC's proxy rules. We will consummate our initial business
    combination only if we have net tangible assets of at least $5,000,001 either immediately prior to or upon such consummation
    and, if we seek shareholder approval, we receive an ordinary resolution under Cayman Islands law, which requires the affirmative
    vote of a majority of the shareholders who attend and vote at a general meeting of the company.
13
We
                                         chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being
                                         subject to Rule 419 promulgated under the Securities Act. However, if we seek to
                                         consummate an initial business combination with a target business that imposes any type
                                         of working capital closing condition or requires us to have a minimum amount of funds
                                         available from the trust account upon consummation of such initial business combination,
                                         we may need to have more than $5,000,001 in net tangible assets either immediately prior
                                         to or upon consummation and this may force us to seek third party financing which may
                                         not be available on terms acceptable to us or at all. As a result, we may not be able
                                         to consummate such initial business combination and we may not be able to locate another
                                         suitable target within the applicable time period, if at all.
Our
        initial shareholders and officers and directors and their affiliates have agreed (i) to vote any shares owned by
        them in favor of any proposed business combination, (ii) not to convert any shares in connection with a shareholder
        vote to approve a proposed initial business combination and (iii) not to sell any shares to us in a tender offer
        in connection with any proposed business combination.
None
    of our sponsor, initial shareholders, officers, directors or their affiliates has indicated any intention to purchase units
    in this offering or any units or Class A ordinary shares from persons in the open market or in private transactions.
    However, if we hold a meeting to approve a proposed business combination and a significant number of shareholders vote, or
    indicate an intention to vote, against a proposed business combination, our sponsor, initial shareholders, officers, directors
    or their affiliates could make such purchases in the open market or in private transactions in order to influence any vote
    held to approve a proposed initial business combination. Notwithstanding the foregoing, our officers, directors, sponsor and
    their affiliates will not make purchases of Class A ordinary shares if the purchases would violate Section 9(a)(2) or
    Rule 10b-5 of the Exchange Act, which are rules designed to stop potential manipulation of a company's stock.
14
Conversion
    rights
In
                                         connection with any general meeting called to approve a proposed initial business combination,
                                         each public shareholder will have the right, regardless of whether he is voting for or
                                         against such proposed business combination or does not vote at all, to demand that we
                                         convert his, her or its shares into a pro rata share of the trust account.
We
        may require public shareholders, whether they are a record holder or hold their shares in "street name," to
        either (i) physically tender their certificates to our transfer agent or (ii) deliver their shares to the transfer
        agent electronically using Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's
        option, in each case prior to a date set forth in the tender offer documents or proxy materials sent in connection with
        the proposal to approve the business combination. There is a nominal cost associated with this tendering process and the
        act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge the
        tendering broker $45 and it would be up to the broker whether or not to pass this cost on to the converting holder.
Limitation
    on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold shareholder vote
Notwithstanding
    the foregoing redemption rights, if we seek shareholder approval of our initial business combination and we do not conduct
    redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated
    memorandum and articles of association provide that a public shareholder, together with any affiliate of such shareholder
    or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13
    of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the
    shares sold in this offering, without our prior consent. We believe the restriction described above will discourage shareholders
    from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares
    as a means to force us or our sponsor or its affiliates to purchase their shares at a significant premium to the then-current
    market price or on other undesirable terms. By limiting our shareholders' ability to redeem to no more than 15% of the
    shares sold in this offering, we believe we will limit the ability of a small group of shareholders to unreasonably attempt
    to block our ability to complete our initial business combination, particularly in connection with a business combination
    with a target that requires a certain amount of cash as a closing condition.
However,
    we would not be restricting our shareholders' ability to vote all of their shares (including all shares held by those
    shareholders that hold more than 15% of the shares sold in this offering) for or against our initial business combination.
15
Liquidation
    if no business combination
If
    we are unable to complete an initial business combination by 15 months from the closing of this offering (or up to 21 months
    from the closing of this offering if we extend the period of time to consummate a business combination, as described in more
    detail in this prospectus), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly
    as reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares, at a
    per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including any interest
    not previously released to us (less up to $50,000 of interest to pay liquidation expenses, and which interest shall be net
    of taxes payable), divided by the number of then outstanding public shares, which redemption will completely extinguish public
    shareholders' rights as shareholders (including the right to receive further liquidation distributions, if any), subject
    to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
    our remaining shareholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above)
    to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
    We cannot assure you that we will have funds sufficient to pay or provide for all creditors' claims. Although we are
    required to have all third parties (including any vendors or other entities we engage after this offering) and any prospective
    target businesses enter into agreements with us waiving any right, title, interest or claim of any kind in or to any monies
    held in the trust account, there is no guarantee that they will execute such agreements. There is also no guarantee that the
    third parties would not challenge the enforceability of these waivers and bring claims against the trust account for monies
    owed them. Our sponsor has agreed that it will be liable to ensure that the proceeds in the trust account are not reduced
    below (1) $10.00 per share or (2) such lesser amount per share as of the date of the liquidation of the trust account
    due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes,
    by the claims of target businesses or claims of vendors or other entities that are owed money by us for services rendered
    or contracted for or products sold to us. The agreement entered into by our sponsor specifically provides for two exceptions
    to the indemnity it has given: it will have no liability (1) as to any claimed amounts owed to a target business or vendor
    or other entity who has executed an agreement with us waiving any right, title, interest or claim of any kind they may have
    in or to any monies held in the trust account, or (2) as to any claims for indemnification by the underwriters of this
    offering against certain liabilities, including liabilities under the Securities Act. Marcum LLP, our independent registered
    public accounting firm, and the underwriters of the offering, will not execute agreements with us waiving such claims to the
    monies held in the trust account. We have not asked 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 believe it is unlikely that our sponsor will be able
    to satisfy its indemnification obligations if it is required to do so.
16
The
                                         holders of the founder shares and representative shares will not participate in any redemption
                                         distribution from our trust account with respect to such shares.
If
        we are unable to consummate an initial business combination and we expend all of the net proceeds of this offering not
        deposited in the trust account, we expect that the initial per-share redemption price will be approximately $10.00 (which
        is equal to the anticipated aggregate amount then on deposit in the trust account excluding interest earned on the funds
        held in the trust account). The proceeds deposited in the trust account could, however, become subject to claims of our
        creditors that are in preference to the claims of our shareholders. In addition, if we are forced to file a bankruptcy
        case or an involuntary bankruptcy case is filed against us that is not dismissed, the proceeds held in the trust account
        could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims
        of third parties with priority over the claims of our shareholders. Therefore, we cannot assure you that the actual per-share
        redemption price will not be less than approximately $10.00.
We
                                         will pay the costs of any subsequent liquidation from our remaining assets outside of
                                         the trust account, and up to $50,000 of net interest from the trust account 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.
Our
        sponsor, initial shareholders, officers and directors have agreed that they will not propose any amendment to our amended
        and restated memorandum and articles of association that would affect our public shareholders' ability to convert
        or sell their shares to us in connection with a business combination as described herein or affect the substance or timing
        of our obligation to redeem 100% of our public shares if we do not complete a business combination within 15 months (or
        within 21 months from the closing of this offering if we extend the period of time to consummate a business combination)
        from the closing of this offering unless we provide our public shareholders with the opportunity to convert their Class
        A ordinary shares upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
        amount then on deposit in the trust account, including interest not previously released to us but net of franchise and
        income taxes payable, divided by the number of then outstanding public shares. This redemption right shall apply in the
        event of the approval of any such amendment, whether proposed by our sponsor, initial shareholders, executive officers,
        directors or any other person.
Risks
In
making your decision on whether to invest in our securities, you should take into account the special risks we face as a blank
check company, as well as the fact that this offering is not being conducted in compliance with Rule 419 promulgated under
the Securities Act, and, therefore, you will not be entitled to protections normally afforded to investors in Rule 419 blank
check offerings. For additional information concerning how Rule 419 blank check offerings differ from this offering, please
see "
Proposed Business — Comparison 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 entitled "
Risk Factors
."
17
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.
Balance
    Sheet Data:
As
    of
July 8,
2020
Working
    capital (deficiency)
$
(40,000
)
Total
    assets
55,927
Total
    liabilities
40,000
Shareholders'
    equity
15,927
If
our initial business combination is not completed within 15 months from the closing of this offering (or up to 21 months from
the closing of this offering if we extend the period of time to consummate a business combination), the proceeds then on deposit
in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which interest shall
be net of taxes payable), will be used to fund the redemption of our public shares. Our initial shareholders have entered into
a letter agreement with us, pursuant to which they have agreed to waive their rights to liquidating distributions from the trust
account with respect to their founder shares if we fail to complete our initial business combination within such 15-month (or
21-month) time period.
18
RISK
FACTORS
An
investment in our securities involves a high degree of risk. You should consider carefully all of the risks described below, together
with the other information contained in this prospectus, before making a decision to invest in our units. If any of the following
events occur, our business, financial condition and operating results may be materially adversely affected. In that event, the
trading price of our securities could decline, and you could lose all or part of your investment.
Risks
Relating to the Offering
We
are a newly incorporated 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 incorporated company incorporated under the laws of the Cayman Islands with no operating results, and we will not
commence operations until obtaining funding through this offering. Because we lack an operating history, you have no basis upon
which to evaluate our ability to achieve our business objective of completing our initial business combination with one or more
target businesses. We have no plans, arrangements or understandings with any prospective target business concerning a business
combination and may be unable to complete our initial business combination. If we fail to complete our initial business combination,
we will never generate any operating revenues.
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 July 8, 2020, we had no cash and a working capital deficiency of $40,000. Further, we have incurred and expect to continue
to incur significant costs in pursuit of our financing 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) pandemic.
The
COVID-19 pandemic has resulted in a widespread health crisis that has adversely affected the economies and financial markets worldwide,
and the business of any potential target business with which we consummate a business combination could be materially and adversely
affected. Furthermore, we may be unable to complete a business combination if continued concerns relating to COVID-19 restrict
travel, limit the ability to have meetings with potential investors or the target company's personnel, vendors and services
providers are unavailable to negotiate and consummate a transaction in a timely manner. The extent to which COVID-19 impacts our
search for a business combination will depend on future developments, which are highly uncertain and cannot be predicted, including
new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact,
among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time,
our ability to consummate a business combination, or the operations of a target business with which we ultimately consummate a
business combination, may be materially adversely affected.
Our
public shareholders may not be afforded an opportunity to vote on our proposed business combination, which means we may complete
our initial business combination even though a majority of our public shareholders do not support such a combination.
We
will either (1) seek shareholder approval of our initial business combination at a meeting called for such purpose at which
public shareholders may elect to redeem their public shares without voting, and if they do vote, irrespective of whether they
vote for or against the proposed business combination, or (2) provide our public shareholders with the opportunity to redeem
all or a portion of their public shares upon the completion of our initial business combination by means of a tender offer (and
thereby avoid the need for a shareholder vote), in each in cash, for an amount payable in cash equal to the aggregate amount then
on deposit in the trust account as of two business days prior to the completion of our initial business combination, including
interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject
to the limitations described herein. Accordingly, it is possible that we will consummate our initial business combination even
if holders of a majority of our public shares do not approve of the business combination we consummate. The decision as to whether
we will seek shareholder approval of a proposed business combination or will allow shareholders to sell their shares to us in
a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the
transaction and whether the terms of the transaction would otherwise require us to seek shareholder approval. For instance, Nasdaq
rules currently allow us to engage in a tender offer in lieu of a general meeting but would still require us to obtain shareholder
approval if we were seeking to issue more than 20% of our issued and outstanding shares to a target business as consideration
in any business combination. Therefore, if we were structuring a business combination that required us to issue more than 20%
of our issued and outstanding shares, we would seek shareholder approval of such business combination instead of conducting a
tender offer.
19
Your
only opportunity to affect the investment decision regarding a potential business combination will be limited to the exercise
of your right to redeem your shares from us for cash, unless we seek shareholder approval of such 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 any
target businesses. Additionally, since our board of directors may complete a business combination without seeking shareholder
approval, public shareholders may not have the right or opportunity to vote on the business combination, unless we seek such shareholder
approval. Accordingly, if we do not seek shareholder 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 shareholders in which we describe our
initial business combination.
The
ability of our public shareholders to redeem their shares for cash may make our financial condition unattractive to potential
business combination targets, which may make it difficult for us to enter into a business combination with a target.
We
may seek to enter into a business combination transaction agreement with a prospective target that requires a certain amount of
cash as a closing condition. If too many public shareholders exercise their redemption rights, we would not be able to meet such
closing condition and, as a result, would not be able to proceed with the business combination. Furthermore, in no event will
we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either immediately
prior to or upon completion of our initial business combination (so that we do not then become subject to the SEC's "penny
stock" rules), or any greater net tangible asset or cash requirement that may be contained in the agreement relating to
our initial business combination. Consequently, if accepting all properly submitted redemption requests would cause our net tangible
assets to be less than $5,000,001 either immediately prior to or upon completion of our initial business combination or less than
such greater amount necessary to satisfy a closing condition as described above, we would not proceed with such redemption of
our public shares and the related business combination, and we instead may search for an alternate business combination. Prospective
targets will be aware of these risks and, thus, may be reluctant to enter into a business combination transaction with us.
The
ability of our public shareholders to exercise redemption rights with respect to a large number of our shares may not allow us
to complete the most desirable business combination or optimize our capital structure.
At
the time we enter into an agreement for our initial business combination, we will not know how many shareholders may exercise
their redemption rights and, therefore, we 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 is 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. The above considerations may limit our ability to complete the most desirable business combination available to us or
optimize our capital structure.
The
ability of our public shareholders to exercise redemption rights with respect to a large number of our shares could increase the
probability that our initial business combination would be unsuccessful and that you would have to wait for liquidation in order
to redeem your shares.
If
our initial business combination agreement requires us to use a portion of the cash in the trust account to pay the purchase price,
or requires us to have a minimum amount of cash at closing, the probability that our initial business combination would be unsuccessful
increases. 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 shares in the
open market; however, at such time our shares may trade at a discount to the pro rata amount per share in the trust account. In
either situation, you may suffer a material loss on your investment or lose the benefit of funds expected in connection with our
redemption until we liquidate or you are able to sell your shares in the open market.
20
The
requirement that we complete our initial business combination within the prescribed time frame may give potential target businesses
leverage over us in negotiating a business combination and may limit the time we have in which to conduct due diligence on potential
business combination targets, in particular as we approach our dissolution deadline, which could undermine our ability to complete
our initial business combination on terms that would produce value for our shareholders.
Any
potential target business with which we enter into negotiations concerning a business combination will be aware that we must complete
our initial business combination within 15 months (or up to 21 months) from the closing of this offering. Consequently, such target
business may obtain leverage over us in negotiating a business combination, knowing that if we do not complete our initial business
combination with that particular target business, we may be unable to complete our initial business combination with any target
business. This risk will increase as we get closer to the end of the 15-month period (or 21-month period). 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
shareholders may receive only $10.00 per share, or less than such amount in certain circumstances, and our rights and warrants
will expire worthless.
Our
sponsor, officers and directors have agreed that we must complete our initial business combination within 15 months (or up to
21 months) from the closing of this offering. We may not be able to find a suitable target business and complete our initial business
combination within such time period. Our ability to complete our initial business combination may be negatively impacted by general
market conditions, volatility in the capital and debt markets and the other risks described herein.
If
we are unable to complete our initial business combination within such 15-month period (or 21-month period), we will: (1) cease
all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days
thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which interest shall be
net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely extinguish
public shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any);
and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and
our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide for
claims of creditors and the requirements of other applicable law. In such case, our public shareholders may receive only $10.00
per share, or less than $10.00 per share, on the redemption of their shares, and our rights and warrants will expire worthless.
See "—If third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share
redemption amount received by shareholders may be less than $10.00 per share" and other risk factors herein.
Our
sponsor may decide not to extend the term we have to consummate our initial business combination, in which case we would cease
all operations except for the purpose of winding up and we would redeem our public shares and liquidate, and the rights and warrants
will be worthless.
We
will have until 15 months from the closing of this offering to consummate our initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we may, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an additional
three months (for a total of up to 21 months to complete a business combination), subject to the sponsor depositing additional
funds into the trust account as set out below. In order for the time available for us to consummate our initial business combination
to be extended, our sponsor or its affiliates or designees must deposit into the trust account $400,000, or $460,000 if the underwriters'
over-allotment option is exercised in full ($0.10 per unit in either case), up to an aggregate of $800,000 (or $920,000 if the
underwriters' over-allotment option is exercised in full), or $0.20 per unit, on or prior to the date of the applicable
deadline, for each three month extension. Any such payments would be made in the form of a non-interest bearing loan. Our sponsor
and its affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial
business combination. If we are unable to consummate our initial business combination within the applicable time period, we will,
as promptly as reasonably possible but not more than five business days thereafter, redeem the public shares for a pro rata portion
of the funds held in the trust account and as promptly as reasonably possible following such redemption, subject to the approval
of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under
Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. In such event, the rights
and warrants will be worthless.
If
we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or any of their affiliates
may elect to purchase shares, rights or warrants from public holders, which may influence a vote on a proposed business combination
and reduce the public "float" of our securities.
If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our initial shareholders, directors, officers, advisors or any of their
affiliates may purchase public shares, public rights 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 or duty to do so. Please see "Proposed Business—Permitted purchases of our securities" for a description
of how such persons will determine from which shareholders to seek to acquire securities. Such a purchase may include a contractual
acknowledgement that such shareholder, although still the record holder of our shares, is no longer the beneficial owner thereof
and therefore agrees not to exercise its redemption rights. In the event that our sponsor, directors, officers, advisors or any
of their affiliates purchase shares in privately negotiated transactions from public shareholders who have already elected to
exercise their redemption rights or submitted a proxy to vote against our initial business combination, such selling shareholders
would be required to revoke their prior elections to redeem their shares and any proxy to vote against our initial business combination.
The price per share paid in any such transaction may be different than the amount per share a public shareholder would receive
if it elected to redeem its shares in connection with our initial business combination. The purpose of such purchases could be
to vote such shares in favor of our initial business combination and thereby increase the likelihood of obtaining shareholder
approval of our 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 rights or public warrants could be to
reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrant holders for
approval in connection with our initial business combination. This may result in the completion of our initial business combination
that may not otherwise have been possible.
21
In
addition, if such purchases are made, the public "float" of our Class A ordinary shares, public rights or public warrants
and the number of beneficial holders of our securities may be reduced, possibly making it difficult to maintain or obtain the
quotation, listing or trading of our securities on a national securities exchange.
If
a shareholder fails to receive notice of our offer to redeem our public shares in connection with our initial business combination,
or fails to comply with the procedures for tendering its shares, such shares may not be redeemed.
We
will comply with the 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 shareholder fails to receive our tender offer or proxy
materials, as applicable, such shareholder may not become aware of the opportunity to redeem its shares. In addition, the tender
offer documents or proxy materials, as applicable, that we will furnish to holders of our public shares in connection with our
initial business combination will describe the various procedures that must be complied with in order to validly tender or redeem
public shares. In the event that a shareholder fails to comply with these procedures, its shares may not be redeemed. See "Proposed
Business—Effecting Our Initial Business Combination—Tendering share certificates in connection with a tender offer
or redemption rights."
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, rights or warrants, potentially at a loss.
Our
public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) the completion
of our initial business combination, and then only in connection with those Class A ordinary shares that such shareholder properly
elected to redeem, subject to the limitations described herein, (2) the redemption of any public shares properly submitted in
connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the
substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination
within 15 months (or up to 21 months) from the closing of this offering or (B) with respect to any other provision relating to
shareholders' rights or pre-initial business combination activity and (3) the redemption of our public shares if we are
unable to complete our initial business combination within 15 months (or up to 21 months) from the closing of this offering, subject
to applicable law and as further described herein. In no other circumstances will a shareholder have any right or interest of
any kind in the trust account. Holders of warrants will not have any right to the proceeds held in the trust account with respect
to the warrants. Accordingly, to liquidate your investment, you may be forced to sell your public shares, rights or warrants,
potentially at a loss.
Nasdaq
may delist our securities from 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 that our Class A ordinary shares, rights and warrants are eligible to trade separately,
we anticipate that our Class A ordinary shares, rights and warrants will be listed separately on Nasdaq. Although, after giving
effect to this offering, we expect to meet on a pro forma basis Nasdaq's minimum initial listing standards, which generally
only require that we meet certain requirements relating to shareholders' equity, market capitalization, aggregate market
value of publicly held shares and distribution requirements, we cannot assure you that our securities will be, or will continue
to be, listed on Nasdaq in the future or prior to our initial business combination. In order to continue listing our securities
on Nasdaq prior to our initial business combination, we must maintain certain financial, distribution and share price levels.
Additionally, in connection with our initial business combination, it is likely that Nasdaq will require us to file a new initial
listing application and meet its initial listing requirements as well as certain qualitative requirements, as opposed to its more
lenient continued listing requirements. We cannot assure you that we will be able to meet those initial listing requirements at
that time.
22
If
Nasdaq delists any of our securities from trading on its exchange and we are not able to list such securities on another national
securities exchange, we expect such 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 with respect to such securities;
•	     a
determination that our Class A ordinary shares are a "penny stock" which will require brokers trading in our
Class A ordinary shares to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the
secondary trading market for our securities;
•	     a
limited amount of news and analyst coverage for our company; and
•	     a
decreased ability to issue additional securities or obtain additional financing in the future.
The
National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating
the sale of certain securities, which are referred to as "covered securities." Because we expect that our units and
eventually our Class A ordinary shares, rights and warrants will be listed on Nasdaq, our units, Class A ordinary shares, rights
and warrants will qualify as covered securities under such statute. Although the states are preempted from regulating the sale
of covered securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and,
if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular
case. While we are not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank
check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and
might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states.
Further, if we were no longer listed on Nasdaq, our securities would not qualify as covered securities under such statute and
we would be subject to regulation in each state in which we offer our securities.
You
will not be entitled to protections normally afforded to investors of many other blank check companies.
Since
the net proceeds of this offering and the sale of the private 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 U.S.
securities laws. However, because we will have net tangible assets in excess of $5,000,000 upon the successful completion of this
offering and the sale of the private units and will file a Current Report on Form 8-K, including an audited balance sheet
of the Company 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 "Proposed Business—Comparison of
This Offering to Those of Blank Check Companies Subject to Rule 419."
If
we seek shareholder approval of our initial business combination and we do not conduct redemptions pursuant to the tender offer
rules, and if you or a "group" of shareholders are deemed to hold in excess of 15% of our Class A ordinary shares,
you will lose the ability to redeem all such shares in excess of 15% of our Class A ordinary shares.
If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide
that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting
in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming
its shares with respect to more than an aggregate of 15% of the shares sold in this offering, which we refer to as the "Excess
Shares," without our prior consent. However, we would not be restricting our shareholders' ability to vote all of
their shares (including Excess Shares) for or against our initial business combination. Your inability to redeem the Excess Shares
will reduce your influence over our ability to complete our initial business combination and you could suffer a material loss
on your investment in us if you sell Excess Shares in open market transactions. Additionally, you will not receive redemption
distributions with respect to the Excess Shares if we complete our initial business combination. And as a result, you will continue
to hold that number of shares exceeding 15% and, in order to dispose of such shares, would be required to sell your shares in
open market transactions, potentially at a loss.
23
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 shareholders
may receive only approximately $10.00 per share, or less in certain circumstances, on our redemption of their shares, and our
rights and warrants will expire worthless.
We
expect to encounter intense competition from other entities having a business objective similar to ours, including private investors
(which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international,
competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have
extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing
services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry
knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors.
While we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and
the sale of the private 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, in the event we seek shareholder approval of our initial business combination
and we are obligated to pay cash for our Class A ordinary shares, it will potentially reduce the resources available to us for
our initial business combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating
a business combination. If we are unable to complete our initial business combination, our public shareholders may receive only
approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust account and our rights and warrants
will expire worthless. See "—If third parties bring claims against us, the proceeds held in the trust account could
be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share" and other risk
factors herein.
If
the funds not being held in the trust account are insufficient to allow us to operate for at least the 15 months (or up to 21
months) following the closing of this offering, we may be unable to complete our initial business combination.
Of
the net proceeds of this offering and the sale of the private units, only $750,000 will be available to us initially outside the
trust account to fund our working capital requirements. In the event that our offering expenses exceed our estimate of $550,000,
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 $550,000, the amount of funds we intend to be held outside the trust account would increase by a corresponding
amount. The funds available to us outside of the trust account may not be sufficient to allow us to operate for at least the 15
months (or up to 21 months) following the closing of this offering, assuming that our initial business combination is not completed
during that time. We expect to incur significant costs in pursuit of our acquisition plans. 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. Neither our sponsor, members of our management team nor any of their affiliates is under any obligation to loan funds
to, or invest in, us in such circumstances. Any such loans may be repaid only from funds held outside the trust account or from
funds released to us upon 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 such case, our public shareholders may receive only $10.00 per share, or less in certain circumstances, and our rights and
warrants will expire worthless. See "—If third parties bring claims against us, the proceeds held in the trust account
could be reduced and the per-share redemption amount received by shareholders may be less than $10.00 per share" and other
risk factors herein.
Subsequent
to our completion of our initial business combination, we may be required to take write-downs or write-offs, restructuring and
impairment or other charges that could have a significant negative effect on our financial condition, results of operations and
the price of our securities, which could cause you to lose some or all of your investment.
Even
if we conduct extensive due diligence on a target business with which we combine, we cannot assure you that this diligence will
identify all material issues that may be present with a particular target business, that it would be possible to uncover all material
issues through a customary amount of due diligence, or that factors outside of the target business and outside of our control
will not later arise. As a result of these factors, we may be forced to later write down or write off assets, restructure our
operations, or incur impairment or other charges that could result in our reporting losses. Even if our due diligence successfully
identifies certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with
our preliminary risk analysis. Although these charges may be non-cash items and not have an immediate impact on our liquidity,
the fact that we report charges of this nature could contribute to negative market perceptions about us or our securities. In
addition, charges of this nature may cause us to violate net worth or other covenants to which we may be subject as a result of
assuming pre-existing debt held by a target business or by virtue of our obtaining post-combination debt financing. Accordingly,
any shareholder or warrant holder who chooses to remain a shareholder or warrant holder following our initial business combination
could suffer a reduction in the value of their securities. Such shareholders and warrant holders are unlikely to have a remedy
for such reduction in value.
24
If
third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption amount
received by shareholders may be less than $10.00 per share.
Our
placing of funds in the trust account may not protect those funds from third-party claims against us. Although we will seek to
have all vendors, service providers (other than our independent auditors), 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 shareholders, such parties may not execute such agreements, or even if they
execute such agreements they may not be prevented from bringing claims against the trust account, including, but not limited to,
fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability
of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including the funds held in
the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account,
our management will perform an analysis of the alternatives available to it and will enter into an agreement with a third party
that has not executed a waiver only 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 we are 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 shareholders could be less than the $10.00 per share
initially held in the trust account, due to claims of such creditors.
Our
sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent auditors)
for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction
agreement, reduce the amount of funds in the trust account to below (1) $10.00 per public share or (2) 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 the value
of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third
party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in
the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to
the extent of any liability for such third-party claims. We have not 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. Accordingly,
our sponsor may not have sufficient funds available to satisfy those obligations. We have not asked our sponsor to reserve for
such obligations, and therefore, no funds are currently set aside to cover any such obligations. As a result, if any such claims
were successfully made against the trust account, the funds available for our initial business combination and redemptions could
be reduced to less than $10.00 per public share. In such event, we may not be able to complete our initial business combination,
and you would receive such lesser amount per share in connection with any redemption of your public shares. None of our officers
or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target
businesses.
Our
directors may decide not to enforce the indemnification obligations of our sponsor, resulting in a reduction in the amount of
funds in the trust account available for distribution to our public shareholders.
In
the event that the proceeds in the trust account are reduced below the lesser of (1) $10.00 per public share or (2) such
lesser amount per share held in the trust account as of the date of the liquidation of the trust account due to reductions in
the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, and our sponsor asserts that
it is unable to satisfy its obligations or that it has no indemnification obligations related to a particular claim, our independent
directors would determine whether to take legal action against our sponsor to enforce its indemnification obligations. While we
currently expect that our independent directors would take legal action on our behalf against our sponsor to enforce its indemnification
obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so
in any particular instance. If our independent directors choose not to enforce these indemnification obligations, the amount of
funds in the trust account available for distribution to our public shareholders may be reduced below $10.00 per share.
25
If,
after we distribute the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency
petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, a bankruptcy
court may seek to recover such proceeds, and the members of our board of directors may be viewed as having breached their fiduciary
duties to our creditors, thereby exposing the members of our board of directors and us to claims of punitive damages.
If,
after we distribute the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency
petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions
received by shareholders could be viewed under applicable debtor/creditor and/or insolvency laws as a voidable performance. As
a result, a liquidator could seek to recover some or all amounts received by our shareholders. In addition, our board of directors
may be viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith by paying public shareholders
from the trust account prior to addressing the claims of creditors, thereby exposing itself and us to claims of punitive damages.
If,
before distributing the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency
petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, the claims
of creditors in such proceeding may have priority over the claims of our shareholders and the per-share amount that would otherwise
be received by our shareholders in connection with our liquidation may be reduced.
If,
before distributing the proceeds in the trust account to our public shareholders, we file a winding-up or bankruptcy or insolvency
petition or an involuntary winding-up or bankruptcy or insolvency petition is filed against us that is not dismissed, the proceeds
held in the trust account could be subject to applicable insolvency law, and may be included in our liquidation estate and subject
to the claims of third parties with priority over the claims of our shareholders. To the extent any liquidation claims deplete
the trust account, the per-share amount that would otherwise be received by our shareholders in connection with our liquidation
would be reduced.
The
securities in which we invest the funds held in the trust account could bear a negative rate of interest, which could reduce the
value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than $10.00
per share.
The
proceeds held in the trust account will be held as cash or invested only in U.S. government treasury bills with a maturity of
180 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under
the Investment Company Act. While short-term U.S. government treasury obligations currently yield a positive rate of interest,
they have briefly yielded negative interest rates in recent years. Central banks in Europe and Japan pursued interest rates below
zero in recent years, and the Open Market Committee of the Federal Reserve has not ruled out the possibility that it may in the
future adopt similar policies in the United States. In the event that we are unable to complete our initial business combination
or make certain amendments to our amended and restated certificate of incorporation, our public shareholders are entitled to receive
their pro-rata share of the proceeds held in the trust account, plus any interest income, net of taxes paid or payable (less,
in the case we are unable to complete our initial business combination, $50,000 of interest). Negative interest rates could reduce
the value of the assets held in trust such that the per-share redemption amount received by public shareholders may be less than
$10.00 per share.
If
we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance
requirements and our activities may be restricted, which may make it difficult for us to complete our initial business combination.
If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:
•	     restrictions
on the nature of our investments; and
•	     restrictions
on the issuance of securities;
each
of which may make it difficult for us to complete our initial business combination.
In
addition, we may have imposed upon us burdensome requirements, including:
•	     registration
as an investment company with the SEC;
•	     adoption
of a specific form of corporate structure; and
•	     reporting,
record keeping, voting, proxy and disclosure requirements and other rules and regulations that we are currently not subject
to.
We
do not believe that our anticipated principal activities will subject us to the Investment Company Act. The proceeds held in the
trust account may be invested by the trustee only in U.S. government treasury bills with a maturity of 180 days or less or in
money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment
Company Act. Because the investment of the proceeds will be restricted to these instruments, we believe we will meet the requirements
for the exemption provided in Rule 3a-1 promulgated under the Investment Company Act. If we were deemed to be subject to
the Investment Company Act, compliance with these additional regulatory burdens would require additional expenses for which we
have not allotted funds and may hinder our ability to complete a business combination. If we are unable to complete our initial
business combination, our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances,
on the liquidation of our trust account and our rights and warrants will expire worthless.
26
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.
If
we are unable to consummate our initial business combination within 15 months (or up to 21 months) of the closing of this offering,
our public shareholders may be forced to wait beyond such 15 months (or up to 21 months) before redemption from our trust account.
If
we are unable to consummate our initial business combination within 15 months (or up to 21 months) from the closing of this offering,
we will distribute the aggregate amount then on deposit in the trust account, including interest (less up to $50,000 of interest
to pay dissolution expenses and which interest shall be net of taxes payable), pro rata to our public shareholders by way of redemption
and cease all operations except for the purposes of winding up of our affairs, as further described herein. Any redemption of
public shareholders from the trust account shall be effected automatically by function of our amended and restated memorandum
and articles of association prior to any voluntary winding up. If we are required to windup, liquidate the trust account and distribute
such amount therein, pro rata, to our public shareholders, as part of any liquidation process, such winding up, liquidation and
distribution must comply with the applicable provisions of the Companies Law. In that case, investors may be forced to wait beyond
the initial 15 months (or up to 21 months) before the redemption proceeds of our trust account become available to them and they
receive the return of their pro rata portion of the proceeds from our trust account. We have no obligation to return funds to
investors prior to the date of our redemption or liquidation unless, prior thereto, we consummate our initial business combination
or amend certain provisions of our amended and restated memorandum and articles of association and then only in cases where investors
have properly sought to redeem their Class A ordinary shares. Only upon our redemption or any liquidation will public shareholders
be entitled to distributions if we are unable to complete our initial business combination and do not amend certain provisions
of our amended and restated memorandum and articles of association prior thereto.
Our
shareholders may be held liable for claims by third parties against us to the extent of distributions received by them upon redemption
of their shares.
If
we are forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful
payment if it was proved that immediately following the date on which the distribution was made, we were unable to pay our debts
as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover some or all amounts received
by our shareholders. Furthermore, our directors may be viewed as having breached their fiduciary duties to us or our creditors
and/or may have acted in bad faith, and thereby exposing themselves and our company to claims, by paying public shareholders from
the trust account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us
for these reasons. We and our directors and officers who knowingly and willfully authorized or permitted any distribution to be
paid out of our share premium account while we were unable to pay our debts as they fall due in the ordinary course of business
would be guilty of an offence and may be liable to a fine of up to $18,293 and to imprisonment for five years in the Cayman Islands.
We
may not hold an annual general meeting until after the completion of our initial business combination. Our public shareholders
will not have the right to appoint directors prior to the consummation of our Business Combination.
In
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year
after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Law for us to hold
annual or extraordinary general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may
not be afforded the opportunity to discuss company affairs with management. As holders of our Class A ordinary shares, our
public shareholders also will not have the right to vote on the appointment of directors prior to completion of our initial business
combination. In addition, holders of a majority of our founder shares may remove a member of the board of directors for any reason.
27
We
are not registering the Class A ordinary shares issuable upon exercise of the warrants under the Securities Act or any state
securities laws at this time, and such registration may not be in place when an investor desires to exercise warrants, thus precluding
such investor from being able to exercise its warrants except on a cashless basis and potentially causing such warrants to expire
worthless.
We
are not registering the Class A ordinary shares issuable upon exercise of the warrants under the Securities Act or any state
securities laws at this time. However, under the terms of the warrant agreement, we have agreed, as soon as practicable, but in
no event later than 15 business days after the closing of our initial business combination, to use our reasonable best efforts
to file a registration statement under the Securities Act covering the issuance of such shares, to use our reasonable best efforts
to cause the same to become effective within 60 business days after the closing of our initial business combination and to maintain
the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until
the warrants expire or are redeemed. We cannot assure you that we will be able to do so if, for example, any facts or events arise
which represent a fundamental change in the information set forth in the registration statement or prospectus, the financial statements
contained or incorporated by reference therein are not current, complete or correct or the SEC issues a stop order. 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. In no event will we be required to net cash settle any warrant, or issue securities or other compensation in exchange
for the warrants in the event that we are unable to register or qualify the shares underlying the warrants under applicable state
securities laws and no exemption is available. If the issuance of the shares upon exercise of the warrants is not so registered
or qualified or exempt from registration or qualification, the holder of such warrant shall not be entitled to exercise such warrant
and such warrant may have no value and expire worthless. In such event, holders who acquired their warrants as part of a purchase
of units will have paid the full unit purchase price solely for the Class A ordinary shares included in the units. If and
when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the
underlying Class A ordinary shares for sale under all applicable state securities laws.
Our
warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern District
of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our
warrants, which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.
Our
warrant agreement will provide that, subject to applicable law, (i) any action, proceeding or claim against us arising out of
or relating in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably
submit to such jurisdiction, which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will
waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.
Notwithstanding
the foregoing, these provisions of the warrant agreement will not apply to suits brought to enforce any liability or duty created
by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and
exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to
have notice of and to have consented to the forum provisions in our warrant agreement. If any action, the subject matter of which
is within the scope the forum provisions of the warrant agreement, is filed in a court other than a court of the State of New
York or the United States District Court for the Southern District of New York (a "foreign action") in the name of
any holder of our warrants, such holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal
courts located in the State of New York in connection with any action brought in any such court to enforce the forum provisions
(an "enforcement action"), and (y) having service of process made upon such warrant holder in any such enforcement
action by service upon such warrant holder's counsel in the foreign action as agent for such warrant holder.
This
choice-of-forum provision may limit a warrant holder's ability to bring a claim in a judicial forum that it finds favorable
for disputes with our company, which may discourage such lawsuits. Alternatively, if a court were to find this provision of our
warrant agreement inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings,
we may incur additional costs associated with resolving such matters in other jurisdictions, which could materially and adversely
affect our business, financial condition and results of operations and result in a diversion of the time and resources of our
management and board of directors.
The
grant of registration rights to our shareholders and their permitted transferees may make it more difficult to complete our initial
business combination, and the future exercise of such rights may adversely affect the market price of our Class A ordinary
shares.
The
holders of the founder shares, representative shares, private units and any units that may be issued on conversion of working
capital loans (and any securities underlying the private units or units issued upon conversion of the working capital loans and
Class A ordinary shares that may be issued 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. We will bear the cost of registering these securities. The registration and availability of such a
significant number of securities for trading in the public market may have an adverse effect on the market price of our Class A
ordinary shares. In addition, the existence of the registration rights may make our initial business combination more costly or
difficult to conclude. This is because the shareholders of the target business may increase the equity stake they seek in the
combined entity or ask for more cash consideration to offset the negative impact on the market price of our Class A ordinary
shares that is expected when the Class A ordinary shares owned by our initial shareholders or their permitted transferees,
our private units or units issued in connection with working capital loans are registered for resale.
Because
we are not limited to a particular industry or any specific target businesses with which to pursue our initial business combination,
you will be unable to ascertain the merits or risks of any particular target business's operations.
We
may consummate a business combination with a company in any industry we choose and are not limited to any particular industry
or type of business. Accordingly, there is no current basis for you to evaluate the possible merits or risks of the particular
industry in which we may ultimately operate or the target business which we may ultimately acquire. To the extent we complete
a business combination with a financially unstable company or an entity in its early stages of development or growth, we may be
affected by numerous risks inherent in the business operations of those entities. If we complete a business combination with an
entity in an industry characterized by a high level of risk, we may be affected by the currently unascertainable risks of that
industry. Although our management will endeavor to evaluate the risks inherent in a particular industry or target business, we
cannot assure you that we will properly ascertain or assess all of the significant risk factors. We also cannot assure you that
an investment in our units will not ultimately prove to be less favorable to investors in this offering than a direct investment,
if an opportunity were available, in a target business.
28
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 criteria and guidelines, such combination
may not be as successful as a combination with a business that does meet all of our general criteria and guidelines. In addition,
if we announce a prospective business combination with a target that does not meet our general criteria and guidelines, a greater
number of shareholders may exercise their redemption rights, which may make it difficult for us to meet any closing condition
with a target business that requires us to have a minimum net worth or a certain amount of cash. In addition, if shareholder approval
of the transaction is required by applicable law or stock exchange listing requirement, or we decide to obtain shareholder approval
for business or other reasons, it may be more difficult for us to attain shareholder approval of our initial business combination
if the target business does not meet our general criteria and guidelines. If we are unable to complete our initial business combination,
our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation
of our trust account and our rights and warrants will expire worthless.
We
may seek acquisition opportunities with an early stage company, a financially unstable business or an entity lacking an established
record of revenue or earnings.
To
the extent we complete our initial business combination with an early stage company, a financially unstable business or an entity
lacking an established record of sales or earnings, we may be affected by numerous risks inherent in the operations of the business
with which we combine. These risks include investing in a business without a proven business model and with limited historical
financial data, volatile revenues or earnings, intense competition and difficulties in obtaining and retaining 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.
We
are not required to obtain an opinion from an independent investment banking firm or from another independent entity that commonly
renders valuation opinions, and consequently, you may have no assurance from an independent source that the price we are paying
for the business is fair to our company from a financial point of view.
Unless
we complete our initial business combination with an affiliated entity, we are not required to obtain an opinion from an independent
investment banking firm, or from another independent entity that commonly renders valuation opinions, that the price we are paying
is fair to our company from a financial point of view. If no opinion is obtained, our shareholders will be relying on the judgment
of our board of directors, who will determine fair market value based on standards generally accepted by the financial community.
Such standards used will be disclosed in our tender offer documents or proxy solicitation materials, as applicable, related to
our initial business combination.
We
may issue additional Class A ordinary shares or preference shares to complete our initial business combination or under an
employee incentive plan after completion of our initial business combination. We may also issue Class A ordinary shares upon
the conversion of the founder shares at a ratio greater than one-to-one at the time of our initial business combination as a result
of the anti-dilution provisions contained in our amended and restated memorandum and articles of association. Any such issuances
would substantially dilute the interest of our shareholders and likely present other risks.
Our
amended and restated memorandum and articles of association authorize the issuance of ordinary shares, including 200,000,000 Class A
ordinary shares, par value $0.0001 per share, and 20,000,000 Class B ordinary shares, par value $0.0001 per share, as well
as 1,000,000 preference shares, par value $0.0001. Immediately after this offering, there will be 193,200,000 and 18,900,000 (assuming
that the underwriters have not exercised their over-allotment option and an aggregate of 150,000 founder shares have been forfeited)
authorized but unissued Class A ordinary shares and Class B ordinary shares, respectively, available for issuance, which
amount takes into account shares reserved for issuance upon exercise of outstanding warrants and conversion of rights, and 1,000,000
authorized but unissued preference shares available for issuance.
29
We
may issue a substantial number of additional Class A ordinary shares, and may issue preference shares, in order to complete
our initial business combination or under an employee incentive plan after completion of our initial business combination. We
may also issue Class A ordinary shares upon conversion of the Class B ordinary shares at a ratio greater than one-to-one
at the time of our initial business combination as a result of the anti-dilution provisions as set forth herein. However, our
amended and restated memorandum and articles of association provide, among other things, that prior to our initial business combination,
we may not issue additional shares that would entitle the holders thereof to (1) receive funds from the trust account or
(2) vote as a class with our public shares (a) on any initial business combination or (b) to approve an amendment
to our amended and restated memorandum and articles of association to (x) extend the time we have to consummate a business
combination beyond 15 months (or up to 21 months) from the closing of this offering or (y) amend the foregoing provisions.
The issuance of additional ordinary shares or preference shares:
•	     may
significantly dilute the equity interest of investors in this offering;
•	     may
subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those
afforded our Class A ordinary shares;
•	     could
cause a change in control if a substantial number of Class A ordinary shares are issued, which may affect, among other things,
our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present
officers and directors; and
•	     may
adversely affect prevailing market prices for our units, Class A ordinary shares and/or warrants.
Unlike
certain other blank check companies, our initial shareholder will receive additional Class A ordinary shares if we issue
shares to consummate an initial business combination.
The
founder shares will automatically convert into Class A ordinary shares on the first business day following the completion
of our initial business combination on a one-for-one basis, subject to adjustment as provided herein. In the case that additional
Class A ordinary shares, or equity-linked securities convertible or exercisable for Class A ordinary shares, are issued
or deemed issued in excess of the amounts issued in this offering and related to the closing of our initial business combination,
the ratio at which founder shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders
of a majority of the Class B ordinary shares then in issue) so that the number of Class A ordinary shares issuable upon
conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of our ordinary
shares issued and outstanding upon the completion of this offering plus the number of Class A ordinary shares and equity-linked
securities issued or deemed issued in connection with our initial business combination (net of redemptions), excluding the private
shares underlying the private units, the representative shares, any shares underlying units issued upon conversion of working
capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial
business combination. This is different than certain other blank check companies in which the initial shareholder will only be
issued an aggregate of 20% of the total number of shares to be outstanding prior to our initial business combination.
We
may be a passive foreign investment company, or "PFIC," which could result in adverse United States federal income
tax consequences to U.S. investors.
If
we are a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in
the section of this prospectus captioned "Income Tax Considerations—United States Federal Income Taxation—General")
of our Class A ordinary shares, rights or warrants, the U.S. Holder may be subject to adverse U.S. federal income tax consequences
and may be subject to additional reporting requirements. Our PFIC status for our current and subsequent taxable years may depend
on whether we qualify for the PFIC start-up exception (see the section of this prospectus captioned "Income Tax Considerations—United
States Federal Income Taxation—U.S. Holders—Passive Foreign Investment Company Rules"). Depending on the particular
circumstances, the application of the start-up exception may be subject to uncertainty, and there cannot be any assurance that
we will qualify for the start-up exception. Accordingly, there can be no assurances with respect to our status as a PFIC for our
current taxable year or any subsequent taxable year. Our actual PFIC status for any taxable year, moreover, will not be determinable
until after the end of such taxable year. If we determine we are a PFIC for any taxable year (of which there can be no assurance),
we will endeavor to provide to a U.S. Holder such information as the Internal Revenue Service ("IRS") may require,
including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a "qualified electing
fund" election, but there can be no assurance that we will timely provide such required information, and such election would
be unavailable with respect to our warrants in all cases. We urge U.S. investors to consult their own tax advisors regarding the
possible application of the PFIC rules. For a more detailed discussion of the tax consequences of PFIC classification to U.S.
Holders, see the section of this prospectus captioned "Income Tax Considerations —United States Federal Income Taxation—U.S.
Holders—Passive Foreign Investment Company Rules."
30
We
may reincorporate in another jurisdiction in connection with our initial business combination and such reincorporation may result
in taxes imposed on shareholders.
We
may, in connection with our initial business combination and subject to requisite shareholder approval under the Companies Law,
reincorporate in the jurisdiction in which the target company or business is located or in another jurisdiction. The transaction
may require a shareholder to recognize taxable income in the jurisdiction in which the shareholder is a tax resident or in which
its members are resident if it is a tax transparent entity. We do not intend to make any cash distributions to shareholders to
pay such taxes. Shareholders may be subject to withholding taxes or other taxes with respect to their ownership of us after the
reincorporation.
Resources
could be wasted in researching acquisitions that are not completed, which could materially adversely affect subsequent attempts
to locate and acquire or merge with another business. If we are unable to complete our initial business combination, our public
shareholders 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 rights and warrants will expire worthless.
We
anticipate that the investigation of each specific target business and the negotiation, drafting and execution of relevant agreements,
disclosure documents and other instruments will require substantial management time and attention and substantial costs for accountants,
attorneys and others. If we decide not to complete a specific initial business combination, the costs incurred up to that point
for the proposed transaction likely would not be recoverable. Furthermore, if we reach an agreement relating to a specific target
business, we may fail to complete our initial business combination for any number of reasons including those beyond our control.
Any such event will result in a loss to us of the related costs incurred which could materially adversely affect subsequent attempts
to locate and acquire or merge with another business. If we are unable to complete our initial business combination, our public
shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation of our trust
account and our rights and warrants will expire worthless.
We
are dependent upon our officers and directors and their departure could adversely affect our ability to operate.
Our
operations are dependent upon a relatively small group of individuals. We believe that our success depends on the continued service
of our officers and directors, at least until we have completed our initial business combination. In addition, our officers and
directors are not required to commit any specified amount of time to our affairs and, accordingly, will have conflicts of interest
in allocating their time among various business activities, including identifying potential business combinations and monitoring
the related due diligence. Moreover, certain of our officers and directors have time and attention requirements for investment
funds of which affiliates of our sponsor are the investment managers. We do not have an employment agreement with, or key-man
insurance on the life of, any of our directors or officers. The unexpected loss of the services of one or more of our directors
or officers could have a detrimental effect on us.
Our
ability to successfully effect our initial business combination and to be successful thereafter will be dependent upon the efforts
of our key personnel, some of whom may join us following our initial business combination. The loss of key personnel could negatively
impact the operations and profitability of our post-combination business.
Our
ability to successfully effect our initial business combination is dependent upon the efforts of our key personnel. The role of
our key personnel in the target business, however, cannot presently be ascertained. Although some of our key personnel may remain
with the target business in senior management or advisory positions following our initial business combination, it is likely that
some or all of the management of the target business will remain in place. While we intend to closely scrutinize any individuals
we engage after our initial business combination, we cannot assure you that our assessment of these individuals will prove to
be correct. These individuals may be unfamiliar with the requirements of operating a company regulated by the SEC, which could
cause us to have to expend time and resources helping them become familiar with such requirements.
In
addition, the officers and directors of an acquisition candidate may resign upon completion of our initial business combination.
The departure of a business combination target's key personnel could negatively impact the operations and profitability
of our post-combination business. The role of an acquisition candidate's key personnel upon the completion of our initial
business combination cannot be ascertained at this time. Although we contemplate that certain members of an acquisition candidate's
management team will remain associated with the acquisition candidate following our initial business combination, it is possible
that members of the management of an acquisition candidate will not wish to remain in place. The loss of key personnel could negatively
impact the operations and profitability of our post-combination business.
31
Our
key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business
combination. These agreements may provide for them to receive compensation following our initial business combination and as a
result, may cause them to have conflicts of interest in determining whether a particular business combination is the most advantageous.
Our
key personnel may be able to remain with the company after the completion of our initial business combination only if they are
able to negotiate employment or consulting agreements in connection with the business combination. Such negotiations would take
place simultaneously with the negotiation of the business combination and could provide for such individuals to receive compensation
in the form of cash payments and/or our securities for services they would render to us after the completion of our initial business
combination. The personal and financial interests of such individuals may influence their motivation in identifying and selecting
a target business, subject to their fiduciary duties under Cayman Islands law. However, we believe the ability of such individuals
to remain with us after the completion of our initial business combination will not be the determining factor in our decision
as to whether or not we will proceed with any potential business combination. There is no certainty, however, that any of our
key personnel will remain with us after the completion of our initial business combination. We cannot assure you that any of our
key personnel will remain in senior management or advisory positions with us. The determination as to whether any of our key personnel
will remain with us will be made at the time of our initial business combination.
We
may have 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.
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,
shareholders or warrant holders who choose to remain shareholders or warrant holders following our initial business combination
could suffer a reduction in the value of their securities. Such shareholders or warrant holders are unlikely to have a remedy
for such reduction in value.
The
officers and directors of an acquisition candidate may resign upon completion of our initial business combination. The departure
of a business combination target's key personnel could negatively impact the operations and profitability of our post-combination
business. The role of an acquisition candidate's key personnel upon the completion of our initial business combination cannot
be ascertained at this time. Although we contemplate that certain members of an acquisition candidate's management team
will remain associated with the acquisition candidate following our initial business combination, it is possible that members
of the management of an acquisition candidate will not wish to remain in place.
Our
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 a business combination and their other businesses.
We do not intend to have any full-time employees prior to the completion of our initial business combination. Each of our officers
is engaged in several 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
and 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 "Management—Directors, Director
Nominees and Executive Officers."
32
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 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, or may in the future become,
affiliated with entities that are engaged in a similar business, and they are not prohibited from sponsoring, or otherwise becoming
involved with, other blank check companies prior to us completing our initial business combination. Moreover, certain of our officers
and directors have time and attention requirements for investment funds of which affiliates of our sponsor are the investment
managers.
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 other entities prior to its presentation to us, subject to their fiduciary
duties under Cayman Islands law.
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 "Management—Directors, Director Nominees and Executive 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 a business combination with a target business that is affiliated
with our sponsor, directors or officers, although we do not intend to do so. Nor do we have a policy that expressly prohibits
any such persons from engaging for their own account in business activities of the types conducted by us. Accordingly, such persons
or entities may have a conflict between their interests and ours.
In
particular, affiliates of our sponsor have invested in industries as diverse as wireless communication, e-commerce, block-chain
technology and social media. As a result, there may be substantial overlap between companies that would be a suitable business
combination for us and companies that would make an attractive target for such other affiliates.
Past
performance by our management team and advisors may not be indicative of future performance of an investment in us.
Past
performance by our management team and advisors 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 our management team's or advisors' 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. None of our officers
or directors has any experience with blank check companies or special purpose acquisition companies. Additionally, in the course
of their respective careers, members of our management team have been involved in businesses and deals that were unsuccessful.
We
may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated
with our sponsor, officers or directors 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 and directors. Our officers and directors also serve as officers and board members for other
entities, including, without limitation, those described under "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 a business combination with any such entity or entities. Although we will
not be specifically focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction
if we determined that such affiliated entity met our criteria for a business combination as set forth in "Proposed Business—Effecting
Our Initial Business Combination—Selection of a target business and structuring of our initial business combination"
and such transaction was approved by a majority of our independent and disinterested directors.
33
Since
our initial shareholders will lose their entire investment in us if our initial business combination is not completed (other than
with respect to any public shares they may acquire), a conflict of interest may arise in determining whether a particular business
combination target is appropriate for our initial business combination.
In
July 2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
As such, our initial shareholders will collectively own 20% of our issued and outstanding shares after this offering (assuming
they do not purchase any units in this offering and excluding the private shares underlying the private units, the representative
shares and any shares underlying units issued upon conversion of working capital loans and any Class A ordinary shares or
equity-linked securities issued, or to be issued, to any seller in our initial business combination). If we increase or decrease
the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as
applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain
the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (excluding
the private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination). The founder shares will be worthless if we do not complete an initial business combination.
In addition, our sponsor has committed to purchase an aggregate of 250,000 private units at $10.00 per unit (or 268,000 if the
underwriters' over-allotment option is exercised in full), for a purchase price of $2,500,000 in the aggregate (or $2,680,000
in the aggregate if the underwriters' over-allotment option is exercised in full), that will also be worthless if we do
not complete a business combination.
The
founder shares are identical to the ordinary shares included in the units being sold in this offering except that: (1) prior
to our initial business combination, only holders of the founder shares have the right to vote on the appointment of directors
and holders of a majority of our founder shares may remove a member of the board of directors for any reason; (2) the founder
shares are subject to certain transfer restrictions; (3) our initial shareholders have entered into a letter agreement with
us, pursuant to which they have agreed to waive: (x) their redemption rights with respect to their founder shares and any
public shares held by them in connection with the completion of our initial business combination (and not seek to sell its shares
to us in any tender offer we undertake in connection with our initial business combination); (y) their redemption rights
with respect to their founder shares and any public shares held by them in connection with a shareholder vote to approve an amendment
to our amended and restated memorandum and articles of association (A) that would affect our public shareholders' ability
to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months (or up to 21 months) from the closing of this offering or (B) with respect to any other provision relating
to shareholders' rights or pre-initial business combination activity; and (z) their rights to liquidating distributions
from the trust account with respect to any founder shares they hold if we fail to complete our initial business combination within
15 months (or up to 21 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); (4) the founder shares will automatically convert into our Class A ordinary shares on the
first business day following the completion of our initial business combination on a one-for-one basis subject to adjustment pursuant
to certain anti-dilution rights and (5) the founder shares are entitled to registration rights. Our directors and officers
have also entered into the letter agreement with respect to public shares acquired by them, if any.
The
personal and financial interests of our sponsor, 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. This risk may become more acute as the 15-month (or up to 21-month) deadline following the closing
of this offering nears, which is the deadline for the completion of our initial business combination.
We
may issue notes or other debt securities, or otherwise incur substantial debt, to complete a business combination, which may adversely
affect our leverage and financial condition and thus negatively impact the value of our shareholders' investment in us.
Although
we have no commitments as of the date of this prospectus to issue any notes or other debt securities, or to otherwise incur outstanding
debt following this offering, we may choose to incur substantial debt to complete our initial business combination. We 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;
34
•	     acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain
covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
•	     our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;
•	     our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt security is outstanding;
•	     our
inability to pay dividends on our Class A ordinary shares;
•	     using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;
•	     limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
•	     increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and
•	     limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.
We
may be able to complete only one business combination with the proceeds of this offering and the sale of the private units, which
will cause us to be solely dependent on a single business which may have a limited number of products or services. This lack of
diversification may negatively impact our operations and profitability.
We
may effectuate our initial business combination with a single target business or multiple target businesses simultaneously or
within a short period of time. However, we may not be able to effectuate our initial business combination with more than one target
business because of various factors, including the existence of complex accounting issues and the requirement that we prepare
and file pro forma financial statements with the SEC that present operating results and the financial condition of several target
businesses as if they had been operated on a combined basis. By completing our initial business combination with only a single
entity our lack of diversification may subject us to numerous economic, competitive and regulatory risks. Further, we would not
be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other entities
which may have the resources to complete several business combinations in different industries or different areas of a single
industry. Accordingly, the prospects for our success may be:
•	     solely
dependent upon the performance of a single business, property or asset; or
•	     dependent
upon the development or market acceptance of a single or limited number of products, processes or services.
This
lack of diversification may subject us to numerous economic, competitive and regulatory risks, any or all of which may have a
substantial adverse impact upon the particular industry in which we may operate subsequent to our initial business combination.
We
may attempt to simultaneously complete business combinations with multiple prospective targets, which may hinder our ability to
complete our initial business combination and give rise to increased costs and risks that could negatively impact our operations
and profitability.
If
we determine to simultaneously acquire several businesses that are owned by different sellers, we will need for each of such sellers
to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations, which
may make it more difficult for us, and delay our ability, to complete our initial business combination. 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.
35
We
may attempt to complete our initial business combination with a private company about which little information is available, which
may result in a business combination with a company that is not as profitable as we suspected, if at all.
In
pursuing our acquisition strategy, we may seek to effectuate our initial business combination with a privately held company. Very
little public information generally exists about private companies, and we could be required to make our decision on whether to
pursue a potential initial business combination on the basis of limited information, which may result in a business combination
with a company that is not as profitable as we suspected, if at all.
We
expect to need to comply with the rules of Nasdaq that require our initial business combination to occur with one or more
target businesses having an aggregate fair market value equal to at least 80% of the assets held in the trust account at the time
of the agreement to enter into the initial business combination.
The
rules of Nasdaq require that our initial business combination occur with one or more target businesses that together have
an aggregate fair market value of at least 80% of the assets held in the trust account (excluding taxes payable on the income
earned on the trust account) at the time of the agreement to enter into the initial business combination. This restriction may
limit the type and number of companies that we may complete a business combination with. If we are unable to locate a target business
or businesses that satisfy this fair market value test, our public shareholders may receive only approximately $10.00 per share,
or less in certain circumstances, on the liquidation of our trust account, and our rights and warrants will expire worthless.
If we are not then listed on Nasdaq for whatever reason, we would not be required to satisfy the foregoing 80% fair market value
test and could complete a business combination with a target business having a fair market value substantially below 80% of the
balance in the trust account. Additionally, pursuant to Nasdaq rules, any initial business combination must be approved by a majority
of our independent directors.
EarlyBirdCapital
may have a conflict of interest in rendering services to us in connection with our initial business combination.
We
have engaged EarlyBirdCapital to assist us in connection with our initial business combination. We will pay EarlyBirdCapital a
cash fee for such services upon the consummation of our initial business combination in an aggregate amount equal to 4.0% of the
total gross proceeds raised in the offering. The representative shares will also be worthless if we do not consummate an initial
business combination. These financial interests may result in EarlyBirdCapital having a conflict of interest when providing the
services to us in connection with an initial business combination.
Our
management may not be able to maintain control of a target business after our initial business combination. We cannot provide
assurance that, upon loss of control of a target business, new management will possess the skills, qualifications or abilities
necessary to profitably operate such business.
We
may structure our initial business combination so that the post-transaction company in which our public shareholders own shares
will own less than 100% of the equity interests or assets of a target business, but we will complete such business combination
only if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target
or otherwise acquires a controlling interest in the target business sufficient for 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 shareholders prior to our initial business combination may
collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target
and us in our initial business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new Class A ordinary shares in exchange for all of the issued and outstanding capital stock, shares or other equity
interests of a target. In this case, we would acquire a 100% interest in the target. However, as a result of the issuance of a
substantial number of new Class A ordinary shares, our shareholders immediately prior to such transaction could own less
than a majority of our issued and outstanding Class A ordinary shares subsequent to such transaction. In addition, other
minority shareholders may subsequently combine their holdings resulting in a single person or group obtaining a larger share of
the company's shares than we initially acquired. Accordingly, this may make it more likely that our management will not
be able to maintain our control of the target business.
36
We
do not have a specified maximum redemption threshold. The absence of such a redemption threshold may make it possible for us to
complete a business combination with which a substantial majority of our shareholders do not agree.
Our
amended and restated memorandum and articles of association will not provide a specified maximum redemption threshold, except
that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001
either immediately prior to or upon completion of our initial business combination (such that we do not then become subject to
the SEC's "penny stock" rules), or any greater net tangible asset or cash requirement that may be contained
in the agreement relating to our initial business combination. As a result, we may be able to complete our initial business combination
even though a substantial majority of our public shareholders do not agree with the transaction and have redeemed their shares
or, if we seek shareholder approval of our initial business combination and do not conduct redemptions in connection with our
initial business combination pursuant to the tender offer rules, have entered into privately negotiated agreements to sell their
shares to our sponsor, officers, directors, advisors or any of their affiliates. In the event the aggregate cash consideration
we would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required
to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate amount of cash available
to us, we will not complete the business combination or redeem any shares, all Class A ordinary shares submitted for redemption
will be returned to the holders thereof, and we instead may search for an alternate business combination.
In
order to effectuate an initial business combination, blank check companies have, in the past, amended various provisions of their
charters and modified governing instruments. We cannot assure you that we will not seek to amend our amended and restated memorandum
and articles of association or governing instruments, in a manner that will make it easier for us to complete our initial business
combination that some of our shareholders 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. 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. Amending our
amended and restated memorandum and articles of association require at least a special resolution of our shareholders as a matter
of Cayman Islands law. A resolution is deemed to be a special resolution as a matter of Cayman Islands law where it has been approved
by either (1) at least two-thirds (or any higher threshold specified in a company's articles of association) of a company's
shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution
has been given or (2) if so authorized by a company's articles of association, by a unanimous written resolution of
all of the company's shareholders. Our amended and restated memorandum and articles of association provide that special
resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting (i.e.,
the lowest threshold permissible under Cayman Islands law) (other than amendments relating to the appointment or removal of directors
prior to our initial business combination, which require the approval of at least 90% of our ordinary shares voting in a general
meeting), or by a unanimous written resolution of all of our shareholders. We cannot assure you that we will not seek to amend
our amended and restated memorandum and articles of association 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 memorandum and articles of association that relate to our pre-business combination activity
(and corresponding provisions of the agreement governing the release of funds from our trust account) may be amended with the
approval of holders of at least two-thirds of our ordinary shares who attend and vote at a general meeting, which is a lower amendment
threshold than that of some other blank check companies. It may be easier for us, therefore, to amend our amended and restated
memorandum and articles of association and the trust agreement to facilitate the completion of an initial business combination
that some of our shareholders may not support.
Some
other blank check companies have a provision in their charter which prohibits the amendment of certain of its provisions, including
those which relate to a company's pre-business combination activity, without approval by holders of a certain percentage
of the company's shares. In those companies, amendment of these provisions typically requires approval by holders holding
between 90% and 100% of the company's public shares. Our amended and restated memorandum and articles of association provide
that any of its provisions, including those 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), may be amended if approved by holders of at least two-thirds of our ordinary shares who attend and vote
in a general meeting, 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 ordinary shares (other than amendments relating to the appointment or removal
of directors prior to our initial business combination, which require the approval of at least 90% of our ordinary shares voting
in a general meeting). Our initial shareholders, who will collectively beneficially own 20% of our ordinary shares upon the closing
of this offering (excluding the private shares underlying the private units, the representative shares and any shares underlying
units issued upon conversion of working capital loans and any Class A ordinary shares or equity-linked securities issued,
or to be issued, to any seller in our initial business combination, and assuming they do not purchase any units in this offering),
may participate in any vote to amend our amended and restated memorandum and articles of association and/or trust agreement and
will have the discretion to vote in any manner they choose. As a result, we may be able to amend the provisions of our amended
and restated memorandum and articles of association which govern our pre-business combination behavior more easily than some other
blank check companies, and this may increase our ability to complete our initial business combination with which you do not agree.
However, our amended and restated memorandum and articles of association prohibits any amendment of its provisions (A) that
would affect our public shareholders' ability to convert or sell their shares to us in connection with a business combination
as described herein or 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 15 months (or up to 21 months) from the closing of this offering or (B) with
respect to any other provision relating to shareholders' rights or pre-initial business combination activity, unless we
provide public shareholders with the opportunity to redeem their public shares. Furthermore, our sponsor, officers and directors
have agreed, pursuant to a written agreement with us, that they will not propose such an amendment unless we provide our public
shareholders with the opportunity to redeem their public shares. In certain circumstances, our shareholders may pursue remedies
against us for any breach of our amended and restated memorandum and articles of association.
37
We
may amend the terms of the warrants in a manner that may be adverse to holders of public warrants with the approval by the holders
of at least a majority of the then outstanding public warrants.
Our
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company,
as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of
any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least a majority
of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders of public
warrants. Accordingly, we may amend the terms of the public warrants in a manner adverse to a holder if holders of at least a
majority of the then outstanding public warrants approve of such amendment. Although our ability to amend the terms of the public
warrants with the consent of at least a majority of the then outstanding public warrants is unlimited, examples of such amendments
could be amendments to, among other things, increase the exercise price of the warrants, shorten the exercise period or decrease
the number of Class A ordinary shares purchasable upon exercise of a warrant.
We
may amend the terms of the rights in a way that may be adverse to holders with the approval by the holders of a majority of the
then outstanding rights.
Our
rights will be issued in registered form under a rights agreement between Continental Stock Transfer & Trust Company, as rights
agent, and us. The rights agreement provides that the terms of the rights may be amended without the consent of any holder to
cure any ambiguity or correct any defective provision. The rights agreement requires the approval by the holders of a majority
of the then outstanding rights (including the private rights) in order to make any change that adversely affects the interests
of the registered holders. Accordingly, we may amend the terms of the rights in a manner adverse to a holder if holders of at
least a majority of the then outstanding public rights approve of such amendment.
Certain
agreements related to this offering may be amended without shareholder approval.
Each
of the agreements related to this offering to which we are a party, other than the warrant agreement and the investment management
trust agreement, may be amended without shareholder approval. These agreements contain various provisions that our public shareholders
might deem to be material. For example, our letter agreement and the underwriting agreement contain certain lock-up provisions
with respect to the founder shares, private units and other securities held by our initial shareholders, officers and directors.
Amendments
to such agreements would require the consent of the applicable parties thereto and would need to be approved by our board of directors,
which may do so for a variety of reasons, including to facilitate our initial business combination. While we do not expect our
board of directors to approve any amendment to any of these agreements prior to our initial business combination, it may be possible
that our board of directors, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or
more amendments to any such agreement. Any material amendment entered into in connection with the completion of our initial business
combination will be disclosed in our proxy solicitation or tender offer materials, as applicable, related to such initial business
combination, and any other material amendment to any of our material agreements will be disclosed in a filing with the SEC. Any
such amendments would not require approval from our shareholders, may result in the completion of our initial business combination
that may not otherwise have been possible, and may have an adverse effect on the value of an investment in our securities. For
example, amendments to the lock-up provision discussed above may result in our initial shareholders selling their securities earlier
than they would otherwise be permitted, which may have an adverse effect on the price of our securities.
We
may be unable to obtain additional financing to complete our initial business combination or to fund the operations and growth
of a target business, which could compel us to restructure or abandon a particular business combination.
Although
we believe that the net proceeds of this offering and the sale of the private units will be sufficient to allow us to complete
our initial business combination, because we have not yet selected any target business we cannot ascertain the capital requirements
for any particular transaction. If the net proceeds of this offering and the sale of the private units prove to be insufficient,
either because of the size of our initial business combination, the depletion of the available net proceeds in search of a target
business, the obligation to redeem for cash a significant number of shares from shareholders who elect redemption in connection
with our initial business combination or the terms of negotiated transactions to purchase shares in connection with our initial
business combination, we may be required to seek additional financing or to abandon the proposed business combination. We cannot
assure you that such financing will be available on acceptable terms, if at all. 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. In addition, even if we do
not need additional financing to complete our initial business combination, we may require such financing to fund the operations
or growth of the target business. The failure to secure additional financing could have a material adverse effect on the continued
development or growth of the target business. None of our officers, directors or shareholders is required to provide any financing
to us in connection with or after our initial business combination. If we are unable to complete our initial business combination,
our public shareholders may receive only approximately $10.00 per share, or less in certain circumstances, on the liquidation
of our trust account, and our rights and warrants will expire worthless.
38
Our
initial shareholders will control the election of our board of directors until completion of our initial business combination
and will hold a substantial interest in us. As a result, they will appoint all of our directors prior to our initial business
combination and may exert a substantial influence on actions requiring shareholder vote, potentially in a manner that you do not
support.
Upon
the closing of this offering, our initial shareholders will own 20% of our issued and outstanding ordinary shares (excluding the
private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination and assuming they do not purchase any units in this offering). In addition, prior to our initial
business combination, only the founder shares, all of which are held by our initial shareholders, will have the right to vote
on the appointment of directors, and holders of a majority of our founder shares may remove a member of the board of directors
for any reason.
Neither
our initial shareholders nor, to our knowledge, any of our officers or directors, have any current intention to purchase additional
securities, other than as disclosed in this prospectus. Factors that would be considered in making such additional purchases would
include consideration of the current trading price of our Class A ordinary shares. In addition, as a result of their substantial
ownership in our company, our initial shareholders may exert a substantial influence on other actions requiring a shareholder
vote, potentially in a manner that you do not support, including amendments to our amended and restated memorandum and articles
of association and approval of major corporate transactions. If our initial shareholders purchase any Class A ordinary shares
in this offering or in the aftermarket or in privately negotiated transactions, this would increase their influence over these
actions. Accordingly, our initial shareholders will exert significant influence over actions requiring a shareholder vote at least
until the completion of our initial business combination.
Our
sponsor paid an aggregate of $25,000, or $0.022 per founders' share (assuming the over-allotment option is exercised in
full and thus no forfeiture by our sponsor of any founder shares), and, accordingly, you will experience immediate and substantial
dilution upon the purchase of our Class A ordinary shares.
The
difference between the public offering price per share (allocating all of the unit purchase price to the Class A ordinary shares
and none to the right or warrant included in the unit) and the pro forma net tangible book value per Class A ordinary share 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 rights or warrants included in the units, you and the other public shareholders will incur an immediate and substantial
dilution of approximately 75.03% (or $6.82 per share, assuming no exercise of the underwriters' over-allotment option),
the difference between the pro forma net tangible book value per share of $2.27 and the initial offering price of $9.09 per unit
(including the ordinary shares issuable upon conversion of the rights). This dilution would increase to the extent that the anti-dilution
provisions of the founder shares result in the issuance of Class A ordinary shares on a greater than one-to-one basis upon conversion
of the founder shares at the time of our initial business combination. In addition, because of the anti-dilution protection in
the founder shares, any equity or equity-linked securities issued in connection with our initial business combination would be
disproportionately dilutive to our Class A ordinary shares.
Our
unit structure may cause our units to be worth less than units of other blank check companies.
Each
unit contains one-half of one redeemable warrant and one right to receive one-tenth of a share. No fractional warrants will be
issued upon separation of the units and only whole warrants will trade. The foregoing is different from other offerings similar
to ours whose units include shares and whole warrants. This unit structure may cause our units to be worth less than if they included
a warrant to purchase one whole share but did not include a right.
A
provision of our warrant agreement may make it more difficult for us to consummate an initial business combination.
If:
(i)            we
issue additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the
closing of our initial business combination at a Newly Issued Price of less than $9.20 per Class A ordinary share;
39
(ii)            the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of our initial business combination on the date of the completion of our initial business combination (net of
redemptions), and
(iii)            the
Market Value is below $9.20 per share,
then
the exercise price of the warrants will be adjusted to be equal to 115% of the higher of the Market Value and the Newly Issued
Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher
of the Market Value and the Newly Issued Price. This may make it more difficult for us to consummate an initial business combination
with a target business.
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 ordinary shares equals or exceeds
$18.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and
the like or as indicated above) for any 20 trading days within a 30 trading-day period commencing on the date they become exercisable
and ending on the third trading day prior to the date we send the notice of redemption to the warrant holders. If and when the
warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying
securities for sale under all applicable state securities laws. Redemption of the outstanding warrants could force you to: (1) exercise
your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so; (2) sell your
warrants at the then-current market price when you might otherwise wish to hold your warrants; or (3) 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 our sponsor
or its permitted transferees.
40
Our
rights, warrants and founder shares may have an adverse effect on the market price of our Class A ordinary shares and make
it more difficult to effectuate our initial business combination.
We
will be issuing rights to receive 400,000 Class A ordinary shares (or up to 460,000 Class A ordinary shares if the underwriters'
over-allotment option is exercised in full) and warrants to purchase 2,000,000 Class A ordinary shares (or up to 2,300,000
Class A ordinary shares if the underwriters' over-allotment option is exercised in full) at a price of $11.50 per share
(subject to adjustment as provided herein), as part of the units offered by this prospectus. Simultaneously with the closing of
this offering, we will be issuing in a private placement an aggregate of 250,000 (or 268,000 if the underwriters' over-allotment
option is exercised in full) private units, each unit consisting of one private share, one private right and one-half of one private
warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one Class A ordinary share upon the consummation
of an initial business combination. Each private warrant is exercisable to purchase one Class A ordinary share at a price
of $11.50 per share, subject to adjustment as provided herein. Our initial shareholders currently hold 1,150,000 founder shares
(up to 150,000 of which are subject to forfeiture by our sponsor depending on the extent to which the underwriters' over-allotment
option is exercised). In addition, if our sponsor, an affiliate of our sponsor or certain of our officers and directors make any
working capital loans, up to $1,500,000 of such loans may be converted into units, at the price of $10.00 per unit, at the option
of the lender. Such units would be identical to the private units. To the extent we issue ordinary shares to effectuate a business
transaction, the potential for the issuance of a substantial number of additional Class A ordinary shares upon exercise of
these warrants could make us a less attractive acquisition vehicle to a target business. Any such issuance will increase the number
of issued and outstanding Class A ordinary shares and reduce the value of the Class A ordinary shares issued to complete
the business transaction. Therefore, our rights, warrants and founder shares may make it more difficult to effectuate a business
combination or increase the cost of acquiring the target business.
The
warrants underlying the private units are identical to the units sold as part of the units in this offering except that, so long
as the warrants underlying such units are held by our sponsor or its permitted transferees: (1) they will not be redeemable
by us; (2) they (including the ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited
exceptions, be transferred, assigned or sold by our sponsor until 30 days after the completion of our initial business combination;
(3) they may be exercised by the holders on a cashless basis; and (4) they (including the ordinary shares issuable upon
exercise of these warrants) are entitled to registration rights.
The
determination of the offering price of our units and the size of this offering is more arbitrary than the pricing of securities
and size of an offering of an operating company in a particular industry. You may have less assurance, therefore, that the offering
price of our units properly reflects the value of such units than you would have in a typical offering of an operating company.
Prior
to this offering there has been no public market for any of our securities. The public offering price of the units and the terms
of the rights and warrants were negotiated between us and the representative of 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 ordinary shares, rights and warrants underlying the units, include:
•	     the
history and prospects of companies whose principal business is the acquisition of other companies;
•	     prior
offerings of those companies;
•	     our
prospects for acquiring an operating business at attractive values;
•	     a
review of debt to equity ratios in leveraged transactions;
•	     our
capital structure;
•	     an
assessment of our management and their experience in identifying operating companies;
•	     general
conditions of the securities markets at the time of this offering; and
•	     other
factors as were deemed relevant.
Although
these factors were considered, the determination of our offering price is more arbitrary than the pricing of securities of an
operating company in a particular industry since we have no historical operations or financial results.
41
There
is currently no market for our securities and a market for our securities may not develop, which would adversely affect the liquidity
and price of our securities.
There
is currently no market for our securities. Shareholders therefore have no access to information about prior market history on
which to base their investment decision. Following this offering, the price of our securities may vary significantly due to one
or more potential business combinations and general market or economic conditions. Furthermore, an active trading market for our
securities may never develop or, if developed, it may not be sustained. You may be unable to sell your securities unless a market
can be established and sustained.
Because
we must furnish our shareholders with target business financial statements, we may lose the ability to complete an otherwise advantageous
initial business combination with some prospective target businesses.
The
federal proxy rules require that a proxy statement with respect to a vote on a business combination meeting certain financial
significance tests include historical and/or pro forma financial statement disclosure in periodic reports. We will include the
same financial statement disclosure in connection with our tender offer documents, whether or not they are required under the
tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled to, accounting
principles generally accepted in the United States of America, or U.S. GAAP, or international financing 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 financial statements in accordance
with federal proxy rules and complete our initial business combination within the prescribed time frame.
U.S.
laws in the future may restrict or eliminate our ability to complete a business combination with certain companies.
Future
developments in U.S. laws may restrict our ability or willingness to complete certain business combinations with companies. For
instance, the federal government has recently proposed legislation that would restrict our ability to consummate a business combination
with a target business unless that business met certain standards of the PCAOB and would require delisting of a company from national
securities exchanges if it failed to retain an accounting firm that the PCAOB has inspected to the satisfaction of the SEC. Such
proposed legislation would also would require public companies to disclose whether they are owned or controlled by a foreign government,
specifically, those based in the People's Republic of China, or the PRC. We may not be able to consummate a business combination
with a favored target business due to these laws. Furthermore, the documentation we may be required to submit to the SEC proving
certain beneficial ownership requirements and establishing that we are not owned or controlled by a foreign government in the
event that we use a foreign public accounting firm not subject to inspection by the PCAOB or where the PCAOB is unable to completely
inspect or investigate our accounting practices or financial statements because of a position taken by an authority in the foreign
jurisdiction could be onerous and time consuming to prepare.
Enhanced
scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may
pursue in the future.
The
PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of certain taxable assets, including, in
particular, equity interests in a PRC resident enterprise, by a non-resident enterprise by promulgating and implementing SAT Circular
59 and Circular 698, which became effective in January 2008, and Circular 7 in replacement of some of the existing rules in
Circular 698, which became effective in February 2015.
Under
Circular 698, where a non-resident enterprise conducts an "indirect transfer" by transferring the equity interests
of a PRC "resident enterprise" indirectly by disposing of the equity interests of an overseas holding company, the
non-resident enterprise, being the transferor, may be subject to PRC corporate income tax, if the indirect transfer is considered
to be an abusive use of company structure without reasonable commercial purposes. As a result, gains derived from such indirect
transfer may be subject to PRC tax at a rate of up to 10%. Circular 698 also provides that, where a non-PRC resident enterprise
transfers its equity interests in a PRC resident enterprise to its related parties at a price lower than the fair market value,
the relevant tax authority has the power to make a reasonable adjustment to the taxable income of the transaction.
42
In
February 2015, the SAT issued Circular 7 to replace the rules relating to indirect transfers in Circular 698. Circular
7 has introduced a new tax regime that is significantly different from that under Circular 698. Circular 7 extends its tax jurisdiction
to not only indirect transfers set forth under Circular 698 but also transactions involving transfer of other taxable assets,
through the offshore transfer of a foreign intermediate holding company. In addition, Circular 7 provides clearer criteria than
Circular 698 on how to assess reasonable commercial purposes and has introduced safe harbors for internal group restructurings
and the purchase and sale of equity through a public securities market. Circular 7 also brings challenges to both the foreign
transferor and transferee (or other person who is obligated to pay for the transfer) of the taxable assets. Where a non-resident
enterprise conducts an "indirect transfer" by transferring the taxable assets indirectly by disposing of the equity
interests of an overseas holding company, the non-resident enterprise being the transferor, or the transferee, or the PRC entity
which directly owned the taxable assets may report to the relevant tax authority such indirect transfer. Using a "substance
over form" principle, the PRC tax authority may disregard the existence of the overseas holding company if it lacks a reasonable
commercial purpose and was established for the purpose of reducing, avoiding or deferring PRC tax. As a result, gains derived
from such indirect transfer may be subject to PRC corporate income tax, and the transferee or other person who is obligated to
pay for the transfer is obligated to withhold the applicable taxes, currently at a rate of 10% for the transfer of equity interests
in a PRC resident enterprise.
We
face uncertainties on the reporting and consequences on future private equity financing transactions, share exchange or other
transactions involving the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities
may pursue such non-resident enterprises with respect to a filing or the transferees with respect to withholding obligation, and
request our PRC subsidiaries to assist in the filing. As a result, we and non-resident enterprises in such transactions may become
at risk of being subject to filing obligations or being taxed, under Circular 59 or Circular 698 and Circular 7, and may be required
to expend valuable resources to comply with Circular 59, Circular 698 and Circular 7 or to establish that we and our non-resident
enterprises should not be taxed under these circulars, which may have a material adverse effect on our financial condition and
results of operations.
The
PRC tax authorities have the discretion under SAT Circular 59, Circular 698 and Circular 7 to make adjustments to the taxable
capital gains based on the difference between the fair value of the taxable assets transferred and the cost of investment. If
we are considered a non-resident enterprise under the PRC corporate income tax law and if the PRC tax authorities make adjustments
to the taxable income of the transactions under SAT Circular 59 or Circular 698 and Circular 7, our income tax costs associated
with potential acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations.
We
are an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if we take advantage
of certain exemptions from disclosure requirements available to emerging growth companies or smaller reporting companies, this
could make our securities less attractive to investors and may make it more difficult to compare our performance with other public
companies.
We
are an "emerging growth company" within the meaning of the Securities Act, as modified by the JOBS Act, and we may
take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are
not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation
and shareholder approval of any golden parachute payments not previously approved. As a result, our shareholders may not have
access to certain information they may deem important. We could be an emerging growth company for up to five years, although circumstances
could cause us to lose that status earlier, including if the market value of our ordinary shares held by non-affiliates exceeds
$700 million as of the end of any second quarter of a fiscal year, in which case we would no longer be an emerging growth company
as of the end of such fiscal year. 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 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.
43
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 ordinary shares held by non-affiliates exceeds $250 million as of the end of that year's second fiscal quarter,
or (2) our annual revenues exceeded $100 million during such completed fiscal year and the market value of our ordinary shares
held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter. To the extent we take advantage
of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies difficult
or impossible.
Compliance
obligations under the Sarbanes-Oxley Act may make it more difficult for us to effectuate our initial business combination, require
substantial financial and management resources, and increase the time and costs of completing an acquisition.
Section 404
of the Sarbanes-Oxley Act requires that we evaluate and report on our system of internal controls beginning with our Annual Report
on Form 10-K for the year ending December 31, 2021. Only in the event we are deemed to be a large accelerated filer
or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to comply with the independent
registered public accounting firm attestation requirement on our internal control over financial reporting. The fact that we are
a blank check company makes compliance with the requirements of the Sarbanes-Oxley Act particularly burdensome on us as compared
to other public companies because a target business with which we seek to complete our initial business combination may not be
in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls. The development of the
internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary
to complete any such acquisition.
Because
we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability
to protect your rights through the U.S. Federal courts may be limited.
We
are an exempted company incorporated under the laws of the Cayman Islands. As a result, it may be difficult for investors to effect
service of process within the United States upon our directors or officers, or enforce judgments obtained in the United States
courts against our directors or officers.
Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Law and the
common law of the Cayman Islands. The rights of shareholders to take action against the directors, actions by minority shareholders
and the fiduciary responsibilities of our directors to us under Cayman Islands law are to a large extent governed by the common
law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent
in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority, but are not
binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under
Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions in the United
States. In particular, the Cayman Islands has a different body of securities laws as compared to the United States, and certain
states, such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman
Islands companies may not have standing to initiate a shareholders derivative action in a Federal court of the United States.
We
have been advised by Maples and Calder, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (1) to
recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the
federal securities laws of the United States or any state; and (2) in original actions brought in the Cayman Islands, to
impose liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States
or any state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands
will recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits
based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the
sum for which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman
Islands, such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or
penalty, inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained
in a manner, or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands
(awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement
proceedings if concurrent proceedings are being brought elsewhere.
44
As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions
taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a
United States company.
Provisions
in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors
might be willing to pay in the future for our Class A ordinary shares and could entrench management.
Our
amended and restated memorandum and articles of association will contain provisions that may discourage unsolicited takeover proposals
that shareholders may consider to be in their best interests. These provisions include two-year director terms and the ability
of the board of directors to designate the terms of and issue new series of preference shares, which may make more difficult the
removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing market
prices for our securities.
After
our initial business combination, it is possible that a majority of our directors and officers will live outside the United States
and all or substantially all of our assets will be located outside the United States; therefore investors may not be able to enforce
federal securities laws or their other legal rights.
It
is possible that after our initial business combination, a majority of our directors and officers will reside outside of the United
States and all or substantially all of our assets will be located outside of the United States. As a result, it may be difficult,
or in some cases not possible, for investors in the United States to enforce their legal rights, to effect service of process
upon all of our directors or officers or to enforce judgments of United States courts predicated upon civil liabilities and criminal
penalties on our directors and officers under United States laws.
If
we effect a business combination with a company located in Asia or outside of the United States, we would be subject to a variety
of additional risks that may negatively impact our operations.
If
we effect a business combination with a company located in Asia or outside of the United States, the laws of the country in which
such company operates will likely govern almost all of the material agreements relating to its operations. We cannot assure you
that the target business will be able to enforce any of its material agreements or that remedies will be available in this new
jurisdiction. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain in implementation
and interpretation as in the United States. The inability to enforce or obtain a remedy under any of our future agreements could
result in a significant loss of business, business opportunities or capital.
If
our management following our initial business combination is unfamiliar with U.S. securities laws, they may have to expend time
and resources becoming familiar with such laws, which could lead to various regulatory issues.
Following
our initial business combination, any or all of our management could resign from their positions as officers of the Company, and
the management of the target business at the time of the business combination could remain in place. Management of the target
business may not be familiar with U.S. securities laws. If new management is unfamiliar with U.S. securities laws, they may have
to expend time and resources becoming familiar with such laws. This could be expensive and time-consuming and could lead to various
regulatory issues which may adversely affect our operations.
After
our initial business combination, substantially all of our assets may be located in a foreign country and substantially all of
our revenue may be derived from our operations in such country. Accordingly, our results of operations and prospects will be subject,
to a significant extent, to the economic, political, social and government policies, developments and conditions in the country
in which we operate.
The
economic, political and social conditions, as well as government policies, of the country in which our operations are located
could affect our business. Economic growth could be uneven, both geographically and among various sectors of the economy and such
growth may not be sustained in the future. If in the future such country's economy experiences a downturn or grows at a
slower rate than expected, there may be less demand for spending in certain industries. A decrease in demand for spending in certain
industries could materially and adversely affect our ability to find an attractive target business with which to consummate our
initial business combination and if we effect our initial business combination, the ability of that target business to become
profitable.
45
We
will be subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that
have increased both our costs and the risk of non-compliance.
We
will be subject to rules and regulations of various governing bodies, including, for example, the SEC, which are charged
with the protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving
regulatory measures under applicable law. Our efforts to comply with new and changing laws and regulations are likely to continue
to result in increased general and administrative expenses and a diversion of management time and attention from our search for
a business combination target to compliance activities.
Moreover,
because these laws, regulations and standards are subject to varying interpretations, their application in practice may evolve
over time as new guidance becomes available. This evolution may result in continuing uncertainty regarding compliance matters
and additional costs necessitated by ongoing revisions to our disclosure and governance practices. If we fail to address and comply
with these regulations and any subsequent changes, we may be subject to penalty and our business may be harmed.
Risks
Associated with Acquiring and Operating a Business Outside the United States
If
we effect a business combination with a company located in Asia or outside the United States, we would be subject to a variety
of additional risks that may negatively impact our operations.
If
we are successful in consummating a business combination with a target business in Asia, or if we effect a business combination
with a company located in another foreign country, we would be subject to any special considerations or risks associated with
companies operating in the target business' home jurisdiction, including any of the following:
•	     rules and
regulations or currency conversion or corporate withholding taxes on individuals;
•	     tariffs
and trade barriers;
•	     regulations
related to customs and import/export matters;
•	     longer
payment cycles;
•	     tax
issues, such as tax law changes and variations in tax laws as compared to the United States;
•	     currency
fluctuations and exchange controls;
•	     challenges
in collecting accounts receivable;
•	     cultural
and language differences;
•	     employment
regulations;
•	     crime,
strikes, riots, civil disturbances, terrorist attacks and wars; and
•	     deterioration
of political relations with the United States, which could result in uncertainty and/or changes in or to existing trade treaties.
In
particular, if we acquire a target business in Asia, we would be subject to the risk of changes in economic conditions, social
conditions and political conditions inherent in Asia, including changes in laws and policies that govern foreign investment, as
well as changes in United States laws and regulations relating to foreign trade and investment.
We
cannot assure you that we would be able to adequately address these additional risks. If we were unable to do so, our operations
might suffer.
46
Because
of the costs and difficulties inherent in managing cross-border business operations, our results of operations may be negatively
impacted.
Managing
a business, operations, personnel or assets in another country is challenging and costly. Any management that we may have (whether
based abroad or in the U.S.) may be inexperienced in cross-border business practices and unaware of significant differences in
accounting rules, legal regimes and labor practices. Even with a seasoned and experienced management team, the costs and difficulties
inherent in managing cross-border business operations, personnel and assets can be significant (and much higher than in a purely
domestic business) and may negatively impact our financial and operational performance.
We
may re-incorporate in another jurisdiction in connection with our initial business combination, and the laws of such jurisdiction
will likely govern all of our material agreements and we may not be able to enforce our legal rights.
In
connection with our initial business combination, we may relocate the home jurisdiction of our business from the Cayman Islands
to a country located in Asia or another jurisdiction. If we determine to do this, the laws of such jurisdiction would likely govern
all of our material agreements. The system of laws and the enforcement of existing laws in such jurisdiction may not be as certain
in implementation and interpretation as in the United States or the Cayman Islands. The inability to enforce or obtain a remedy
under any of our future agreements could result in a significant loss of business, business opportunities or capital. Any such
reincorporation may subject us to foreign regulations that could materially and adversely affect our business.
There
may be tax consequences to our business combinations that may adversely affect us.
While
we expect to undertake any merger or acquisition so as to minimize taxes both to the acquired business and/or asset and us, such
business combination might not meet the statutory requirements of a tax-free reorganization, or the parties might not obtain the
intended tax-free treatment upon a transfer of shares or assets. A non-qualifying reorganization could result in the imposition
of substantial taxes.
47
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some
statements contained in this prospectus are forward-looking in nature. Our forward-looking statements include, but are not limited
to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the
future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe,"
 "continue," "could," "estimate," "expect," "intends," "may,"
 "might," "plan," "possible," "potential," "predict," "project,"
 "should," "would" and similar expressions may identify forward-looking statements, but the absence of
these words does not mean that a statement is not forward-looking. 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 a prospective target business or businesses;
•	     our
success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
combination;
•	     our
officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business
or in approving our initial business combination;
•	     our
potential ability to obtain additional financing to complete our initial business combination;
•	     our
pool of prospective target businesses;
•	     the
ability of our officers and directors to generate a number of potential business combination opportunities;
•	     our
public securities' potential liquidity and trading;
•	     the
lack of a market for our securities;
•	     the
use of proceeds not held in the trust account or available to us from interest income on the trust account balance;
•	     the
trust account not being subject to claims of third parties; or
•	     our
financial performance following this offering or following our initial business combination.
The
forward-looking statements contained in this prospectus are based on our current expectations and beliefs concerning future developments
and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have
anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control)
or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by
these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under
the heading "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our assumptions
prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake
no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
48
USE
OF PROCEEDS
We
are offering 4,000,000 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 units will be used as set forth in the following table.
Without
    Over-
Allotment Option
Over-Allotment
Option Exercised
Gross
    proceeds
Gross
    proceeds from units offered to public
$
40,000,000
$
46,000,000
Gross
    proceeds from private units offered in the private placement
2,500,000
2,680,000
Total
    gross proceeds
$
42,500,000
$
48,680,000
Estimated
    offering expenses
(1)
Underwriting
    commissions (3.0% of gross proceeds from units offered to public)
$
1,200,000
$
1,380,000
Legal
    fees and expenses
250,000
250,000
Accounting
    fees and expenses
35,000
35,000
Printing
    and engraving expenses
30,000
30,000
SEC
    expenses
6,568
6,568
FINRA
    expenses
7,400
7,400
Nasdaq
    listing and filing fees (including deferred amount)
75,000
75,000
Miscellaneous
    expenses
(2)
146,032
146,032
Total
    estimated offering expenses (other than underwriting commissions)
$
550,000
$
550,000
Proceeds
    after estimated offering expenses
$
40,750,000
$
46,750,000
Held
    in trust account
(3)(4)
$
40,000,000
$
46,000,000
%
    of public offering size
100
%
100
%
Not
    held in trust account
(1)
$
750,000
$
750,000
The
following table shows the use of the $750,000 of net proceeds not held in the trust account
(4)
.
Amount
%
    of Total
Legal,
    accounting, due diligence, travel and other expenses in connection with any business combination
$
300,000
40.0
%
Legal
    and accounting fees related to regulatory reporting obligations
150,000
20.0
%
Nasdaq
    continued listing fees
75,000
10.0
%
Administrative
    and support services
(5)
150,000
20.0
%
General
    working capital
75,000
10.0
%
Total
$
750,000
100.00
%
(1) A
portion of the offering expenses have been paid from the proceeds of loans from our sponsor of up to $150,000 as described in
this prospectus. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion
of the expenses of this offering. These loans will be repaid upon completion of this offering out of the $550,000 of offering
proceeds that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust
account. These expenses are estimates only. In the event that offering expenses are less than as set forth in this table, any
such amounts will be used for post-closing working capital expenses. In the event that the offering expenses are more than as
set forth in this table, we may fund such excess with funds not held in the trust account.
(2) Includes
organizational and administrative expenses as well as initial premiums for directors and officers insurance, and may include amounts
related to above-listed expenses in the event actual amounts exceed estimates.
(3) We
are obligated to pay to EarlyBirdCapital a fee in an amount equal to 4.0% of the gross proceeds of this offering for serving as
an advisor in connection with our business combination. Accordingly, upon completion of our initial business combination, $1,600,000
(or up to $1,840,000 if the underwriters' over-allotment option is exercised in full) will be paid to EarlyBirdCapital from
the funds held in the trust account.
(4) These
expenses are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein.
For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and
structuring a business combination based upon the level of complexity of such business combination. In the event we identify an
acquisition target in a specific industry subject to specific regulations, we may incur additional expenses associated with legal
due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as a result, we may engage
a number of consultants to assist with legal and financial due diligence. We do not anticipate any change in our intended use
of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to the extent they
exceed current estimates for any specific category of expenses, would not be available for our expenses.
(5) On
or prior to the date of this prospectus, we will enter into an administrative services agreement pursuant to which we will pay
our sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of our initial business
combination or our liquidation, we will cease paying these monthly fees.
49
Of
the net proceeds of this offering and the sale of the private units, $40,000,000 (or $46,000,000 if the underwriters' over-allotment
option is exercised in full) will, upon the consummation of this offering, be placed in a United States-based trust account with
Continental Stock Transfer & Trust Company acting as trustee. The funds in the trust account will be held as cash or
invested only in U.S. government treasury bills with a maturity of 180 days or less or in money market funds investing solely
in U.S. Treasuries and meeting certain conditions under Rule 2a-7 under the Investment Company Act. Based on current interest
rates, we estimate that the interest earned on the trust account will be approximately $80,000 per year, assuming an interest
rate of 0.2% per year. We will not be permitted to withdraw any of the principal or interest held in the trust account except
for the withdrawal of interest to pay taxes, if any, and up to $50,000 of interest to pay dissolution expenses and which interest
shall be net of taxes payable. The funds held in the trust account will not be released from the trust account until the earliest
to occur of: (1) the completion of our initial business combination; (2) the redemption of any public shares properly
submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association (A) that
would affect our public shareholders' ability to convert or sell their shares to us in connection with a business combination
as described herein or 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 15 months (or up to 21 months) from the closing of this offering or (B) with respect
to any other provision relating to shareholders' rights or pre-initial business combination activity; and (3) the redemption
of our public shares if we are unable to complete our initial business combination within 15 months (or up to 21 months) from
the closing of this offering, subject to applicable law. Based on current interest rates, we expect that interest earned on the
trust account will be sufficient to pay taxes.
The
net proceeds held in the trust account may be used as consideration to pay the sellers of a target business with which we ultimately
complete our initial business combination. If our initial business combination is paid for using equity or debt, or not all of
the funds released from the trust account are used for payment of the consideration in connection with our initial business combination
or the redemption of our public shares, we may apply the balance of the cash released to us from the trust account for general
corporate purposes, including for maintenance or expansion of operations of the post-transaction company, the payment of principal
or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies
or for working capital.
We
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
acquisition, only after we have negotiated and signed a letter of intent or other preliminary agreement that addresses the terms
of a business combination. However, if our estimate of the costs of undertaking in-depth due diligence and negotiating a business
combination is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability
and cost of which is currently unascertainable. If we are required to seek additional capital, we could seek such additional capital
through loans or additional investments from our sponsor, members of our management team or any of their affiliates, but such
persons are not under any obligation to loan funds to, or invest in, us.
We
may use substantially all of the net proceeds of this offering, including the funds held in the trust account, to acquire a target
business and to pay our expenses relating thereto, including a fee payable to EarlyBirdCapital equal to 4.0% of the gross proceeds
raised in this offering (exclusive of any applicable finders' fees which might become payable) upon consummation of our
initial business combination for assisting us in connection with our initial business combination, as described under the section
titled "Underwriting — Business Combination Marketing Agreement." To the extent that our share
capital is used in whole or in part as consideration to effect a business combination, the proceeds held in the trust account
which are not used to consummate a business combination will be disbursed to the combined company and will, along with any other
net proceeds not expended, be used as working capital to finance the operations of the target business. Such working capital funds
could be used in a variety of ways including continuing or expanding the target business' operations, for strategic acquisitions
and for marketing, research and development of existing or new products.
50
Prior
to the closing of this offering, our sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used
for a portion of the expenses of this offering. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our
sponsor to be used for a portion of the expenses of this offering. These loans are non-interest bearing, unsecured and are due
at the earlier of December 31, 2020 or the closing of this offering. These loans will be repaid upon completion of this offering
out of the $550,000 of offering proceeds that has been allocated for the payment of offering expenses (other than underwriting
commissions) not held in the trust account.
In
addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an
affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required.
Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds
released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible into units
at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private units issued to our sponsor.
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 seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our sponsor, directors, officers, advisors or any of their affiliates
may also purchase shares in privately negotiated transactions or in the open market either prior to or following the completion
of our initial business combination. Please see "Proposed Business—Permitted purchases of our securities" for
a description of how such persons will determine from which shareholders to seek to acquire shares. The price per share paid in
any such transaction may be different than the amount per share a public shareholder would receive if it elected to redeem its
shares in connection with our initial business combination. However, such persons 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 be restricted from making any such purchases when they are in possession of any material non-public information
not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. 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.
We
may not redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either immediately
prior to or upon completion of our initial business combination (so that we do not then become 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 shareholders 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 such redemption of our public
shares and the related business combination, and we instead may search for an alternate business combination.
A
public shareholder will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) the completion
of our initial business combination; (2) the redemption of any public shares properly submitted in connection with a shareholder
vote to amend our amended and restated memorandum and articles of association (A) that would affect our public shareholders'
ability to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months (or within 21 months) from the closing of this offering or (B) with respect to any other provision relating to
shareholders' rights or pre-initial business combination activity; and (3) the redemption of our public shares if we
are unable to complete our initial business combination within 15 months (or within 21 months) from the closing of this offering,
subject to applicable law. In no other circumstances will a shareholder have any right or interest of any kind to or in the trust
account.
Our
initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to their founder shares and any public shares held by them in connection with the completion of our initial
business combination. Our directors and officers have also entered into the letter agreement, imposing similar obligations on
them with respect to public shares acquired by them, if any. In addition, our initial shareholders have agreed to waive their
rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial
business combination within the prescribed time frame. However, if our sponsor or any of our officers, directors or affiliates
acquires public shares in or after this offering, they will be entitled to liquidating distributions from the trust account with
respect to such public shares if we fail to complete our initial business combination within the prescribed time frame.
51
DIVIDEND
POLICY
We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion
of our initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings,
if any, capital requirements and general financial condition subsequent to completion of our initial business combination. The
payment of any cash dividends subsequent to our initial business combination will be within the discretion of our board of directors
at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any share dividends
in the foreseeable future, except if we increase the size of this offering, in which case we will effect a capitalization or other
appropriate mechanism immediately prior to the consummation of this offering in such amount as to maintain the number of founder
shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (assuming they do not purchase
any units in this offering and excluding the private shares underlying the private units, the representative shares and any shares
underlying units issued upon conversion of working capital loans and any Class A ordinary shares or equity-linked securities
issued, or to be issued, to any seller in our initial business combination). 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.
52
DILUTION
The
difference between the public offering price per Class A ordinary share, assuming no value is attributed to the rights or
warrants included in the units we are offering pursuant to this prospectus or the private warrants, and the pro forma net tangible
book value per ordinary share after this offering constitutes the dilution to investors in this offering. Such calculation does
not reflect any dilution associated with the sale and exercise of warrants, including the private warrants, which would cause
the actual dilution to the public shareholders to be higher, particularly where a cashless exercise is utilized. Net tangible
book value per share is determined by dividing our net tangible book value, which is our total tangible assets less total liabilities
(including the value of Class A ordinary shares which may be redeemed for cash), by the number of issued and outstanding
ordinary shares.
At July 8, 2020, our net tangible book value was a deficiency
of $(40,000), or approximately $(0.03) per ordinary share. For purposes of the dilution calculation, in order to present the maximum
estimated dilution as a result of this offering, we have assumed (i) the issuance of 0.10 of a share for each right outstanding,
as such issuance will occur upon a business combination without the payment of additional consideration and (ii) the number of
shares included in the units offered hereby will be deemed to be 4,400,000 (consisting of 4,000,000 shares included in the units
we are offering by this prospectus and 400,000 shares for the outstanding rights), and the price per share in this offering will
be deemed to be $9.09. After giving effect to the sale of 4,000,000 Class A ordinary shares included in the units we are offering
by this prospectus, the sale of the private units and the deduction of underwriting commissions and estimated expenses of this
offering, our pro forma net tangible book value at July 8, 2020 would have been $5,000,007, or $2.27 per share, representing an
immediate increase in net tangible book value (as decreased by the value of 3,576,592 Class A ordinary shares that may be redeemed
for cash and assuming no exercise of the underwriters' over-allotment option) of $2.30 per share to our initial shareholders
as of the date of this prospectus and an immediate dilution of $6.82 per share or 75.0% to our public shareholders not exercising
their redemption rights. The dilution to new investors if the underwriters exercise the over-allotment option in full would be
an immediate dilution of $7.03 per share or 77.3%.
The
following table illustrates the dilution to the public shareholders on a per-share basis, assuming no value is attributed to the rights or warrants included in the units or the private
units:
Without
Over-allotment
With
Over-allotment
Public
    offering price
$
9.09
$
9.09
Net
    tangible book deficit before this offering
$
(0.03
)
$
(0.03
)
Increase
    attributable to public shareholders
2.30
2.09
Pro
    forma net tangible book value after this offering and the sale of the private units
$
2.27
$
2.06
Dilution
    to public shareholders
$
6.82
$
7.03
Percentage
    of dilution to new investors
75.0
%
77.3
%
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 $35,765,920 because holders of up to approximately 89.4% 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 shareholders meeting, including interest
(which interest shall be net of taxes payable), divided by the number of Class A ordinary shares sold in this offering).
The actual number of shares that may be redeemed could be higher than the above amount provided that we meet the requirement to
have net tangible assets of at least $5,000,001 immediately prior to or upon consummation of our initial business combination.
53
The
following table sets forth information with respect to our initial shareholders and the public shareholders:
Shares
    Purchased
Total
    Consideration
Average
Price
per
Share
Number
Percentage
Amount
Percentage
Initial
    Shareholders
(1)
1,000,000
17.32
%
$
25,000
0.06
%
$
0.025
Private
    Shares
(2)
275,000
4.76
%
2,500,000
5.88
%
9.09
Representative
    Shares
100,000
1.73
%
10
0.00
%
0.0001
Public
    Shareholders
(3)
4,400,000
76.19
%
40,000,000
94.06
%
9.09
5,775,000
100.00
%
$
42,525,010
100.00
%
(1)
Assumes
                                         no exercise of the over-allotment option and forfeiture by our sponsor of 150,000 founder
                                         shares.
(2)
Includes
                                         the issuance of an additional 25,000 shares underlying the rights contained in the private
                                         shares.
(3)
Includes
                                         the issuance of an additional 400,000 shares underlying the rights contained in the public
                                         shareholders.
The
pro forma net tangible book value per share after this offering is calculated as follows:
Without
Over-allotment
With
Over-allotment
Numerator:
Net
    tangible book deficit before this offering
$
(40,000
)
$
(40,000
)
Net
    proceeds from this offering and sale of the private units
40,750,000
46,750,000
Plus:
    Offering costs paid in advance, excluded from tangible book value
55,927
55,927
Less:
    Proceeds held in trust subject to redemption
(35,765,920
)
(41,765,920
)
$
5,000,007
$
5,000,007
Denominator:
Class B
    ordinary shares outstanding prior to this offering
1,150,000
1,150,000
Class B
    ordinary shares forfeited if over-allotment is not exercised
(150,000
)
—
Class A
    ordinary shares included in the private units
250,000
268,000
Class
    A ordinary shares underlying the rights included in the private units
25,000
26,800
Class A
    ordinary shares included in the units offered
4,000,000
4,600,000
Class
    A ordinary shares underlying the rights included in the units offered
400,000
460,000
Representative
    shares
100,000
100,000
Less:
    Ordinary shares subject to redemption/tender
(3,576,592
)
(4,176,592
)
2,198,408
2,428,208
54
CAPITALIZATION
The
following table sets forth our capitalization at July 8, 2020, and as adjusted to give effect to the sale of our 4,000,000
units in this offering for $40,000,000 (or $10.00 per unit) and the sale of 250,000 private units for $2,500,000 (or $10.00 per
unit) and the application of the estimated net proceeds derived from the sale of such securities:
July 8,
    2020
Actual
As
    Adjusted
(2)
Note
    payable to related party
(1)
$
15,000
$
—
Class A
    ordinary shares, subject to redemption; no shares actual and 3,576,592 shares as adjusted
(3)
—
35,765,920
Shareholders'
    equity:
Preference
    shares, $0.0001 par value, 1,000,000 shares authorized; none issued and outstanding, actual and as adjusted
—
—
Class A
    ordinary shares, $0.0001 par value, 200,000,000 shares authorized; no shares issued and outstanding, actual; 673,408 shares
    issued and outstanding (excluding 3,576,592 shares subject to possible redemption), as adjusted
—
67
Class B
    ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 1,150,000 and 1,000,000 shares issued and outstanding, actual
    and as adjusted, respectively
(4)
115
110
Additional
    paid-in capital
(5)
24,885
5,008,903
Accumulated
    deficit
(9,073
)
(9,073
)
Total
    shareholders' equity
$
15,927
$
5,000,007
Total
    capitalization
$
30,927
$
40,765,927
(1)            Our
sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used for a portion of the expenses of this
offering. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion
of the expenses of this offering.
(2)            Assumes
the full forfeiture of 150,000 shares that are subject to forfeiture by our sponsor depending on the extent to which the underwriters'
over-allotment option is exercised. The proceeds of the sale of such shares will not be deposited into the trust account, the
shares will not be eligible for redemption from the trust account nor will they be eligible to vote upon the initial business
combination.
(3)            Upon
the completion of our initial business combination, we will provide our public shareholders with the opportunity to redeem their
public shares for cash 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 (which interest shall be net of taxes payable),
subject to the limitations described herein whereby our net tangible assets will be maintained at a minimum of $5,000,001 upon
our initial business combination and any limitations (including, but not limited to, cash requirements) created by the terms of
the proposed business combination. The "as adjusted" amount of Class A ordinary shares, subject to redemption
equals the "as adjusted" total assets of $40,765,927, less the "as adjusted" total shareholders'
equity. The value of Class A ordinary shares that may be redeemed is equal to $10.00 per share (which is the assumed redemption
price) multiplied by 3,576,592 Class A ordinary shares, which is the estimated maximum number of Class A ordinary shares
that may be redeemed for a $10.00 purchase price per share and still maintain at least $5,000,001 of net tangible assets. The
actual number of Class A ordinary shares that may be redeemed may be above the foregoing figure provided we maintain at least
$5,000,001 of net tangible assets.
(4)            Actual
share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted share amount assumes full forfeiture
of 150,000 shares and no exercise of the underwriters' over-allotment option.
(5)            The
 "as adjusted" additional paid-in capital calculation is equal to the "as adjusted" total shareholders'
equity of $5,000,007, minus Class A and Class B ordinary shares (par value) of $177 minus the accumulated deficit of
$(9,073).
55
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Overview
We
are a blank check company incorporated as a Cayman Islands exempted company and incorporated for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any
substantive discussions, directly or indirectly, with any business combination target. We intend to effectuate our initial business
combination using cash from the proceeds of this offering and the sale of the private units, our shares, debt or a combination
of cash, shares and debt.
The
issuance of additional shares in a business combination:
•	     may
significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution provisions
of the Class B ordinary shares resulted in the issuance of Class A ordinary shares on a greater than one-to-one basis
upon conversion of the Class B ordinary shares;
•	     may
subordinate the rights of holders of Class A ordinary shares if preference shares are issued with rights senior to those
afforded our Class A ordinary shares;
•	     could
cause a change of control if a substantial number of our ordinary shares are issued, which may affect, among other things, our
ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers
and directors;
•	     may
have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person
seeking to obtain control of us; and
•	     may
adversely affect prevailing market prices for our Class A ordinary shares and/or warrants.
Similarly,
if we issue debt securities or otherwise incur significant indebtedness, it could result in:
•	     default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations;
•	     acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain
covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
•	     our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;
•	     our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt is outstanding;
•	     our
inability to pay dividends on our Class A ordinary shares;
•	     using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;
•	     limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
•	     increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and
•	     limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.
56
•	     default
and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay our debt
obligations;
•	     acceleration
of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain
covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
•	     our
immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;
•	     our
inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such financing
while the debt is outstanding;
•	     our
inability to pay dividends on our Class A ordinary shares;
•	     using
a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for dividends
on our Class A ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;
•	     limitations
on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;
•	     increased
vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
and
•	     limitations
on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.
As
indicated in the accompanying financial statements, at July 8, 2020, we had deferred offering costs of $55,927. Further,
we expect to continue to incur significant costs in the pursuit of our acquisition plans.
We
cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.
Results
of Operations and Known Trends or Future Events
We
have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational
activities and those necessary to prepare for this offering. Following this offering, we will not generate any operating revenues
until after completion of our initial business combination. We will generate non-operating income in the form of interest income
on cash and cash equivalents after this offering. There has been no significant change in our financial or trading position and
no material adverse change has occurred since the date of our audited financial statements. After this offering, we expect to
incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses. We expect our expenses to increase substantially after the closing of this offering.
Liquidity
and Capital Resources
Our
liquidity needs have been satisfied prior to the completion of this offering from the receipt of $25,000 from our sponsor
to cover certain of our offering costs in consideration for 1,150,000 Class B ordinary shares and from the availability of
up to $150,000 in loans from our sponsor under an unsecured promissory note. As of July 8, 2020, we had borrowed $15,000 under
the promissory note. Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and
acquisition plans. Management's plans to address this uncertainty through this offering are discussed above. 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.
We
estimate that the net proceeds from (1) the sale of the units in this offering, after deducting offering expenses of $550,000
and underwriting commissions of $1,200,000 ($1,380,000 if the underwriters' over-allotment option is exercised in full),
and (2) the sale of the private units for a purchase price of $2,500,000 (or $2,680,000 if the underwriters' over-allotment
option is exercised in full), will be $40,750,000 (or $46,750,000 if the underwriters' over-allotment option is exercised
in full). Of this amount, $40,000,000 or $46,000,000 if the underwriters' over-allotment option is exercised in full will
be deposited into the trust account. The funds in the trust account will be held as cash or invested only in U.S. government treasury
bills with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries. The remaining $750,000
will not be held in the trust account. In the event that our offering expenses exceed our estimate of $550,000 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 $550,000, the amount of funds we intend to be held outside the trust account would increase by a corresponding amount.
57
We
intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on
the trust account (which interest shall be net of taxes payable) to complete our initial business combination. We may withdraw
interest to pay taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned
on the amounts held in the trust account. We expect the interest earned on the amount in the trust account will be sufficient
to pay our taxes. We expect the only taxes payable by us out of the funds in the trust account will be income taxes. To the extent
that our ordinary shares 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 $750,000 of proceeds held outside the trust
account. We will use these funds primarily 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, structure, negotiate and complete
a business combination, and to pay taxes to the extent the interest earned on the trust account is not sufficient to pay our taxes.
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. Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust
account or from funds released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be
convertible into units at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private
units issued to our sponsor. 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 $300,000 for legal, accounting, due diligence, travel
and other expenses in connection with any business combinations; $150,000 for legal and accounting fees related to regulatory
reporting requirements; $75,000 for Nasdaq continued listing fees; $150,000 as administrative fees that shall be provided for
in the administrative services agreement that we will enter into with our sponsor; and $75,000 for general working capital that
will be used for miscellaneous expenses, including overhead, and reserves.
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.
Controls
and Procedures
We
are not currently required to maintain an effective system of internal controls as defined by Section 404 of the Sarbanes-Oxley
Act. We will be required to comply with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending
December 31, 2021. Only in the event that we are deemed to be a large accelerated filer or an accelerated filer, and no longer
qualify as an emerging growth company, would we be required to comply with the independent registered public accounting firm attestation
requirement. Further, for as long as we remain an emerging growth company as defined in the JOBS Act, we intend to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging
growth companies including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirement.
58
Prior
to the closing of this offering, we have not completed an assessment, nor have our auditors tested our systems, of internal controls.
We expect to assess the internal controls of our target business or businesses prior to the completion of our initial business
combination and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that
we maintain an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider for our initial business
combination may have internal controls that need improvement in areas such as:
•	     staffing
for financial, accounting and external reporting areas, including segregation of duties;
•	     reconciliation
of accounts;
•	     proper
recording of expenses and liabilities in the period to which they relate;
•	     evidence
of internal review and approval of accounting transactions;
•	     documentation
of processes, assumptions and conclusions underlying significant estimates; and
•	     documentation
of accounting policies and procedures.
Because
it will take time, management involvement and perhaps outside resources to determine what internal control improvements are necessary
for us to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant
expenses in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal
and disclosure controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud
or erroneous financing reporting.
Once
our management's report on internal controls is complete, we will retain our independent auditors to audit and render an
opinion on such report when required by Section 404 of the Sarbanes-Oxley Act. The independent auditors may identify additional
issues concerning a target business's internal controls while performing their audit of internal control over financial
reporting.
Quantitative
and Qualitative Disclosures about Market Risk
The
net proceeds of this offering and the sale of the private units held in the trust account will be invested in U.S. government
treasury bills with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain
conditions under Rule 2a-7 under the Investment Company Act. 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
July 2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
Our initial shareholders will collectively own 20% of our issued and outstanding shares after this offering (excluding the private
shares underlying the private units, the representative shares and any shares underlying units issued upon conversion of working
capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial
business combination, and assuming our initial shareholders do not purchase any units in this offering). If we increase or decrease
the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate mechanism, as
applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount as to maintain
the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this offering (excluding
the private shares underlying the private units , the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination).
On
or prior to the date of this prospectus, we will enter into an administrative services agreement pursuant to which we will pay
our sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of our initial business
combination or our liquidation, we will cease paying any of 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 any of their affiliates and will determine which expenses and the amount of expenses that will be reimbursed.
There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities
on our behalf.
59
Our
sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used for a portion of the expenses of this
offering. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion of the
expenses of this offering. These loans are non-interest bearing, unsecured and are due at the earlier of December 31, 2020
or the closing of this offering. These loans will be repaid upon completion of this offering out of the $550,000 of offering proceeds
that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust account.
In
addition, in order to finance transaction costs in connection with an intended initial business combination, our sponsor or an
affiliate of our sponsor or certain of our officers and directors may, but are not obligated to, loan us funds as may be required.
Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds
released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible into units
at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private units issued to our sponsor.
We do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties
will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.
Our
sponsor has committed to purchase an aggregate of 250,000 (or 268,000 if the underwriters' over-allotment option is exercised
in full) private units at a price of $10.00 per unit ($2,500,000 in the aggregate or $2,680,000 in the aggregate if the underwriters'
over-allotment option is exercised in full) in a private placement that will occur simultaneously with the closing of this offering.
Our sponsor will be permitted to transfer the private units held by it to certain permitted transferees, including our officers
and directors and other persons or entities affiliated with or related to them, but the transferees receiving such securities
will be subject to the same agreements with respect to such securities as our sponsor. Otherwise, these warrants will not, subject
to certain limited exceptions, be transferable or salable until 30 days after the completion of our initial business combination.
The private warrants underlying the private units will be non-redeemable so long as they are held by our sponsor or its permitted
transferees. The private warrants may also be exercised by our sponsor or its permitted transferees for cash or on a cashless
basis and our sponsor and its permitted transferees will also have certain registration rights related to the private units, as
described below. Otherwise, the private units have terms and provisions that are identical to those of the units being sold in
this offering.
Pursuant
to a registration rights agreement that we will enter into with our initial shareholders on or prior to the closing of this offering,
we may be required to register certain securities for sale under the Securities Act. These holders, and holders of the representative
shares and the units issued upon conversion of working capital loans, if any, are entitled under the registration rights agreement
to make up to three demands that we register certain of our securities held by them for sale under the Securities Act and to have
the securities covered thereby registered for resale pursuant to Rule 415 under the Securities Act. In addition, these holders
have the right to include their securities in other registration statements filed by us. However, the registration rights agreement
provides that we will not permit any registration statement filed under the Securities Act to become effective until the securities
covered thereby are released from their lock-up restrictions, as described herein. We will bear the costs and expenses of filing
any such registration statements. See "Principal Shareholders—Registration Rights."
Off-Balance
Sheet Arrangements; Commitments and Contractual Obligations
As
of July 8, 2020, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K
and did not have any commitments or contractual obligations.
JOBS
Act
On
April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We will qualify as an "emerging growth company" and under
the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not
publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we
may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required
for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new
or revised accounting pronouncements as of public company effective dates.
Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.
Subject to certain conditions set forth in the JOBS Act, if, as an "emerging growth company," we choose to rely on
such exemptions we may not be required to, among other things: (1) provide an auditor's attestation report on our system
of internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act; (2) 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; (3) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm
rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements
(auditor discussion and analysis); and (4) disclose certain executive compensation-related items such as the correlation
between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation.
These exemptions will apply for a period of five years following the completion of our initial public offering or until we are
no longer an "emerging growth company," whichever is earlier.
60
PROPOSED
BUSINESS
General
We
are a newly formed blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger,
amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses, which we refer to throughout this prospectus as our initial business combination. To date, our efforts have been limited
to organizational activities and activities related to this offering. We have not selected any business combination target and
we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any target business
regarding entering into a business combination with us.
While
we may pursue a business combination target in any business, industry or geographical location, we intend to focus our search
on businesses in the technology industry that have their primary operations located in Asia. We believe that we will add value
to these businesses primarily by providing them with access to the U.S. capital markets.
We
will seek to capitalize on the strength of our management team. Our team consists of experienced professionals and operating executives.
Collectively, our officers and directors have significant experience in mergers and acquisitions, and operating companies, in
the Asian markets. We believe we will benefit from their accomplishments, and specifically their current and recent activities
in the Asian markets, in identifying attractive acquisition opportunities. However, there is no assurance that we will complete
a business combination. Our officers and directors have no prior experience consummating a business combination for a "blank
check" company.
Investment
Criteria
Our
management team intends to focus on creating shareholder value by leveraging its experience in the management, operation and financing
of businesses to improve the efficiency of operations while implementing strategies to scale revenue organically and/or through
acquisitions. We have identified the following general criteria and guidelines, which we believe are important in evaluating prospective
target businesses. While we intend to use these criteria and guidelines in evaluating prospective businesses, we may deviate from
these criteria and guidelines should we see justification to do so.
•
Middle-Market Growth Business.
We will primarily seek to acquire one or more growth businesses
with a total enterprise value of between $100 million and $200 million. We believe that there are a substantial number of potential
target businesses within this valuation range that can benefit from new capital for scalable operations to yield significant revenue
and earnings growth. We currently do not intend to acquire either a start-up company (a company that has not yet established commercial
operations) or a company with negative cash flow.
​•
Companies in Business Segments that Are Strategically Significant to the Asian Markets.
We will
seek to acquire businesses in sectors that are currently strategically significant to the Asian markets. Such sectors include
innovative and cross-border e-commerce and online agricultural trading.
•
Business with Revenue and Earnings Growth Potential.
We will seek to acquire one or more businesses
that have the potential for significant revenue and earnings growth through a combination of both existing and new product development,
increased production capacity, expense reduction and synergistic follow-on acquisitions resulting in increased operating leverage.
•
Companies with Potential for Strong Free Cash Flow Generation.
We will seek to acquire one or more
businesses that have the potential to generate strong, stable and increasing free cash flow. We intend to focus on one or more
businesses that have predictable revenue streams and definable low working capital and capital expenditure requirements. We may
also seek to prudently leverage this cash flow in order to enhance shareholder value.
•
Benefit from Being a Public Company.
We intend to acquire a business or businesses that will benefit
from being publicly traded and which can effectively utilize access to broader sources of capital and a public profile that are
associated with being a publicly traded company.
These
criteria are not intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination
may be based, to the extent relevant, on these general criteria and guidelines as well as other considerations, factors and criteria
that our management team may deem relevant. We believe our management team's extensive contacts, broad industry knowledge
and highly regarded experience will yield a robust deal flow from which we may select a target. We will seek to acquire the target
on terms and in a manner that leverages our management team's experience. The potential upside from growth in the target
business and an improved capital structure will be weighed against any identified downside risks designed to balance value creation
with capital preservation. In the event that we decide to enter into an initial business combination with a target business that
does not meet the above criteria and guidelines, we will disclose that the target business does not meet the above criteria and
guidelines in our shareholder communications related to our initial business combination, which, as discussed in this prospectus,
would be in the form of proxy solicitation or tender offer materials, as applicable, that we would file with the United States
Securities and Exchange Commission, or the SEC. In evaluating a prospective target business, we expect to conduct a due diligence
review which may encompass, among other things, meetings with incumbent ownership, management and employees, document reviews,
interviews of customers and suppliers, inspections of facilities, as well as reviewing financial and other information which will
be made available to us.
61
Competitive
Strengths
Management
Team
We
believe that our management team's extensive relationships throughout Asia will enable us to identify business combination
opportunities with significant potential upside. We expect that our management team's combined experience in a wide variety
of industries, when paired with our management team's ability to perform under varying economic environments in emerging
markets, will be a differentiating factor that is highly attractive to potential target companies.
Status
as a Public Company
We
believe that our structure will make us an attractive business combination partner to target businesses. As an existing public
company, we offer a target business an alternative to a traditional initial public offering through a merger or other business
combination. In this situation, the owners of the target business would exchange their stock, shares or other equity interests
in the target business for our ordinary shares or for a combination of our ordinary shares and cash, allowing us to tailor the
consideration used in the transaction to the specific needs of the sellers. We believe that target businesses might find this
avenue a more certain and cost-effective method to becoming a public company than a typical initial public offering. In a typical
initial public offering, there are additional expenses incurred in marketing, roadshow and public reporting efforts that will
likely not be present to the same extent in connection with a business combination with us. Furthermore, once the business combination
is consummated, the target business will have effectively become a public company, whereas an initial public offering is always
subject to the underwriters' ability to complete the offering, as well as general market conditions that could prevent the
offering from occurring. Once public, we believe the target business would then have greater access to capital and an additional
means of providing management incentives consistent with shareholders' interests than it would have as a privately-held
company. Public company status can offer further benefits by enhancing a company's profile among potential new customers
and vendors and attracting talented employees. While we believe that our status as a public company will make us an attractive
business partner, some potential target businesses may view the inherent limitations in our status as a blank check company as
a deterrent and may prefer to effect a business combination with a more established entity or with a private company. These limitations
include constraints on our available financial resources, which may be inferior to those of other entities pursuing the acquisition
of similar target businesses; the requirement that we seek shareholder approval of a business combination or conduct a tender
offer in relation thereto, which may delay the consummation of a transaction; and the existence of our outstanding warrants, which
may represent a source of future dilution.
Financial
Position
With
funds in the trust account of $40 million (or $46 million if the over-allotment option is exercised in full) available to use
for a business combination (assuming no shareholder seeks redemption of their shares or seeks to sell their shares to us in any
tender offer in relation to such business combination), we offer a target business a variety of options such as providing the
owners of a target business with shares in a public company and a public means to sell such shares, providing capital for the
potential growth and expansion of its operations and strengthening its balance sheet by reducing its debt ratio. Because we are
able to consummate our initial business combination using our cash, debt or equity securities, or a combination of the foregoing,
we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the
target business to fit its needs and desires. However, since we have no specific business combination under consideration, we
have not taken any steps to secure third party financing, and there can be no assurance that it will be available to us. Furthermore,
redemptions in connection with our initial business combination could reduce the amount of funds available to be used in connection
with such business combination.
62
Effecting
a Business Combination
General
We
are not presently engaged in, and we will not engage in, any substantive commercial business for an indefinite period of time
following this offering. We intend to utilize cash derived from the proceeds of this offering and the private placement of private
units, our equity, debt or a combination of these in effecting a business combination which has not yet been identified. Accordingly,
investors in this offering are investing without first having an opportunity to evaluate the specific merits or risks of any one
or more business combinations. A business combination may involve the acquisition of, or merger with, a company which does not
need substantial additional capital but which desires to establish a public trading market for its shares, while avoiding what
it may deem to be adverse consequences of undertaking a public offering itself. These include time delays, significant expense,
loss of voting control and compliance with various federal and state securities laws. In the alternative, we may seek to consummate
a business combination with a company that may be financially unstable or in its early stages of development or growth. While
we may seek to effect simultaneous business combinations with more than one target business, we will probably have the ability,
as a result of our limited resources, to effect only a single business combination.
We
will have up to 15 months from the closing of this offering to consummate an initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 15 months, we may, by resolution of our board if
requested by our sponsor, extend the period of time to consummate a business combination up to two times, each by an additional
three months (for a total of up to 21 months to complete a business combination), subject to the sponsor depositing additional
funds into the trust account as set out below. Pursuant to the terms of our memorandum and articles of association and the trust
agreement to be entered into between us and Continental Stock Transfer & Trust Company on the date of this prospectus, in
order for the time available for us to consummate our initial business combination to be extended, our sponsor or its affiliates
or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $400,000, or
$460,000 if the underwriters' over-allotment option is exercised in full ($0.10 per unit in either case, up to an aggregate
of $800,000 or $920,000 if the underwriters' over-allotment option is exercised in full) on or prior to the date of the
applicable deadline, for each three month extension. In the event that we receive notice from our sponsor five days prior to the
applicable deadline of its wish for us to effect an extension, we intend to issue a press release announcing such intention at
least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable
deadline announcing whether or not the funds had been timely deposited. Our sponsor and its affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. If we are unable to consummate
an initial business combination within such time period, we will redeem 100% of our issued and outstanding public shares for a
pro rata portion of the funds held in the trust account, equal to the aggregate amount then on deposit in the trust account including
interest earned on the funds held in the trust account and not previously released to us to pay our taxes (less up to $50,000
of interest to pay dissolution expenses), divided by the number of then outstanding public shares, subject to applicable law and
as further described herein, and then seek to dissolve and liquidate. We expect the pro rata redemption price to be approximately
$10.00 per Class A ordinary share (regardless of whether or not the underwriters exercise their over-allotment option), without
taking into account any interest earned on such funds. However, we cannot assure you that we will in fact be able to distribute
such amounts as a result of claims of creditors which may take priority over the claims of our public shareholders.
We
Have Not Identified a Target Business
To
date, we have not selected any target business on which to concentrate our search for a business combination. None of our sponsor,
officers, directors, promoters and other affiliates has engaged in any substantive discussions on our behalf with representatives
of other companies regarding the possibility of a potential merger, share exchange, asset acquisition or other similar business
combination with us. Additionally, we have not engaged or retained any agent or other representative to identify or locate such
companies. As a result, we cannot assure you that we will be able to locate a target business or that we will be able to engage
in a business combination with a target business on favorable terms or at all.
Subject
to our management team's pre-existing fiduciary obligations and the fair market value requirement described below, we will
have virtually unrestricted flexibility in identifying and selecting a prospective acquisition candidate. We have not established
any specific attributes or criteria (financial or otherwise) for prospective target businesses other than as described above.
Accordingly, there is no basis for investors in this offering to evaluate the possible merits or risks of the target business
with which we may ultimately complete a business combination. Although our management will endeavor to evaluate the risks inherent
in a particular target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.
Sources
of Target Businesses
While
we have not yet selected a target business with which to consummate our initial business combination, we believe based on our
management's business knowledge and past experience that there are numerous potential candidates. We expect that our principal
means of identifying potential target businesses will be through the extensive contacts and relationships of our sponsor, initial
shareholders, officers and directors. While our officers and directors are not required to commit any specific amount of time
in identifying or performing due diligence on potential target businesses, our officers and directors believe that the relationships
they have developed over their careers and their access to our sponsor's contacts and resources will generate a number of
potential business combination opportunities that will warrant further investigation. We also anticipate that target business
candidates will be brought to our attention from various unaffiliated sources, including investment bankers, venture capital funds,
private equity funds, leveraged buyout funds, management buyout funds and other members of the financial community. Target businesses
may be brought to our attention by such unaffiliated sources as a result of being solicited by us through calls or mailings. These
sources may also introduce us to target businesses they think we may be interested in on an unsolicited basis, since many of these
sources will have read this prospectus and know what types of businesses we are targeting.
Our
officers and directors must present to us all target business opportunities that have a fair market value of at least 80% of the
assets held in the trust account (excluding taxes payable on the income accrued in the trust account) at the time of the agreement
to enter into the initial business combination, subject to any pre-existing fiduciary or contractual obligations. While we do
not presently anticipate engaging the services of professional firms or other individuals that specialize in business acquisitions
on any formal basis (other than EarlyBirdCapital, Inc. as described elsewhere in this prospectus), we may engage these firms
or other individuals in the future, in which event we may pay a finder's fee, consulting fee or other compensation to be
determined in an arm's length negotiation based on the terms of the transaction. In no event, however, will our sponsor,
initial shareholders, officers, directors or their respective affiliates be paid any finder's fee, consulting fee or other
compensation prior to, or for any services they render in order to effectuate, the consummation of an initial business combination
(regardless of the type of transaction that it is) other than the $10,000 administrative services fee, the payment of consulting,
success or finder fees to our sponsor, officers, directors, initial shareholders or their affiliates in connection with the consummation
of our initial business combination, the repayment of the $150,000 loan and reimbursement of any out-of-pocket expenses. Our audit
committee will review and approve all reimbursements and payments made to our sponsor, officers, directors or our or their respective
affiliates, with any interested director abstaining from such review and approval. We have no present intention to enter into
a business combination with a target business that is affiliated with any of our officers, directors or sponsor. However, we are
not restricted from entering into any such transactions and may do so if (i) such transaction is approved by a majority of
our disinterested independent directors and (ii) we obtain an opinion from an independent investment banking firm, or another
independent entity that commonly renders valuation opinions, that the business combination is fair to our unaffiliated shareholders
from a financial point of view.
63
Selection
of a Target Business and Structuring of a Business Combination
Subject
to our management team's pre-existing fiduciary obligations and the limitations that a target business have a fair market
value of at least 80% of the balance in the trust account (excluding taxes payable on the income earned on the trust account)
at the time of the execution of a definitive agreement for our initial business combination, as described below in more detail,
and that we must acquire a controlling interest in the target business, our management will have virtually unrestricted flexibility
in identifying and selecting a prospective target business. We have not established any specific attributes or criteria (financial
or otherwise) for prospective target businesses. In evaluating a prospective target business, our management may consider a variety
of factors, including one or more of the following:
•
financial
                                         condition and results of operation;
•
growth
                                         potential;
•
brand
                                         recognition and potential;
•
experience
                                         and skill of management and availability of additional personnel;
•
capital
                                         requirements;
•
competitive
                                         position;
•
barriers
                                         to entry;
•
stage
                                         of development of the products, processes or services;
•
existing
                                         distribution and potential for expansion;
•
degree
                                         of current or potential market acceptance of the products, processes or services;
•
proprietary
                                         aspects of products and the extent of intellectual property or other protection for products
                                         or formulas;
•
impact
                                         of regulation on the business;
•
regulatory
                                         environment of the industry;
•
the
                                         target business's compliance with U.S. federal law;
•
costs
                                         associated with effecting the business combination;
•
industry
                                         leadership, sustainability of market share and attractiveness of market industries in
                                         which a target business participates; and
•
macro
                                         competitive dynamics in the industry within which the company competes.
These
criteria are not intended to be exhaustive. Any evaluation relating to the merits of a particular business combination will be
based, to the extent relevant, on the above factors as well as other considerations deemed relevant by our management in effecting
a business combination consistent with our business objective. In evaluating a prospective target business, we will conduct an
extensive due diligence review which will encompass, among other things, meetings with incumbent management and inspection of
facilities, as well as review of financial and other information which is made available to us. This due diligence review will
be conducted either by our management or by unaffiliated third parties we may engage, although we have no current intention to
engage any such third parties.
64
The
time and costs required to select and evaluate a target business and to structure and complete the business combination cannot
presently be ascertained with any degree of certainty. Any costs incurred with respect to the identification and evaluation of
a prospective target business with which a business combination is not ultimately completed will result in a loss to us and reduce
the amount of capital available to otherwise complete a business combination.
Fair
Market Value of Target Business
Nasdaq
listing rules require that the target business or businesses that we acquire must collectively have a fair market value equal
to at least 80% of the balance of the funds in the trust account (excluding taxes payable on the income earned on the trust account)
at the time of the execution of a definitive agreement for our initial business combination. Notwithstanding the foregoing, if
we are not then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value
test.
We
currently anticipate structuring a business combination to acquire 100% of the equity interests or assets of the target business
or businesses. We may, however, structure our initial business combination where we merge directly with the target business or
where we acquire less than 100% of such interests or assets of the target business in order to meet certain objectives of the
target management team or shareholders or for other reasons, but we will only complete such business combination if the post-transaction
company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest
in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even
if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our shareholders prior to
the business combination may collectively own a minority interest in the post-transaction company, depending on valuations ascribed
to the target and us in the business combination transaction. For example, we could pursue a transaction in which we issue a substantial
number of new shares in exchange for all of the outstanding capital stock, shares or other equity interests of a target. In this
case, we could acquire a 100% controlling interest in the target; however, as a result of the issuance of a substantial number
of new shares, our shareholders immediately prior to our initial business combination could own less than a majority of our issued
and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of
a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses
that is owned or acquired is what will be valued for purposes of the 80% of trust account balance test.
The
fair market value of the target will be determined by our board of directors based upon one or more standards generally accepted
by the financial community (such as actual and potential sales, earnings, cash flow and/or book value). The proxy solicitation
materials or tender offer documents used by us in connection with any proposed transaction will provide public shareholders with
our analysis of the fair market value of the target business, as well as the basis for our determinations. If our board is not
able to independently determine that the target business has a sufficient fair market value, we will obtain an opinion from an
unaffiliated, independent investment banking firm, or another independent entity that commonly renders valuation opinions, with
respect to the satisfaction of such criteria.
We
will not be required to obtain an opinion from an investment banking firm as to the fair market value if our board of directors
independently determines that the target business complies with the 80% threshold. Additionally, pursuant to Nasdaq rules, any
initial business combination must be approved by a majority of our independent directors.
Lack
of Business Diversification
We
may seek to effect a business combination with more than one target business, although we expect to complete our business combination
with just one business. Therefore, at least initially, the prospects for our success may be entirely dependent upon the future
performance of a single business operation. Unlike other entities which may have the resources to complete several business combinations
of entities operating in multiple industries or multiple areas of a single industry, it is probable that we will not have the
resources to diversify our operations or benefit from the possible spreading of risks or offsetting of losses. By consummating
a business combination with only a single entity, our lack of diversification may:
·
subject
                                         us to numerous economic, competitive and regulatory developments, any or all of which
                                         may have a substantial adverse impact upon the particular industry in which we may operate
                                         subsequent to a business combination, and
·
result
                                         in our dependency upon the performance of a single operating business or the development
                                         or market acceptance of a single or limited number of products, processes or services.
If
we determine to simultaneously acquire several businesses and such businesses are owned by different sellers, we will need for
each of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other acquisitions,
which may make it more difficult for us, and delay our ability, to complete the business combination. With multiple acquisitions,
we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and
due diligence investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation
of the operations and services or products of the acquired companies in a single operating business.
65
Limited
Ability to Evaluate the Target Business' Management
Although
we intend to scrutinize the management of a prospective target business when evaluating the desirability of effecting a business
combination, we cannot assure you that our assessment of the target business' management will prove to be correct. In addition,
we cannot assure you that the future management will have the necessary skills, qualifications or abilities to manage a public
company. Furthermore, the future role of our officers and directors, if any, in the target business following a business combination
cannot presently be stated with any certainty. While it is possible that some of our key personnel will remain associated in senior
management or advisory positions with us following a business combination, it is unlikely that they will devote their full time
efforts to our affairs subsequent to a business combination. Moreover, they would only be able to remain with the company after
the consummation of a business combination if they are able to negotiate employment or consulting agreements in connection with
the business combination. Such negotiations would take place simultaneously with the negotiation of the business combination and
could provide for them to receive compensation in the form of cash payments and/or our securities for services they would render
to the company after the consummation of the business combination. While the personal and financial interests of our key personnel
may influence their motivation in identifying and selecting a target business, their ability to remain with the company after
the consummation of a business combination will not be the determining factor in our decision as to whether or not we will proceed
with any potential business combination. Additionally, we cannot assure you that our officers and directors will have significant
experience or knowledge relating to the operations of the particular target business.
Following
a business combination, we may seek to recruit additional managers to supplement the incumbent management of the target business.
We cannot assure you that we will have the ability to recruit additional managers, or that any such additional managers we do
recruit will have the requisite skills, knowledge or experience necessary to enhance the incumbent management.
Shareholders
May Not Have the Ability to Approve an Initial Business Combination
In
connection with any proposed business combination, we will either (1) seek shareholder approval of our initial business combination
at a meeting called for such purpose at which shareholders may seek to convert their shares, regardless of whether they vote for
or against the proposed business combination or don't vote at all, into their pro rata share of the aggregate amount then
on deposit in the trust account (net of taxes payable), or (2) provide our shareholders with the opportunity to sell their
shares to us by means of a tender offer (and thereby avoid the need for a shareholder vote) for an amount equal to their pro rata
share of the aggregate amount then on deposit in the trust account (net of taxes payable), in each case subject to the limitations
described herein. The decision as to whether we will seek shareholder approval of a proposed business combination or will allow
shareholders to sell their shares to us in a tender offer will be made by us, solely in our discretion, and will be based on a
variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require us to
seek shareholder approval. If we determine to engage in a tender offer, such tender offer will be structured so that each shareholder
may tender all of his, her or its shares rather than some pro rata portion of his, her or its shares. In that case, we will file
tender offer documents with the SEC which will contain substantially the same financial and other information about the initial
business combination as is required under the SEC's proxy rules. Whether we seek shareholder approval or engage in a tender
offer, we will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately
prior to or upon such consummation and, if we seek shareholder approval, we receive an ordinary resolution under Cayman Islands
law, which requires the affirmative vote of a majority of the shareholders who attend and vote at a general meeting of the company.
We
chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under
the Securities Act of 1933, as amended. However, if we seek to consummate an initial business combination with a target business
that imposes any type of working capital closing condition or requires us to have a minimum amount of funds available from the
trust account upon consummation of such initial business combination, we may need to have more than $5,000,001 in net tangible
assets either immediately prior to or upon consummation and this may force us to seek third party financing which may not be available
on terms acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we may
not be able to locate another suitable target within the applicable time period, if at all. Public shareholders may therefore
have to wait 15 months (or up to 21 months) from the closing of this offering in order to be able to receive a pro rata share
of the trust account. Our sponsor, initial shareholders, officers and directors have agreed (1) to vote any ordinary shares owned
by them in favor of any proposed business combination, (2) not to convert any ordinary shares in connection with a shareholder
vote to approve a proposed initial business combination and (3) not sell any ordinary shares in any tender in connection with
a proposed initial business combination.
66
None
of our officers, directors, sponsor, initial shareholders or their affiliates has indicated any intention to purchase units or
Class A ordinary shares in this offering or from persons in the open market or in private transactions. However, if we hold
a meeting to approve a proposed business combination and a significant number of shareholders vote, or indicate an intention to
vote, against such proposed business combination or that they wish to have their shares redeemed, our officers, directors, sponsor,
initial shareholders or their affiliates could make such purchases in the open market or in private transactions in order to influence
the vote and reduce the number of redemptions. Notwithstanding the foregoing, our officers, directors, sponsor, initial shareholders
and their affiliates will not make purchases of Class A ordinary shares if the purchases would violate Section 9(a)(2) or
Rule 10b-5 of the Exchange Act, which are rules designed to stop potential manipulation of a company's stock.
Conversion
Rights
At
any meeting called to approve an initial business combination, public shareholders may seek to convert their shares, regardless
of whether they vote for or against the proposed business combination or do not vote at all, into their pro rata share of the
aggregate amount then on deposit in the trust account as of two business days prior to the consummation of the initial business
combination, less any taxes then due but not yet paid. Alternatively, we may provide our public shareholders with the opportunity
to sell their Class A ordinary shares to us through a tender offer (and thereby avoid the need for a shareholder vote) for
an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account, less any taxes then due
but not yet paid.
Our
sponsor, initial shareholders and our officers and directors will not have conversion rights with respect to any ordinary shares
owned by them, directly or indirectly, whether acquired prior to this offering or purchased by them in this offering or in the
aftermarket. Additionally, the holders of the representative shares will not have conversion rights with respect to the representative
shares.
We
may require public shareholders, whether they are a record holder or hold their shares in "street name," to either
(i) tender their certificates to our transfer agent or (ii) deliver their shares to the transfer agent electronically
using Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option, in each case
prior to a date set forth in the proxy materials sent in connection with the proposal to approve the business combination.
There
is a nominal cost associated with the above-referenced delivery process and the act of certificating the shares or delivering
them through the DWAC System. The transfer agent will typically charge the tendering broker $45.00 and it would be up to the broker
whether or not to pass this cost on to the holder. However, this fee would be incurred regardless of whether or not we require
holders seeking to exercise conversion rights. The need to deliver shares is a requirement of exercising conversion rights regardless
of the timing of when such delivery must be effectuated. However, in the event we require shareholders seeking to exercise conversion
rights prior to the consummation of the proposed business combination and the proposed business combination is not consummated
this may result in an increased cost to shareholders.
Any
proxy solicitation materials we furnish to shareholders in connection with a vote for any proposed business combination will indicate
whether we are requiring shareholders to satisfy such certification and delivery requirements. Accordingly, a shareholder would
have from the time the shareholder received our proxy statement up until two business days prior to the scheduled vote on the
proposal to approve the business combination to deliver his, her or its shares if he, she or it wishes to seek to exercise his
conversion rights. This time period varies depending on the specific facts of each transaction. However, as the delivery process
can be accomplished by the shareholder, whether or not he, she or it is a record holder or his, her or its shares are held in
 "street name," in a matter of hours by simply contacting the transfer agent or his broker and requesting delivery
of his, her or its shares through the DWAC System, we believe this time period is sufficient for an average investor. However,
we cannot assure you of this fact. Please see the risk factor titled "
In connection with any general meeting called to
approve a proposed initial business combination, we may require shareholders who wish to convert their shares in connection with
a proposed business combination to comply with specific requirements for conversion that may make it more difficult for them to
exercise their conversion rights prior to the deadline for exercising their rights
" for further information on the risks
of failing to comply with these requirements.
Any
request to convert such shares once made, may be withdrawn at any time up to the vote on the proposed business combination or
the expiration of the tender offer. Furthermore, if a holder of Class A ordinary shares delivered his certificate in connection
with an election of their conversion and subsequently decides prior to the applicable date not to elect to exercise such rights,
he or she may simply request that the transfer agent return the certificate (physically or electronically).
67
If
the initial business combination is not approved or completed for any reason, then our public shareholders who elected to exercise
their conversion rights would not be entitled to convert their shares for the applicable pro rata share of the trust account.
In such case, we will promptly return any shares delivered by public holders.
Redemption
of Public Shares and Liquidation if No Initial Business Combination
Our
sponsor, officers and directors have agreed that we will have only 15 months from the closing of this offering (or up to 21 months
from the closing of this offering if we extend the period of time to consummate a business combination) to complete our initial
business combination. If we are unable to complete our initial business combination within such 15-month period (or 21-month period),
we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not
more than 10 business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and
which interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption
will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating
distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights
or liquidating distributions with respect to our rights or warrants, which will expire worthless if we fail to complete our initial
business combination within the 15-month time period (or 21-month time period).
Our
initial shareholders have entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating
distributions from the trust account with respect to their founder shares if we fail to complete our initial business combination
within 15 months (or within 21 months) from the closing of this offering. However, if our initial shareholders acquire public
shares, 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 15-month time frame (or 21-month time frame).
Our
sponsor, officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment
to our amended and restated memorandum and articles of association (A) that would affect our public shareholders' ability
to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months (or up to 21 months) from the closing of this offering or (B) with respect to any other provision relating to shareholders'
rights or pre-initial business combination activity, unless we provide our public shareholders with the opportunity to redeem
their public shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then
on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the number of then
issued and outstanding public shares. However, we may not redeem our public shares in an amount that would cause our net tangible
assets to be less than $5,000,001 either immediately prior to or upon completion of our initial business combination (so that
we do not then become subject to the SEC's "penny stock" rules).
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 $750,000 of proceeds held outside the trust account, although we cannot assure
you that there will be sufficient funds for such purpose. 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, we may request the trustee to release to us an additional amount of up to $50,000 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 units, other than the proceeds deposited
in the trust account, and without taking into account interest, if any, earned on the trust account, the per-share redemption
amount received by shareholders upon our dissolution would be 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 shareholders.
We cannot assure you that the actual per-share redemption amount received by shareholders will not be substantially less than
$10.00. While we intend to pay such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide
for all creditors' claims.
68
Although
we will seek to have all vendors, service providers (other than our independent auditors), 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 shareholders, there is no guarantee that they will execute
such agreements or even if they execute such agreements that they would be prevented from bringing claims against the trust account
including but not limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims
challenging the enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our assets,
including the funds held in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies
held in the trust account, our management will perform an analysis of the alternatives available to it and will enter into an
agreement with a third party that has not executed a waiver only 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 we are 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 time frame, 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. Our sponsor has agreed that it will be
liable to us if and to the extent any claims by a third party (other than our independent auditors) for services rendered or products
sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount
of funds in the trust account to below (1) $10.00 per public share or (2) 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 the value of the trust assets,
in each case net of the amount of interest which may be withdrawn to pay taxes, except as to any claims by a third party who executed
a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity of the underwriters
of this offering against certain liabilities, including liabilities under the Securities Act. In the event that an executed waiver
is deemed to be unenforceable against a third party, then our sponsor will not be responsible to the extent of any liability for
such third-party claims. We have not 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 and, therefore, our sponsor may not
be able to satisfy those obligations. We have not asked our sponsor to reserve for such obligations. None of our other officers
will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
In
the event that the proceeds in the trust account are reduced below (1) $10.00 per public share or (2) 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 the 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 in any particular instance. Accordingly, we cannot assure you that due to claims of creditors the actual
value of the per-share redemption price will not be substantially less than $10.00 per 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 (other than our independent auditors), 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 $750,000 from the proceeds
of this offering and the sale of the private units, with which to pay any such potential claims (including costs and expenses
incurred in connection with our liquidation, currently estimated to be no more than approximately $50,000). In the event that
we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, shareholders who received
funds from our trust account could be liable for claims made by creditors. In the event that our offering expenses exceed our
estimate of $550,000, 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 $550,000, the amount of funds we intend to be held outside the trust
account would increase by a corresponding amount.
If
we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up or bankruptcy or insolvency petition is
filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable insolvency law,
and may be included in our insolvency estate and subject to the claims of third parties with priority over the claims of our shareholders.
To the extent any insolvency claims deplete the trust account, we cannot assure you we will be able to return $10.00 per share
to our public shareholders. Additionally, if we file a winding-up or bankruptcy or insolvency petition or an involuntary winding-up
or bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions received by shareholders could
be viewed under applicable debtor/creditor and/or insolvency laws as a voidable performance. As a result, a bankruptcy court could
seek to recover some or all amounts received by our shareholders. Furthermore, our board may be viewed as having breached its
fiduciary duty to our creditors and/or may have acted in bad faith, and thereby exposing itself and our company to claims of punitive
damages, by paying public shareholders from the trust account prior to addressing the claims of creditors. We cannot assure you
that claims will not be brought against us for these reasons.
69
Our
public shareholders will be entitled to receive funds from the trust account only upon the earliest to occur of: (1) the
completion of our initial business combination, and then only in connection with those Class A ordinary shares that such
shareholder properly elected to redeem, subject to the limitations described herein, (2) the redemption of any public shares
properly submitted in connection with a shareholder vote to amend our amended and restated memorandum and articles of association
(A) that would affect our public shareholders' ability to convert or sell their shares to us in connection with a business
combination as described herein or 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 15 months (or up to 21 months) from the closing of this offering or
(B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity
and (3) the redemption of our public shares if we are unable to complete our initial business combination within 15 months
(or up to 21 months) from the closing of this offering, subject to applicable law and as further described herein. In no other
circumstances will a shareholder have any right or interest of any kind to or in the trust account. In the event we seek shareholder
approval in connection with our initial business combination, a shareholder's voting in connection with our initial business
combination alone will not result in a shareholder's redeeming its shares to us for an applicable pro rata share of the
trust account. Such shareholder must have also exercised its redemption rights described above.
Amended
and Restated Memorandum and Articles of Association
Our
amended and restated memorandum and articles of association will contain certain requirements and restrictions relating to this
offering that will apply to us until the completion of our initial business combination. Our amended and restated memorandum and
articles of association contains a provision which provides that, if we seek to amend our amended and restated memorandum and
articles of association (A) that would affect our public shareholders' ability to convert or sell their shares to us
in connection with a business combination as described herein or 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 15 months from the closing of this offering
(or up to 21 months from the closing of this offering if we extend the period of time to consummate a business combination) or
(B) with respect to any other provision relating to shareholders' rights or pre-initial business combination activity,
we will provide public shareholders with the opportunity to redeem their public shares in connection with any such amendment.
Specifically, our amended and restated memorandum and articles of association provide, among other things, that:
•          prior
to the completion of our initial business combination, we shall either (1) seek shareholder approval of our initial business
combination at a meeting called for such purpose at which public shareholders may elect to redeem their public shares without
voting, and if they do vote, irrespective of whether they vote for or against the proposed business combination, or (2) provide
our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial
business combination by means of a tender offer (and thereby avoid the need for a shareholder vote), in each in cash, for an amount
payable in cash equal to the aggregate amount then on deposit in the trust account as of two business days prior to the completion
of our initial business combination, including interest (which interest shall be net of taxes payable), divided by the number
of then issued and outstanding public shares, subject to the limitations described herein;
•          we
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 either immediately
prior to or upon completion of our initial business combination and, solely if we seek shareholder approval, we receive an ordinary
resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and vote
at a general meeting of the company;
•          if
our initial business combination is not consummated within 15 months (or up to 21 months) from the closing of this offering, then
our existence will terminate and we will distribute all amounts in the trust account; and
•          prior
to our initial business combination, we may not issue additional shares that would entitle the holders thereof to (1) receive
funds from the trust account or (2) vote as a class with our public shares (a) on any initial business combination or
(b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time
we have to consummate a business combination beyond 15 months (or up to 21 months) from the closing of this offering or (y) amend
the foregoing provisions.
70
These
provisions cannot be amended without the approval of holders of at least two-thirds of our ordinary shares. In the event we seek
shareholder approval in connection with our initial business combination, our amended and restated memorandum and articles of
association provide that we may consummate our initial business combination only if approved by a majority of the ordinary shares
voted by our shareholders at a duly held general meeting.
Additionally,
our amended and restated memorandum and articles of association provides that, prior to our initial business combination, only
holders of our founder shares will have the right to vote on the appointment of directors and that holders of a majority of our
founder shares may remove a member of the board of directors for any reason. These provisions of our amended and restated memorandum
and articles of association may only be amended by a special resolution passed by at least 90% of our ordinary shares voting in
a general meeting. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection
with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares
will vote together as a single class, with each share entitling the holder to one vote
71
Comparison
of redemption or purchase prices in connection with our initial business combination and if we fail to complete our initial business
combination.
The
following table compares the redemptions and other permitted purchases of public shares that may take place in connection with
the completion of our initial business combination and if we are unable to complete our initial business combination within 15
months from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time
to consummate a business combination).
Redemptions
    in Connection
with our Initial Business
Combination
Other
    Permitted Purchases of
Public Shares by our Affiliates
Redemptions
    if we fail to
Complete an Initial Business
Combination
Calculation
    of redemption price
Redemptions
    at the time of our initial business combination may be made pursuant to a tender offer or in connection with a shareholder
    vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with
    a shareholder vote. In either case, our public shareholders may redeem their public shares for cash equal to the aggregate
    amount then on deposit in the trust account as of two business days prior to the consummation of the initial business combination
    (which is initially anticipated to be $10.00 per share), including interest (which interest shall be net of taxes payable),
    divided by the number of then issued and outstanding public shares, subject to the limitation that no redemptions will take
    place if all of the redemptions would cause our net tangible assets to be less than $5,000,001 either immediately prior to
    or upon completion of our initial business combination and any limitations (including, but not limited to, cash requirements)
    agreed to in connection with the negotiation of terms of a proposed business combination.
If
    we seek shareholder approval of our initial business combination, our sponsor, directors, officers, advisors or any of their
    affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following the
    completion of our initial business combination. None of the funds in the trust account will be used to purchase shares in
    such transactions.
If
                                         we are unable to complete our initial business combination within 15 months from the
                                         closing of this offering (or within 21 months from the closing of this offering if we
                                         extend the period of time to consummate a business combination), we will redeem all public
                                         shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit
                                         in the trust account (which is initially anticipated to be $10.00 per share), including
                                         interest (less up to $50,000 of interest to pay dissolution expenses and which interest
                                         shall be net of taxes payable), divided by the number of then issued and outstanding
                                         public shares.
Impact
    to remaining shareholders
The
    redemptions in connection with our initial business combination will reduce the book value per share for our remaining shareholders,
    who will bear the burden of interest withdrawn in order to pay taxes (to the extent not paid from amounts accrued as interest
    on the funds held in the trust account).
If
    the permitted purchases described above are made, there will be no impact to our remaining shareholders because the purchase
    price would not be paid by us.
The
    redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share
    for the shares held by our initial shareholders, who will be our only remaining shareholders after such redemptions.
72
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 the 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
$40,000,000
    of the proceeds of this offering and the sale of the private units will be deposited into a United States-based trust account
    at with Continental Stock Transfer & Trust Company acting as trustee
Approximately
    $34,920,000 of the offering proceeds, representing the gross proceeds of this offering less allowable underwriting commissions,
    expenses and company deductions under Rule 419, would be required to be deposited into either an escrow account with
    an insured depositary institution or in a separate bank account established by a broker-dealer in which the broker-dealer
    acts as trustee for persons having the beneficial interests in the account.
Investment
    of net proceeds
$40,000,000
    of the proceeds of this offering and the sale of the private units held in trust will be held as cash or invested only in
    U.S. government treasury bills with a maturity of 180 days or less or in money market funds investing solely in U.S. Treasuries
    and meeting certain conditions under Rule 2a-7 under the Investment Company Act.
Proceeds
    could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act
    or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.
Receipt
    of interest on escrowed funds
Interest
    on proceeds from the trust account to be paid to shareholders is reduced by (1) any taxes paid or payable and (2) in
    the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $50,000
    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
Our
    initial business combination must occur with one or more target businesses that together have an aggregate fair market value
    of at least 80% of the assets held in the trust account (excluding taxes payable on the income earned on the trust account)
    at the time of the agreement to enter into the initial business combination. Notwithstanding the foregoing, if we are not
    then listed on Nasdaq for whatever reason, we would no longer be required to meet the foregoing 80% fair market value test.
The
    fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.
73
Trading
    of securities issued
The
    units will begin trading on or promptly after the date of this prospectus. The Class A ordinary shares, rights and warrants
    constituting the units will begin separate trading on the 90
th
day following the date of this prospectus
    unless EarlyBirdCapital, Inc. informs us of its decision to allow earlier separate trading, subject to our having filed
    the Current Report on Form 8-K described below and having issued a press release announcing when such separate trading
    will begin; provided that no fractional warrants will be issued upon separation of the units and only whole warrants will
    trade. We will file the Current Report on Form 8-K promptly after the closing of this offering. If the underwriters'
    over-allotment option is exercised following the initial filing of such Current Report on Form 8-K, a second or amended
    Current Report on Form 8-K will be filed to provide updated financial information to reflect the exercise of the underwriters'
    over-allotment option
No
    trading of the units or the underlying Class A ordinary shares, rights and warrants would be permitted until the completion
    of a business combination. During this period, the securities would be held in the escrow or trust account.
Exercise
    of the warrants
The
    warrants cannot be exercised until the later of 30 days after the completion of our initial business combination 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.
74
Election
    to remain an investor
We
    will provide our public shareholders 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 completion of our initial
    business combination, including interest, which interest shall be net of taxes payable, upon the completion of our initial
    business combination, subject to the limitations described herein. We may not be required by applicable law or stock exchange
    rules to hold a shareholder vote. If we are not required by applicable law or stock exchange rules and do not otherwise
    decide to hold a shareholder vote, we will, pursuant to our amended and restated memorandum and articles of association, conduct
    the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC which will
    contain substantially the same financial and other information about the initial business combination and the redemption rights
    as is required under the SEC's proxy rules. If, however, we hold a shareholder vote, we will, like many blank check
    companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant
    to the tender offer rules. Pursuant to the tender offer rules, the tender offer period will be not less than 20 business days
    and, in the case of a shareholder vote, a final proxy statement would be mailed to public shareholders at least 10 days
    prior to the shareholder vote. However, we expect that a draft proxy statement would be made available to such shareholders
    well in advance of such time, providing additional notice of redemption if we conduct redemptions in conjunction with a proxy
    solicitation. If we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary
    resolution under Cayman Islands law, which requires the affirmative vote of a majority of the shareholders who attend and
    vote at a general meeting of the company. Additionally, each public shareholder may elect to redeem its public shares without
    voting and, if they do vote, irrespective of whether they vote for or against the proposed business combination.
A
    prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor.
    Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business
    days and no more than 45 business days from the effective date of a post-effective amendment to the company's registration
    statement, to decide if he, she or it elects to remain a shareholder of the company or require the return of his, her or its
    investment. If the company has not received the notification by the end of the 45
th
business
    day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the shareholder.
    Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned
    to all of the investors and none of the securities are issued.
75
Terms
    of Our Offering
Terms
    Under a Rule 419 Offering
Business
    combination deadline
If
    we are unable to complete an initial business combination within 15 months from the closing of this offering (or up to 21
    months from the closing of this offering if we extend the period of time to consummate a business combination), we will (1) cease
    all operations except for the purpose of winding up, (2) as promptly as reasonably possible but not more than 10 business
    days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then
    on deposit in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which
    interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption
    will completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidating
    distributions, if any) and (3) as promptly as reasonably possible following such redemption, subject to the approval
    of our remaining shareholders and our board of directors, dissolve and liquidate, subject in each case to our obligations
    under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
If
    an acquisition has not been completed within 15 months after the effective date of the company's registration statement,
    funds held in the trust or escrow account are returned to investors.
76
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 taxes, if any,
    and up to $50,000 of interest that may be needed to pay dissolution expenses, the funds held in the trust account will not
    be released from the trust account until the earliest to occur of: (1) the completion of our initial business combination;
    (2) the redemption of any public shares properly submitted in connection with a shareholder vote to amend our amended
    and restated memorandum and articles of association (A) that would affect our public shareholders' ability to convert
    or sell their shares to us in connection with a business combination as described herein or 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 15 months
    from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time to
    consummate a business combination) or (B) with respect to any other provision relating to shareholders' rights
    or pre-initial business combination activity; and (3) the redemption of our public shares if we are unable to complete
    our initial business combination within 15 months (or up to 21 months) from the closing of this offering, subject to applicable
    law.
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.
Limitation
    on redemption rights of shareholders holding more than 15% of the shares sold in this offering if we hold a shareholder vote
If
    we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our
    initial business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association
    provide that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder
    is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted
    from redeeming its shares with respect Excess Shares (more than an aggregate of 15% of the shares sold in this offering),
    without our prior consent. Our public shareholders' 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 Excess Shares in open market transactions.
Since
    blank check companies provide no restrictions on the ability of shareholders to redeem shares based on the number of shares
    held by such shareholders in connection with an initial business combination.
77
Terms
    of Our Offering
Terms
    Under a Rule 419 Offering
Tendering
    share certificates in connection with redemption rights
We
    may require our public shareholders 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 scheduled
    vote on the proposal to approve our 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 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 shareholders to satisfy
    such delivery requirements. Accordingly, a public shareholder would up to two days prior to the vote on the business combination
    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 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 shareholders to arrange for them to deliver their certificate
    to verify ownership.
Competition
We
expect to encounter intense competition from other entities having a business objective similar to ours, including private investors
(which may be individuals or investment partnerships), other blank check companies and other entities, domestic and international,
competing for the types of businesses we intend to acquire. Many of these individuals and entities are well established and have
extensive experience in identifying and effecting, directly or indirectly, acquisitions of companies operating in or providing
services to various industries. Many of these competitors possess greater technical, human and other resources or more local industry
knowledge than we do and our financial resources will be relatively limited when contrasted with those of many of these competitors.
While we believe there are numerous target businesses we could potentially acquire with the net proceeds of this offering and
the sale of the private 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, in the event we seek shareholder approval of our initial business combination
and we are obligated to pay cash for our Class A ordinary shares, it will potentially reduce the resources available to us
for our initial business combination. Any of these obligations may place us at a competitive disadvantage in successfully negotiating
a business combination.
Conflicts
of Interest
All
of our executive officers and certain of our directors have or may have fiduciary and contractual duties to certain companies
in which they have invested. These entities may compete with us for acquisition opportunities. If these entities decide to pursue
any such opportunity, we may be precluded from pursuing it. However, we do not expect these duties to present a significant conflict
of interest with our search for an initial business combination.
Our
officers and directors have agreed to present to us all target business opportunities that have a fair market value of at least
80% of the assets held in the trust account (excluding taxes payable on the income accrued in the trust account), subject to any
pre-existing fiduciary or contractual obligations. If any of our officers or directors becomes aware of an initial business combination
opportunity that may be attractive to any entity to which he has pre-existing fiduciary or contractual obligations, he will be
required to present such initial business combination opportunity to such entity prior to presenting such initial business combination
opportunity to us. Certain of our officers and directors presently have, and any of them in the future may have additional, fiduciary
or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business
combination opportunity to such entity. Accordingly, they will be required to present all suitable business combination opportunities
to such entities prior to presenting them to our company for consideration.
We
do not believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect
our ability to complete our initial business combination.
78
Indemnity
Our
sponsor has agreed that it will be liable to us if and to the extent any claims by a third party (other than our independent auditors)
for services rendered or products sold to us, or a prospective target business with which we have discussed entering into a transaction
agreement, reduce the amount of funds in the trust account to below (1) $10.00 per public share or (2) 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 the value
of the trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as to any claims by a third
party who executed a waiver of any and all rights to seek access to the trust account and except as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. Moreover, in
the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible to
the extent of any liability for such third-party claims. We have not 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 and,
therefore, our sponsor may not be able to satisfy those obligations. We have not asked our sponsor to reserve for such obligations.
Facilities
We
currently maintain our executive offices at Unit 1006, Block C, Jinshangjun Park, No. 2 Xiaoba Road, Panlong District, Kunming,
Yunnan, China. The cost for the space is included in the up to $10,000 monthly fee that we will pay our sponsor for office space,
administrative and support services. We consider our current office space adequate for our current operations.
Employees
We
currently have three executive officers and do not intend to have any full-time employees prior to the completion of our initial
business combination. Members of our management team are not obligated to devote any specific number of hours to our matters but
they intend to devote as much of their time as they deem necessary to our affairs until we have completed our initial business
combination. The amount of time that any such person will devote in any time period may vary based on whether a target business
has been selected for our initial business combination and the current stage of the business combination process.
Periodic
Reporting and Financial Information
We
will register our units, Class A ordinary shares, rights 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 auditors.
We
will provide shareholders with audited financial statements of the prospective target business as part of the tender offer materials
or proxy solicitation materials sent to shareholders to assist them in assessing the target business. These financial statements
may be required to be prepared in accordance with, or be reconciled to, U.S. GAAP or IFRS, depending on the circumstances and
the historical financial statements may be required to be audited in accordance with PCAOB standards. 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 financial statements in accordance with federal proxy rules and complete
our initial business combination within the prescribed time frame. While this may limit the pool of potential business combination
candidates, we do not believe that this limitation will be material.
We
will be required to evaluate our internal control procedures for the fiscal year ending December 31, 2021 as required by
the Sarbanes-Oxley Act. Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer
qualify as an emerging growth company, will we be required to have our internal control procedures audited. A target business
may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal controls. The development
of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs
necessary to complete any such acquisition.
Prior
to the effectiveness of the registration statement of which this prospectus forms a part, we will file a Registration Statement
on Form 8-A with the SEC to voluntarily register our securities under Section 12 of the Exchange Act. As a result, we
will be subject to the rules and regulations promulgated under the Exchange Act. We have no current intention of filing a
Form 15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the completion of our
initial business combination.
79
We
are an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the JOBS
Act. As such, we are eligible to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not "emerging growth companies" including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding
a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
approved. If some investors find our securities less attractive as a result, there may be a less active trading market for our
securities and the prices of our securities may be more volatile.
In
addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the
extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting
standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until
those standards would otherwise apply to private companies. We intend to take advantage of the benefits of this extended transition
period.
We
will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth
anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.07 billion,
or (c) in which we are deemed to be a large accelerated filer, which means the market value of our ordinary shares that is
held by non-affiliates exceeds $700 million as of the end of the prior fiscal year's second fiscal quarter, and (2) the
date on which we have issued more than $1.00 billion in non-convertible debt securities during the prior three-year period. References
herein to "emerging growth company" shall have the meaning associated with it in the JOBS Act.
Additionally,
we are a "smaller reporting company" as defined in Rule 10(f)(1) of Regulation S-K. Smaller reporting companies
may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited
financial statements. We will remain a smaller reporting company until the last day of the fiscal year in which (1) the market
value of our ordinary shares held by non-affiliates exceeds $250 million as of the end of that year's second fiscal quarter,
or (2) our annual revenues exceeded $100 million during such completed fiscal year and the market value of our ordinary shares
held by non-affiliates exceeds $700 million as of the end of that year's second fiscal quarter.
Legal
Proceedings
There
is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management
team in their capacity as such, and we and the members of our management team have not been subject to any such proceeding in
the 12 months preceding the date of this prospectus.
80
MANAGEMENT
Directors,
Director Nominees and Executive Officers
Name
Age
Title
Jian
    Zhang
38
Chief
    Executive Officer and Chairman
Jirong
    Lyu
37
Chief
    Financial Officer and Director Nominee
Yiwen
    Ma
35
Chief
    Technology Officer
John
    Wallace
70
Director
Joseph
    Valenza
63
Director
Ning
    Wang
65
Director
Our
directors, director nominees and executive officers are as follows:
Jian
Zhang
has served as our Chairman and Chief Executive Officer
since inception. He has significant experience in designing, developing and operating message platforms and investing in the informational,
biological, block-chain and consumer technology industries. He is currently a director of many technology and investment firms,
including Yunnan Jimaoxin Information Technology Co., Ltd., Chongqing Wangwang Supply Chain Management Co., Ltd., Shenzhen
Zenyi Tonglian Technology Co., Ltd. and Zhuhai Meining Technology Co., Ltd. Since August 2015, he has been the
Chief Executive Officer and the Managing Partner of Yunnan Xiaosen Venture Capital Co., Ltd., a fund active in angel-round
capital raising for the Internet and social media startups. Since August 2017, Mr. Zhang has also been the Chief Executive
Officer and Director of Hangzhou Hechuang Investment Management Co., Ltd., a fund investing in the processing, supply chain
and retail channel related to agricultural products. Since August 2018, Mr. Zhang has also been the Chief Executive
Officer of Tongzheng Huilian Technology (Beijing) Co., Ltd., a high-tech company focusing on the research of blockchain technology
and the development, operation and maintenance of alliance chain. From January 2005 to August 2018, he served as the
Chief Executive Officer at Kunming Limit Technology Company Limited, a high-tech company mainly engaged in the development of
the mobile communication protocol and the application gateway. Mr. Zhang graduated from Guangdong Ocean University with a
Bachelor's degree in Engineering. We believe he is well qualified to serve on our board of directors due to his extensive
investment and operational experience in the Internet and communication industry.
Jirong
Lyu
has served as our Chief Financial Officer and will serve
as one of our directors as of the effective date of the registration statement of which this prospectus forms a part. Since March 2016,
he has served as a Managing Partner of Dongguan Taihua Tax Accountant Firm, an accounting firm, and Chief Financial Officer at
Shanghai Shengkai Technology Co., Ltd., a company focusing on providing technical and operational services to Chinese e-commerce
enterprises with cross-border operations. Mr. Lyu served as the Head of the Financial Securities Market at Guangdong Vocational
College of Innovation and Technology, School of Finance and Economics from July 2011 to March 2016, during which time
he led the editing of three academic textbooks focused on computerized accounting published by major Chinese universities. From
July 2006 to June 2011, Mr. Lyu served as the Manager of the Tax Department at Dongguan Wabisen Certified Public
Accountants Co., Ltd., an accounting firm. Mr. Lyu graduated from Zhengzhou University of Aeronautics with a Bachelor's
degree in Management. We believe he is well qualified to serve on our board of directors due to his extensive experience
and academic expertise in financial counseling, international taxation and securities transactions.
Yiwen
Ma
has served as our Chief Technology Officer since inception.
Mr. Ma has substantial experience researching and developing the systems and programs related to instant messaging and big
data technology. Since September 2009, he has been serving as the Software Manager of Kunming Limit Technology Company Limited,
a high-tech company engaged in the development of the mobile communication protocol and the application gateway. Mr. Ma graduated
from Kunming University of Science and Technology with a Bachelor's degree in Engineering.
John
Wallace
, who will serve as one of our directors as of the
effective date of the registration statement of which this prospectus forms a part, has served as the Chairman and Chief
Executive Officer of the Delaware Board of Trade, a subsidiary of Ideanomics,Inc. (NASDAQ: IDEX) that is a broker-dealer
operating an Alternative Trading System (ATS) for equities not listed on a stock exchange, since December 2015. From
July 2019 to June 2020, he served as a director of Ideanomics, Inc. and from January 2015 to May 2020, he served as a
director of Gene Biotherapeutics, Inc. (OTCMKTS: CRMX), a company that manages a portfolio of investments in medical
technologies. Since September 2006, Mr. Wallace has also served as the President and Chief Executive Officer of
Philadelphia Financial Services, LLC, a company providing consulting services to firms in the financial services industry.
From August 2008 to October 2011, he served as the President and Chief Executive Officer of Miami International
Holdings, Inc., a company that builds exchange technology. From January 1981 to July 2008, Mr. Wallace
served in various managerial positions, including the Chairman and Chief Executive Officer, of the Philadelphia Stock
Exchange before its acquisition by the NASDAQ OMX Group Inc. in July 2008. Mr. Wallace graduated from
Franklin & Marshall College in Lancaster, Pennsylvania with a Bachelor's degree in Economics and retired
honorably from the United States Army, holding the rank of Lieutenant Colonel. We believe he is well qualified to serve on
our board of directors due to his extensive managerial and entrepreneurial experience in securities transactions and the U.S.
capital markets.
81
Joseph
Valenza
will serve as one of our directors as of the effective
date of the registration statement of which this prospectus forms a part. From June 2019 to April 2020, he served as
the President and Chief Revenue Officer of the Delaware Board of Trade. From September 2015 to May 2017, Mr. Valenza
worked as a NASDAQ Equity Market Maker at Canacord Genuity Group Inc. (TSX: CF), a financial services firm. From June 2017
to May 2019, Mr. Valenza worked primarily on his real estate business. From May 2011 to August 2015, he served
as the Vice President of Sales Retail Liquidity at The Goldman Sachs Group, Inc. (NYSE: GS). From October 2009 to April 2011,
Mr. Valenza served as the Head of Sales at Surge Trading, a company that was a market maker in NYSE and NASDAQ securities.
From May 2008 to September 2009, he was the President of Drexel Hamilton, LLC, an institutional broker-dealer. Mr. Valenza
served as Senior Vice President of the Sales and Development at Lehman Brothers, Inc. from February 2006 to April 2008.
He is a former member of the American Stock Exchange Retail Advisory Committee and the Chicago Board of Options Managing Directors
Committee. Mr. Valenza attended St. Francis College with a Bachelor's degree in History and was honorably discharged
from the United States Coast Guard Reserve. We believe he is well qualified to serve on our board of directors due to his extensive
managerial and entrepreneurial experience in securities transactions and the U.S. capital markets.
Ning
Wang
will serve as one of our directors as of the effective
date of the registration statement of which this prospectus forms a part. Since December 2014, he has served as the President
of China Electronics Chamber of Commerce, or the CECC, an organization comprised of companies, groups and industry organizations
engaged in the production, distribution, research of electronic products, and has also served in various managerial positions
including the Secretary General and Vice Executive President at the CECC since 1993. He is an independent director at both Jiu
Rong Holdings Ltd. (2358.HK), an investment holding company principally engaged in the manufacture and sale of digital televisions,
and Fibocom Wireless Inc. (SHE: 300638), a Shenzhen-based wireless communication module and Internet-of-Things solution provider.
From January1990 to March 1992, he served as the director of the Management Division of the National Household Appliances
Management Center. Mr. Wang graduated from Remin University of China with a Bachelor's degree in political economics.
We believe he is well qualified to serve on our board of directors due to his substantial experience in the marketing and distribution
of electronic products and public company management.
Number,
Terms of Office and Election of Officers and Directors
Upon
the effectiveness of the registration statement of which this prospectus forms a part, we expect that our board of directors will
consist of five members. Our board of directors is divided into two classes with only one class of directors being elected in
each year and each (except for those directors appointed prior to our first annual general meeting) serving a two-year term. The
term of office of the first class of directors will expire at our first annual general meeting and the term of office of the second
class of directors will expire at our second annual general meeting. We may not hold an annual general meeting until after we
consummate our initial business combination (unless required by Nasdaq). Subject to any other special rights applicable to the
shareholders, any vacancies on our board of directors may be filled by the affirmative vote of a majority of the directors present
and voting at the meeting of our board or by a majority of the holders of our ordinary shares (or, prior to our initial business
combination, holders of our founder shares).
Our
officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific
terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our amended and restated
memorandum and articles of association as it deems appropriate. Our amended and restated memorandum and articles of association
provide that our officers may consist of a Chairman, a Chief Executive Officer, a President, a Chief Operating Officer, a Chief
Financial Officer, Vice Presidents, a Secretary, Assistant Secretaries, a Treasurer and such other offices as may be determined
by the board of directors.
Director
Independence
Nasdaq
listing standards require that a majority of our board of directors be independent within one year of our initial public offering.
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. We expect
that our board of directors will determine that each of John Wallace, Joseph Valenza and Ning Wang is an "independent director"
as defined in the Nasdaq listing standards and applicable SEC rules. Our independent directors will have regularly scheduled meetings
at which only independent directors are present.
82
Officer
and Director Compensation
None
of our officers or directors have received or, prior to our initial business combination, will receive any cash compensation for
services rendered to us. We will pay our sponsor up to $10,000 per month for office space, administrative and support services.
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 any of their affiliates.
After
the completion of our initial business combination, directors or members of our management team who remain with us may be paid
consulting, management or other compensation from the combined company. All compensation will be fully disclosed to shareholders,
to the extent then known, in the tender offer materials or proxy solicitation materials furnished to our shareholders in connection
with a proposed business combination. It is unlikely the amount of such compensation will be known at the time, because the directors
of the post-combination business will be responsible for determining executive officer and director compensation. Any compensation
to be paid to our officers after the completion of our initial business combination will be determined by a compensation committee
constituted solely by independent directors.
We
are not party to any agreements with our executive officers and directors that provide for benefits upon termination of employment.
The existence or terms of any such employment or consulting arrangements may influence our management's motivation in identifying
or selecting a target business, and we do not believe that the ability of our management to remain with us after the completion
of our initial business combination should be a determining factor in our decision to proceed with any potential business combination.
Committees
of the Board of Directors
Pursuant
to Nasdaq listing rules we will establish two standing committees - an audit committee in compliance with Section 3(a)(58)(A) of
the Exchange Act 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
Upon
the effectiveness of the registration statement of which this prospectus forms a part, we will establish an audit committee of
the board of directors. John Wallace, Joseph Valenza and Ning Wang will serve as members of our audit committee, and John Wallace
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. We believe that each of John Wallace, Joseph Valenza and
Ning Wang will meet 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 or will be financially literate and our board of directors has determined that Mr. Wallace
qualifies as an "audit committee financial expert" as defined in applicable SEC rules and has accounting or related
financial management expertise.
We
will adopt an audit committee charter, which will detail the purpose and principal functions of the audit committee, including:
•          assisting
board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements,
(3) our independent auditor's qualifications and independence and (4) the performance of our internal audit function
and independent auditors;
•          the
appointment, compensation, retention, replacement and oversight of the work of the independent auditors and any other independent
registered public accounting firm engaged by us;
•          pre-approving
all audit and non-audit services to be provided by the independent auditors or any other registered public accounting firm engaged
by us and establishing pre-approval policies and procedures;
•          reviewing
and discussing with the independent auditors all relationships the auditors have with us in order to evaluate their continued
independence;
83
•          setting
clear hiring policies for employees or former employees of the independent auditors;
•          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 auditors describing (1) the independent auditor's internal
quality-control procedures and (2) 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;
•          meeting
to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent
auditor, including reviewing our specific disclosures under "Management's Discussion and Analysis of Financial Condition
and Results of Operations";
•          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 auditors, and our legal advisors, as appropriate, any legal, regulatory or compliance matters,
including any correspondence with regulators or government agencies and any employee complaints or published reports that raise
material issues regarding our financial statements or accounting policies and any significant changes in accounting standards
or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.
Compensation
Committee
Upon
the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee
of the board of directors. John Wallace, Joseph Valenza and Ning Wang 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. John Wallace, Joseph Valenza and Ning Wang are independent and Mr. Valenza chairs the compensation
committee.
We
will adopt a compensation committee charter, which will detail the purpose and responsibility of the compensation committee, including:
•          reviewing
and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation,
evaluating our Chief Executive Officer's performance in light of such goals and objectives and determining and approving
the remuneration (if any) of our Chief Executive Officer based on such evaluation;
•          reviewing
and making recommendations to our board of directors with respect to the compensation and any incentive-compensation and equity-based
plans that are subject to board approval of all of our other officers;
•          reviewing
our executive compensation policies and plans;
•          implementing
and administering our incentive compensation equity-based remuneration plans;
•          assisting
management in complying with our proxy statement and annual report disclosure requirements;
•          approving
all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers and employees;
•          producing
a report on executive compensation to be included in our annual proxy statement; and
•          reviewing,
evaluating and recommending changes, if appropriate, to the remuneration for directors.
The
charter will also provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation
consultant, independent 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.
84
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 John Wallace, Joseph Valenza and Ning Wang. 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 shareholders during such times as
they are seeking proposed nominees to stand for election at the next annual general meeting (or, if applicable, an extraordinary
general meeting). Our shareholders that wish to nominate a director for election to our board of directors should follow the procedures
set forth in our memorandum and articles of association.
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 shareholders.
Compensation
Committee Interlocks and Insider Participation
None
of our officers currently serves, and in the past year has not served, as a member of the board of directors or compensation committee
of any entity that has one or more officers serving on our board of directors.
Code
of Ethics
Prior
to the effectiveness of the registration statement of which this prospectus is a part, we will have adopted a Code of Ethics applicable
to our directors, officers and employees. Our Code of Ethics will be available on our website upon the completion of this offering.
Our Code of Ethics is a "code of ethics," as defined in Item 406(b) of Regulation S-K. We will make any legally
required disclosures regarding amendments to, or waivers of, provisions of our Code of Ethics on our website.
Conflicts
of Interest
All
of our executive officers and certain of our directors have or may have fiduciary and contractual duties to certain companies
in which they have invested. These entities may compete with us for acquisition opportunities. If these entities decide to pursue
any such opportunity, we may be precluded from pursuing it. However, we do not expect these duties to present a significant conflict
of interest with our search for an initial business combination.
Under
Cayman Islands law, directors and officers owe the following fiduciary duties:
•          duty
to act in good faith in what the director or officer believes to be in the best interests of the company as a whole;
•          duty
to exercise authority for the purpose for which it is conferred;
•          duty
to not improperly fetter the exercise of future discretion;
•          duty
not to put themselves in a position in which there is a conflict between their duty to the company and their personal interests;
and
•          duty
to exercise independent judgment.
In
addition to the above, directors also owe a duty of care, which is not fiduciary in nature. This duty has been defined as a requirement
to act as a reasonably diligent person having both the general knowledge, skill and experience that may reasonably be expected
of a person carrying out the same functions as are carried out by that director in relation to the company and the general knowledge,
skill and experience which that director has.
85
Our
officers and directors have agreed to present to us all target business opportunities that have a fair market value of at least
80% of the assets held in the trust account (excluding taxes payable on the income accrued in the trust account), subject to any
pre-existing fiduciary or contractual obligations. If any of our officers or directors becomes aware of an initial business combination
opportunity that may be attractive to any entity to which he has pre-existing fiduciary or contractual obligations, he will be
required to present such initial business combination opportunity to such entity prior to presenting such initial business combination
opportunity to us. Certain of our officers and directors presently have, and any of them in the future may have additional, fiduciary
or contractual obligations to other entities pursuant to which such officer or director is or will be required to present a business
combination opportunity to such entity. Accordingly, they will be required to present all suitable business combination opportunities
to such entities prior to presenting them to our company for consideration.
We
do not believe, however, that the fiduciary duties or contractual obligations of our officers or directors will materially affect
our ability to complete our initial business combination.
Potential
investors should also be aware of the following 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
that 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. For a complete
description of our management's other affiliations, see "—Directors, Director Nominees and Executive Officers."
•           Our
initial shareholders have agreed to waive their redemption rights with respect to their founder shares and any public shares held
by them in connection with the completion of our initial business combination. Our directors and officers have also entered into
the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any. Additionally,
our initial shareholders have agreed to waive their redemption rights with respect to their founder shares if we fail to consummate
our initial business combination within 15 months after the closing of this offering (or up to 21 months from the closing of this
offering if we extend the period of time to consummate a business combination). However, if our initial shareholders or any of
our officers, directors or affiliates 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 consummate our initial business combination within the
prescribed time frame. If we do not complete our initial business combination within such applicable time period, the proceeds
of the sale of the private units held in the trust account will be used to fund the redemption of our public shares, and the private
units will expire worthless. With certain limited exceptions, the founder shares will not be transferable, assignable or salable
by our initial shareholders until the earlier of (1) one year after the completion of our initial business combination and
(2) the date on which we consummate a liquidation, merger, amalgamation, share exchange, reorganization, or other similar
transaction after our initial business combination that results in all of our public shareholders having the right to exchange
their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the last reported sale price of
our Class A ordinary shares equals or exceeds $12.50 per share (as adjusted for share sub-divisions, share dividends, rights
issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, 50% of the founder shares will be released from the lock-up. With certain
limited exceptions, the private units and the Class A ordinary shares, rights and warrants underlying such units, will not
be transferable, assignable or salable by our sponsor until 30 days after the completion of our initial business combination.
Since our sponsor and officers and directors may directly or indirectly own ordinary shares, rights 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.
•           Our
officers have agreed not to become an officer or director of any other special purpose acquisition company with a class of securities
registered under the Exchange Act, until we have entered into a definitive agreement regarding our initial business combination
or we have failed to complete our initial business combination within 15 months after the closing of this offering (or up to 21
months from the closing of this offering if we extend the period of time to consummate a business combination).
•          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 to proceed with a particular business combination.
86
•          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.
The
conflicts described above may not be resolved in our favor.
Accordingly,
as a result of multiple business affiliations, our officers and directors have similar legal obligations relating to presenting
business opportunities meeting the above-listed criteria to multiple entities.
Below
is a table summarizing the entities to which our executive officers and directors currently have fiduciary duties or contractual
obligations:
Individual
Entity
Entity's
    Business
Affiliation
Jian
    Zhang
Yunnan
    Jimaoxin information Technology Co., Ltd.
Recruitment
    Information Services
Director
Chongqing
    Wangwang Supply Chain Management Co., Ltd.
Agricultural
    products
Director
Shenzhen
    Zenyi Tonglian Technology Co., Ltd.
Payment
    technology
Director
Zhuhai
    Meining Technology Co., Ltd
Distributed
    storage technology
Director
Yunnan
    Xiaosen Venture Capital Co., Ltd.
Internet
    and social media
CEO &
    Partner
Hangzhou
    Hechuang Investment Management Co., Ltd.
Supply
    chain
CEO
    and Director
Tongzheng
    Huilian Technology (Beijing) Co., Ltd.
Blockchain
    tech
CEO
Jirong
    Lyu
Dongguan
    Taihua Tax Accountant Firm
Accounting
Partner and CFO
Shanghai
    Shengkai Technology Co., Ltd.
E-commerce
CFO &
    Manager
Yiwen
    Ma
Kunming
    Limit Technology Co., Ltd.
Mobile
    communications
Software
    Manager
John
    Wallace
The
    Delaware Board of Trade
Broker-dealer
Chairman &
    CEO & President
Philadelphia
    Financial Services, LLC
Financial
    consulting
President &
    CEO & Owner
Wallace
    Securities Corp.
Financial
    consulting
Owner
Ning
    Wang
China
    Electronics Chamber of Commerce
Electronic
    information products
President
Jiu
    Rong Holdings Ltd.
Investments
Director
Fibocom
    Wireless Inc.
Wireless
    services
Director
Accordingly,
if any of the above officers or directors become aware of a business combination opportunity which is suitable for any of the
above entities to which he or she has then-current fiduciary or contractual obligations, he or she may need to 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 chooses not to pursue the opportunity, subject to their fiduciary duties under Cayman Islands law. We do not believe,
however, that any of the foregoing fiduciary duties or contractual obligations will materially affect our ability to complete
our initial business combination.
87
We
are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, officers
or directors. In the event we seek to complete our initial business combination with such a company, we would obtain an opinion
from an independent investment banking firm or from another independent entity that commonly renders valuation opinions, that
such an initial business combination is fair to our company from a financial point of view.
In
addition, our sponsor or any of its affiliates may make additional investments in the company in connection with the initial business
combination, although our sponsor and its affiliates have no obligation or current intention to do so. If our sponsor or any of
its affiliates elects to make additional investments, such proposed investments could influence our sponsor's motivation
to complete an initial business combination.
In
the event that we submit our initial business combination to our public shareholders for a vote, our initial shareholders have
agreed, pursuant to the terms of a letter agreement entered into with us, to vote their founder shares (and their permitted transferees
will agree) and any public shares held by them in favor of our initial business combination. Our directors and officers have also
entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired by them, if any.
Limitation
on Liability and Indemnification of Officers and Directors
Cayman
Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to
public policy, such as to provide indemnification against willful default, fraud or the consequences of committing a crime. Our
amended and restated memorandum and articles of association provide for indemnification of our officers and directors to the maximum
extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud,
willful default or willful neglect.
We
may 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. We also intend to enter into indemnity agreements with them.
Our
officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account,
and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising
out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever. Accordingly,
any indemnification provided will only be able to be satisfied by us if we (i) have sufficient funds outside of the trust
account or (ii) consummate an initial business combination. Furthermore, a shareholder's investment may be adversely
affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification
provisions.
We
believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced
officers and directors.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors and officers or persons controlling
us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.
88
PRINCIPAL
SHAREHOLDERS
The
following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of this prospectus,
and as adjusted to reflect the sale of our Class A ordinary shares included in the units offered by this prospectus, and
assuming no purchase of units in this offering, by:
·
each
                                         person known by us to be the beneficial owner of more than 5% of our issued and outstanding
                                         ordinary shares;
·
each
                                         of our officers, directors and director nominees; and
·
all
                                         our 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
ordinary shares beneficially owned by them. The following table does not reflect record or beneficial ownership of any Class A
ordinary shares issuable upon conversion of rights or exercise of warrants, as the rights are not convertible, and the warrants
are not exercisable, within 60 days of the date of this prospectus.
The
post-offering ownership percentage column below assumes that the underwriters do not exercise the over-allotment option, that
our sponsor forfeits 150,000 founder shares and that there are 5,350,000 ordinary shares issued and outstanding after this offering.
Prior to Offering
After Offering
Name and Address of Beneficial Owner(1)
Amount and
Nature of
Beneficial
Ownership
Approximate
Percentage of
Outstanding
Ordinary
Shares(2)
Amount and
Nature of
Beneficial
Ownership(3)
Approximate
Percentage of
Outstanding
Ordinary
Shares
Xiaosen
    Sponsor LLC (4)
1,150,000
100.0
%
1,250,000
23.4
%
Jian
    Zhang (4)
1,150,000
100.0
%
1,250,000
23.4
%
Joseph
    Valenza
—
—
—
—
John
    Wallace
—
—
—
—
Ning
    Wang
—
—
—
—
Jirong
    Lyu
—
—
—
—
Yiwen
    Ma
—
—
—
—
All
    directors and officers as a group (5 individuals)
1,150,000
100.0
%
1,250,000
23.4
%
*
Less than one percent.
(1) Unless
otherwise indicated, the business address of each of the individuals is
Unit
1006, Block C, Jinshangjun Park, No. 2 Xiaoba Road, Panlong District, Kunming, Yunnan, China.
(2) Based
on 1,150,000 ordinary shares immediately prior to this offering.
(3) Includes
the 250,000 private units to be purchased by our sponsor simultaneously with the consummation of this offering.
(4) Represents
shares held by our sponsor. The shares held by our sponsor are beneficially owned by
Jian
Zhang, our chief executive officer, who, as the manager of our sponsor, has voting and dispositive power over the shares held
by our sponsor.
89
Immediately
after this offering, our initial shareholders will beneficially own 20.0% of the then issued and outstanding ordinary shares (excluding
the private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination, and assuming our initial shareholders do not purchase any other units in this offering).
Prior to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of
directors, and holders of a majority of our founder shares may remove a member of the board of directors for any reason. In addition,
because of their ownership block, our initial shareholders may be able to effectively influence the outcome of all other matters
requiring approval by our shareholders, including amendments to our amended and restated memorandum and articles of association
and approval of significant corporate transactions. If we increase or decrease the size of this offering, we will effect a capitalization
or share repurchase or redemption or other appropriate mechanism, as applicable, with respect to our founder shares immediately
prior to the consummation of this offering in such amount as to maintain the number of founder shares at 20% of our issued and
outstanding ordinary shares upon the consummation of this offering (excluding the private shares underlying the private units,
the representative shares and any shares underlying units issued upon conversion of working capital loans and any Class A
ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination).
Our
sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 250,000 (or 268,000 if the underwriters'
over-allotment option is exercised in full) private units at a price of $10.00 per unit ($2,500,000 in the aggregate or $2,680,000
in the aggregate if the underwriters' over-allotment option is exercised in full) in a private placement that will occur
simultaneously with the closing of this offering. The purchase price of the private units will be added to the proceeds from this
offering to be held in the trust account. If we do not complete our initial business combination within 15 months from the closing
of this offering (or up to 21 months from the closing of this offering if we extend the period of time to consummate a business
combination), the proceeds of the sale of the private units held in the trust account will be used to fund the redemption of our
public shares, and the private units will expire worthless. The private units are subject to the transfer restrictions described
below. The warrants underlying the private units will not be redeemable by us so long as they are held by our sponsor or its permitted
transferees. If the warrants underlying the private units are held by holders other than our sponsor or its permitted transferees,
such 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. Otherwise, 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.
Our
sponsor and our officers and directors are deemed to be our "promoters" as such term is defined under the federal
securities laws. See "Certain Relationships and Related Party Transactions" for additional information regarding our
relationships with our promoters.
Transfers
of Founder Shares and Private Warrants
The
founder shares, private units and any Class A ordinary shares issued upon conversion or exercise thereof are each subject
to transfer restrictions pursuant to lock-up provisions in the letter agreement with us to be entered into by our initial shareholders.
Those lock-up provisions provide that such securities are not transferable or salable (1) in the case of the founder shares,
until the earlier of (A) one year after the completion of our initial business combination or (B) subsequent to our
initial business combination, (x) for 50% of the founder shares, if the last reported sale price of the Class A ordinary
shares equals or exceeds $12.50 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations,
recapitalizations and the like and as otherwise described in this prospectus) for any 20 trading days within any 30-trading day
period commencing at least 150 days after our initial business combination, or (y) the date following the completion of our
initial business combination on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other
similar transaction that results in all of our public shareholders having the right to exchange their Class A ordinary shares
for cash, securities or other property, and (2) in the case of the private 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 partners of our sponsor, or any affiliates of our sponsor,
(b) in the case of an individual, by gift to a member of the individual's immediate family or to a trust, the beneficiary
of which is a member of the individual's immediate family or 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 the consummation of a business combination at prices no greater than the price at which the securities were originally purchased;
(f) in the event of our liquidation prior to our completion of our initial business combination; (g) by virtue of the
laws of the Cayman Islands or our sponsor's limited liability company agreement, as amended, upon liquidation of our sponsor;
or (h) in the event of our completion of a liquidation, merger, amalgamation, share exchange, reorganization or other similar
transaction which results in all of our public shareholders having the right to exchange their Class A ordinary shares for
cash, securities or other property subsequent to our completion of our initial business combination; provided, however, that in
the case of clauses (a) through (e) and (g) these permitted transferees must enter into a written agreement agreeing
to be bound by these transfer restrictions.
90
Registration
Rights
The
holders of the founder shares, representative shares, private units and any warrants that may be issued on conversion of working
capital loans (and any securities underlying the private units or units issued upon conversion of the working capital loans and
Class A ordinary shares that may be issued 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. The holders of these securities will be entitled to make up to three demands, excluding short form
registration 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. However, the registration
rights agreement provides that we will not permit any registration statement filed under the Securities Act to become effective
until termination of the applicable lock-up period, which occurs (1) in the case of the founder shares, until the earlier
of (A) one year after the completion of our initial business combination or (B) subsequent to our initial business combination,
(x) for 50% of the founder shares, if the last reported sale price of the Class A ordinary shares equals or exceeds
$12.50 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations and
the like and as otherwise described in this prospectus) for any 20 trading days within any 30-trading day period commencing at
least 150 days after our initial business combination, or (y) the date following the completion of our initial business combination
on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results
in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities or other
property, and (2) in the case of the representative shares, private units and the securities underlying such units, 30 days
after the completion of our initial business combination. We will bear the expenses incurred in connection with the filing of
any such registration statements.
91
CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
In
July 2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
Our initial shareholders will collectively own 20% of our issued and outstanding shares after this offering (assuming our initial
shareholders do not purchase any other units in this offering and excluding the private shares underlying the private units, the
representative shares and any shares underlying units issued upon conversion of working capital loans and any Class A ordinary
shares or equity-linked securities issued, or to be issued, to any seller in our initial business combination). If we increase
or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other appropriate
mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering in such amount
as to maintain the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation of this
offering (excluding the private shares underlying the private units, the representative shares and any shares underlying units
issued upon conversion of working capital loans and any Class A ordinary shares or equity-linked securities issued, or to
be issued, to any seller in our initial business combination).
Our
sponsor has committed, pursuant to a written agreement, to purchase an aggregate of 250,000 (or 268,000 if the underwriters'
over-allotment option is exercised in full) private units for a purchase price of $10.00 per unit in a private placement that
will occur simultaneously with the closing of this offering. The private units (including the securities underlying the private
units) may not, subject to certain limited exceptions, be transferred, assigned or sold by it until 30 days after the completion
of our initial business combination.
On
or prior to the date of this prospectus, we will enter into an administrative services agreement pursuant to which we will pay
our sponsor up to $10,000 per month for office space, administrative and support services. Upon completion of our initial business
combination or our liquidation, we will cease paying any of these monthly fees. Accordingly, in the event the consummation of
our initial business combination takes the maximum 15 months, our sponsor will be paid up to $10,000 per month ($150,000 in the
aggregate) for office space, administrative and support services and will be entitled to be reimbursed for any out-of-pocket expenses.
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 any of their affiliates and will determine which expenses and the amount of expenses that will be reimbursed.
There is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred by such persons in connection with activities
on our behalf.
Our
sponsor has agreed to loan us up to $150,000 under an unsecured promissory note to be used for a portion of the expenses of this
offering. As of July 8, 2020, we had borrowed $15,000 under the promissory note with our sponsor to be used for a portion of the
expenses of this offering. These loans are non-interest bearing, unsecured and are due at the earlier of December 31, 2020
or the closing of this offering. These loans will be repaid upon completion of this offering out of the $550,000 of offering proceeds
that has been allocated for the payment of offering expenses (other than underwriting commissions) not held in the trust account.
The value of our sponsor's interest in this loan 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.
Any such loans would be on an interest-free basis and would be repaid only from funds held outside the trust account or from funds
released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible into units
at a price of $10.00 per unit, at the option of the lender. The units would be identical to the private units issued to our sponsor.
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 shareholders, to the extent then known, in
the tender offer or proxy solicitation materials, as applicable, furnished to our shareholders. It is unlikely the amount of such
compensation will be known at the time of distribution of such tender offer materials or at the time of a general meeting held
to consider our initial business combination, as applicable, as it will be up to the directors of the post-combination business
to determine executive and director compensation.
92
We
have entered into a registration rights agreement with respect to the founder shares, representative shares, private units and
units issued upon conversion of working capital loans (if any), which is described under the heading "Principal Shareholders—Registration
Rights."
Related
Party 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 our 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.
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. Our audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or
directors, or our or any of their affiliates.
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 and disinterested directors,
have obtained an opinion from an independent investment banking firm or another independent entity that commonly renders valuation
opinions that our initial business combination is fair to our company from a financial point of view.
Furthermore,
no finder's fees, reimbursements or cash payments will be made by us to our sponsor, officers or directors, or our or any
of their affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination,
other than the following payments, none of which will be made from the proceeds of this offering and the sale of the private units
held in the trust account prior to the completion of our initial business combination:
•          Repayment
of an aggregate of up to $150,000 in loans that may be made to us by our sponsor to cover offering-related and organizational
expenses;
•          Payment
to our sponsor of up to $10,000 per month for office space, administrative and support services;
•          Payment
of consulting, success or finder fees to our sponsor, officers, directors, initial shareholders or their affiliates in connection
with the consummation of our initial business combination;
•          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. Up to $1,500,000 of such loans may be convertible into units,
at a price of $10.00 per unit, at the option of the lender.
The
above payments may be funded using the net proceeds of this offering and the sale of the private units not held in the trust account
or, upon completion of the initial business combination, from any amounts remaining from the proceeds of the trust account released
to us in connection therewith.
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DESCRIPTION
OF SECURITIES
We
are a Cayman Islands exempted company (company number 363925) and our affairs will be governed by our amended and restated memorandum
and articles of association, the Companies Law and common law of the Cayman Islands. Pursuant to our amended and restated memorandum
and articles of association which will be adopted upon the consummation of this offering, we will be authorized to issue ordinary
shares, including 200,000,000 Class A ordinary shares, $0.0001 par value each, and 20,000,000 Class B ordinary shares,
par value $0.0001 per share, as well as 1,000,000 undesignated preference shares, $0.0001 par value each. The following description
summarizes the material terms of our shares as set out more particularly in our amended and restated memorandum and articles of
association. Because it is only a summary, it may not contain all the information that is important to you.
Units
Each
unit consists of one Class A ordinary share, one right and one-half of one warrant. Each right entitles the holder thereof
to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination. Each
whole warrant entitles the holder to purchase one Class A ordinary share. Pursuant to the warrant agreement, a warrant holder
may exercise its warrants only for a whole number of Class A ordinary shares. This means that only a warrant may be exercised
at any given time by a warrant holder.
The
Class A ordinary shares, rights and warrants will begin to trade separately on the 90
th
day after the date of
this prospectus unless EarlyBirdCapital, Inc. informs us of its decision to allow earlier separate trading, provided that
in no event may the Class A ordinary shares, rights and warrants be traded separately until we have filed with the SEC a
Current Report on Form 8-K which includes an audited balance sheet reflecting our receipt of the gross proceeds of this offering.
Once the Class A ordinary shares, rights and warrants commence separate trading, holders will have the option to continue
to hold units or separate their units into the component pieces.
We
will file a Current Report on Form 8-K which includes an audited balance sheet promptly upon the consummation of this offering.
The audited balance sheet will reflect proceeds we receive from the exercise of the over-allotment option, if the over-allotment
option is exercised on the date of this prospectus. If the over-allotment option is exercised after the date of this prospectus,
we will file an amendment to the Form 8-K to provide updated financial information to reflect the exercise of the over-allotment
option. We will also include in this Form 8-K, an amendment thereto, or in a subsequent Form 8-K information indicating
if EarlyBirdCapital, Inc. has allowed separate trading of the Class A ordinary shares, rights and warrants prior to
the 90
th
day after the date of this prospectus.
Ordinary
Shares
Prior
to the date of this prospectus, there were 1,250,000 Class B ordinary shares issued and outstanding, 1,150,000 of which were
held of record by our sponsor. Our sponsor will forfeit up to 150,000 Class B ordinary shares depending on the extent to
which the underwriters' over-allotment is not exercised so that our sponsor will own 20% of our issued and outstanding shares
after this offering (excluding the private shares underlying the private units, the representative shares and any shares underlying
units issued upon conversion of working capital loans and any Class A ordinary shares or equity-linked securities issued,
or to be issued, to any seller in our initial business combination, and assuming our initial shareholder does not purchase any
units in this offering). Upon the closing of this offering, 5,350,000 ordinary shares will be issued and outstanding (assuming
no exercise of the underwriters' over-allotment option and forfeiture of 150,000 Class B ordinary shares by our sponsor)
including:
•          4,250,000
Class A ordinary shares underlying the units being offered in this offering and the private placement;
•          1,000,000
Class B ordinary shares held by our initial shareholders; and
•          100,000
Class B ordinary shares held by EarlyBirdCapital, Inc. and its designees.
If
we increase or decrease the size of this offering, we will effect a capitalization or share repurchase or redemption or other
appropriate mechanism, as applicable, with respect to our founder shares immediately prior to the consummation of this offering
in such amount as to maintain the number of founder shares at 20% of our issued and outstanding ordinary shares upon the consummation
of this offering (excluding the private shares underlying the private units, the representative shares and any shares underlying
units issued upon conversion of working capital loans and any Class A ordinary shares or equity-linked securities issued,
or to be issued, to any seller in our initial business combination).
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Class A
ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters
to be voted on by shareholders, except as required by law; provided that, prior to our initial business combination, only holders
of our Class B ordinary shares will have the right to vote on the appointment of directors, and holders of a majority of
our Class B ordinary shares may remove a member of the board of directors for any reason. With respect to any other matter
submitted to a vote of our shareholders, including any vote in connection with our initial business combination, except as required
by law, holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class.
Unless specified in the Companies Law, our amended and restated memorandum and articles of association or applicable stock exchange
rules, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on
by our shareholders. Approval of certain actions will require a special resolution under Cayman Islands law and pursuant to our
amended and restated memorandum and articles of association; such actions include amending our amended and restated memorandum
and articles of association and approving a statutory merger or consolidation with another company. Directors are appointed for
a term of two years. There is no cumulative voting with respect to the appointment of directors, with the result that the holders
of more than 50% of the founder shares voted for the appointment of directors can elect all of the directors prior to our initial
business combination. Our shareholders 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 memorandum and articles of association authorize the issuance of up to 200,000,000 Class A ordinary
shares, if we were to enter into a business combination, we may (depending on the terms of such a business combination) be required
to increase the number of Class A ordinary shares which we are authorized to issue at the same time as our shareholders vote
on the business combination to the extent we seek shareholder approval in connection with our initial business combination.
In
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year
after our first fiscal year end following our listing on Nasdaq. There is no requirement under the Companies Law for us to hold
annual or extraordinary general meetings to appoint directors. Until we hold an annual general meeting, public shareholders may
not be afforded the opportunity to discuss company affairs with management.
We
will provide our public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion
of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
trust account as of two business days prior to the consummation of our initial business combination, including interest (which
interest shall be net of taxes payable), divided by the number of then issued and outstanding public shares, subject to the limitations
described herein. At the completion of our initial business combination, we will be required to purchase any Class A ordinary
shares properly delivered for redemption and not withdrawn. The amount in the trust account is initially anticipated to be $10.00
per public share. Additionally, each public shareholder may elect to redeem its public shares without voting and, if they do vote,
irrespective of whether they vote for or against the proposed business combination. Our initial shareholders have entered into
a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their founder
shares and any public shares held by them in connection with the completion of our initial business combination. Our directors
and officers have also entered into the letter agreement, imposing similar obligations on them with respect to public shares acquired
by them, if any. Permitted transferees of our initial shareholders, officers or directors will be subject to the same obligations.
If
we seek shareholder approval of our initial business combination and we do not conduct redemptions in connection with our initial
business combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide
that a public shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting
in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming
its shares with respect to more than an aggregate of 15% of the ordinary shares sold in this offering, which we refer to as the
 "Excess Shares," without our prior consent. However, we would not be restricting our shareholders' ability to
vote all of their shares (including Excess Shares) for or against our initial business combination. Our shareholders' inability
to redeem the Excess Shares will reduce their influence over our ability to complete our initial business combination, and such
shareholders could suffer a material loss in their investment if they sell such Excess Shares on the open market. Additionally,
such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete the business combination.
As a result, such shareholders will continue to hold that number of shares exceeding 15% and, in order to dispose such shares
would be required to sell their shares in open market transactions, potentially at a loss.
If
we seek shareholder approval in connection with our initial business combination, our initial shareholders have agreed (and their
permitted transferees will agree), pursuant to the terms of a letter agreement entered into with us, to vote their founder shares
and any public shares held by them in favor of our initial business combination. As a result, in addition to our initial shareholders'
founder shares and private shares and the representative shares, we would need 1,325,001, or 33.1%, of the 4,000,000 public shares
sold in this offering to be voted in favor of a transaction (assuming all issued and outstanding shares are voted and the over-allotment
option is not exercised), subject to any higher threshold as is required by Cayman Islands or other applicable law, in order to
have such initial business combination approved. Our directors and officers have also entered into the letter agreement, imposing
similar obligations on them with respect to public shares acquired by them, if any.
95
Pursuant
to our amended and restated memorandum and articles of association, if we are unable to complete our initial business combination
within 15 months from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period
of time to consummate a business combination), we will (1) cease all operations except for the purpose of winding up, (2) as
promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the public shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (less up to $50,000
of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued
and outstanding public shares, which redemption will completely extinguish public shareholders' rights as shareholders (including
the right to receive further liquidating distributions, if any) and (3) as promptly as reasonably possible following such
redemption, subject to the approval of our remaining shareholders and our board of directors, dissolve and liquidate, subject
in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable
law. Our initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed to waive their
rights to liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial
business combination within 15 months (or up to 21 months) from the closing of this offering. However, if our initial shareholders
acquire public shares 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 a business combination, our shareholders at such time
will be entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and
after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no
preemptive or other subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we
will provide our shareholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the
aggregate amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), upon
the completion of our initial business combination, subject to the limitations described herein.
Founder
Shares and Private Shares
The
founder shares are designated as Class B ordinary shares and are identical to the Class A ordinary shares included in
the units being sold in this offering, and holders of founder shares and private shares have the same shareholder rights as public
shareholders, except that: (1) prior to our initial business combination, only holders of the founder shares have the right
to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors
for any reason; (2) the founder shares and private shares are subject to certain transfer restrictions, as described in more
detail below; (3) our initial shareholders have entered into a letter agreement with us, pursuant to which they have agreed
to waive: (x) their redemption rights with respect to their founder shares, private shares and any public shares held by
them in connection with the completion of our initial business combination (and not seek to sell its shares to us in any tender
offer we undertake in connection with our initial business combination); (y) their redemption rights with respect to their
founder shares, private shares and any public shares held by them in connection with a shareholder vote to approve an amendment
to our amended and restated memorandum and articles of association (A) that would affect our public shareholders' ability
to convert or sell their shares to us in connection with a business combination as described herein or 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
15 months from the closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time
to consummate a business combination) or (B) with respect to any other provision relating to shareholders' rights or
pre-initial business combination activity; and (z) their rights to liquidating distributions from the trust account with
respect to any founder shares or private shares they hold if we fail to complete our initial business combination within 15 months
(or up to 21 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); (4) the founder shares will automatically convert into our Class A ordinary shares as described below and
(5) the founder shares and private shares are entitled to registration rights. In addition, our directors and officers have
also entered into the letter agreement with respect to public shares acquired by them, if any.
The
founder shares will automatically convert into Class A ordinary shares on the first business day following the completion
of our initial business combination on a one-for-one basis, subject to adjustment as provided herein. In the case that additional
Class A ordinary shares, or equity-linked securities convertible or exercisable for Class A ordinary shares, are issued
or deemed issued in excess of the amounts issued in this offering and related to the closing of our initial business combination,
the ratio at which founder shares will convert into Class A ordinary shares will be adjusted (subject to waiver by holders
of a majority of the Class B ordinary shares then in issue) so that the number of Class A ordinary shares issuable upon
conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of our ordinary
shares issued and outstanding upon the completion of this offering plus the number of Class A ordinary shares and equity-linked
securities issued or deemed issued in connection with our initial business combination (net of redemptions), excluding the private
shares underlying the private units, the representative shares, any shares underlying units issued upon conversion of working
capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller in our initial
business combination.
96
With
certain limited exceptions, the founder shares are not transferable, assignable or salable (except to our officers and directors
and other persons or entities affiliated with our sponsor, each of whom will be subject to the same transfer restrictions) until
the earlier of (A) one year after the completion of our initial business combination or (B) subsequent to our initial
business combination, (x) for 50% of the founder shares, if the last reported sale price of the Class A ordinary shares
equals or exceeds $12.50 per share (as adjusted for share sub-divisions, share dividends, rights issuances, reorganizations, recapitalizations
and the like and as otherwise described in this prospectus) for any 20 trading days within any 30-trading day period commencing
at least 150 days after our initial business combination, or (y) the date following the completion of our initial business
combination on which we complete a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction
that results in all of our public shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property.
Register
of Members
Under
Cayman Islands law, we must keep a register of members and there will be entered therein:
•          the
names and addresses of the members, a statement of the shares held by each member, and of the amount paid or agreed to be considered
as paid, on the shares of each member and the voting rights of shares of each member;
•          whether
voting rights are attached to the share in issue;
•          the
date on which the name of any person was entered on the register as a member; and
•          the
date on which any person ceased to be a member.
Under
Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e., the register
of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register
of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register
of members. Upon the closing of this public offering, the register of members will be immediately updated to reflect the issue
of shares by us. Once our register of members has been updated, the shareholders recorded in the register of members will be deemed
to have legal title to the shares set against their name. However, there are certain limited circumstances where an application
may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position.
Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified
where it considers that the register of members does not reflect the correct legal position. If an application for an order for
rectification of the register of members were made in respect of our ordinary shares, then the validity of such shares may be
subject to re-examination by a Cayman Islands court.
Preference
Shares
Our
amended and restated memorandum and articles of association authorize 1,000,000 preference shares and will provide that preference
shares may be issued from time to time in one or more series. Our board of directors will be authorized to fix the voting rights,
if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our board of directors will be able to, without
shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other
rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue
preference shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control
of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although
we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference
shares are being issued or registered in this offering.
Rights
Each
holder of a right will receive one-tenth (1/10) of one Class A ordinary share upon consummation of our initial business combination,
even if the holder of such right redeemed all Class A ordinary shares held by him, her or it in connection with the initial business
combination or an amendment to our Memorandum and Articles of Association with respect to our pre-business combination activities.
No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional Class A
ordinary shares upon consummation of an initial business combination as the consideration related thereto has been included in
the unit purchase price paid for by investors in this offering. The shares issuable upon exchange of the rights will be freely
tradable (except to the extent held by affiliates of ours).
If
we enter into a definitive agreement for a business combination in which we will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the Class A ordinary share
will receive in the transaction on an as-converted into ordinary share basis, and each holder of a right will be required to affirmatively
convert his, her or its rights in order to receive the 1/10 share underlying each right (without paying any additional consideration)
upon consummation of the business combination. More specifically, the right holder will be required to indicate his, her or its
election to convert the rights into underlying shares as well as to return the original rights certificates to us. If we are unable
to complete an initial business combination within the required time period and we liquidate the funds held in the trust account,
holders of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from
our assets held outside of the trust account with respect to such rights, and the rights will expire worthless.
97
As
soon as practicable upon the consummation of our initial business combination, we will direct registered holders of the rights
to return their rights to our rights agent. Upon receipt of the rights, the rights agent will issue to the registered holder of
such right(s) the number of full Class A ordinary shares to which he, she or it is entitled. We will notify registered holders
of the rights to deliver their rights to the rights agent promptly upon consummation of such business combination and have been
informed by the rights agent that the process of exchanging their rights for ordinary shares should take no more than a matter
of days. The foregoing exchange of rights is solely ministerial in nature and is not intended to provide us with any means of
avoiding our obligation to issue the shares underlying the rights upon consummation of our initial business combination. Other
than confirming that the rights delivered by a registered holder are valid, we will have no ability to avoid delivery of the shares
underlying the rights. Nevertheless, there are no contractual penalties for failure to deliver securities to the holders of the
rights upon consummation of an initial business combination. Additionally, in no event will we be required to net cash settle
the rights. Accordingly, the rights may expire worthless.
Although
a company incorporated in the Cayman Islands may issue fractional shares, it is not our intention to issue any fractional shares
upon conversions of the rights. In the event that any holder would otherwise be entitled to any fractional share upon exchange
of his, her or its rights, we will reserve the option, to the fullest extent permitted by the Memorandum and Articles of Association,
the Act and other applicable law, to deal with any such fractional entitlement at the relevant time as we see fit, which would
include the rounding down of any entitlement to receive ordinary shares to the nearest whole share (and in effect extinguishing
any fractional entitlement), or the holder being entitled to hold any remaining fractional entitlement (without any share being
issued) and to aggregate the same with any future fractional entitlement to receive shares in the Company until the holder is
entitled to receive a whole number. Any rounding down and extinguishment may be done with or without any in lieu cash payment
or other compensation being made to the holder of the relevant rights, such that value received on exchange of the rights may
be considered less than the value that the holder would otherwise expect to receive. All holders of rights shall be treated in
the same manner with respect to the issuance of shares upon conversions of the rights
Warrants
No
warrants are currently outstanding. Each whole warrant entitles the registered holder to purchase one Class A ordinary share
at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing on the later of 30 days after
the completion of an initial business combination or 12 months from the closing of this offering. However, no warrants will be
exercisable for cash unless we have an effective and current registration statement covering the Class A ordinary shares
issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding
the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the public warrants
is not effective within 60 business days following the consummation of our initial business combination, warrant holders may,
until such time as there is an effective registration statement and during any period when we shall have failed to maintain an
effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of
the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders
will not be able to exercise their warrants on a cashless basis. In such event, each holder would pay the exercise price by surrendering
the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of
the number of Class A ordinary shares underlying the warrants, multiplied by the difference between the exercise price of
the warrants and the "fair market value" (defined below) by (y) the fair market value. The "fair market
value" for this purpose will mean the average reported last sale price of the Class A ordinary shares for the 5 trading
days ending on the trading day prior to the date of exercise. The warrants will expire on the fifth anniversary of our completion
of an initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.
The
private warrants, as well as any warrants underlying additional units we issue to our sponsor, officers, directors or their affiliates
in payment of working capital loans made to us, will be identical to the warrants underlying the units being offered by this prospectus
except that such private warrants will be exercisable for cash or on a cashless basis, at the holder's option, and will
not be redeemable by us, in each case so long as they are still held by our sponsor or its permitted transferees.
We
may call the warrants for redemption (excluding the warrants underlying the private units and any additional units issued to our
sponsor, initial shareholders, officers, directors or their affiliates in payment of working capital loans made to us), in whole
and not in part, at a price of $0.01 per warrant,
•          at
any time after the warrants become exercisable,
•          upon
not less than 30 days' prior written notice of redemption to each warrant holder,
•          if,
and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted
for share sub-divisions, share dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading
day period commencing after the warrants become exercisable and ending on the third business day prior to the notice of redemption
to warrant holders; and
•          if,
and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying such
warrants.
The
right to exercise will be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption.
On and after the redemption date, a record holder of a warrant will have no further rights except to receive the redemption price
for such holder's warrant upon surrender of such warrant.
The
redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable
premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant
exercise price so that if the share price declines as a result of our redemption call, the redemption will not cause the share
price to drop below the exercise price of the warrants.
If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to
exercise warrants to do so on a "cashless basis." In such event, each holder would pay the exercise price by surrendering
the warrants for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of
the number of Class A ordinary shares underlying the warrants, multiplied by the difference between the exercise price of
the warrants and the "fair market value" (defined below) by (y) the fair market value. The "fair market
value" shall mean the average reported last sale price of the Class A ordinary shares for the 5 trading days ending
on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.
The
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company,
as warrant agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of
any holder to cure any ambiguity or correct any defective provision, but requires the approval, by written consent or vote, of
the holders of at least 50% of the then outstanding public warrants in order to make any change that adversely affects the interests
of the registered holders.
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The
exercise price and number of Class A ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances
including in the event of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation.
However, the warrants will not be adjusted for issuances of Class A ordinary shares at a price below their respective exercise
prices.
In
addition, if (x) we issue additional Class A ordinary shares or equity-linked securities for capital raising purposes
in connection with the closing of our initial business combination at a Newly Issued Price of less than $9.20 per Class A
ordinary share, (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of our initial business combination on the date of the consummation of our initial
business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, then the exercise price of
the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the
Newly Issued Price and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180%
of the greater of (i) the Market Value or (ii) 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, by certified or official bank check payable to us, for the number of warrants being exercised.
The warrant holders do not have the rights or privileges of holders of Class A ordinary shares and any voting rights until
they exercise their warrants and receive Class A ordinary shares. After the issuance of Class A ordinary shares upon
exercise of the warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on
by shareholders.
Under
the terms of the warrant agreement, we have agreed to use our best efforts to have declared effective a prospectus relating to
the Class A ordinary shares issuable upon exercise of the warrants and keep such prospectus current until the expiration
of the warrants. However, we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating
to the Class A ordinary shares issuable upon exercise of the warrants, holders will be unable to exercise their warrants
for cash and we will not be required to net cash settle or cash settle the warrant exercise.
Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would
not be able to exercise their warrants to the extent that, after giving effect to such exercise, such holder would beneficially
own in excess of 9.8% of the Class A ordinary shares outstanding.
No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of Class A
ordinary shares to be issued to the warrant holder.
We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way
to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. See "Risk Factors — Our warrant agreement will designate the courts
of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum
for certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of
warrant holders to obtain a favorable judicial forum for disputes with our company." This provision applies to claims under
the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the
United States of America are the sole and exclusive forum.
Dividends
We
have not paid any cash dividends on our Class A ordinary shares to date and do not intend to pay cash dividends prior to
the completion of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and
earnings, if any, capital requirements and general financial condition subsequent to completion of a business combination. The
payment of any dividends subsequent to a business combination will be within the discretion of our then board of directors. It
is the present intention of our board of directors to retain all earnings, if any, for use in our business operations and, accordingly,
our board does not anticipate declaring any dividends in the foreseeable future.
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Our
Transfer Agent, Rights Agent and Warrant Agent
The
transfer agent for our ordinary shares, the rights agent for our rights 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, rights agent and warrant agent, its agents and each of its shareholders, directors, officers and employees
against all liabilities, including judgments, costs and reasonable counsel fees 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.
Certain
Differences in Corporate Law
Cayman
Islands companies are governed by the Companies Law. The Companies Law is modeled on English Law but does not follow recent English
Law statutory enactments and differs from laws applicable to United States corporations and their shareholders. Set forth below
is a summary of the material differences between the provisions of the Companies Law applicable to us and the laws applicable
to companies incorporated in the United States and their shareholders.
Mergers
and Similar Arrangements.
In certain circumstances, the Companies
Law allows for mergers or consolidations between two Cayman Islands companies, or between a Cayman Islands exempted company and
a company incorporated in another jurisdiction (provided that is facilitated by the laws of that other jurisdiction).
Where
the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve a written plan
of merger or consolidation containing certain prescribed information. That plan of merger or consolidation must then be authorized
by (a) a special resolution (at least a majority of 66 2/3% in value who attend and vote at a general meeting) of the shareholders
of each company; and (b) such other authorization, if any, as may be specified in such constituent company's articles
of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least
90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent of each holder of a fixed
or floating security interest of a constituent company must be obtained, unless the court waives such requirement. If the Cayman
Islands Registrar of Companies is satisfied that the requirements of the Companies Law (which includes certain other formalities)
have been complied with, the Registrar of Companies will register the plan of merger or consolidation.
Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign company,
the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having made due enquiry,
they are of the opinion that the requirements set out below have been met: (1) that the merger or consolidation is permitted
or not prohibited by the constitutional documents of the foreign company and by the laws of the jurisdiction in which the foreign
company is incorporated, and that those laws and any requirements of those constitutional documents have been or will be complied
with; (2) that no petition or other similar proceeding has been filed and remains outstanding or order made or resolution
adopted to wind up or liquidate the foreign company in any jurisdictions; (3) that no receiver, trustee, administrator or
other similar person has been appointed in any jurisdiction and is acting in respect of the foreign company, its affairs or its
property or any part thereof; and (4) that no scheme, order, compromise or other similar arrangement has been entered into
or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or restricted;
and (5) there is no other reason why it would be against the public interest to permit the merger or consolidation.
Where
the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further
required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set
out below have been met: (1) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated
is bona fide and not intended to defraud unsecured creditors of the foreign company; (2) that in respect of the transfer
of any security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval
to the transfer has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance
with the constitutional documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with
respect to the transfer have been or will be complied with; and (3) that the foreign company will, upon the merger or consolidation
becoming effective, cease to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction.
100
The
Companies Law provides for a right of dissenting shareholders to be paid a payment of the fair value of his or her shares upon
their dissenting to the merger or consolidation in certain circumstances if they follow a prescribed procedure. In essence, where
such rights apply, that procedure is as follows: (a) the shareholder must give his or her written objection to the merger
or consolidation to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder
proposes to demand payment for his or her shares if the merger or consolidation is authorized by the vote; (b) within 20
days following the date on which the merger or consolidation is approved by the shareholders, the constituent company must give
written notice to each shareholder who made a written objection; (c) a shareholder must within 20 days following receipt
of such notice from the constituent company, give the constituent company a written notice of his or her intention to dissent
including, among other details, a demand for payment of the fair value of his or her shares; (d) within seven days following
the date of the expiration of the period set out in paragraph (b) above or seven days following the date on which the plan
of merger or consolidation is filed, whichever is later, the constituent company, the surviving company or the consolidated company
must make a written offer to each dissenting shareholder to purchase his or her shares at a price that the company determines
is the fair value and if the company and the shareholder agrees to the price within 30 days following the date on which the offer
was made, the company must pay the shareholder such amount; and (e) if the company and the shareholder fails to agree to
a price within such 30-day period, within 20 days following the date on which such 30-day period expires, the company (and any
dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the fair value and such petition
must be accompanied by a list of the names and addresses of the dissenting shareholders with whom agreements as to the fair value
of their shares have not been reached by the company. At the hearing of that petition, the court has the power to determine the
fair value of the shares together with a fair rate of interest, if any, to be paid by the company upon the amount determined to
be the fair value. Any dissenting shareholder whose name appears on the list filed by the company may participate fully in all
proceedings until the determination of fair value is reached. These rights of a dissenting shareholder are not to be available
in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open market exists on
a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the consideration for such
shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving or consolidated
company, or in the context of a parent and subsidiary merger.
Moreover,
Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, such schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely
held companies, commonly referred to in the Cayman Islands as a "scheme of arrangement" which may be tantamount to
a merger. In the event that a merger was sought pursuant to a scheme of arrangement (the procedures of which are more rigorous
and take longer to complete than the procedures typically required to consummate a merger in the United States), the arrangement
in question must be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is
to be made and who must in addition represent three-fourths in value of each such class of shareholders or creditors, as the case
may be, that are present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening
of the meetings and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While
a dissenting shareholder would have the right to express to the court the view that the transaction should not be approved, the
court can be expected to approve the arrangement if it is satisfied that:
·
we
                                         are not proposing to act illegally or beyond the scope of our corporate authority and
                                         we have complied with the statutory provisions as to majority vote;
·
the
                                         shareholders have been fairly represented at the meeting in question;
·
the
                                         arrangement is such as a business-person would reasonably approve; and
·
the
                                         arrangement is not one that would more properly be sanctioned under some other provision
                                         of the Companies Law or that would amount to a "fraud on the minority."
If
a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable
to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing
rights to receive payment in cash for the judicially determined value of the shares.
Squeeze-out
Provisions
. When a takeover offer is made and accepted by
holders of 90% of the shares to whom the offer relates within four months, the offeror may, within a two-month period, require
the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be made to the Grand Court
of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion or inequitable
treatment of the shareholders.
Further,
transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through other means
to these statutory provisions, such as a share capital exchange, asset acquisition or control, through contractual arrangements,
of an operating business.
101
Shareholders'
Suits
. Maples and Calder, our Cayman Islands legal counsel,
is not aware of any reported class action having been brought in a Cayman Islands court. Derivative actions have been brought
in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability of such actions. In most cases, we
will be the proper plaintiff in any claim based on a breach of duty owed to us, and a claim against (for example) our officers
or directors usually may not be brought by a shareholder. However, based both on Cayman Islands authorities and on English authorities,
which would in all likelihood be of persuasive authority and applied by a court in the Cayman Islands, exceptions to the foregoing
principle apply in circumstances in which:
·
a
                                         company is acting, or proposing to act, illegally or beyond the scope of its authority;
·
the
                                         act complained of, although not beyond the scope of the authority, could be effected
                                         if duly authorized by more than the number of votes that have actually been obtained;
                                         or
·
those
                                         who control the company are perpetrating a "fraud on the minority."
A
shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or
are about to be infringed.
Enforcement
of Civil Liabilitie
s. The Cayman Islands has a different body
of securities laws as compared to the United States and provides less protection to investors. Additionally, Cayman Islands companies
may not have standing to sue before the federal courts of the United States.
We
have been advised by Maples and Calder, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (1) to
recognize or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the
federal securities laws of the United States or any state and (2) in original actions brought in the Cayman Islands, to impose
liabilities against us predicated upon the civil liability provisions of the federal securities laws of the United States or any
state, so far as the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no
statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will
recognize and enforce a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based
on the principle that a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for
which judgment has been given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands,
such judgment must be final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty,
inconsistent with a Cayman Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in
a manner, and or be of a kind the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands
(awards of punitive or multiple damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement
proceedings if concurrent proceedings are being brought elsewhere.
Special
Considerations for Exempted Companies
We are an exempted company with limited liability under the Companies Law. The Companies Law distinguishes between ordinary resident
companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of
the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially
the same as for an ordinary company except for the exemptions and privileges listed below:
·
an
                                         exempted company does not have to file an annual return of its shareholders with the
                                         Registrar of Companies;
·
an
                                         exempted company's register of members is not open to inspection;
·
an
                                         exempted company does not have to hold an annual general meeting;
·
an
                                         exempted company may issue shares with no par value;
·
an
                                         exempted company may obtain an undertaking against the imposition of any future taxation
                                         (such undertakings are usually given for 20 years in the first instance);
·
an
                                         exempted company may register by way of continuation in another jurisdiction and be deregistered
                                         in the Cayman Islands;
·
an
                                         exempted company may register as a limited duration company; and
·
an
                                         exempted company may register as a segregated portfolio company.
"Limited
liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares
of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an
illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).
102
Our
Amended and Restated Memorandum and Articles of Association
Our
amended and restated memorandum and articles of association 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
a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special resolution where it has been approved
by either (1) at least two-thirds (or any higher threshold specified in a company's articles of association) of a company's
shareholders at a general meeting for which notice specifying the intention to propose the resolution as a special resolution
has been given or (2) if so authorized by a company's articles of association, by a unanimous written resolution of
all of the company's shareholders. Our amended and restated memorandum and articles of association provide that special
resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting (i.e.,
the lowest threshold permissible under Cayman Islands law) (other than amendments relating to the appointment or removal of directors
prior to our initial business combination, which require the approval of at least 90% of our ordinary shares voting in a general
meeting), or by a unanimous written resolution of all of our shareholders.
Our
initial shareholders, who collectively will beneficially own 20% of our ordinary shares upon the closing of this offering (excluding
the private shares underlying the private units, the representative shares and any shares underlying units issued upon conversion
of working capital loans and any Class A ordinary shares or equity-linked securities issued, or to be issued, to any seller
in our initial business combination, and assuming they do not purchase any units in this offering), may participate in any vote
to amend our amended and restated memorandum and articles of association and will have the discretion to vote in any manner they
choose. Specifically, our amended and restated memorandum and articles of association provide, among other things, that:
•          if
we are unable to complete our initial business combination within 15 months from the closing of this offering (or up to 21 months
from the closing of this offering if we extend the period of time to consummate a business combination), we will: (1) cease
all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business
days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account, including interest (less up to $50,000 of interest to pay dissolution expenses and which interest
shall be net of taxes payable), divided by the number of then issued and outstanding public shares, which redemption will completely
extinguish public shareholders' rights as shareholders (including the right to receive further liquidating distributions,
if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders
and our board of directors, dissolve and liquidate, subject in each case to our obligations under Cayman Islands law to provide
for claims of creditors and the requirements of other applicable law;
•          prior
to our initial business combination, we may not issue additional shares that would entitle the holders thereof to (1) receive
funds from the trust account or (2) vote as a class with our public shares (a) on any initial business combination or
(b) to approve an amendment to our amended and restated memorandum and articles of association to (x) extend the time
we have to consummate a business combination beyond 15 months from the closing of this offering (or up to 21 months from the closing
of this offering if we extend the period of time to consummate a business combination) or (y) amend the foregoing provisions;
•          in
the event we enter into a business combination with a target business that is affiliated with our sponsor, our directors or our
officers (which we currently do not intend to do), we, or a committee of independent and disinterested directors, will obtain
an opinion from an independent investment banking firm, or from an independent accounting firm, that such a business combination
is fair to our company from a financial point of view;
•          if
a shareholder vote on our initial business combination is not required by law and we do not decide to hold a shareholder vote
for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the
Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain
substantially the same financial and other information about our initial business combination and the redemption rights as is
required under Regulation 14A of the Exchange Act;
•          in
the event our units are listed on Nasdaq, our initial business combination must be with one or more operating businesses or assets
with a fair market value equal to at least 80% of the assets held in the trust account (excluding taxes payable on the income
earned on the trust account) at the time of the agreement to enter into the initial business combination;
•          if
our shareholders approve an amendment to our amended and restated memorandum and articles of association (A) that would affect
our public shareholders' ability to convert or sell their shares to us in connection with a business combination as described
herein or 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 15 months from the closing of this offering (or up to 21 months from the closing of this offering
if we extend the period of time to consummate a business combination) or (B) with respect to any other provision relating
to shareholders' rights or pre-initial business combination activity, we will provide our public shareholders with the opportunity
to redeem all or a portion of their ordinary shares upon such approval at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest (which interest shall be net of taxes payable), divided by the
number of then issued and outstanding public shares; and
•          we
will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.
103
In
addition, our amended and restated memorandum and articles of association 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 either immediately prior to or
upon completion of our initial business combination.
The
Companies Law permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the
approval of the holders of at least two-thirds of such company's issued and outstanding ordinary shares. A company's
articles of association may specify that the approval of a higher majority is required. Accordingly, although we could amend any
of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated
memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither
we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting
public shareholders with the opportunity to redeem their public shares.
Anti-Money
Laundering—Cayman Islands
If
any person in the Cayman Islands knows or suspects or has reasonable grounds for knowing or suspecting that another person is
engaged in criminal conduct or money laundering or is involved with terrorism or terrorist financing and property and the information
for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession,
business or employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting
Authority of the Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure
relates to criminal conduct or money laundering, or (ii) a police officer of the rank of constable or higher, or the Financial
Reporting Authority, pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement
with terrorism or terrorist financing and property. Such a report shall not be treated as a breach of confidence or of any restriction
upon the disclosure of information imposed by any enactment or otherwise.
104
Cayman
Islands Data Protection
We
have certain duties under the Data Protection Law, 2017 of the Cayman Islands (the "DPL") based on internationally
accepted principles of data privacy.
Privacy
Notice
Introduction
This
privacy notice puts our shareholders on notice that through your investment in the company you will provide us with certain personal
information which constitutes personal data within the meaning of the DPL ("personal data").
In
the following discussion, the "company" refers to us and our affiliates and/or delegates, except where the context
requires otherwise.
Investor
Data
We
will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters
that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal
data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory
obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPL, and will
apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful
processing of the personal data and against the accidental loss, destruction or damage to the personal data.
In
our use of this personal data, we will be characterized as a "data controller" for the purposes of the DPL, while our
affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act as
our "data processors" for the purposes of the DPL or may process personal information for their own lawful purposes
in connection with services provided to us.
We
may also obtain personal data from other public sources. Personal data includes, without limitation, the following information
relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email
address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification,
credit history, correspondence records, passport number, bank account details, source of funds details and details relating to
the shareholder's investment activity.
Who
this Affects
If
you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal
arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to
you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit
the content of this Privacy Notice to such individuals or otherwise advise them of its content.
105
How
the Company May Use Your Personal Data
The
company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:
(i) where
this is necessary for the performance of our rights and obligations under any purchase agreements;
(ii) where
this is necessary for compliance with a legal and regulatory obligation to which we are subject (such as compliance with anti-money
laundering and FATCA/CRS requirements); and/or
(iii) where
this is necessary for the purposes of our legitimate interests and such interests are not overridden by your interests, fundamental
rights or freedoms.
Should
we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we
will contact you.
Why
We May Transfer Your Personal Data
In
certain circumstances, we may be legally obliged to share personal data and other information with respect to your shareholding
with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They,
in turn, may exchange this information with foreign authorities, including tax authorities.
We
anticipates disclosing personal data to persons who provide services to us and their respective affiliates (which may include
certain entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data
on our behalf.
The
Data Protection Measures We Take
Any
transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance
with the requirements of the DPL.
We
and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security
measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction
of, or damage to, personal data.
We
shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights
or freedoms or those data subjects to whom the relevant personal data relates.
Certain
Anti-Takeover Provisions of Our Amended and Restated Memorandum and Articles of Association
Our
authorized but unissued Class A ordinary shares and preference shares are available for future issuances without shareholder
approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions
and employee benefit plans. The existence of authorized but unissued and unreserved Class A ordinary shares and preference
shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer,
merger or otherwise.
Shares
Eligible for Future Sale
Immediately
after this offering, we will have 5,350,000 ordinary shares outstanding, or 6,118,000 shares if the over-allotment option is exercised
in full. Of these shares, the 4,000,000 Class A ordinary shares sold in this offering, or 4,600,000 Class A ordinary
shares if the over-allotment option is exercised in full, will be freely tradable without restriction or further registration
under the Securities Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the
Securities Act. All of the remaining shares are restricted securities under Rule 144, in that they were issued in private
transactions not involving a public offering. All of those shares will not be transferable until they are released except in limited
circumstances described elsewhere in this prospectus.
106
Rule 144
A
person who has beneficially owned restricted Class A ordinary shares, rights or warrants for at least six months would be entitled
to sell their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at
any time during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements
for at least three months before the sale. Persons who have beneficially owned restricted Class A ordinary shares, rights or warrants
for at least six months but who are our affiliates at the time of, or any time during the three months preceding, a sale, would
be subject to additional restrictions, by which such person would be entitled to sell within any three-month period a number of
shares that does not exceed the greater of either of the following:
•          1%
of the number of the total number of ordinary shares then outstanding, which will equal 53,500 shares immediately after this offering
(or 61,180 if the over-allotment option is exercised in full); and
•          the
average weekly trading volume of the Class A ordinary shares during the four calendar weeks preceding the filing of a notice
on Form 144 with respect to the sale.
Sales
under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public
information about us.
Restrictions
on the Use of Rule 144 by Shell Companies or Former Shell Companies
Historically,
the SEC staff had taken the position that Rule 144 is not available for the resale of securities initially issued by companies
that are, or previously were, blank check companies, like us. The SEC has codified and expanded this position in the amendments
discussed above by prohibiting the use of Rule 144 for resale of securities issued by any shell companies (other than business
combination related shell companies) or any issuer that has been at any time previously a shell company. The SEC has provided
an important exception to this prohibition, however, if the following conditions are met:
•          the
issuer of the securities that was formerly a shell company has ceased to be a shell company;
•          the
issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;
•          the
issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding
12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports;
and
•          at
least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its
status as an entity that is not a shell company.
As
a result, it is likely that pursuant to Rule 144, our sponsor will be able to sell its founder shares freely without registration
one year after we have completed our initial business combination assuming it is not an affiliate of ours at that time.
Registration
Rights
The
holders of the founder shares issued and outstanding on the date of this prospectus, as well as the holders of the representative
shares, private units and any units our sponsor, officers, directors or their affiliates may be issued in payment of working capital
loans made to us (and all underlying securities), will be entitled to registration rights pursuant to an agreement to be signed
prior to or on the effective date of this offering. The holders of a majority of these securities are entitled to make up to three
demands that we register such securities. The holders of the majority of the founder shares can elect to exercise these registration
rights at any time commencing three months prior to the date on which these Class B ordinary shares are to be released from
their transfer restrictions. The holders of a majority of the representative shares, private units and units issued to our sponsor,
officers, directors or their affiliates in payment of working capital loans made to us (or underlying securities) can elect to
exercise these registration rights at any time after we consummate a business combination. Notwithstanding anything to the contrary,
EarlyBirdCapital, Inc. may only make a demand on one occasion and only during the five-year period beginning on the effective
date of the registration statement of which this prospectus forms a part. In addition, the holders have certain "piggy-back"
registration rights with respect to registration statements filed subsequent to our consummation of a business combination; provided,
however, that EarlyBirdCapital, Inc. may participate in a "piggy-back" registration only during the seven-year
period beginning on the effective date of the registration statement of which this prospectus forms a part. We will bear the expenses
incurred in connection with the filing of any such registration statements.
Listing
of Securities
We
have applied to list our units, Class A ordinary shares, rights and warrants on Nasdaq under the symbols "DISTU,"
 "DIST," "DISTR" and "DISTW," respectively. We expect that our units will be listed on Nasdaq
promptly on or after the effective date of the registration statement. Following the date the Class A ordinary shares, rights
and warrants are eligible to trade separately, we anticipate that the Class A ordinary shares, rights 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.
107
INCOME
TAX CONSIDERATIONS
The
following summary of certain Cayman Islands and U.S. federal income tax considerations relevant to an investment in our units,
Class A ordinary shares, rights and warrants is based upon laws and relevant interpretations thereof in effect as of the date
of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating
to an investment in our ordinary shares, rights and warrants, such as the tax consequences under state, local and other tax laws.
Prospective
investors should consult their professional advisors on the possible tax consequences of buying, holding or selling any securities
under the laws of their country of citizenship, residence or domicile.
Cayman
Islands Taxation
The
following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion
is a general summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice,
does not consider any investor's particular circumstances and does not consider tax consequences other than those arising
under Cayman Islands law.
Under
Existing Cayman Islands Laws
Payments
of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding
will be required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal
of the securities be subject to Cayman Islands income or corporate tax. The Cayman Islands currently has no income, corporation
or capital gains tax and no estate duty, inheritance tax or gift tax.
No
stamp duty is payable in respect of the issue of the warrants. An instrument of transfer in respect of a warrant is stampable
if executed in or brought into the Cayman Islands.
No
stamp duty is payable in respect of the issue of our securities or on an instrument of transfer in respect of our securities.
The
Company has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such,
has applied for and received an undertaking from the Financial Secretary of the Cayman Islands in the following form:
The
Tax Concessions Law
(2018 Revision)
Undertaking as to Tax Concessions
In
accordance with the provision of section 6 of The Tax Concessions Law (2018 Revision), the Financial Secretary undertakes with
Distoken Acquisition Corporation ("the Company").
1.
That
                                         no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied
                                         on profits, income, gains or appreciations shall apply to the Company or its operations;
                                         and
2.
In
                                         addition, that no tax to be levied on profits, income, gains or appreciations or which
                                         is in the nature of estate duty or inheritance tax shall be payable:
2.1
on
                                         or in respect of the shares, debentures or other obligations of the Company;
OR
2.2
by
                                         way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of
                                         the Tax Concessions Law (2018 Revision).
3.
These
                                         concessions shall be for a period of 20 years from the date hereof.
108
United
States Federal Income Taxation
General
The
following discussion summarizes certain United States federal income tax considerations generally applicable to the acquisition,
ownership and disposition of our units, each consisting of one Class A ordinary share, one right and one-half of one warrant,
which we refer to collectively as our securities, that are purchased in this offering by U.S. Holders (as defined below) and Non-U.S.
Holders (as defined below)). Because the components of a unit are generally separable at the option of the holder, the holder
of a unit generally should be treated, for United States federal income tax purposes, as the owner of the underlying Class A ordinary
share, right and one-half of one warrant components of the unit. As a result, the discussion below with respect to holders of
Class A ordinary shares, rights and warrants should also apply to holders of units (as the deemed owners of the underlying Class
A ordinary share, rights and warrants that constitute the units).
This
discussion is limited to certain United States federal income tax considerations to beneficial owners of our securities who are
initial purchasers of a unit pursuant to this offering and hold the unit and each component of the unit as a capital asset under
the U.S. Internal Revenue Code of 1986, as amended (the "Code"). This discussion assumes that the Class A ordinary
shares, rights and warrants will trade separately and that any distributions made (or deemed made) by us on our Class A ordinary
shares and any consideration received (or deemed received) by a holder in consideration for the sale or other disposition of our
securities will be in U.S. dollars. This discussion is a summary only and does not consider all aspects of United States federal
income taxation that may be relevant to the acquisition, ownership and disposition of a unit by a prospective investor in light
of its particular circumstances, including:
·
the
                                         sponsor;
·
financial
                                         institutions or financial services entities;
·
broker-dealers;
·
taxpayers
                                         that are subject to the mark-to-market accounting rules;
·
tax-exempt
                                         entities;
·
governments
                                         or agencies or instrumentalities thereof;
·
insurance
                                         companies;
·
regulated
                                         investment companies;
·
real
                                         estate investment trusts;
·
persons
                                         liable for alternative minimum tax;
·
expatriates
                                         or former long-term residents of the United States;
·
persons
                                         that actually or constructively own five percent or more of our voting shares or the
                                         total value of our shares;
·
persons
                                         that acquired our securities pursuant to an exercise of employee share options, in connection
                                         with employee share incentive plans or otherwise as compensation or in connection with
                                         services;
·
persons
                                         that hold our securities as part of a straddle, constructive sale, hedging, conversion
                                         or other integrated or similar transaction; or
·
U.S.
                                         Holders (as defined below) whose functional currency is not the U.S. dollar.
Moreover,
the discussion below is based upon the provisions of the Code, the Treasury regulations promulgated thereunder and administrative
and judicial interpretations thereof, all as of the date hereof, and such provisions may be repealed, revoked, modified or subject
to differing interpretations, possibly on a retroactive basis, so as to result in United States federal income tax consequences
different from those discussed below. Furthermore, this discussion does not address any aspect of United States federal non-income
tax laws, such as gift, estate or Medicare contribution tax laws, or state, local or non-U.S. tax laws.
109
We
have not sought, and will not seek, a ruling from the IRS as to any United States federal income tax consequence described herein.
The IRS may disagree with the discussion herein, and its determination may be upheld by a court. Moreover, there can be no assurance
that future legislation, regulations, administrative rulings or court decisions will not adversely affect the accuracy of the
statements in this discussion.
As
used herein, the term "U.S. Holder" means a beneficial owner of units, Class A ordinary shares, rights or warrants
who or that is for United States federal income tax purposes: (i) an individual citizen or resident of the United States, (ii)
a corporation (or other entity treated as a corporation for United States federal income tax purposes) that is created or organized
(or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia,
(iii) an estate the income of which is subject to United States federal income taxation regardless of its source or (iv) a trust
if (A) a court within the United States is able to exercise primary supervision over the administration of the trust and one or
more U.S. persons have the authority to control all substantial decisions of the trust, or (B) it has in effect a valid election
to be treated as a U.S. person.
This
discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold our securities
through such entities. If a partnership (or other entity or arrangement classified as a partnership for United States federal
income tax purposes) is the beneficial owner of our securities, the United States federal income tax treatment of a partner in
the partnership generally will depend on the status of the partner and the activities of the partnership. Partnerships holding
our securities and partners in such partnerships are urged to consult their own tax advisors.
THIS
DISCUSSION IS ONLY A SUMMARY OF CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP
AND DISPOSITION OF OUR SECURITIES. EACH PROSPECTIVE INVESTOR IN OUR SECURITIES IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT
TO THE PARTICULAR TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING
THE APPLICABILITY AND EFFECT OF ANY STATE, LOCAL, AND NON-U.S. TAX LAWS.
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
United States federal income tax purposes, and therefore, that treatment is not entirely clear. The acquisition of a unit should
be treated for United States federal income tax purposes as the acquisition of one share of our Class A ordinary shares, one right
and one-half of one warrant, with each whole warrant exercisable to acquire one share of our Class A ordinary shares. For United
States federal income tax purposes, each holder of a unit must allocate the purchase price paid by such holder for such unit among
the one Class A ordinary share, one right and one-half of one warrant based on the relative fair market value of each at the time
of issuance. The price allocated to each Class A ordinary share, one right and one-half of one warrant should be the shareholder's
tax basis in such share, right or one-half warrant. Any disposition of a unit should be treated for United States federal income
tax purposes as a disposition of the Class A ordinary share, right and one-half of one warrant comprising the unit, and the amount
realized on the disposition should be allocated among the Class A ordinary share, right and one-half warrant based on their respective
relative fair market values. The separation of the Class A ordinary share, right and the one-half of one warrant constituting
a unit should not be a taxable event for United States federal income tax purposes.
The
foregoing treatment of the Class A ordinary shares, rights and warrants and a holder's purchase price allocation are not
binding on the IRS or the courts. Because there are no authorities that directly address instruments that are similar to the units,
no assurance can be given that the IRS or the courts will agree with the characterization described above or the discussion below.
Accordingly, each prospective investor is urged to consult its tax 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 United States federal income tax purposes.
U.S.
Holders
Taxation
of Distributions
Subject
to the passive foreign investment company ("PFIC") rules discussed below, a U.S. Holder generally will be required
to include in gross income as dividends the amount of any cash distribution paid on our Class A ordinary shares to the extent
the distribution is paid out of our current or accumulated earnings and profits (as determined under United States federal income
tax principles). Such dividends paid by us will be taxable to a corporate U.S. Holder at regular rates and will not be eligible
for the dividends-received deduction generally allowed to domestic corporations in respect of dividends received from other domestic
corporations. Subject to the PFIC rules discussed below, distributions in excess of such earnings and profits generally will
be applied against and reduce the U.S. Holder's basis in its Class A ordinary shares (but not below zero) and, to the
extent in excess of such basis, will be treated as gain from the sale or exchange of such Class A ordinary shares.
110
With
respect to non-corporate U.S. Holders, under tax laws currently in effect, dividends generally will be taxed at the lower applicable
long-term capital gains rate (see "Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary
Shares, Rights and Warrants" below) only if our Class A ordinary shares are readily tradable on an established securities
market in the United States and certain other requirements are met, including that we are not classified as a PFIC during the
taxable year in which the dividend is paid or the preceding taxable year and, perhaps, until after the close of the first two
taxable years following our start-up year (within the meaning of the start-up exception). U.S. Holders should consult their tax
advisors regarding the availability of such lower rate for any dividends paid with respect to our Class A ordinary shares.
Gain
or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares, Rights and Warrants
Subject
to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or loss on the sale or other taxable disposition
of our Class A ordinary shares, rights or warrants (including on our dissolution and liquidation if we do not consummate an initial
business combination within the required time period). Any such capital gain or loss generally will be long-term capital gain
or loss if the U.S. Holder's holding period for such Class A ordinary share, rights or warrants exceeds one year. It is
unclear, however, whether certain redemption rights described in this prospectus may suspend the running of the applicable holding
period of the ordinary shares for this purpose.
The
amount of gain or loss recognized on a sale or other taxable disposition generally will be equal to the difference between (i)
the sum of the amount of cash and the fair market value of any property received in such disposition (or, if the Class A ordinary
shares, rights or warrants are held as part of units at the time of the disposition, the portion of the amount realized on such
disposition that is allocated to the Class A ordinary shares, rights or warrants based upon the then fair market values of the
Class A ordinary shares, rights and the warrants included in the units) and (ii) the U.S. Holder's adjusted tax basis in
its Class A ordinary shares, rights or warrants so disposed of. A U.S. Holder's adjusted tax basis in its Class A ordinary
shares, rights or warrants generally will equal the U.S. Holder's acquisition cost (that is, the portion of the purchase
price of a unit allocated to the ordinary share, one right or one-half of one warrant, as described above under "—
Allocation of Purchase Price and Characterization of a Unit") reduced by any prior distributions treated as a return of
capital. Long-term capital gain realized by a non-corporate U.S. Holder is currently eligible to be taxed at reduced rates. See
 "— Exercise or Lapse of a Warrant" and "— Acquisition of Class A Ordinary Shares Pursuant to Rights"
below for a discussion regarding a U.S. Holder's basis in a Class A ordinary share acquired pursuant to the exercise of
a warrant or a right, respectively. The deduction of capital losses is subject to certain limitations.
Redemption
of Class A Ordinary Shares
Subject
to the PFIC rules discussed below, in the event that a U.S. Holder's Class A ordinary shares are redeemed pursuant to the
redemption provisions described in this prospectus under "Description of Securities — Ordinary Shares" or if
we purchase a U.S. Holder's Class A ordinary shares in an open market transaction (each of which we refer to as a "redemption"),
the treatment of the transaction for United States federal income tax purposes will depend on whether the redemption qualifies
as a sale of the Class A ordinary shares under Section 302 of the Code. If the redemption qualifies as a sale of Class A ordinary
shares, the U.S. Holder will be treated as described under "Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition
of Class A Ordinary Shares, Rights and Warrants" above. If the redemption does not qualify as a sale of Class A ordinary
shares, the U.S. Holder will be treated as receiving a corporate distribution with the tax consequences described above under
 "Taxation of Distributions." Whether a redemption qualifies for sale treatment will depend largely on the total number
of our shares treated as held by the U.S. Holder (including any Class A ordinary shares constructively owned by the U.S. Holder
as a result of owning warrants and, possibly, rights) relative to all of our shares outstanding both before and after such redemption
or purchase. The redemption of Class A ordinary shares generally will be treated as a sale of the Class A ordinary shares (rather
than as a corporate distribution) if such redemption or purchase (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.
111
In
determining whether any of the foregoing tests are satisfied, a U.S. Holder takes into account not only our shares actually owned
by the U.S. Holder, but also our shares that are constructively owned by such holder. A U.S. Holder may constructively own, in
addition to shares owned directly, shares owned by certain related individuals and entities in which the U.S. Holder has an interest
or that have an interest in such U.S. Holder, as well as any shares the U.S. Holder has a right to acquire by exercise of an option,
which would generally include Class A ordinary shares which could be acquired pursuant to the exercise of the warrants (and
possibly Class A ordinary shares which could be acquired pursuant to the rights). In order to meet the substantially disproportionate
test, the percentage of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately
following the redemption of Class A ordinary shares must, among other requirements, be less than 80 percent of the percentage
of our issued and outstanding voting shares actually and constructively owned by the U.S. Holder immediately before the redemption.
Prior to our initial business combination the Class A ordinary shares may not be treated as voting shares for this purpose
and, consequently, this substantially disproportionate test may not be applicable. There will be a complete termination of a U.S.
Holder's interest if either (i) all of our shares actually and constructively owned by the U.S. Holder are redeemed
or (ii) all of our shares actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively
waives in accordance with specific rules, the attribution of shares owned by certain family members and the U.S. Holder does not
constructively own any other shares of ours. The redemption of the Class A ordinary shares will not be essentially equivalent
to a dividend if such 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 shareholder in a publicly held corporation who exercises no control over corporate
affairs may constitute such a "meaningful reduction." A U.S. Holder should consult its own tax advisors as to the
tax consequences of a redemption.
If
none of the foregoing tests are satisfied, then the redemption will be treated as a corporate distribution and the tax effects
will be as described under "Taxation of Distribut
ions"
above. After the application of those rules, any remaining tax basis of the U.S. Holder in the redeemed Class A ordinary
shares will be added to the U.S. Holder's adjusted tax basis in its remaining shares. If there are no remaining shares,
a U.S. Holder is urged to consult its tax advisor as to the allocation of any remaining tax basis.
Exercise
or Lapse of a Warrant
Subject
to the PFIC rules discussed below and except as discussed below with respect to the cashless exercise of a warrant, a U.S.
Holder generally will not recognize gain or loss upon the acquisition of a Class A ordinary share on the exercise of a warrant
for cash. A U.S. Holder's tax basis in a Class A ordinary share received upon exercise of the warrant generally will
equal the sum of the U.S. Holder's initial investment in the warrant (that is, the portion of the U.S. Holder's purchase
price for the units that is allocated to the warrant, as described above under "— Allocation of Purchase Price and
Characterization of a Unit") and the exercise price. It is unclear whether a U.S. Holder's holding period for the
Class A ordinary share will commence on the date of exercise of the warrant or the day following the date of exercise of
the warrant; in either case, the holding period will not include the period during which the U.S. Holder held the warrant. If
a warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such holder's
tax basis in the warrant.
The
tax consequences of a cashless exercise of a warrant are not clear under current law. Subject to the PFIC rules discussed
below, a cashless exercise may not be taxable, either because the exercise is not a realization event or because the exercise
is treated as a recapitalization for United States federal income tax purposes. In either situation, a U.S. Holder's tax
basis in the Class A ordinary shares received generally would equal the U.S. Holder's tax basis in the warrants. If
the cashless exercise was not a realization event, it is unclear whether a U.S. Holder's holding period for the Class A
ordinary share will commence on the date of exercise of the warrant or the day following the date of exercise of the warrant.
If the cashless exercise were treated as a recapitalization, the holding period of the Class A ordinary shares would include
the holding period of the warrants.
It
is also possible that a cashless exercise may be treated as a taxable exchange in which gain or loss would be recognized. In such
event, a U.S. Holder may be deemed to have surrendered warrants with an aggregate fair market value equal to the exercise price
for the total number of warrants to be exercised. Subject to the PFIC rules discussed below, the U.S. Holder would recognize
capital gain or loss in an amount equal to the difference between the fair market value of the warrants deemed surrendered and
the U.S. Holder's tax basis in such warrants. In this case, a U.S. Holder's tax basis in the Class A ordinary
shares received would equal the sum of the U.S. Holder's initial investment in the warrants exercised (i.e., the portion
of the U.S. Holder's purchase price for the units that is allocated to the warrant, as described above under "—
Allocation of Purchase Price and Characterization of a Unit") and the exercise price of such warrants. It is unclear whether
a U.S. Holder's holding period for the Class A ordinary shares would commence on the date of exercise of the warrant
or the day following the date of exercise of the warrant.
Due
to the absence of authority on the United States federal income tax treatment of a cashless exercise, there can be no assurance
which, if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court
of law. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences of a cashless exercise.
112
Possible
Constructive Distributions
The
terms of each warrant provide for an adjustment to the number of Class A ordinary shares for which the warrant may be exercised
or to the exercise price of the warrant in certain events, as discussed in the section of this prospectus captioned "Description
of Securities — Warrants." An adjustment which has the effect of preventing dilution generally is not taxable. The
U.S. Holders of the warrants would, however, be treated as receiving a constructive distribution from us if, for example, the
adjustment increases the U.S. Holders' proportionate interest in our assets or earnings and profits (e.g., through an increase
in the number of Class A ordinary shares that would be obtained upon exercise) as a result of a distribution of cash to the
holders of our Class A ordinary shares which is taxable to the U.S. Holders of such Class A ordinary shares as described
under "— Taxation of Distributions" above. Such constructive distribution would be subject to tax as described
under that section 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 the increase in the interest. For certain information reporting purposes, we are required to determine the
date and amount of any such constructive distributions. Proposed Treasury regulations, which we may rely on prior to the issuance
of final regulations, specify how the date and amount of constructive distributions are determined.
Acquisition
of Class A Ordinary Shares Pursuant to Rights
The
treatment of the rights to acquire Class A ordinary shares is uncertain. The rights may be viewed as a forward contract, derivative
security or similar interest in our company (analogous to a warrant or option with no exercise price), and thus the holder of
the rights would not be viewed as owning the Class A ordinary shares issuable pursuant to the rights until such Class A ordinary
shares are actually issued. There may be other alternative characterizations of the rights that the IRS may successfully assert,
including that the rights are treated as equity in our company at the time the rights are issued.
The
tax consequences of an acquisition of our Class A ordinary shares pursuant to rights are unclear and will depend on the treatment
of any initial business combination. Accordingly, U.S. Holders should consult their tax advisors regarding the tax consequences
of an acquisition of Class A ordinary shares pursuant to rights and the consequences of any initial business combination.
Passive
Foreign Investment Company Rules
A
non-U.S. corporation will be classified as a PFIC for United States federal income tax purposes if either (i) at least 75%
of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it is considered
to own at least 25% of the shares by value, is passive income or (ii) at least 50% of its assets in a taxable year (ordinarily
determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets of any
corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce,
passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived
from the active conduct of a trade or business) and gains from the disposition of passive assets.
Because
we are a blank check company, with no current active business, we believe that it is likely that we will meet the PFIC asset or
income test for our current taxable year. However, pursuant to a startup exception, a corporation will not be a PFIC for the first
taxable year the corporation has gross income (the "startup year"), if (1) no predecessor of the corporation
was a PFIC; (2) the corporation satisfies the IRS that it will not be a PFIC for either of the first two taxable years following
the startup year; and (3) the corporation is not in fact a PFIC for either of those years. The applicability of the startup
exception to us will not be known until after the close of our current taxable year and, perhaps, until after the close of the
first two taxable years following our current taxable year. Further, after the acquisition of a company or assets in a business
combination, we may still meet one of the PFIC tests depending on the timing of the acquisition and the amount of our passive
income and assets as well as the passive income and assets of the acquired business. If the company that we acquire in a business
combination is a PFIC, then we will likely not qualify for the startup exception and will be a PFIC for our current taxable year.
Our actual PFIC status for our current taxable year or any subsequent taxable year will not be determinable until after the end
of such taxable year. Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year
or any future taxable year.
Although
our PFIC status is determined annually, an initial determination that our company is a PFIC will generally apply for subsequent
years to a U.S. Holder who held ordinary shares, rights or warrants while we were a PFIC, whether or not we meet the test for
PFIC status in those subsequent years. If we are determined to be a PFIC for any taxable year (or portion thereof) that is included
in the holding period of a U.S. Holder of our Class A ordinary shares, rights or warrants and, in the case of our Class A ordinary
shares, the U.S. Holder did not make either a timely qualified electing fund ("QEF") election or a mark-to-market
election for our first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Class A ordinary shares, as
described below, such U.S. Holder generally will be subject to special rules with respect to (i) any gain recognized by the U.S.
Holder on the sale or other disposition of its Class A ordinary shares, rights or warrants and (ii) any "excess distribution"
made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater
than 125% of the average annual distributions received by such U.S. Holder in respect of the Class A ordinary shares during the
three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for the Class A ordinary
shares).
Under
these rules:
·
the
                                         U.S. Holder's gain or excess distribution will be allocated ratably over the U.S.
                                         Holder's holding period for the Class A ordinary shares, rights or warrants;
113
·
the
                                         amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized
                                         the gain or received the excess distribution, or to the period in the U.S. Holder's
                                         holding period before the first day of our first taxable year in which we are a PFIC,
                                         will be taxed as ordinary income;
·
the
                                         amount allocated to other taxable years (or portions thereof) of the U.S. Holder and
                                         included in its holding period will be taxed at the highest tax rate in effect for that
                                         year and applicable to the U.S. Holder; and
·
an
                                         additional tax equal to the interest charge generally applicable to underpayments of
                                         tax will be imposed on the U.S. Holder with respect to the tax attributable to each such
                                         other taxable year of the U.S. Holder.
In
general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to our
Class A ordinary shares (but not our warrants and possibly not our rights) by making a timely and valid QEF election (if
eligible to do so) to include in income its pro rata share of our net capital gains (as long-term capital gain) and other earnings
and profits (as ordinary income), on a current basis, in each case whether or not distributed, in the taxable year of the U.S.
Holder in which or with which our taxable year ends. A U.S. Holder generally may make a separate election to defer the payment
of taxes on undistributed income inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest
charge. In the alternative, a U.S. Holder may avoid the PFIC tax consequences described above by making a "mark-to-markup"
election. The QEF election and mark-to-market election are described further below.
The
treatment of the rights to acquire our Class A ordinary shares is unclear. For example, the rights may be viewed as a forward
contract, derivative security or similar interest in our company (analogous to a warrant or option with no exercise price), and
thus the holder of the rights would not be viewed as owning the Class A ordinary shares issuable pursuant to the rights until
such Class A ordinary shares are actually issued. There may be other alternative characterizations of the rights that the IRS
may successfully assert, including that the rights are treated as equity in our company at the time the rights are issued, that
would reach different conclusions regarding the tax treatment of the rights under the PFIC rules. In any case, depending on which
characterization is successfully applied to the rights, different PFIC consequences may result for U.S. Holders of the rights.
It is also possible that a U.S. Holder of rights would not be able to make a QEF or mark-to-market election (discussed below)
with respect to such U.S. Holder's rights. Due to the uncertainty of the application of the PFIC rules to the rights, all
potential investors are strongly urged to consult with their own tax advisors regarding an investment in the rights offered hereunder
as part of the units offering and the subsequent consequences to holders of such rights in any initial business combination.
It
is not entirely clear how various aspects of the PFIC rules apply to the warrants. However, a U.S. Holder may not make a
QEF election with respect to its warrants to acquire our Class A ordinary shares and possibly not with respect to the rights.
As a result, if a U.S. Holder sells or otherwise disposes of such warrants (other than upon exercise of such warrants) and we
were a PFIC at any time during the U.S. Holder's holding period of such warrants, any gain recognized generally will be
treated as an excess distribution, taxed as described above. If a U.S. Holder that exercises such warrants properly makes a QEF
election with respect to the newly acquired Class A ordinary shares (or has previously made a QEF election with respect to
our Class A ordinary shares), the QEF election will apply to the newly acquired Class A ordinary shares. Notwithstanding
the foregoing, the adverse tax consequences relating to PFIC shares, adjusted to take into account the current income inclusions
resulting from the QEF election, will continue to apply with respect to such newly acquired Class A ordinary shares (which
generally will be deemed to have a holding period for purposes of the PFIC rules that includes the period the U.S. Holder
held the warrants), unless the U.S. Holder makes a purging election under the PFIC rules. Under the purging election, the U.S.
Holder will be deemed to have sold such shares at their fair market value and any gain recognized on such deemed sale will be
treated as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will have a new basis
and holding period in the Class A ordinary shares acquired upon the exercise of the warrants for purposes of the PFIC rules.
U.S. Holders are urged to consult their tax advisors as to the application of the rules governing purging elections to their
particular circumstances.
The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A
U.S. Holder generally makes a QEF election by attaching a completed IRS Form 8621 (Information Return by a Shareholder of
a Passive Foreign Investment Company or Qualified Electing Fund), including the information provided in a PFIC annual information
statement, to a timely filed United States federal income tax return for the tax year to which the election relates. Retroactive
QEF elections generally may be made only by filing a protective statement with such return and if certain other conditions are
met or with the consent of the IRS. U.S. Holders should consult their tax advisors regarding the availability and tax consequences
of a retroactive QEF election under their particular circumstances.
In
order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from us.
If we determine we are a PFIC for any taxable year (of which there can be no assurance), we will endeavor to provide to a U.S.
Holder such information as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder
to make and maintain a QEF election, but there is no assurance that we will timely provide such required information. There is
also no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information to be
provided.
If
a U.S. Holder has made a QEF election with respect to our Class A ordinary shares, and the excess distribution rules discussed
above do not apply to such shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder
holds (or is deemed to hold) such shares or a purge of the PFIC taint pursuant to a purging election, as described above), any
gain recognized on the sale of our Class A ordinary shares generally will be taxable as capital gain and no additional tax
charge will be imposed under the PFIC rules. As discussed above, if we are a PFIC for any taxable year, a U.S. Holder of our Class A
ordinary shares that has made a QEF election will be currently taxed on its pro rata share of our earnings and profits, whether
or not distributed for such year. A subsequent distribution of such earnings and profits that were previously included in income
generally should not be taxable when distributed to such U.S. Holder. The tax basis of a U.S. Holder's shares in a QEF will
be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under the
above rules. In addition, if we are not a PFIC for any taxable year, such U.S. Holder will not be subject to the QEF inclusion
regime with respect to our Class A ordinary shares for such a taxable year.
114
If
we are a PFIC and our Class A ordinary shares constitute "marketable stock," a U.S. Holder may avoid the adverse
PFIC tax consequences discussed above if such U.S. Holder, at the close of the first taxable year in which it holds (or is deemed
to hold) our Class A ordinary shares, makes a mark-to-market election with respect to such shares for such taxable year.
Such U.S. Holder generally will include for each of its taxable years as ordinary income the excess, if any, of the fair market
value of its Class A ordinary shares at the end of such year over its adjusted basis in its Class A ordinary shares.
The U.S. Holder also will recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Class A
ordinary shares over the fair market value of its Class A ordinary shares at the end of its taxable year (but only to the
extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder's basis
in its Class A ordinary shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized
on a sale or other taxable disposition of its Class A ordinary shares will be treated as ordinary income. Currently, a mark-to-market
election may not be made with respect to warrants and possibly may not be made with respect to our rights.
The
mark-to-market election is available only for "marketable stock," generally, stock that is regularly traded on a national
securities exchange that is registered with the Securities and Exchange Commission, including Nasdaq (on which we intend to list
the Class A ordinary shares), or on a foreign exchange or market that the IRS determines has rules sufficient to ensure
that the market price represents a legitimate and sound fair market value. U.S. Holders should consult their own tax advisors
regarding the availability and tax consequences of a mark-to-market election in respect to our ordinary shares under their particular
circumstances.
If
we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders generally would be deemed
to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest
charge described above if we receive a distribution from, or dispose of all or part of our interest in, the lower-tier PFIC or
the U.S. Holders otherwise were deemed to have disposed of an interest in the lower-tier PFIC. We will endeavor to cause any lower-tier
PFIC to provide to a U.S. Holder the information that may be required to make or maintain a QEF election with respect to the lower-tier
PFIC. There can be no assurance that we will have timely knowledge of the status of any such lower-tier PFIC. In addition, we
may not hold a controlling interest in any such lower-tier PFIC and thus there can be no assurance we will be able to cause the
lower-tier PFIC to provide such required information. U.S. Holders are urged to consult their tax advisors regarding the tax issues
raised by lower-tier PFICs.
A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS
Form 8621 (whether or not a QEF or mark-to-market election is made) and such other information as may be required by the
U.S. Treasury Department. Failure to do so, if required, will extend the statute of limitations until such required information
is furnished to the IRS.
The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in
addition to those described above. Accordingly, U.S. Holders of our Class A ordinary shares, rights or warrants should consult
their own tax advisors concerning the application of the PFIC rules to our securities under their particular circumstances.
Tax
Reporting
Certain
U.S. Holders may be required to file an IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) to report
a transfer of property (including cash) to us. Substantial penalties may be imposed on a U.S. Holder that fails to comply with
this reporting requirement. Furthermore, certain U.S. Holders who are individuals and certain entities will be required to report
information with respect to such U.S. Holder's investment in "specified foreign financial assets" on IRS Form
8938 (Statement of Specified Foreign Financial Assets), subject to certain exceptions. Persons who are required to report specified
foreign financial assets and fail to do so may be subject to substantial penalties. Potential investors are urged to consult their
tax advisors regarding the foreign financial asset and other reporting obligations and their application to an investment in our
Class A ordinary shares, rights and warrants.
115
Non-U.S.
Holders
This
section applies to you if you are a "Non-U.S. Holder." As used herein, the term "Non-U.S. Holder" means
a beneficial owner of our units, Class A ordinary shares, rights or warrants 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 sale
or other disposition of our securities.
Dividends
(including constructive distributions treated as dividends) paid or deemed paid to a Non-U.S. Holder in respect of our Class A
ordinary shares generally will not be subject to United States federal income tax, unless the dividends are effectively connected
with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income
tax treaty, are attributable to a permanent establishment or fixed base that such Non-U.S. Holder maintains in the United States).
In addition, a Non-U.S. Holder generally will not be subject to United States federal income tax on any gain attributable to a
sale or other disposition of our Class A ordinary shares, rights or warrants unless such gain is effectively connected with its
conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a
permanent establishment or fixed base that such Non-U.S. Holder maintains in the United States).
Dividends
(including constructive distributions treated as dividends) and gains that are effectively connected with the Non-U.S. Holder's
conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to
a permanent establishment or fixed base in the United States) generally will be subject to United States federal income tax at
the same regular United States federal income tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S.
Holder that is a corporation for United States federal income tax purposes, also may be subject to an additional branch profits
tax at a 30% rate or a lower applicable tax treaty rate.
The
United States 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 United States 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 in the preceding
paragraphs above for a Non-U.S. Holder's gain on the sale or other disposition of our Class A ordinary shares, rights and
warrants.
The
treatment of the rights to acquire Class A ordinary shares is uncertain. The rights may be viewed as a forward contract, derivative
security or similar interest in our company (analogous to a warrant or option with no exercise price), and thus the holder of
the rights would not be viewed as owning the Class A ordinary shares issuable pursuant to the rights until such Class A ordinary
shares are actually issued. There may be other alternative characterizations of the rights that the IRS may successfully assert,
including that the rights are treated as equity in our company at the time the rights are issued. The tax consequences of an acquisition
of our Class A ordinary shares pursuant to rights are unclear and will depend on the treatment of any initial business combination.
Accordingly, Non-U.S. Holders should consult their tax advisors regarding the tax consequences of an acquisition of Class A ordinary
shares pursuant to rights and the consequences of any initial business combination.
Information
Reporting and Backup Withholding
Dividend
payments with respect to our Class A ordinary shares and proceeds from the sale, exchange or redemption of our securities
may be subject to information reporting to the IRS and possible United States backup withholding. Backup withholding will not
apply, however, to a U.S. Holder who furnishes a correct taxpayer identification number and makes other required certifications,
or who is otherwise exempt from backup withholding and establishes such exempt status. A Non-U.S. Holder generally will eliminate
the requirement for information reporting and backup withholding by providing certification of its foreign status, under penalties
of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.
Backup
withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a holder's U.S. federal
income tax liability, and a holder generally may obtain a refund of any excess amounts withheld under the backup withholding rules by
timely filing the appropriate claim for refund with the IRS and furnishing any required information. Holders are urged to consult
their own tax advisors regarding the application of backup withholding and the availability of and procedure for obtaining an
exemption from backup withholding in their particular circumstances.
116
UNDERWRITING
We
are offering the units described in this prospectus through the underwriters named below. EarlyBirdCapital, Inc. is acting
as representative of the underwriters. We have entered into an underwriting agreement with the representative. Subject to the
terms and conditions of the underwriting agreement, the underwriters have agreed to purchase, and we have agreed to sell to the
underwriters, the number of units listed next to each of its name in the following table:
Underwriter
Number
    of Units
EarlyBirdCapital, Inc.
Total
4,000,000
The
underwriting agreement provides that the underwriters must buy all of the units if they buy any of them. However, the underwriters
are not required to purchase the units covered by the option to purchase additional units as described below.
Our
units are offered subject to a number of conditions, including:
•          receipt
and acceptance of our units by the underwriters; and
•          the
underwriters' right to reject orders in whole or in part.
In
connection with this offering, the underwriters or securities dealers may distribute prospectuses electronically.
Option
to Purchase Additional Units
We
have granted the underwriters an option to buy up to an aggregate of 600,000 additional units. The underwriters have 45 days from
the date of this prospectus to exercise this option. If the underwriters exercise this option, they will purchase additional units
approximately in proportion to the amounts specified in the table above.
Underwriting
Discount
Units
sold by the underwriters to the public will initially be offered at the initial offering price set forth on the cover of this
prospectus. Any units sold by the underwriters to securities dealers may be sold at a discount of up to $              
per unit from the initial public offering price and the dealers may reallow a concession not in excess of $              
per unit to other dealers. Sales of units made outside of the United States may be made by affiliates of the underwriters. After
completion of this offering, if the underwriters still hold any units sold by us to them in this offering, the representative
may change the offering price and the other selling terms. Upon execution of the underwriting agreement, the underwriters will
be obligated to purchase the units at the prices and upon the terms stated therein.
The
following table shows the per unit and total underwriting discount we will pay to the underwriters assuming both no exercise and
full exercise of the underwriters' option to purchase up to 600,000 additional units.
No
    Exercise
Full
    Exercise
Per
    Unit
$
0.30
$
0.30
Total
$
1,200,000
$
1,380,000
We
have agreed to pay for the FINRA-related fees and expenses of the underwriters' legal counsel, not to exceed $15,000, and
the expenses of certain investigations and background checks not to exceed $3,500 per individual. We estimate that the total expenses
of the offering payable by us, including the foregoing but not including the underwriting discount, will be $550,000.
117
Business
Combination Marketing Agreement
We
have engaged EarlyBirdCapital as an advisor in connection with our business combination to assist us in holding meetings with
our shareholders to discuss the potential business combination and the target business' attributes, introduce us to potential
investors that are interested in purchasing our securities in connection with our initial business combination, assist us in obtaining
shareholder approval for the business combination and assist us with our press releases and public filings in connection with
the business combination. We will pay EarlyBirdCapital a cash fee for such services upon the consummation of our initial business
combination in an amount equal to 4.0% of the gross proceeds of this offering (exclusive of any applicable finders' fees
which might become payable). We will also pay EarlyBirdCapital a cash fee in an amount equal to 1.0% of the total consideration
payable in the initial business combination if it introduces us to the target business with whom we complete our initial business
combination.
Representative
Shares
We
have issued to EarlyBirdCapital, Inc. and its designees the 100,000 representative shares for nominal consideration. The
holders of the representative shares have agreed not to transfer, assign or sell any such shares without our prior consent until
30 days after the completion of our initial business combination. In addition, the holders of the representative shares have agreed
(i) to waive their conversion rights (or right to participate in any tender offer) with respect to such shares in connection
with the completion of our initial business combination and (ii) to waive their rights to liquidating distributions from
the trust account with respect to such shares if we fail to complete our initial business combination within 15 months from the
closing of this offering (or up to 21 months from the closing of this offering if we extend the period of time to consummate a
business combination).
The
representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately
following the date of the effectiveness of the registration statement of which this prospectus forms a part pursuant to Rule 5110(g)(1) of
the FINRA Manual. Pursuant to FINRA Rule 5110(g)(1), these securities will not be sold during the offering, or sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective
date of the registration statement of which this prospectus forms a part or commencement of sales of the public offering, except
to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, provided that all
securities so transferred remain subject to the lockup restriction above for the remainder of the time period.
We
have granted the holders of these shares the registration rights as described under the section "
Shares Eligible for
Future Sale — Registration Rights
."
Indemnification
We
have agreed to indemnify the underwriters against certain liabilities, including certain liabilities under the Securities Act.
If we are unable to provide this indemnification, we have agreed to contribute to payments the underwriters may be required to
make in respect of those liabilities.
Nasdaq
Listing
We
have applied to have our units listed on the Nasdaq Capital Market under the symbol "DISTU" and, once the Class A
ordinary shares, rights and warrants begin separate trading, under the symbols "DIST," "DISTR" and "DISTW,"
respectively.
Price
Stabilization, Short Positions
In
connection with this offering, the underwriters may engage in activities that stabilize, maintain or otherwise affect the price
of units during and after this offering, including:
•          stabilizing
transactions;
•          short
sales;
•          purchases
to cover positions created by short sales;
•          imposition
of penalty bids; and
•          syndicate
covering transactions.
118
Stabilizing
transactions consist of bids or purchases made for the purpose of preventing or retarding a decline in the market price of our
units while this offering is in progress. Stabilization transactions permit bids to purchase the underlying security so long as
the stabilizing bids do not exceed a specified maximum. These transactions may also include making short sales of our units, which
involve the sale by the underwriters of a greater number of units than they are required to purchase in this offering and purchasing
units on the open market to cover short positions created by short sales. Short sales may be "covered short sales,"
which are short positions in an amount not greater than the underwriters' option to purchase additional units referred to
above, or may be "naked short sales," which are short positions in excess of that amount.
The
underwriters may close out any covered short position by either exercising their option, in whole or in part, or by purchasing
units in the open market. In making this determination, the underwriters will consider, among other things, the price of units
available for purchase in the open market as compared to the price at which they may purchase units through the over-allotment
option.
Naked
short sales are short sales made in excess of the over-allotment option. The underwriters must close out any naked short position
by purchasing units in the open market. A naked short position is more likely to be created if the underwriters are concerned
that there may be downward pressure on the price of the units in the open market that could adversely affect investors who purchased
in this offering.
The
underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the representative of the underwriters
a portion of the underwriting discount received by it because the representative has repurchased units sold by or for the account
of that underwriter in stabilizing or short covering transactions.
These
stabilizing transactions, short sales, purchases to cover positions created by short sales, the imposition of penalty bids and
syndicate covering transactions may have the effect of raising or maintaining the market price of our units or preventing or retarding
a decline in the market price of our units. As a result of these activities, the price of our units may be higher than the price
that otherwise might exist in the open market. The underwriters may carry out these transactions on the Nasdaq, in the over-the-counter
market or otherwise. Neither we nor the underwriters make any representation or prediction as to the effect that the transactions
described above may have on the price of the units. Neither we, nor the underwriters, make any representation that the underwriters
will engage in these stabilization transactions or that any transaction, once commenced, will not be discontinued without notice.
Determination
of Offering Price
Prior
to this offering, there was no public market for our units. The initial public offering price will be determined by negotiation
between us and the representative of the underwriters. The principal factors to be considered in determining the initial public
offering price include:
•          the
information set forth in this prospectus and otherwise available to the representative;
•          our
history and prospects and the history and prospects for the industry in which we compete;
•          our
past and present financial performance;
•          our
prospects for future earnings and the present state of our development;
•          the
general condition of the securities market at the time of this offering;
•          the
recent market prices of, and demand for, publicly traded units of generally comparable companies; and
•          other
factors deemed relevant by the underwriters and us.
Neither
we nor the underwriters can assure investors that an active trading market will develop for our units, warrants or Class A
ordinary shares or that the units will trade in the public market at or above the initial public offering price.
119
Affiliations
EarlyBirdCapital
is a full service financial institution engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage
activities. EarlyBirdCapital and its affiliates may from time to time in the future engage with us and perform services for us
or in the ordinary course of their business for which they will receive customary fees and expenses. In the ordinary course of
their various business activities, the underwriters and their respective affiliates may also make or hold a broad array of investments
and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans)
for their own account and for the accounts of their customers, and such investment and securities activities may involve securities
and/or instruments of us. The underwriters and their affiliates may also make investment recommendations and/or publish or express
independent research views in respect of these securities or instruments and may at any time hold, or recommend to clients that
they acquire, long and/or short positions in these securities and instruments.
Additional
Future Arrangements
Except
as described above, we are not under any contractual obligation to engage any of the underwriters to provide any services for
us after this offering, and have no present intent to do so. However, the underwriters may introduce us to potential target businesses
or assist us in raising additional capital in the future. If any of the underwriters provide services to us after this offering,
we may pay such underwriter fair and reasonable fees that would be determined at that time in an arm's length negotiation;
provided that no agreement will be entered into with any underwriter and no fees for such services will be paid to any underwriter
prior to the date that is 90 days from the date of this prospectus, unless FINRA determines that such payment would not be deemed
underwriters' compensation in connection with this offering.
Electronic
Distribution
A
prospectus in electronic format may be made available on the Internet sites or through other online services maintained by the
underwriters participating in this offering, or by their affiliates. In those cases, prospective investors may view offering terms
online and, depending upon the particular underwriter, prospective investors may be allowed to place orders online. The underwriters
may agree with us to allocate a specific number of units for sale to online brokerage account holders. Any such allocation for
online distributions will be made by the underwriters on the same basis as other allocations. Other than the prospectus in electronic
format, the information on any underwriters' website and any information contained in any other website maintained by an
underwriter is not part of the prospectus or the registration statement of which this prospectus forms a part, has not been approved
and/or endorsed by us or any underwriter in its capacity as underwriter and should not be relied upon by investors.
Selling
Restrictions
Canada
Resale
Restrictions
We
intend to distribute our securities in the Province of Ontario, Canada (the "Canadian Offering Jurisdiction") by way
of a private placement and exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities
in such Canadian Offering Jurisdiction. Any resale of our securities in Canada must be made under applicable securities laws that
will vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions
or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Canadian resale restrictions
in some circumstances may apply to resales of interests made outside of Canada. Canadian purchasers are advised to seek legal
advice prior to any resale of our securities. We may never be a "reporting issuer", as such term is defined under
applicable Canadian securities legislation, in any province or territory of Canada in which our securities will be offered and
there currently is no public market for any of the securities in Canada, and one may never develop. Canadian investors are advised
that we have no intention to file a prospectus or similar document with any securities regulatory authority in Canada qualifying
the resale of the securities to the public in any province or territory in Canada.
120
Representations
of Purchasers
A
Canadian purchaser will be required to represent to us and the dealer from whom the purchase confirmation is received that:
•          the
purchaser is entitled under applicable provincial securities laws to purchase our securities without the benefit of a prospectus
qualified under those securities laws;
•          where
required by law, that the purchaser is purchasing as principal and not as agent;
•          the
purchaser has reviewed the text above under Resale Restrictions; and
•          the
purchaser acknowledges and consents to the provision of specified information concerning its purchase of our securities to the
regulatory authority that by law is entitled to collect the information.
Rights
of Action — Ontario Purchasers Only
Under
Ontario securities legislation, certain purchasers who purchase a security offered by this prospectus during the period of distribution
will have a statutory right of action for damages, or while still the owner of our securities, for rescission against us in the
event that this prospectus contains a misrepresentation without regard to whether the purchaser relied on the misrepresentation.
The right of action for damages is exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge
of the facts giving rise to the cause of action and three years from the date on which payment is made for our securities. The
right of action for rescission is exercisable not later than 180 days from the date on which payment is made for our securities.
If a purchaser elects to exercise the right of action for rescission, the purchaser will have no right of action for damages against
us. In no case will the amount recoverable in any action exceed the price at which our securities were offered to the purchaser
and if the purchaser is shown to have purchased the securities with knowledge of the misrepresentation, we will have no liability.
In the case of an action for damages, we will not be liable for all or any portion of the damages that are proven to not represent
the depreciation in value of our securities as a result of the misrepresentation relied upon. These rights are in addition to,
and without derogation from, any other rights or remedies available at law to an Ontario purchaser. The foregoing is a summary
of the rights available to an Ontario purchaser. Ontario purchasers should refer to the complete text of the relevant statutory
provisions.
Enforcement
of Legal Rights
All
of our directors and officers as well as the experts named herein are located outside of Canada and, as a result, it may not be
possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All of our assets and the
assets of those persons are located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us
or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.
Collection
of Personal Information
If
a Canadian purchaser is resident in or otherwise subject to the securities laws of the Province of Ontario, the Purchaser authorizes
the indirect collection of personal information pertaining to the Canadian purchaser by the Ontario Securities Commission (the
 "OSC") and each Canadian purchaser will be required to acknowledge and agree that the Canadian purchaser has been
notified by us (i) of the delivery to the OSC of personal information pertaining to the Canadian purchaser, including, without
limitation, the full name, residential address and telephone number of the Canadian purchaser, the number and type of securities
purchased and the total purchase price paid in respect of the securities, (ii) that this information is being collected indirectly
by the OSC under the authority granted to it in securities legislation, (iii) that this information is being collected for
the purposes of the administration and enforcement of the securities legislation of Ontario, and (iv) that the title, business
address and business telephone number of the public official in Ontario who can answer questions about the OSC's indirect
collection of the information is the Administrative Assistant to the Director of Corporate Finance, the Ontario Securities Commission,
Suite 1903, Box 5520, Queen Street West, Toronto, Ontario, M5H 3S8, Telephone: (416) 593-8086, Facsimile: (416) 593-8252.
Notice
to Prospective Investors in Australia
No
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian
Securities and Investments Commission ("ASIC"), in relation to the offering. This prospectus does not constitute a
prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations
Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other
disclosure document under the Corporations Act.
121
Any
offer in Australia of the shares may only be made to persons (the "Exempt Investors") who are "sophisticated
investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within
the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708
of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations
Act.
The
shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after
the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations
Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is
pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe
such Australian on-sale restrictions.
This
prospectus contains general information only and does not take account of the investment objectives, financial situation or particular
needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making
an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives
and circumstances, and, if necessary, seek expert advice on those matters.
Notice
to Prospective Investors in the Dubai International Financial Centre
This
prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority
("DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities
Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing
or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify
the information set forth herein and has no responsibility for the prospectus. The shares to which this prospectus relates may
be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their
own due diligence on the shares. If you do not understand the contents of this prospectus you should consult an authorized financial
advisor.
Notice
to Prospective Investors in the European Economic Area
In
relation to each member state of the European Economic Area that has implemented the Prospectus Directive (each, a "relevant
member state"), with effect from and including the date on which the Prospectus Directive is implemented in that relevant
member state (the "relevant implementation date"), an offer of units described in this prospectus may not be made
to the public in that relevant member state prior to the publication of a prospectus in relation to the units that has been approved
by the competent authority in that relevant member state or, where appropriate, approved in another relevant member state and
notified to the competent authority in that relevant member state, all in accordance with the Prospectus Directive, except that,
with effect from and including the relevant implementation date, an offer of our units may be made to the public in that relevant
member state at any time:
•          to
any legal entity which is a qualified investor as defined in the Prospectus Directive;
•          to
fewer than 100, or, if the relevant member state has implemented the relevant provisions of the 2010 PD Amending Directive, 150,
natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus
Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the issuer for any such offer;
or natural or legal persons (other than qualified investors as defined below) subject to obtaining the prior consent of the underwriter
for any such offer; or
•          in
any other circumstances that do not require the publication by us of a prospectus pursuant to Article 3 of the Prospectus
Directive.
Each
purchaser of units described in this prospectus located within a relevant member state will be deemed to have represented, acknowledged
and agreed that it is a "qualified investor" within the meaning of Article 2(1)(e) of the Prospectus Directive.
For
the purpose of this provision, the expression an "offer to the public" in any relevant member state means the communication
in any form and by any means of sufficient information on the terms of the offer and the units to be offered so as to enable an
investor to decide to purchase or subscribe for the units, as the expression may be varied in that member state by any measure
implementing the Prospectus Directive in that member state, and the expression "Prospectus Directive" means Directive
2003/71/EC (and amendments thereto, including the PD 2010 Amending Directive to the extent implemented by the relevant member
state) and includes any relevant implementing measure in each relevant member state, and the expression 2010 PD Amending Directive
means Directive 2010/73/EU.
122
We
have not authorized and do not authorize the making of any offer of securities through any financial intermediary on their behalf,
other than offers made by the underwriters with a view to the final placement of the units as contemplated in this prospectus.
Accordingly, no purchaser of the units, other than the underwriters, is authorized to make any further offer of the units on behalf
of us or the underwriters.
Notice
to Prospective Investors in Switzerland
The
shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any
other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure
standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards
for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange
or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the
shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland.
Neither
this document nor any other offering or marketing material relating to the offering, the Company or the shares have been or will
be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer
of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has
not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor
protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of
shares.
Notice
to Prospective Investors in the United Kingdom
This
prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within
the meaning of Article 2(1)(e) of the Prospectus Directive that are also (i) investment professionals falling within
Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order")
or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to
(d) of the Order (all such persons together being referred to as a "relevant person"). The units are only available
to, and any invitation, offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant
persons. This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or
in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a
relevant person should not act or rely on this document or any of its contents.
Notice
to Prospective Investors in France
Neither
this prospectus nor any other offering material relating to the units described in this prospectus has been submitted to the clearance
procedures of the Autorité des Marchés Financiers or by the competent authority of another member state of the European
Economic Area and notified to the Autorité des Marchés Financiers. The units have not been offered or sold and will
not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material
relating to the units has been or will be:
·
released,
                                         issued, distributed or caused to be released, issued or distributed to the public in
                                         France; or
·
used
                                         in connection with any offer for subscription or sale of the units to the public in France.
Such
offers, sales and distributions will be made in France only:
·
to
                                         qualified investors (investisseurs qualifiés) and/or to a restricted circle of
                                         investors (cercle restreint d'investisseurs), in each case investing for their
                                         own account, all as defined in, and in accordance with, Article L.411-2, D.411-1,
                                         D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code monétaire et
                                         financier;
·
to
                                         investment services providers authorized to engage in portfolio management on behalf
                                         of third parties; or
·
in
                                         a transaction that, in accordance with article L.411-2-II-1°-or-2°-or 3°
                                         of the French Code monétaire et financier and article 211-2 of the General Regulations
                                         (Règlement Général) of the Autorité des Marchés Financiers,
                                         does not constitute a public offer (appel public à l'épargne).
The
units may be resold directly or indirectly, only in compliance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3
of the French Code monétaire et financier.
123
Notice
to Prospective Investors in Hong Kong
The
units may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute
an offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), (ii) to "professional
investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made
thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the
meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the units
may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere),
which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted
to do so under the laws of Hong Kong) other than with respect to units which are or are intended to be disposed of only to persons
outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.
571, Laws of Hong Kong) and any rules made thereunder.
Notice
to Prospective Investors in Japan
The
units have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948,
as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese
Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance
with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities
in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident
in Japan, including any corporation or other entity organized under the laws of Japan.
Notice
to Prospective Investors in Singapore
This
prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and
any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the units
may not be circulated or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription
or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274
of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to
Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275
of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the
SFA, in each case subject to compliance with conditions set forth in the SFA.
Where
the units are subscribed or purchased under Section 275 of the SFA by a relevant person that is:
•          a
corporation (which is not an accredited investor (as defined in Section 14A of the SFA)) the sole business of which is to
hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor,
or
•          a
trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the
trust is an individual who is an accredited investor, shares, debentures and units of shares and debentures of that corporation
or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months
after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:
•          to
an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of
the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures
of that corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its
equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities
or other assets, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA;
•          where
no consideration is or will be given for the transfer; or
•          where
the transfer is by operation of law.
124
LEGAL
MATTERS
Ellenoff
Grossman & Schole LLP, New York, New York, is acting as counsel in connection with the registration of our securities
under the Securities Act, and as such, will pass upon the validity of the securities offered in this prospectus with respect to
units and warrants. Maples and Calder will pass upon the validity of the securities offered in this prospectus with respect to
the ordinary shares and matters of Cayman Islands law. In connection with this offering, Graubard Miller, New York, New York,
is acting as counsel to the underwriter.
EXPERTS
The
financial statements of Distoken Acquisition Corporation as of July 8, 2020 and for the period from July 1, 2020 (inception)
through July 8, 2020 appearing 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 Distoken Acquisition Corporation to continue as a going concern as described in Note 1 to the financial statements), appearing
elsewhere in this prospectus, and are included in reliance upon such report given on the authority of such firm as experts in
accounting and auditing.
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the securities we are
offering by this prospectus. This prospectus does not contain all of the information included in the registration statement. For
further information about us and our securities, you should refer to the registration statement and the exhibits and schedules
filed with the registration statement. Whenever we make reference in this prospectus to any of our contracts, agreements or other
documents, the references are materially complete but may not include a description of all aspects of such contracts, agreements
or other documents, and you should refer to the exhibits attached to the registration statement for copies of the actual contract,
agreement or other document.
Upon
completion of this offering, we will be subject to the information requirements of the Exchange Act and will file annual, quarterly
and current event reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration
statement, over the internet at the SEC's website at www.sec.gov.
125
DISTOKEN
ACQUISITION CORPORATION
INDEX
TO FINANCIAL STATEMENTS
Page
Report
    of Independent Registered Public Accounting Firm
F-2
Balance
    Sheet
F-3
Statement
    of Operations
F-4
Statement
    of Changes in Shareholder's Equity
F-5
Statement
    of Cash Flows
F-6
Notes
    to Financial Statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholder and the Board of Directors of
Distoken Acquisition Corporation
Opinion
on the Financial Statement
We
have audited the accompanying balance sheet of Distoken Acquisition Corporation (the "Company") as of July 8, 2020,
the related statements of operations, changes in shareholder's equity and cash flows for the period from July 1, 2020 (inception)
through July 8, 2020, and the related notes (collectively referred to as the "financial statements"). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of July 8, 2020 and
the results of its operations and its cash flows for the period from July 1, 2020 (inception) through July 8, 2020, in conformity
with accounting principles generally accepted in the United States of America.
Explanatory
Paragraph — Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully
described in Note 1 to the financial statements, the Company's ability to execute its business plan is dependent upon its
completion of the proposed initial public offering described in Note 3 to the financial statements. The Company has a working
capital deficiency as of July 8, 2020 and lacks the financial resources it needs to sustain operations for a reasonable period
of time, which is considered to be one year from the issuance date of the financial statements. These conditions raise substantial
doubt about the Company's ability to continue as a going concern. Management's plans with regard to these matters
are also described in Notes 1 and 3. The financial statements do not include any adjustments that might become necessary should
the Company be unable to continue as a going concern.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on
the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company
Accounting Oversight Board (United States) (the "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
July 31, 2020
F-
2
DISTOKEN
ACQUISITION CORPORATION
BALANCE SHEET
JULY
8, 2020
ASSETS
Deferred
    offering costs
$
55,927
TOTAL
    ASSETS
$
55,927
LIABILITIES
    AND SHAREHOLDER'S EQUITY
Current
    liabilities:
Accrued
    expenses
$
9,073
Accrued
    offering costs
15,927
Promissory
    note – related party
15,000
Total
    Current Liabilities
40,000
Commitments
Shareholder's
    Equity
Preference
    shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
—
Class
    A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued and outstanding
—
Class
    B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 1,150,000 shares issued and outstanding
(1)
115
Additional
    paid in capital
24,885
Accumulated
    deficit
(9,073
)
Total
    Shareholder's Equity
15,927
TOTAL
    LIABILITIES AND SHAREHOLDER'S EQUITY
$
55,927
(1)
Includes
                                         an aggregate of up to 150,000 shares subject to forfeiture if the over-allotment option
                                         is not exercised in full or in part by the underwriter (see Note 5).
The
accompanying notes are an integral part of these financial statements.
F-
3
DISTOKEN
ACQUISITION CORPORATION
STATEMENT OF OPERATIONS
FOR
THE PERIOD FROM JULY 1, 2020 (INCEPTION) THROUGH JULY 8, 2020
Formation
    and operating costs
$
9,073
Net
    Loss
$
(9,073
)
Weighted
    average shares outstanding, basic and diluted
(1)
1,000,000
Basic
    and diluted net loss per ordinary share
$
(0.01
)
(1)
Excludes
                                         an aggregate of up to 150,000 shares subject to forfeiture if the over-allotment option
                                         is not exercised in full or in part by the underwriter (see Note 5).
The
accompanying notes are an integral part of these financial statements.
F-
4
DISTOKEN
ACQUISITION CORPORATION
STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY
FOR
THE PERIOD FROM JULY 1, 2020 (INCEPTION) THROUGH JULY 8, 2020
Ordinary
    Shares
Additional
Paid in
Capital
Accumulated
Deficit
Total
Shareholder's
Equity
Shares
Amount
Balance –
    July 1, 2020 (inception)
—
$
—
$
—
$
—
$
—
Issuance
    of Class B ordinary shares to Sponsor
(1)
1,150,000
115
24,885
—
25,000
Net
    loss
—
—
—
(9,073
)
(9,073
)
Balance
    – July 8, 2020
1,150,000
$
115
$
24,885
$
(9,073
)
$
15,927
(1)
Includes
                                         an aggregate of up to 150,000 shares subject to forfeiture if the over-allotment option
                                         is not exercised in full or in part by the underwriter (see Note 5).
The
accompanying notes are an integral part of these financial statements.
F-
5
DISTOKEN
ACQUISITION CORPORATION
STATEMENT OF CASH FLOWS
FOR
THE PERIOD FROM JULY 1, 2020 (INCEPTION) THROUGH JULY 8, 2020
Cash Flows
    from Operating Activities:
Net
    loss
$
(9,073
)
Adjustments
    to reconcile net loss to net cash used in operating activities:
Changes
    in operating assets and liabilities:
Accrued
    expenses
9,073
Net
    cash used in operating activities
—
Cash
    Flows from Financing Activities:
Proceeds
    from promissory note – related party
15,000
Payment
    of offering costs
(15,000
)
Net
    cash used in financing activities
—
Net
    Change in Cash
—
Cash
    – Beginning
—
Cash
    – Ending
$
—
Non-cash
    investing and financing activities:
Deferred
    offering costs paid directly by Sponsor in exchange for the issuance of Class B ordinary shares
$
25,000
Offering
    costs included in accrued offering costs
$
15,927
The
accompanying notes are an integral part of these financial statements.
F-
6
DISTOKEN
ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
NOTE
1 — ORGANIZATION AND PLAN OF BUSINESS OPERATIONS
Distoken
Acquisition Corporation (the "Company") is a newly organized blank check company incorporated as a Cayman Islands
exempted company on July 1, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities ("Business
Combination").
Although
the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination,
the Company intends to focus on businesses in the technology industry that have their primary operations located in Asia. 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 July 8, 2020, the Company had not commenced any operations. All activity for the period from July 1, 2020 (inception) through
July 8, 2020 relates to the Company's formation and the proposed initial public offering ("Proposed Offering"),
which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination,
at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from
the Proposed 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 Offering
of 4,000,000 units (the "Units" and, with respect to the Class A ordinary shares included in the Units being offered,
the "Public Shares") at $10.00 per Unit (or 4,600,000 Units if the underwriter's over-allotment option is exercised
in full), which is discussed in Note 3 and the sale of 250,000 units (or 268,000 units if the underwriter's over-allotment
option is exercised on full) (the "Private Units") at a price of $10.00 per Private Unit in a private placement to
the Company's sponsor, Xiaosen Sponsor LLC (the "Sponsor"), that will close simultaneously with the Proposed
Offering.
The
Company's management has broad discretion with respect to the specific application of the net proceeds of the Proposed Offering
and the sale of the Private Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. Nasdaq rules provide that the Business Combination must be 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
taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into a Business Combination. The
Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the
issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient
for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "Investment
Company Act"). There is no assurance that the Company will be able to successfully effect a Business Combination. Upon the
closing of the Proposed Offering, management has agreed that $10.00 per Unit sold in the Proposed Offering, including proceeds
of the sale of the Private Units, will be held in a trust account ("Trust Account") and invested in U.S. government
securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 180 days or less,
or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the
Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii)
the distribution of the funds in the Trust Account to the Company's shareholders, as described below.
The
Company will provide its shareholders 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 shareholder meeting called to approve the Business Combination or (ii)
by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or
conduct a tender offer will be made by the Company, solely in its discretion. The shareholders will be entitled to redeem their
shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share) as of two business days prior
to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and
not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a
Business Combination with respect to the Company's warrants. The Class A ordinary shares will be recorded at redemption
value and classified as temporary equity upon the completion of the Proposed Offering, in accordance with Accounting Standards
Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity."
The
Company will proceed with a Business Combination only if the Company has net tangible assets of at least $5,000,001 upon such
completion of a Business Combination and, if the Company seeks shareholder approval, it receives an ordinary resolution under
Cayman Islands law approving a Business Combination, which requires the affirmative vote of a majority of the shareholders who
attend and vote at a general meeting of the Company. If a shareholder vote is not required and the Company does not decide to
hold a shareholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Memorandum
and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission
("SEC"), and file tender offer documents containing substantially the same information as would be included in a proxy
statement with the SEC prior to completing a Business Combination. If the Company seeks shareholder approval in connection with
a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5), the Class A ordinary shares
included in the Private Units (the "Private Shares") and any Public Shares purchased in or after the Proposed Offering
in favor of approving a Business Combination and to waive its redemption rights with respect to any such shares in connection
with a shareholder vote to approve a Business Combination or seek to sell any shares to the Company in a tender offer in connection
with a Business Combination. Additionally, subject to the immediately succeeding paragraph, each public shareholder may elect
to redeem their Public Shares, without voting, and if they do vote, irrespective of whether they vote for or against a proposed
Business Combination.
F-
7
DISTOKEN
ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
Notwithstanding
the foregoing, if the Company seeks shareholder approval of a Business Combination and it does not conduct redemptions pursuant
to the tender offer rules, the Company's Amended and Restated Memorandum and Articles of Association provides that a public
shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert
or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act")), will be restricted from redeeming its shares with respect to 15% or more of the Public Shares without the Company's
prior written consent.
The
Sponsor has agreed (a) to waive its redemption rights with respect to any Founder Shares, Private Shares and Public Shares held
by it in connection with the completion of a Business Combination (and not seek to sell its shares to the Company in any tender
offer the Company undertakes in connection with a Business Combination) and (b) not to propose an amendment to the Amended and
Restated Memorandum and Articles of Association (i) that would affect the ability of holders of Public Shares to convert or sell
their shares to the Company in connection with a Business Combination or to modify the substance or timing of the Company's
obligation to redeem 100% of the Public Shares if the Company does not complete a Business Combination within 15 months from the
closing of the Proposed Offering (or up to 21 months from the closing of the Proposed Offering if the Company extends the period
of time to consummate a Business Combination) or (ii) with respect to any other provision relating to shareholders' rights
or pre-initial business combination activity, unless the Company provides the public shareholders with the opportunity to redeem
their Public Shares in conjunction with any such amendment and (c) that the Founder Shares shall not participate in any liquidating
distributions upon winding up if a Business Combination is not consummated. However, the Sponsor will be entitled to liquidating
distributions from the Trust Account with respect to any Public Shares purchased during or after the Proposed Offering if the
Company fails to complete its Business Combination.
The
Company will have until 15 months from the closing of the Proposed Offering to consummate a Business Combination. However, if
the Company anticipates that it may not be able to consummate a Business Combination within 15 months, it may, by resolution of
the Company's board of directors if requested by the Sponsor, extend the the period of time to consummate a Business Combination
up to two times, each by an additional three months (for a total of up to 21 months) (the "Combination Period"), subject
to the Sponsor depositing additional funds into the Trust Account. 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 no more than 10 business days thereafter, redeem 100% of the outstanding Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned (less up
to $50,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of
then outstanding Public Shares, which redemption will completely extinguish public shareholders' rights as shareholders
(including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following
such redemption, subject to the approval of the remaining shareholders and the Company's board of directors, dissolve and
liquidate, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable law.
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a third party (other than the Company's
independent auditors) 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 (1) $10.00 per Public
Share or (2) 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 the value of trust assets, in each case net of the interest which may be withdrawn to pay taxes, except as
to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to
any claims under the Company's indemnity of the underwriter of the Proposed Offering against certain liabilities, including
liabilities under the Securities Act of 1933, as amended (the "Securities Act"). 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 (other than the Company's independent auditors),
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
July 8, 2020, the Company had no cash and a working capital deficit of $40,000. 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 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. The Sponsor has agreed to loan the Company up to an aggregate amount of $150,000 to be used, in part, for transaction
costs incurred in connection with the Proposed Offering (the "Promissory Note"). The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
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ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
NOTE
2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States
of America ("GAAP") and pursuant to the rules and regulations of the SEC.
Emerging
Growth Company
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to,
not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not
previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial
accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared
effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised
financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and
comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The
Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and
it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the
new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's
financial statements with another public company which is neither an emerging growth company nor an emerging growth company which
has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect
of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates.
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 July 8, 2020.
Deferred
Offering Costs
Deferred
offering costs consist of legal, accounting and other expenses incurred through the balance sheet date that are directly related
to the Proposed Offering and that will be charged to shareholder's equity upon the completion of the Proposed Offering.
Should the Proposed Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be
charged to operations.
Income
Taxes
The
Company accounts for income taxes under ASC 740, "Income Taxes" ("ASC 740"). ASC 740 requires the recognition
of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis
of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC
740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred
tax assets will not be realized.
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ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
ASC
740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and
prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. 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 July 8, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals
or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
The
Company is considered an exempted Cayman Islands Company and is presently not subject to income taxes or income tax filing requirements
in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the period presented.
Net
Loss per Share
Net
loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period,
excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 150,000
ordinary shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriter (see Note 5).
At July 8, 2020, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or
converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same
as basic loss per share for the period presented.
Fair
Value of Financial Instruments
The
fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "Fair
Value Measurement," approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their
short-term nature.
Recently
Issued Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material
effect on the Company's financial statements.
NOTE
3 — PROPOSED OFFERING
Pursuant
to the Proposed Offering, the Company will offer for sale up to 4,000,000 Units (or 4,600,000 Units if the underwriter's
over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Public Share,
one right ("Public Right") and one-half of one redeemable warrant ("Public Warrant"). Each Public Right
will entitle the holder thereof to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of a Business
Combination (see Note 7). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise
price of $11.50 per share (see Note 7).
NOTE
4 — PRIVATE PLACEMENT
The
Sponsor has committed to purchase an aggregate of 250,000 Private Units (or 268,000 Private Units if the underwriter's over-allotment
is exercised in full) at a price of $10.00 per Private Unit, for an aggregate purchase price of $2,500,000 (or $2,680,000 if the
underwriter's over-allotment is exercised in full) from the Company in a private placement that will occur simultaneously
with the closing of the Proposed Offering. Each Private Unit will consist of one Private Share, one right ("Private Right")
and one-half of one redeemable warrant ("Private Warrant"). Each Private Right will entitle the holder thereof to
receive one-tenth (1/10) of one Class A ordinary share upon the consummation of a Business Combination (see Note 7). Each whole
Private Warrant will be exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see
Note 7). The proceeds from the sale of the Private Units will be added to the net proceeds from the Proposed Offering held in
the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the
sale of the Private Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements
of applicable law) and the Private Units and all underlying securities will expire worthless.
NOTE
5 — RELATED PARTY TRANSACTIONS
Founder
Shares
On
July 8, 2020, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 1,150,000 Class B
ordinary shares (the "Founder Shares"). The Founder Shares include an aggregate of up to 150,000 shares subject to
forfeiture by the Sponsor to the extent that the underwriter's over-allotment is not exercised in full or in part, so that
the number of Founder Shares will collectively represent 20% of the Company's issued and outstanding shares (excluding the
Private Shares and the Representative Shares, as defined in Note 6) upon the completion of the Proposed Offering.
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DISTOKEN
ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
The
Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier
of (A) one year after the completion of a Business Combination or (B) subsequent to a Business Combination, (x) for 50% of the
Founder Shares, if the last reported sale price of the Class A ordinary shares equals or exceeds $12.50 per share (as adjusted
for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20
trading days within any 30-trading day period commencing at least 150 days after a Business Combination, (y) for 50% of the Founder
Shares, if the last reported sale price of the Class A ordinary shares equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period after a Business Combination, or (z) the date following the completion of a Business Combination
on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction
that results in all of the Company's shareholders having the right to exchange their Class A ordinary shares for cash, securities
or other property.
Promissory
Note — Related Party
On
July 8, 2020, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an
aggregate principal amount of $150,000. The note is non-interest bearing and payable on the earlier of (i) December 31, 2020 and
(ii) the completion of the Proposed Offering. As of July 8, 2020, there was $15,000 outstanding under the Promissory Note.
Administrative
Services Agreement
The
Company will enter into an agreement pursuant to which it will pay the Sponsor or its affiliate up to $10,000 per month for office
space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease
paying these monthly fees.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain
of the Company's officers and directors may, but are not obligated to, loan the Company funds as may be required ("Working
Capital Loans"). Such Working Capital Loans would be evidenced by promissory notes. The notes may be repaid upon completion
of a Business Combination, without interest, or, at the lender's discretion, up to $1,500,000 of notes may be converted
upon completion of a Business Combination into units at a price of $10.00 per unit. Such units would be identical to the Private
Units. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust
Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital
Loans.
Related
Party Extension Loans
As
discussed in Note 1, the Company may extend the period of time to consummate a Business Combination up to two times, each by an
additional three months (for a total of 21 months to complete a Business Combination). In order to extend the time available
for the Company to consummate a Business Combination, the Sponsor or its affiliates or designees must deposit into the Trust Account
$400,000, or $460,000 if the underwriters' over-allotment option is exercised in full ($0.10 per Public Share in either
case), up to an aggregate of $800,000 (or $920,000 if the underwriters' over-allotment option is exercised in full), or
$0.20 per Public Share, on or prior to the date of the applicable deadline, for each three month extension. Any such payments
would be made in the form of a non-interest bearing loan. The terms of the promissory note to be issued in connection with any
such loans have not yet been negotiated. If the Company completes a Business Combination, the Company would repay such loaned
amounts out of the proceeds of the Trust Account released to the Company. If the Company does not complete a Business Combination,
the Company will not repay such loans. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account
to extend the time for the Company to complete a Business Combination.
NOTE
6 — COMMITMENTS
Registration
Rights
The
holders of the Founder Shares, Representative Shares, Private Units and any units that may be issued on conversion of the Working
Capital Loans (and any securities underlying the Private Units or units issued upon conversion of Working Capital Loans and the
Class A ordinary shares that may be issued 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 the Proposed Offering requiring the Company
to register such securities for resale. The holders of these securities will be entitled to make up to three demands, excluding
short form registration 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. However, the registration
rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become
effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection with the
filing of any such registration statements.
Underwriting
Agreement
The
Company will grant the underwriter a 45-day option to purchase up to 600,000 additional Units to cover over-allotments at the
Proposed Offering price, less the underwriting discounts and commissions.
The
underwriter will be entitled to a cash underwriting discount of $0.30 per Unit, or $1,200,000 in the aggregate (or $1,380,000
in the aggregate if the underwriter's over-allotment option is exercised in full), payable upon the closing of the Proposed
Offering.
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DISTOKEN
ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
Business
Combination Marketing Agreement
The
Company will engage EarlyBirdCapital, Inc. ("EarlyBirdCapital"), the underwriter in the Proposed Offering, as an advisor
in connection with its Business Combination to assist in holding meetings with the Company shareholders to discuss the potential
Business Combination and the target business' attributes, introduce the Company to potential investors that are interested
in purchasing its securities in connection with its initial Business Combination, assist in obtaining shareholder approval for
the Business Combination and assist with press releases and public filings in connection with the Business Combination. The Company
will pay EarlyBirdCapital a cash fee for such services upon the consummation of its initial business combination in an amount
equal to 4.0% of the gross proceeds of the Proposed Offering (exclusive of any applicable finders' fees which might become
payable). The Company will also pay EarlyBirdCapital a cash fee in an amount equal to 1.0% of the gross proceeds of the Initial
Public Offering if it introduces the Company to the target business with whom the Company completes its initial Business Combination.
NOTE
7 — SHAREHOLDER'S EQUITY
Preference
Shares
— The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001. The Company's
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. The board of directors will be able to, without shareholder approval, issue preferred shares with voting and other rights
that could adversely affect the voting power and other rights of the holders of the ordinary shares and could have anti-takeover
effects. At July 8, 2020, there were no preference shares issued or outstanding.
Class
A Ordinary Shares
— The Company is authorized to issue 200,000,000 Class A ordinary shares, with a par value of
$0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At July 8, 2020, there were no
Class A ordinary shares issued or outstanding.
Class
B Ordinary Shares
— The Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of $0.0001
per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At July 8, 2020, there were 1,150,000
Class B ordinary shares issued and outstanding, of which an aggregate of up to 150,000 shares are subject to forfeiture to the
extent that the underwriter's over-allotment option is not exercised in full or in part so that the Sponsor will own 20%
of the Company's issued and outstanding ordinary shares after the Proposed Offering (assuming the Sponsor does not purchase
any Public Shares in the Proposed Offering and excluding the Private Shares and the Representative Shares).
Only
holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination.
Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters
submitted to a vote of our shareholders except as otherwise required by law.
The
Class B Shares will automatically convert into Class A ordinary shares on the first business day following the completion of the
Business Combination, on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked
securities, are issued or deemed issued in excess of the amounts issued in the Proposed Offering and related to the closing of
a Business Combination, the ratio at which Founder Shares will convert into Class A ordinary shares will be adjusted (subject
to waiver by holders of a majority of the Class B ordinary shares) so that the number of Class A ordinary shares issuable upon
conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of the ordinary shares
issued and outstanding upon completion of the Proposed Offering plus the number of Class A ordinary shares and equity-linked securities
issued or deemed issued in connection with a Business Combination (net of redemptions), excluding the Private Shares underlying
the Private Units, the Representative Shares and any Class A ordinary shares or equity-linked securities issued, or to be issued,
to any seller in a Business Combination and any Private Units issued to the Sponsor, an affiliate of the Sponsor or any of the
Company's officers or directors.
Rights
— Each holder of a right will receive one-tenth (1/10) of one Class A ordinary share upon consummation of a
Business Combination, even if the holder of such right redeemed all shares held by it in connection with a Business Combination.
No fractional shares will be issued upon exchange of the rights. No additional consideration will be required to be paid by a
holder of rights in order to receive its additional shares upon consummation of a Business Combination as the consideration related
thereto has been included in the Unit purchase price paid for by investors in the Proposed Offering. If the Company enters into
a definitive agreement for a Business Combination in which the Company will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive
in the transaction on an as-converted into ordinary share basis and each holder of a right will be required to affirmatively convert
its rights in order to receive 1/10 share underlying each right (without paying additional consideration). The shares issuable
upon exchange of the rights will be freely tradable (except to the extent held by affiliates of the Company).
If
the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held
in the Trust Account, holders of rights will not receive any of such funds with respect to their rights, nor will they receive
any distribution from the Company's assets held outside of the Trust Account with respect to such rights, and the rights
will expire worthless. Further, there are no contractual penalties for failure to deliver securities to the holders of the rights
upon consummation of a Business Combination. Additionally, in no event will the Company be required to net cash settle the rights.
Accordingly, the rights may expire worthless.
Warrants
—The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination
and (b) 12 months from the closing of the Proposed Offering. The Public Warrants will expire five years from the completion of
a Business Combination or earlier upon redemption or liquidation.
No
warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class
A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding
the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the Public Warrants
is not effective within 60 business days following the consummation of a Business Combination, warrant holders may, until such
time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective
registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities
Act, provided that such exemption is available.
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12
DISTOKEN
ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
Once
the Public Warrants become exercisable, the Company may redeem the Public Warrants for redemption:
•
in
                                         whole and not in part;
•
at
                                         a price of $0.01 per Public Warrant;
•
upon
                                         not less than 30 days' prior written notice of redemption to each warrant holder;
•
if,
                                         and only if, the reported last sale price of the Class A ordinary shares equals or exceeds
                                         $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations
                                         and recapitalizations), for any 20 trading days within a 30 trading day period commencing
                                         after the warrants become exercisable and ending on the third business day prior to the
                                         notice of redemption to warrant holders; and
•
if,
                                         and only if, there is a current registration statement in effect with respect to the
                                         Class A ordinary shares underlying such warrants.
If
the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise
the Public Warrants to do so on a "cashless basis," as described in the warrant agreement. The exercise price and
number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in
the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except
as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price.
Additionally, in no event will the Company be required to net cash settle the Public Rights or Public 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 Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive
any distribution from the Company's assets held outside of the Trust Account with respect to such Public Warrants. Accordingly,
the Public Rights and Public Warrants may expire worthless.
In
addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes
in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class
A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company's board of
directors, and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares
held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z)
the volume weighted average trading price of the Company's ordinary shares during the 20 trading day period starting on
the trading day prior to the day on which the Company consummates a Business Combination (such price, the "Market Value")
is below $9.20 per share, the exercise price of the Public Warrants will be adjusted (to the nearest cent) to be equal to 115%
of the greater of the Market Value or the Newly Issued Price, and the $18.00 per share redemption trigger price described above
will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value or the Newly Issued Price.
The
Private Warrants will be identical to the Public Warrants underlying the Units being sold in the Proposed Offering, except that
the Private Warrants and the Class A ordinary shares issuable upon the exercise of the Private 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 Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted
transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public
Warrants.
NOTE
8 — SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to July 31, 2020, the date
that the financial statements were available to be issued. Other than as described below, the Company did not identify any subsequent
events that would have required adjustment or disclosure in the financial statements.
Representative
Shares
On
July 28, 2020 the Company issued to EarlyBirdCapital and its designees an aggregate of 100,000 Class B ordinary shares (the "Representative
Shares"). The Company will account for the Representative Shares as an offering cost of the Proposed Offering, with a corresponding
credit to shareholder's equity. The Company estimated the fair value of Representative Shares to be $2,200 based upon the
price of the Founder Shares issued to the Sponsor. The holders of the Representative Shares have agreed not to transfer, assign
or sell any such shares until the completion of a Business Combination. In addition, the holders have agreed (i) to waive conversion
rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of a Business
Combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if
the Company fails to complete a Business Combination within the Combination Period.
F-
13
DISTOKEN
ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
The
Representative Shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately
following the effective date of the registration statement related to the Proposed Offering pursuant to Rule 5110(g)(1) of the
FINRA Manual. Pursuant to FINRA Rule 5110(g)(1), these securities will not be sold during the Proposed Offering, or sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective
date of the registration statement related to the Proposed Offering or commencement of sales of the Public Offering, except to
any underwriter and selected dealer participating in the Proposed Offering and their bona fide officers or partners.
F-
14
4,000,000
Units
Distoken
Acquisition Corporation
PRELIMINARY
PROSPECTUS
,
2020
Sole
Book-Running Manager
EarlyBirdCapital, Inc.
Until              ,2020
(25 days after the date of this prospectus), all dealers that buy, sell or trade our Class A ordinary shares, 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.
126
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
discounts and commissions) will be as follows:
Legal
    fees and expenses
$
250,000
Accounting
    fees and expenses
35,000
SEC
    expenses
6,568
FINRA
    expenses
7,400
Nasdaq
    listing and filing fees (including deferred amount)
75,000
Printing
    and engraving expenses
30,000
Miscellaneous
    expenses
146,032
Total
    offering expenses
$
550,000
Item
14. Indemnification of Directors and Officers.
Cayman
Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to
public policy, such as to provide indemnification against willful default, willful neglect, civil fraud or the consequences of
committing a crime. Our amended and restated memorandum and articles of association provide for indemnification of our officers
and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except
through their own actual fraud, willful default or willful neglect.
We
may 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. We also intend to enter into indemnity agreements with them.
Our
officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account,
and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising
out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever. Accordingly,
any indemnification provided will only be able to be satisfied by us if we (i) have sufficient funds outside of the trust
account or (ii) consummate an initial business combination. Furthermore, a shareholder's investment may be adversely
affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification
provisions.
We
believe that these provisions and the insurance are necessary to attract and retain talented and experienced officers and directors.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling
us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act and is therefore unenforceable.
Item
15. Recent Sales of Unregistered Securities.
On
July 8, 2020, our sponsor paid $25,000 to cover certain of our offering costs in consideration for 1,150,000 founder shares.
The number of founder shares issued was determined based on the expectation that the founder shares would represent approximately
20% of the issued and outstanding ordinary shares upon completion of this offering (assuming the sponsor does not purchase any
units in this offering and excluding the private shares underlying the private units, the representative shares and any shares
underlying units issued upon conversion of working capital loans and any Class A ordinary shares or equity-linked securities
issued, or to be issued, to any seller in our initial business combination). Such transactions were exempt from registration as
a result of Section 4(a)(2) of the Securities Act. These entities are accredited investors for purposes of Rule 501
of Regulation D.
127
On
July 28, 2020, we also issued to EarlyBirdCapital, Inc. and its designees an aggregate of 100,000 Class B representative
shares at a purchase price of $0.0001 per share. In addition, our sponsor has committed, pursuant to a written agreement, to purchase
from us an aggregate of 250,000 (or 268,000 if the underwriters' over-allotment option is exercised in full) private units
at $10.00 per unit (for an aggregate purchase price of $2,500,000 or $2,680,000 if the underwriters' over-allotment option
is exercised in full). This purchase will take place on a private placement basis simultaneously with the completion of our initial
public offering. This issuance will be made pursuant to the exemption from registration contained in Section 4(a)(2) of
the Securities Act.
No
underwriting discounts or commissions were paid with respect to such sales.
Item
16. Exhibits and Financial Statement Schedules.
(a)
Exhibits
.
Exhibit No.
Description
1.1
Form of
    Underwriting Agreement*
1.2
Form of
    Business Combination Marketing Agreement*
3.1
Memorandum
    and Articles of Association**
3.2
Form of
    Amended and Restated Memorandum and Articles of Association*
4.1
Specimen
    Unit Certificate*
4.2
Specimen
    Ordinary Share Certificate*
4.3
Specimen
    Warrant Certificate*
4.4
Form of
    Warrant Agreement between Continental Stock Transfer & Trust Company and the Registrant*
4.5
Form of
    Rights Agreement between Continental Stock Transfer & Trust Company and the Registrant*
4.6
Specimen
    Rights Certificate*
5.1
Opinion
    of Maples and Calder*
5.2
Opinion
    of Ellenoff Grossman & Schole LLP*
10.1
Promissory
    Note, dated July 8, 2020, issued to Xiaosen Sponsor LLC**
10.2
Form of
    Letter Agreement among the Registrant and its officers, directors and Xiaosen Sponsor LLC*
10.3
Form of
    Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant*
10.4
Form of
    Registration Rights Agreement between the Registrant and certain security holders*
10.5
Securities
    Subscription Agreement, dated July 8, 2020, between the Registrant and Xiaosen Sponsor LLC*
10.6
Form of
    Sponsor Warrants Purchase Agreement between the Registrant and Xiaosen Sponsor LLC*
10.7
Form of
    Indemnity Agreement*
10.8
Form of
    Administrative Services Agreement between the Registrant and Xiaosen Sponsor LLC*
23.1
Consent
    of Marcum LLP**
23.2
Consent
    of Maples and Calder (included in Exhibit 5.1)*
23.3
Consent
    of Ellenoff Grossman & Schole LLP (included in Exhibit 5.2)*
24
Power
    of Attorney (included on signature page to the initial filing of this Registration Statement)*
99.1
Consent
    of John Wallace**
99.2
Consent
    of Joseph Valenza**
99.3
Consent
    of Ning Wang**
*
To be filed by amendment.
**
Filed herewith
(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 underwriter at the closing specified in the underwriting agreements,
certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each
purchaser.
(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.
128
(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.
129
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, on the 15
th
day of September, 2020.
Distoken
    Acquisition Corporation
By:
/s/
    Jian Zhang
Name:
Jian
    Zhang
Title:
Chief
    Executive Officer and Chairman
POWER
OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jian Zhang and Jirong Lyu 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/
Jian Zhang
Chief
Executive Officer and Chairman (Principal Executive Officer)
September
15, 2020
Jian
Zhang
/s/
Jirong Lyu
Chief
Financial Officer (Principal Financial and Accounting Officer)
September
15, 2020
Jirong
Lyu
130
AUTHORIZED
REPRESENTATIVE
Pursuant
to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this registration
statement, solely in its capacity as the duly authorized representative of Distoken Acquisition Corporation, in Newark, Delaware,
on the 15
th
day of September, 2020.
By:
/s/
Donald J. Puglisi
Name:
Donald
J. Puglisi, on behalf of Puglisi & Associates
Title:
Managing
Director
131